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Old 12-20-2008, 06:35 PM
 
3,553 posts, read 7,066,221 times
Reputation: 2324

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Great move LBSer!

Now just make sure you don't do what a lot of other people who feel "strange" to not have a car note do. They go buy ANOTHER NEW CAR.

I used to see people all the time come into work in a new car when I knew their old one was only a few years and not many miles on it. I'd ask what happened and they'd tell me something like; "it was starting to cost too much a month".

When I'd ask specifically what they meant they'd say something weak like they had to spend $50 on a battery or $100 on brakes, or $100 on a new alternator. I'd say to them, dude, you just paid over $1,000 JUST IN SALES TAXES. And you're going to paying for a new battery, alternator, brakes and tires EVERY MONTH NOW, instead of just a one-shot deal.

golfgod-who never owned a new car until after he retired!
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Old 12-20-2008, 06:49 PM
 
2,214 posts, read 1,801,565 times
Reputation: 371
I don't know whether this is of interest to you, but once a car is paid for, you can drop down to just liability insurance.

I never do anything but pay cash for vehicles, and never carry anything but liability. It only costs about half what full-coverage insurance runs, and I do all my own work anyway.

It might be worth thinking about...
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Old 12-20-2008, 06:56 PM
 
Location: Way upstate NY - Where the snow flys
1,130 posts, read 1,388,993 times
Reputation: 1218
When the last payment is made keep making the same payment, but into a separate account to be used when it comes time for the next vehicle purchase.
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Old 12-20-2008, 07:45 PM
 
389 posts, read 1,865,648 times
Reputation: 185
thanks guys!!! u all did made me feel better! what a relief.

filetmignon: i actually just paid my car insurance for 6 months in full. thank you for the info that i shld just ask for a liability insurance... i am currently in comprehensive 100/300/100 plan... if i ask for liability insurance instead... will i still have the same protection? sorry i really have no idea about insurance. i dont even believe in ANY KIND of insurance. i really believe they are all SCAMS. i only do it for legal purposes and coz i am a RESPONSIBLE citizen.

oh and lemme say my thanks ala OSCAR winner:

i would like to thank the 3 precious posters(u all know who you are, sorry i forgot to make a list) that gave me rep today because of my recent "accomplishment". i am practically speechless.. this is a moment i will never forget.. thank you LORD! and most especially i would like to thank me, myself and i.. for being used to having NO life, because if i have a life, i would have not save enough money to pay my debt. I LOVE YOU ALL.woot!

Last edited by LBSer; 12-20-2008 at 08:10 PM..
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Old 12-20-2008, 09:19 PM
 
Location: Marietta, GA
7,862 posts, read 15,214,113 times
Reputation: 3576
Quote:
Originally Posted by Oildog View Post
Make sure you call your insurance company. You have to carry higher coverage when you have a loan. Now that its paid off, your premiums may drop by 50% or more. ANother perk!
Only if you drop necessary coverage....there is nothing a bank requires you to have that you shouldn't have to protect yourself.
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Old 12-20-2008, 10:19 PM
 
Location: Raleigh, NC
475 posts, read 1,195,277 times
Reputation: 343
Congrats.

I've been paying extra every month so I can get mine down too.

Then I'm splitting the money that used to go to the car payment, half to savings and half to pay extra on the mortgage.
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Old 12-20-2008, 10:40 PM
 
3,460 posts, read 5,075,710 times
Reputation: 6677
Congratulations!

You've already gotten some good advice here. Keep putting that payment money into a savings account, and you'll be amazed at how fast it builds up when you're receiving interest instead of paying it. The best advice I can offer is to keep driving this one while you save up enough money to buy your next car with cash.
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Old 12-20-2008, 10:41 PM
 
Location: southern california
57,948 posts, read 76,942,377 times
Reputation: 51329
solvency is not crazy, unless you are an american.
listen to dave ramsey the new type of american we knew 50 years ago.
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Old 12-20-2008, 11:06 PM
 
9,830 posts, read 20,024,694 times
Reputation: 7621
I paid my Audi off in 2.5 years. Haven't regretted making those car payments all year. I decided with this one I would drive it until it became really unreliable or falling apart. Then I would get another good high end marque 3 year old car and pay it off quickly.
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Old 12-22-2008, 06:08 AM
 
Location: Charleston, SC
5,615 posts, read 13,162,717 times
Reputation: 2539
Congratulations! Life without a car payment is great, isn't it?
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