Just paid off my car

[disneysteve]

I just made the final payment on my car. I bought in on June 25, 2012 so 14 months to retire the loan. Not too bad. Of course, in the meantime we ended up replacing my wife's van this June. That wasn't exactly what I had planned but now we can focus on getting hers paid off hopefully by this time next year we'll be back to just our mortgage.

[Goldy1]

Our cars are paid off too. We did by driving them a long time(my husband drives a 2003 he bought new) We bank the money and buy in cash. It's not getting easy though with how expensive they are getting!!
I am a fan of buying used, but not too old.

[Goldy1]

ps
congrats on that!!!

[JoeP]

Awesome news!

[bjl584]

Right on schedule. When you bought it I remember you said you would have the 3 year loan paid off in less than half the time.

Congrats.

[disneysteve]

Right on schedule. When you bought it I remember you said you would have the 3 year loan paid off in less than half the time.

Congrats.

Yep. I take the loan more for convenience and cash flow purposes. As long as the interest rate is low, I'm willing to spend a few dollars for convenience.

[disneysteve]

Our cars are paid off too. We did by driving them a long time(my husband drives a 2003 he bought new) We bank the money and buy in cash. It's not getting easy though with how expensive they are getting!!
I am a fan of buying used, but not too old.

Same here. I replaced a 1998 Camry that I bought one year old so I had it for 14 years. I bought a 2006 Camry.

My wife had a 2000 Sienna that we bought 2 years old and kept for 11 years. We just got a 2011 to replace it.

[LivingAlmostLarge]

Congrats. Why do you buy an older camry but newer minivan?

[disneysteve]

Congrats. Why do you buy an older camry but newer minivan?

I found a 2006 Camry with only 26,000 miles. So it was 7 years old by model year but really only 2 years worth of miles on it.

The Sienna is a 2011 and had about 35,000 miles on it.

[KTP]

I am shocked you had a car loan DS. I thought you were in a better position than we were and we have not had a car loan for the past 4 cars over the last 15 years (all new).

Now if you got a 36 month zero % loan, then ignore my shock

[Jerry91]

That is extremely inspiring. Congratulations DS Hopefully, I will also be able to pay off my car loan soon!

[disneysteve]

I am shocked you had a car loan DS. I thought you were in a better position than we were and we have not had a car loan for the past 4 cars over the last 15 years (all new).

Now if you got a 36 month zero % loan, then ignore my shock

It wasn't 0% but it was under 3%. I'm perfectly fine taking a small loan and cash flowing the payoff over a year rather than having to juggle accounts, sell investments and take a tax hit, etc. Now I would never finance with interest over 3 years but for 1 year, the amount of interest paid vs. the growth earned by leaving money invested is a wash. In fact, I probably came out ahead since the market had a really good year.

[elessar78]

Just heard on the radio this morning that July 2013 was the biggest month for new car sales (forget the exact figure) in many years. My brain automatically went to the idea that now there is a glut of used car inventory!

[MonkeyMama]

Just heard on the radio this morning that July 2013 was the biggest month for new car sales (forget the exact figure) in many years. My brain automatically went to the idea that now there is a glut of used car inventory!

That's great news! {My brain thinks the same way}.

[dojo]

Congratulations.

I finished my car payments in 2012 and it was such a relief. It was pretty difficult to keep up with the payments, but fortunately it all ended well.