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AA747123
Topic Author
Posts: 287
Joined: Wed Dec 14, 2016 5:15 pm

**Self gloss** Paid off my car today!

Thu Mar 05, 2020 3:21 am

I made the last payment on my car today! I started off with a balance of $38,624.00 three years ago and made the last payment this morning! The low interest rate of 1.74%apr helped! Oh and its a 2015 Mercedes E350!
 
anshabhi
Posts: 2252
Joined: Thu Oct 20, 2016 10:40 am

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 3:53 am

Congrats dude
 
Okie
Posts: 4133
Joined: Wed Jul 16, 2003 11:30 am

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 3:56 am

Congratulations!!!!!
Now the next trick is to keep putting that car payment into a money account.
Then when the car wears out you can pay cash for the next one.

Okie
 
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DeltaMD90
Posts: 8928
Joined: Tue Apr 15, 2008 11:25 pm

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 3:56 am

Nice! Those car payments can add up. Keep putting that money aside, buy the next one in cash!

It's painful amassing the money but once you do, you pay for your things in cash and save so much in life not paying interest payments!
 
johns624
Posts: 2699
Joined: Mon Jul 07, 2008 11:09 pm

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 4:03 am

Okie wrote:
Congratulations!!!!!
Now the next trick is to keep putting that car payment into a money account.
Then when the car wears out you can pay cash for the next one.

Okie
+1 I last got a car loan 25+ years ago and now have enough money from saving every month to pay cash for all my cars.
 
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TWA772LR
Posts: 7232
Joined: Thu Nov 17, 2011 6:12 am

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 5:01 am

Congrats! Im hoping to the car I bought (2017 Subaru Ouback 3.6R Limited) last summer off by the end of this year. Thanks to putting away cash (earmarked for flight school but thats not happening and a story for another day) to have a lower loan (~$14.6K and 4.5%) and aggressive payments on my behlaf I may be able to achieve that.

How the hell did you get 1.74 interest!?
When wasn't America great?


The thoughts and opinions shared under this username are mine and are not influenced by my employer.
 
sccutler
Posts: 5840
Joined: Thu Jan 27, 2000 12:16 pm

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 5:50 am

Great car, and it can last you a very long time if properly maintained.

My favorite brand of car? Paid-off.
...three miles from BRONS, clear for the ILS one five approach...
 
AA747123
Topic Author
Posts: 287
Joined: Wed Dec 14, 2016 5:15 pm

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 4:54 pm

TWA772LR wrote:
Congrats! Im hoping to the car I bought (2017 Subaru Ouback 3.6R Limited) last summer off by the end of this year. Thanks to putting away cash (earmarked for flight school but thats not happening and a story for another day) to have a lower loan (~$14.6K and 4.5%) and aggressive payments on my behlaf I may be able to achieve that.

How the hell did you get 1.74 interest!?


Mercedes Benz offered 1.99%, I talked to my credit union, they beat it, because they wanted the business.
 
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Tugger
Posts: 10385
Joined: Tue Apr 18, 2006 8:38 am

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 8:37 pm

Congrats, I agree driving a paid for car is far nicer!

OK, total troublemaker here....
Okie wrote:
pay cash for the next one.

DeltaMD90 wrote:
buy the next one in cash!

johns624 wrote:
pay cash for all my cars.

If you had $40k, would it be smarter to invest it and earn 4-5%+ in interest if you only pay 2% or less interest on a loan? You can always pull the money to pay it off if needed and you still have your money. (Or if your company does a 401K match that you don't max you make out even better adding your car payment to that....)

I am a fan of "paid for" and "buy with cash" etc. but always come back to: What is the smartest choice? (Such as I use my credit cards for a lot of stuff and always pay it in full every month. I support anyone paying cash for a car or what ever, this is really just a question rolling around in my mind)

Like I said, troublemaker! :spin:
(And I know cars only lose money/value and aren't appreciating assets etc. And aren't the same as a house and mortgage interest payments versus paying a mortgage off - and yes I do appreciate Dave Ramsey even if I don't 100% agree with him on this.)

Alright, back to the topic at hand and again, congratulations!

Tugg
I don’t know that I am unafraid to be myself, but it is hard to be somebody else. - W. Shatner
There are many kinds of sentences that we think state facts about the world but that are really just expressions of our attitudes. - F. Ramsey
 
johns624
Posts: 2699
Joined: Mon Jul 07, 2008 11:09 pm

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 11:18 pm

Tugger wrote:
Congrats, I agree driving a paid for car is far nicer!

OK, total troublemaker here....
Okie wrote:
pay cash for the next one.

DeltaMD90 wrote:
buy the next one in cash!

johns624 wrote:
pay cash for all my cars.

If you had $40k, would it be smarter to invest it and earn 4-5%+ in interest if you only pay 2% or less interest on a loan? You can always pull the money to pay it off if needed and you still have your money. (Or if your company does a 401K match that you don't max you make out even better adding your car payment to that....)

I am a fan of "paid for" and "buy with cash" etc. but always come back to: What is the smartest choice? (Such as I use my credit cards for a lot of stuff and always pay it in full every month. I support anyone paying cash for a car or what ever, this is really just a question rolling around in my mind)

Like I said, troublemaker! :spin:
(And I know cars only lose money/value and aren't appreciating assets etc. And aren't the same as a house and mortgage interest payments versus paying a mortgage off - and yes I do appreciate Dave Ramsey even if I don't 100% agree with him on this.)

Alright, back to the topic at hand and again, congratulations!

Tugg
It depends on what kind of car you drive. I've always driven Escorts/Focuses/Sentras, etc and just got an Impreza. So it's not a lot of money. My wife and I have a combined retirement potential income of $150+K a year so it hasn't impacted our investing. Also, I'm one of those people who doesn't like owing anyone any money, so the peace of mind is worth more than any monetary value.
 
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DeltaMD90
Posts: 8928
Joined: Tue Apr 15, 2008 11:25 pm

Re: **Self gloss** Paid off my car today!

Thu Mar 05, 2020 11:29 pm

I'm a big fan of Dave Ramsey, though I do disagree with him on quite a few things. His methods are great for the average Joe that lacks the discipline and self control.

Yes I know that theoretically you can get low interest payment loans and invest and come out on top. Or not.

I diversify... I put money into investments but I also pay for things in cash. It's a guaranteed X% interest rate if you think about it (instead of making X% you just don't pay interest.) Is a guaranteed 3-5% (whatever interest rate) saved better than a theoretical 5-7% gained? Maybe, if you get those returns. That's why I diversify

People leasing cars are getting ripped off IMO (under most circumstances), and when we are talking about auto loans, they're usually a good deal over 1.74%, so most times it's better using cash. With an interest rate that low, while I wouldn't finance, I can't blame someone for financing. Still recommend building some savings (by using the money freed up by the car payment) for any emergencies and being able to use it for car purchases etc

PS: Tugger, would you get a $20k loan with 1% interest and invest it in an index fund that historically gets 7%? Similar situation IMO
 
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stl07
Posts: 2358
Joined: Mon May 01, 2017 8:57 pm

Re: **Self gloss** Paid off my car today!

Fri Mar 06, 2020 4:19 am

I agree 100% with tugger. Invest your 30k now and take out a loan and you will earn more money
Instead of typing in "mods", consider using the report function.
Love how every "travel blogger" says they will never fly AA/Ethihad again and then says it again and again on subsequent flights.
 
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Tugger
Posts: 10385
Joined: Tue Apr 18, 2006 8:38 am

Re: **Self gloss** Paid off my car today!

Fri Mar 06, 2020 4:47 am

DeltaMD90 wrote:
PS: Tugger, would you get a $20k loan with 1% interest and invest it in an index fund that historically gets 7%? Similar situation IMO

Naw, that's playing with money that actually isn't yours. If you loose the investment then you are on the hook for the money, money you don't have. My thing is to keep my money. In my proposal you still always have the cash to cover an issue.

If you are thinking the "seed" money is still in my account I'll still not do it as I won't borrow money for investment unless it is a hard asset (like property).

Tugg
I don’t know that I am unafraid to be myself, but it is hard to be somebody else. - W. Shatner
There are many kinds of sentences that we think state facts about the world but that are really just expressions of our attitudes. - F. Ramsey
 
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DeltaMD90
Posts: 8928
Joined: Tue Apr 15, 2008 11:25 pm

Re: **Self gloss** Paid off my car today!

Fri Mar 06, 2020 2:56 pm

Tugger wrote:
DeltaMD90 wrote:
PS: Tugger, would you get a $20k loan with 1% interest and invest it in an index fund that historically gets 7%? Similar situation IMO

Naw, that's playing with money that actually isn't yours. If you loose the investment then you are on the hook for the money, money you don't have. My thing is to keep my money. In my proposal you still always have the cash to cover an issue.

If you are thinking the "seed" money is still in my account I'll still not do it as I won't borrow money for investment unless it is a hard asset (like property).

Tugg

Makes sense, which is why I'm paying my house off aggressively but not putting every dime towards it. I diversify.

Think we'll agree that people with high interest rate car payments should absolutely pay it off in cash
 
golfradio
Posts: 920
Joined: Mon Jun 15, 2009 5:35 pm

Re: **Self gloss** Paid off my car today!

Fri Mar 06, 2020 11:56 pm

Congratulations!

And of course the obligatory photo ...

CSeries forever. Bring back the old site.
 
Ken777
Posts: 10045
Joined: Thu Mar 11, 2004 5:39 am

Re: **Self gloss** Paid off my car today!

Sat Mar 07, 2020 12:40 am

My wife's Mazda MX 3 lasted 17 years before being traded for a lot of plumbing work. My '01 Daddy De'Vile only lasted 15 years before the better half drove into high water. We borrowed for the wife's car as we got a good deal. The Buick Encore was paid for cash. No payments, a major increased performance in gas savings. It's far easier to part in town, but not nearly as comfortable on trips as the Caddy.

We live in Tulsa, a pretty small city when it comes to daily driving so it was pretty easy to keep milage down. Living in larger cities will be sucking up the miles, costing a lot more. Being vigorous on maintenance helps but you save a lot more going with a used ("program") car. The Caddy was a program car and the price was down over $20K for a car with 22K miles. I bought an extended warranty through GM and feel I made out like a bandit.

I hav e to admit that the SUV is often the best choice for older people. I had an upper lung lobe out after getting the Encore and was both surprised and pleased at how easy it was to get in and out, striating when leaving the hospital. Now I'm facing shoulder surgery in the near future. Both a cyst and rotator cuff problems as well as possible radiation treatments. SUV ease of entry is more important than the Caddy.
 
anrec80
Posts: 2759
Joined: Mon Jan 10, 2011 7:50 am

Re: **Self gloss** Paid off my car today!

Sat Mar 07, 2020 1:28 am

I’m jealous of you!!! I have given my paid off car to my parents and am taking on a lease of a BMW!!!
 
dfwjim1
Posts: 2420
Joined: Fri Sep 09, 2011 8:46 pm

Re: **Self gloss** Paid off my car today!

Sun Mar 08, 2020 11:27 pm

Congratulations! I just paid off my 2017 Volvo XC 60 that I bought used. I was originally going to pay cash for it but instead I put a large payment down as I needed the balance for something else at the time.Going to start putting money away now for the next car.

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