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Discussion in 'Archived Threads 2001-2004' started by Drew Bethel, Apr 30, 2002.
Never again will I be sucked into a 5 year car payment.
Or perhaps suckered into a 5-year payment plan on a plasma screen???
What was wrong with your 5 year plan? Could you have afforded the 3 year plan or would that have pinched your spending money?
As stated above you never know what can happen and there are a lot worse things then a 5 year car plan, Like a 30-year mortgage
By the way congrats on paying off the car I cant wait till we get my wifes car paid off so I can go get a new vehicle for myslef and sell my old one.
Doh! I just made my first payment
I have an old '97 Sunfire GT with 70k. I'm gonna drive this sucker until repair costs > utility. Ok, no smart ass comments about American cars and their stellar reliability :b
Congrats! Nice isn't it. I think I've become used to it now...
>holds tounge on Sunfire...<
I am always thinking by the time I am done with a 5 year payement I will want a new one...
Holadem - used '94 buick... :b
I assume you previously got a five-year loan to keep the payments low. If your income increased during that time and making payments were such a pain, why not just pay it off early? On my last five-year loan, I just kept paying additional on the principal and had it paid off in 50 months.
Michael has the right method - pay this month's payment, and next months principal, and you effectively save yourself one month's payment. I saved a bunch on my cars this way. I couldn't afford to pay the whole principal each month at first, so I just paid a set ammount over the total payment. Definitely worth it, and it shortens the loan duration because you pay it off sooner.
Congrats! The best kind of car is one that's paid for.
Unfortunately, I just went the other way. I sold my '93 Camry and bought a new Nissan Altima. I hate having a car payment again. Hopefully I'll have it paid for in about 18 months, if things go according to plan.
One nice thing about keeping cars for a long time -- that monthly cost goes way down. I figured that my '93 Camry V6 XLE cost me about $100 per month (not including maintenance, of course) over the 9.5 years I had it.
Hey, congrats! I just made my final payment on mine as well! Looking forward to at least a couple years payment free!
I personally like the longer loan periods. IMO, it gives you more options if money becomes tight.
At the bank I often deal with, there's only a 0.3% difference between a 36 and 72 month car loan.
I've got a 66 month on my TL-S, but if my income stays intact, it will be paid off long before that. If my income goes away, I don't have to worry about repossession right away.
I paid mine off about 2 months ago and it felt damn good. Also, I have recently become completly dept free and I can now get what ever my little heart desires, I think I'm going to go on a vaction. Congrats on your new found wealth.
Next car i get i'm just going to plunk down cash. No real point paying interest on a loan for a car that is deprecieating at the same time. You get screwed both ways.
...unless you got one of those 0% deals. I got an F-150 last fall: paid invoice, put $1500 down, and got 0% for the balance for 36 months. Hey it's a free loan.
It's great to pay off a car. I love the feeling. As for a problem with a 5 year loan, besides paying interest longer, for most of those years you're "upsidedown" as to what you owe vs. what the car is worth. As soon as you drive it off the lot the value will go down as much as 20% since it's now a used car. Now you owe $20,000 on a car worth $16,000. The car's value keeps decreasing faster than you can pay it off.If a couple of years down the road the car is totaled in an accident you'll find yourself owing a lot more than your insurance will pay. With a shorter loan, you're paying more, quicker so your exposure won't be as long. Of course, I know a 5 year loan is the only way many people can buy a car.
I just paid mine off last month. It feels pretty good. The extra money not being spent on a car payment comes in handy. Now I have to think about when would be the best time to trade it in. It has 70,000 miles and has needed no major repairs so far, but I suspect that a lot of parts are going to wear out soon.