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The Money Mustache Community
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Last Car Payment of Our Lives
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Topic: Last Car Payment of Our Lives (Read 1954 times)
cincystache
Bristles
Posts: 337
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.
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NorCal
Handlebar Stache
Posts: 1464
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.
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PaulMaxime
Bristles
Posts: 302
Age: 60
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!
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Dicey
Senior Mustachian
Posts: 22321
Age: 66
Location: NorCal
Re: Last Car Payment of Our Lives
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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.
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sequoia
Pencil Stache
Posts: 614
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.
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2sk22
Handlebar Stache
Posts: 1489
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
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cincystache
Bristles
Posts: 337
Re: Last Car Payment of Our Lives
«
Reply #6 on:
May 19, 2019, 03:47:36 PM »
Quote from: Dicey 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.
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.
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Last Car Payment of Our Lives