Author Topic: Made the final payment on my car today!  (Read 2792 times)

mrsnamemustache

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Made the final payment on my car today!
« on: December 21, 2015, 08:38:09 AM »
I financed a new Kia Soul in my pre-MMM days, and today I made my final payment. I'm excited to report that I do not ever plan on having a car payment again! Fortunately, even before MMM I wasn't too out of control, as I bought a fairly practical Kia Soul and financed it over 4 years instead of 5. It is in pretty good shape and should last many more years.

ShortInSeattle

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Re: Made the final payment on my car today!
« Reply #1 on: December 21, 2015, 08:46:55 AM »
Congratulations and well done! That must feel fantastic.

moonburnt

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Re: Made the final payment on my car today!
« Reply #2 on: December 21, 2015, 10:56:26 AM »
Congrats!!!

How do you plan on preventing the next "Car payments"... for the next car.

tarheeldan

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Re: Made the final payment on my car today!
« Reply #3 on: December 21, 2015, 11:23:53 AM »
Congratulations!!! That's gotta feel good

Katagal

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Re: Made the final payment on my car today!
« Reply #4 on: December 21, 2015, 01:18:35 PM »
It's a great feeling isn't it!  I did the same about two months ago and have been saving the repayment difference into car replacement fund for many years hence.  Being a 2009 Hyundai i30 I have reasonable expectations that I should get at least 10 more years out of it with reasonable care and upkeep.

SeaEhm

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Re: Made the final payment on my car today!
« Reply #5 on: December 21, 2015, 07:52:00 PM »
Congrats! 

What are you getting next? ;)

RetiredAt63

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Re: Made the final payment on my car today!
« Reply #6 on: December 29, 2015, 03:35:43 PM »
You will notice a difference in your cash flow, it is wonderful.  I finished paying for my car last March, and I hope/plan to have it for at least 10 years total.  With fewer loan payments (no car loan, CC paid off in full every 2 weeks, still have the mortgage) it is easy now to grow a big cash stash for big expenses - this spring it will be a new roof and front walk that will be paid for in cash, not credit.

GrOW

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Re: Made the final payment on my car today!
« Reply #7 on: December 29, 2015, 04:17:32 PM »
Congrats!!

Two things to consider:

Find mechanic shop that you can trust. You may be surprised how you focus on repair costs when you are no longer making car payments.

Get a phone app or old fashioned small notepad and track your past and upcoming repairs. It will really help you plan for upcoming costs and keep your car running strong for years.