Author Topic: Last Car Payment of Our Lives  (Read 1177 times)

cincystache

  • Stubble
  • **
  • Posts: 204
Last Car Payment of Our Lives
« on: May 12, 2019, 07:48:32 PM »
I just turned in our leased car yesterday after making the final payment We bought a used car with cash to replace it. This means we will never have another car payment for the rest of our lives. We already started a savings account for our next car which will hopefully be 10 years away. Leasing was a terrible decision even though we got a "really good deal" on the car. It feels good to be done with car payments.

NorCal

  • Pencil Stache
  • ****
  • Posts: 685
Re: Last Car Payment of Our Lives
« Reply #1 on: May 12, 2019, 08:23:28 PM »
Congrats!  That's a big step. 

It's hard to appreciated how much of a money-suck those things can be until you get rid of them.

PaulMaxime

  • Stubble
  • **
  • Posts: 190
  • Age: 55
  • Location: San Francisco, CA
  • Absolute power doesn't corrupt, it reveals.
Re: Last Car Payment of Our Lives
« Reply #2 on: May 12, 2019, 08:25:12 PM »
This is a huge deal. Paying cash for cars is a big step.

First, you aren't paying all that interest.

Second, you only buy what you can really afford and need instead of "it's only XXX a month" and having way too much car.

Congratulations!

Dicey

  • Walrus Stache
  • *******
  • Posts: 9968
  • Age: 61
  • Location: NorCal
Re: Last Car Payment of Our Lives
« Reply #3 on: May 12, 2019, 08:31:47 PM »
What did they stick you for at turn-in? That's where leased cars get really ugly.

sequoia

  • Pencil Stache
  • ****
  • Posts: 605
Re: Last Car Payment of Our Lives
« Reply #4 on: May 17, 2019, 10:08:19 AM »
Congrats! You will also like it when it is time to buy a car, and you are able to pay cash. I always use it to my advantage when negotiating to purchase a car "Will you take $xx? I am paying cash. ".

It is so much easier for the seller too. They are not dealing with one who will buy the car assuming the loan can get thru. 

2sk22

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: Last Car Payment of Our Lives
« Reply #5 on: May 17, 2019, 05:27:13 PM »
Good for you! I'm also a firm believer in only paying cash for cars and holding on to them for as long as possible

cincystache

  • Stubble
  • **
  • Posts: 204
Re: Last Car Payment of Our Lives
« Reply #6 on: May 19, 2019, 03:47:36 PM »
What did they stick you for at turn-in? That's where leased cars get really ugly.

Turn in fee was $375... the monthly payment was $208. Yet another reason I'll never lease a car again. Luckily we were able to clean it up and didn't have any excess damages charges.