Current Events > Literally just finished paying my car off

(+) Yeah! (+)

7* months early for some reason, but balance is a big old 0 now.

Feels pretty cool, cant wait to get dat title in the mail w/o the banks name.
---

That's good. Do you plan to pay for a car in full next time? That's the way I go.

---

Nb4accident

Congrats.

I have a few more months left on my ride and it's mine. I've paid off vehicles before and it's a good feeling.

---

Congrats

I have a year left in mine


---

wait, people dont buy their cars outright?

Pepys Monster posted...

That's good. Do you plan to pay for a car in full next time? That's the way I go.

Considering Ill likely likely never have the huge amount of money to pay for a car in full, unless like I get an insurance claim/trade-in, nah.

sLaCkEr408___RJ posted...

Nb4accident

Its been backed into twice already so
---

what do you drive?

what was the term?

What was the interest?

roughly how much principle did you put down?

---

It was a 2013 Honda Accord. 12.5 financed, 5 years, 4.9% I think. 0 down, mainly because didnt/dont have chunks of money like that and also because i needed a car because my last car was rip in peace
---

toyota posted...

wait, people dont buy their cars outright?

not everyone has 25-30k laying around to pay it off in one go.
could easily pay off a used one if it's low and decent car.
---

Good feels

---

mattymad posted...

Jesus guys, don't buy 25k-30k cars.

Why not? My car was 32k.

I can afford the car. It was brand new (bought in 2019). I dont like used cars, I dont want to inherit car issues.

mattymad posted...

Maybe if you have an insane amount of free cash and you didn't finance it (or at least, it didn't have interest/apr).

As to why not: because it's a waste of money as it massively depreciates. Even like 5k is enough for a low mileage, once owned, basic car that'll give you no problems.

Cars and all their flashy features are like iPhones. Constantly being released/taunted to make people shell out a life changing amount of money on something they don't 'need', as a basic car fills the same role. It's such a wasteful industry.

I have a lot of free cash. I make more per month by quite a few than what my monthly bills are.

When I bought the car they gave me 0 down and 3 months no payments. After that my monthly was 406 with a 2.something interest rate.

This is a thing like receiving a check. Pretty good.

---

Why would you guys buy a car outright, or worse, encourage other people to do the same? You build good credit so you can get good financing on big ticket items like cars and houses, and then put that money to work investing in stocks/crypto.

Even investing fairly conservatively should get you around 10% per year vs a car loan around 2%.

And shit like this is just boomer levels out of touch.
XxKrebsxX posted...

5k is enough for a low mileage, once owned, basic car that'll give you no problems.

---

Pitlord_Special posted...

Why would you guys buy a car outright, or worse, encourage other people to do the same? You build good credit so you can get good financing on big ticket items like cars and houses, and then put that money to work investing in stocks/crypto.

Even investing fairly conservatively should get you around 10% per year vs a car loan around 2%.

And shit like this is just boomer levels out of touch.

My credit score is over 800 and i buy used cars outright

---

Has the dealership started pestering you to trade it in yet?

mattymad posted...

Jesus guys, don't buy 25k-30k cars.

1) Why not?
2) Why not pay for them in full?

---

mattymad posted...

Jesus guys, don't buy 25k-30k cars.

This is what cars cost now

---

I have about $14,000 left owing on my vehicle, which I purchased in May of last year. Got at least a couple years left on it. I have a 5-year term, and I plan to pay it off as early as possible. I'll see if I can get it paid off 18 months early.

---

I paid my car off last month. Total of 4 years. Can't remember if I had a 6 or 7 year term, but I paid it off early. It was so nice to get my car title a couple weeks later. Only problem is I just traded it in for a brand new car. >_>

---

Congrats!

Legato-and-Vash posted...

I paid my car off last month. Total of 4 years. Can't remember if I had a 6 or 7 year term, but I paid it off early. It was so nice to get my car title a couple weeks later. Only problem is I just traded it in for a brand new car. >_>

This is why you lease.

---

Flockaveli posted...

This is why you lease.

My friend suggested I lease. The only reason I traded my car in so fast was because I wanted an SUV after becoming a father last year. So I traded in my sedan. I don't think I'll be trading in this new car so fast.

---

I've got some years left on mine, but I'm holding onto this car for as long as it will last.

---

Flockaveli posted...

This is why you lease.

Leasing is a great way to get out of a vehicle that you have outgrown, and you don't have to worry about things like out of warranty expenses. Certainly far more viable now than it used to be 10 years ago. I still like owning the shit, so I'd rather buy used and cheaper. I'm not down with 9-year terms on vehicles that cost over $60,000.

---

CableZL posted...

I've got some years left on mine, but I'm holding onto this car for as long as it will last.

You have a Tesla, right?

---

Pepys Monster posted...

You have a Tesla, right?

Yeah. I've got 20483 miles on it now and about $46k left to pay. I'm considering refinancing to lower the payment some since I'm getting a solar roof installed soon, but not sure. I can afford it either way, but having more money freed up per month may be a better option.

---

Derwood posted...

Has the dealership started pestering you to trade it in yet?

Actually have never gotten anything from the dealership outside of when they had the plates sent.
---