Paid off car today

[valk001]

I know it is not that big of an event compared to the majority of all of you.  But during a very unmustachian part of my life I bought a very expensive car with an 8 year loan (I know, I know, it pains me to even write that out.  All face punches are warranted and valid).  Then about 6 months after that I found this site and it changed my views on money.  Nevertheless I paid my car off 100% in under three years and I am not shoveling money that used to go into an expensive depreciating asset (car) towards the FIRE goal.

Just thought I would share...DEBT FREE!

[SMCx3]

8 year car loan will and should draw many face punches.  The important take-a-way is the fact you reached the financial goal you set out to accomplish.  Keep up the good work, and keep tackling any other debt.

I have had two motorcycles in my garage for the past 7 years.  Yesterday I sold one of my bikes which was not easy for me.  The face punches for keeping two toys, maintenance, tires, insurance, again are well deserved on my behalf as well.  The good news is I have more dollars for long term investing tomorrow.

It is the little steps which allow us to make big changes.

[horsepoor]

Congratulations, and well done on paying if off five years early!  Are you going to keep this expensive car, or go for something cheaper (and possibly more economical)?

I just paid my 3 year old car off as well, and it felt great deleting that line item from the budget.  Keeping mine though as it gets 40 mpg and wasn't terribly expensive new, though probably terrible by MMM guidelines.

[fartface]

Nice job. I purchased a shiny new 2005 minivan fully loaded for around 30K 10 years ago. After the new car smell wore off I thought WtF did I do?

Paid off the beast by late 2007 and haven't had a car payment since. The important thing for you and me is we learned from our mistakes -- some people keep churning new cars every 3-4 years!

My friends keep saying, "oh Fartface, I'm sure you'll be replacing that dented, rusty old van soon." And I reply, "The hell I will! That van only has 142,000 miles!"

[Retired To Win]

... I paid my car off 100% in under three years and I am not shoveling money that used to go into an expensive depreciating asset (car) towards the FIRE goal.

Just thought I would share...DEBT FREE!

Congratulations!  I know it must feel great.

Now think about how you are going to arrange things so that you don't end up with a car loan like that again.  You can (1)sell the car you have and buy an older, cheaper one that has good reliability ratings, or (2) resolve to take care of and keep the one you've got for a good, loooooong time.

Remember there's no reason to have to buy another late model vehicle, ever.  I'm driving a 1996 Dodge Dakota with 144,000 miles on the odometer and my wife is driving a 1998 Subaru Forester with 243,000 miles on its odometer.  Both cars are still running like champs.  And not having a car payment really accelerated our drive to earlier retirement.  You can do the same.

[valk001]

Congratulations, and well done on paying if off five years early!  Are you going to keep this expensive car, or go for something cheaper (and possibly more economical)?

I just paid my 3 year old car off as well, and it felt great deleting that line item from the budget.  Keeping mine though as it gets 40 mpg and wasn't terribly expensive new, though probably terrible by MMM guidelines.

I am torn really.  I want to keep it because it is nice, but I know that I can sell it for a cheaper one and invest the money.  I hate dealing with car salesmen and the whole car buying process.  it never was that appealing to me.  But since I am over seas at the moment I am just going to wait and think on the issue further. 

... I paid my car off 100% in under three years and I am not shoveling money that used to go into an expensive depreciating asset (car) towards the FIRE goal.

Just thought I would share...DEBT FREE!

Congratulations!  I know it must feel great.

Now think about how you are going to arrange things so that you don't end up with a car loan like that again.  You can (1)sell the car you have and buy an older, cheaper one that has good reliability ratings, or (2) resolve to take care of and keep the one you've got for a good, loooooong time.

Remember there's no reason to have to buy another late model vehicle, ever.  I'm driving a 1996 Dodge Dakota with 144,000 miles on the odometer and my wife is driving a 1998 Subaru Forester with 243,000 miles on its odometer.  Both cars are still running like champs.  And not having a car payment really accelerated our drive to earlier retirement.  You can do the same.

I love taking car of my car and keeping it pristine.  That is one of the ways I take my mind off of things, washing and waxing the car.  I think that after all the heart ache of the payments (yes heart ache, it hurt) and the WTF did I get my self into moment that I am leaning towards keeping it and doing the maintenance on it.  That way It will last for at least a decade, if not a few.