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Just paid off my car early

yh125d

yh125d

Diamond Member
Feels good man

It was for $9194 @ 7.69 for a 2006 Ford Fusion, in Jan 09. Paid the last $5884 with 28 payments left on the clock. Should save me about $775 total for about 13% return if I did my maths right


Gonna get a new auto ins quote, maybe drop comp, we'll see. Is it cheaper to insure a car that is owned outright and not on a loan?
 
That's an awesome feeling. Congrats!

I don't think it makes a difference owned vs. financed but I don't know. I think they only ask to make sure you aren't f*cking yourself.
 
Congrats. Once you own the car comp should still be considered if you can't afford to replace the car should it get totaled with you at fault. The price for insurance shouldn't vary depending on whether or not you have a loan on the car.

Edit: Then again, maybe the rates are higher for financed cars as some folks have a habit of burning cars when they can't afford payments.
 
dropping comp would only be a good idea if the price of insurance is insane vs the cost of the car. such as you paying $400 ayear for for it and the car is worth 2k.

also as ironwing said the price of insurnace won't drop just because you own the car now.


but i agree its a great feeling in having the car paid off. I try my best to NOT have a car loan. though i have one now. a 3 yr loan i will pay off around jan (2 years early).
 
Congrats! 🙂

My wife wouldn't let me pay cash for her new car about 6 months ago but I've paid it from $17,000 down to $5,900 since then without touching the bank accounts. I'll kill it before Christmas!


She doesn't know....


:ninja:
 
Awesome, you're not american are you..... you paid off your full debt..... and EARLY!?!?!? disgusting....

oamsn, congrats!
 
now put that monthly car payment into a savings account and in 4 years you will have cash to buy a brand new car. and if you keep doing that you will never have a car payment as long as you live.
 
OutHouse said:
now put that monthly car payment into a savings account and in 4 years you will have cash to buy a brand new car. and if you keep doing that you will never have a car payment as long as you live.
Click to expand...

I used to work with an older gentlemen, and that is what he would do.

He drove an old, and I mean "old" 1960s something rust bucket of a truck back and forth to work. But his wife got a new car every few years - and they paid cash. He said he did not need a new truck to drive back and forth to work.

His wife worked for a bank, he was a welder, and he was a penny pincher. He would not never buy beer, because he saw it as a waste of money.

OP, the worst thing you can do is trade that car in and get a new one. My truck has been paid for for about 7 years, and its going to stay that way.
 
Texashiker said:
I used to work with an older gentlemen, and that is what he would do.

He drove an old, and I mean "old" 1960s something rust bucket of a truck back and forth to work. But his wife got a new car every few years - and they paid cash. He said he did not need a new truck to drive back and forth to work.

His wife worked for a bank, and he was a penny pincher. He would not never buy beer, because he saw it as a waste of money.

OP, the worst thing you can do is trade that car in and get a new one. My truck has been paid for for about 7 years, and its going to stay that way.
Click to expand...

Yeah it has 115k on the clock and I'm holding on to it as long as I can. Put on new brakes/plugs/air filter/tires all around in the last ~5k, should be good on maintenance for at least 40k as long as my clutch doesn't get weak, which it might since I've already put 40k on it on top of whatever it had when I bought it

My long term "plan" (very tentative of course) is hold onto this til its worth maybe 3-4k, cause thats probably about when It'll need more regular and expensive maintenance. Then I'll sell it and put that 3-4k down on another <15k car like another fusion/focus/fiesta/elantra/optima/whatever
 
Congrats! It's such a good feeling to have one less bill to pay a month. I paid mine off a few years ago. About 258K and still ticking! I figure as long as the upkeep isn't ridiculous, ride it into the ground.
 
yh125d said:
Then I'll sell it and put that 3-4k down on another <15k car like another fusion/focus/fiesta/elantra/optima/whatever
Click to expand...

If anything, save up the money to pay cash for another car, and include your car as a trade in.

Cars are some of the biggest money holes out there, especially new cars. Cost of the car + interest for loan + full coverage insurance = lots of money.

I bought my Toyota 1996 T-100 4-wheel drive truck back in 2000, paid it off sometime in 2003. The truck had around 96,000 miles when I bought it, now it has around 290,000 miles. I have no plans on getting rid of that truck, unless I can pay cash and trade my truck in.
 
IronWing said:
Congrats. Once you own the car comp should still be considered if you can't afford to replace the car should it get totaled with you at fault. The price for insurance shouldn't vary depending on whether or not you have a loan on the car.

Edit: Then again, maybe the rates are higher for financed cars as some folks have a habit of burning cars when they can't afford payments.
Click to expand...

Yes, that and the fact that so many people now are rolling their existing auto loans over to new purchases, going "upside down" on their loan, making payoff much higher!
I personally know a couple of younger couples who owe exorbitant amounts on their vehicles. They trade in their "old" vehicle, getting less on trade-in than what they're worth. The dealers add the remainder of the old loan to the new!
They think they HAVE to buy a new car, truck, etc. every single year.
One of the couples owe $43,000 on a pickup that had a list price of $28,000! (The truck they traded in had less than 10K miles on it!)
 
jupiter57 said:
Yes, that and the fact that so many people now are rolling their existing auto loans over to new purchases, going "upside down" on their loan, making payoff much higher!
I personally know a couple of younger couples who owe exorbitant amounts on their vehicles. They trade in their "old" vehicle, getting less on trade-in than what they're worth. The dealers add the remainder of the old loan to the new!
They think they HAVE to buy a new car, truck, etc. every single year.
One of the couples owe $43,000 on a pickup that had a list price of $28,000! (The truck they traded in had less than 10K miles on it!)
Click to expand...

Wow. You just cant fix stupid.
 
jupiter57 said:
One of the couples owe $43,000 on a pickup that had a list price of $28,000! (The truck they traded in had less than 10K miles on it!)
Click to expand...

Yikes, what fools.

I used to be a hardcore "always buy used" type, but with the way the used car market has been going I no longer think that getting a new car is a terrible idea. My current car is a 2000 Focus that I bought in '04 with 50k miles on it for $4,000. Getting a deal like that is impossible today. I'll probably buy my next car new, but I'll also keep it until it dies rather than trading in every few years like a sucker.
 
yh125d said:
Yeah it has 115k on the clock and I'm holding on to it as long as I can. Put on new brakes/plugs/air filter/tires all around in the last ~5k, should be good on maintenance for at least 40k as long as my clutch doesn't get weak, which it might since I've already put 40k on it on top of whatever it had when I bought it

My long term "plan" (very tentative of course) is hold onto this til its worth maybe 3-4k, cause thats probably about when It'll need more regular and expensive maintenance. Then I'll sell it and put that 3-4k down on another <15k car like another fusion/focus/fiesta/elantra/optima/whatever
Click to expand...

Yep, my car has the same amount of miles and it's 15 years old. Insurance is dirt cheap and I'm driving it into the ground b/c repairs way < car payment. People in this country are just spoiled and want a new car every 2 years when they don't need one to keep up with the Joneses. Screw that, $$ over fashion is what I say. I'll be retiring on a beach somewhere and they'll still be in the same shitty apt in 30 years.
 
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