one more car payment!

[jipped genes]

and the GTO will be mine.

OH HAPPY DAY! $400 a month left in my acct.

my brother on the other hand, buys a car keeps it for 3 years and buys another. they might have 35-36K miles and look great

he just has to have the newest and best

me i am gonna drive this thing until the wheels fall off. which may be soon if i dont get aftermarket HD axle stubs and a better driveshaft.

just wanted to share my joy.

which person are you? the keep the paid off car or get a new one often?

[daved150]

Re: one more car payment!

congrats bro!!! we was a "get a new car every 9mo's" type. but...i had different circumstances. we got board and becouse i worked in the biz, i'd sell her behicle, make a few bucks and buy her something different. i havnt had a car in 21yrs. i always had a demo, so it was just hers we had to deal with....

now that i'm out of the car biz....she loves her 04 f150....she'll drive it forever. me...i need to buy something, but it will be with the intention of selling anf making a couple bucks....i dont get attached

[FUZO]

Re: one more car payment!

I keep the car after I pay it off.Having a young child and the mess the truck is no new cars now until she is alot older

[straydoglogic]

Re: one more car payment!

It's just dumb to keep yourself in debt with buying new cars all the time. Buy one and drive it till the wheels fall off!!!

[firstenrgy]

Re: one more car payment!

Congrats on paying off the car! I use to a get a new car every two years but now I stopped. Not because of the economy or my finances, just the lease changes. 10 years ago I leased a convertable BMW for 30 months because the residual (what they assume it will be worth when you turn it in) was 73% In plain language that means you are fianacing in your lease 27% of the vehicle puchase price. A $40,000 car you are financing 10,800 over 30 months. My payment was $389 per month. NOW the banks realize you can't get that much for used vehicles and the residual is around 55% now you are financing $22,000 over 30 months. Approximatly $730 a month. big difference!!!

[IronpumpedLady]

Re: one more car payment!

Awww, paying off the car~!! Yes!!! I just made my last payment on on of mine the end of June~!! Beautiful feeling!!!!!



Stay Strong~~!!!
IPL

[daved150]

Re: one more car payment!

Congrats on paying off the car! I use to a get a new car every two years but now I stopped. Not because of the economy or my finances, just the lease changes. 10 years ago I leased a convertable BMW for 30 months because the residual (what they assume it will be worth when you turn it in) was 73% In plain language that means you are fianacing in your lease 27% of the vehicle puchase price. A $40,000 car you are financing 10,800 over 30 months. My payment was $389 per month. NOW the banks realize you can't get that much for used vehicles and the residual is around 55% now you are financing $22,000 over 30 months. Approximatly $730 a month. big difference!!!

yea, residuals have been out of whack for years!!! the only ones that were close was the 1/2ton domestic trucks!! now i'd say ford is the only one thats got it right...for the most part.

[JsJs24]

Re: one more car payment!

and the GTO will be mine.

which person are you? the keep the paid off car or get a new one often?

I pay cash for my vehicles and only buy used. I have never owned a new vehicle and never will. I typically buy from original owner as a private party sale and prefer one owner vehicles.

Your plan to keep the GTO for a long time is great. I suggest saving the amount that your car payment was every month so that next time you purchase a car you can pay cash and avoid interest bearing loans.

[jamescb77]

Re: one more car payment!

I bought my truck I have now out right but then I took a small loan out on it to help rebuild my credit. If I can preach one thing its don't mess up your credit u will never be able to fix it it just keeps haunting u.

[horsepwr]

Re: one more car payment!

That is awesome! It's nice!
I zero'ed my truck out about 6 months ago. I'm right with ya too. I'm gonna drive it til it won't go anymore.

[jipped genes]

Re: one more car payment!

Your plan to keep the GTO for a long time is great. I suggest saving the amount that your car payment was every month so that next time you purchase a car you can pay cash and avoid interest bearing loans.

dave ramsey style, i would like to do that but we have 30K$ in student loans that we are paying only $40 in principle a month. best to get rid of that debt first i think

[JsJs24]

Re: one more car payment!

dave ramsey style, i would like to do that but we have 30K$ in student loans that we are paying only $40 in principle a month. best to get rid of that debt first i think

You are exactly right. Pay down those loans first, and don't buy a single thing on credit until they're paid off if you can help it. And yes, I guess its Dave Ramsey style these days but I have been living like this before ever hearing of Ramsey.

[BABY1]

Re: one more car payment!

Just made our last one a month ago. Now I have the itch to go trade it in, lol, but I know that would not be a smart idea.

[daved150]

Re: one more car payment!

you know whats funny jipped...i absolutely postively remember the thread you posted about BUYING your new car, lol...thats funny...how long has it been?