New Car???
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Moe T
Joined: Nov 2006
Posts: 505
Likes: 37
From: CT
New Car???
Hey guys. so im happy as...well im just happy. wasnt paying attention to my car note and how far along i was and just realized the car is payed off in December. so heres the dilema, should i purchase a new car or keep mine and keep modding it?? any input??
I shave my change purse
Joined: Jan 2004
Posts: 6,445
Likes: 155
From: NY City
Ditto.
I never understood why some people feel the need to jump into new Debt when they just spent years paying off their current car that drives just fine. A guy I work with is just about to finish paying off his 5 yr loan on his lexus which is in tip top shape, and he is already hitting dealerships test driving new cars. He plans to trade in his 2004 lexus as soon as he makes his last payment...and get into a brand new loan. Meanwhile he pretty much struggles to make his payments as it is. I guess we as people have just been conditioned to live life in debt.
My 01 CL still runs 100% and I pay $0/mo to drive it. Best feeling in the world was the day I paid it off.
I plan to keep it for another year or two before even thinking about looking for a new car. But that's just me.
I never understood why some people feel the need to jump into new Debt when they just spent years paying off their current car that drives just fine. A guy I work with is just about to finish paying off his 5 yr loan on his lexus which is in tip top shape, and he is already hitting dealerships test driving new cars. He plans to trade in his 2004 lexus as soon as he makes his last payment...and get into a brand new loan. Meanwhile he pretty much struggles to make his payments as it is. I guess we as people have just been conditioned to live life in debt.
My 01 CL still runs 100% and I pay $0/mo to drive it. Best feeling in the world was the day I paid it off.
I plan to keep it for another year or two before even thinking about looking for a new car. But that's just me.
Last edited by WILLDOGS; Sep 26, 2009 at 08:51 PM.
Team Owner
Joined: Jun 2007
Posts: 23,451
Likes: 54
Drive it at least for a couple more years.
Have fun with it. SAVE!!!
Then in a few years, from money you've saved, you could have enough to put a large down payment on a better car you like that you might not be able to afford now, or even *gasp*....maybe even the start of a down payment on a house.
That is if you don't have one already.
Have fun with it. SAVE!!!
Then in a few years, from money you've saved, you could have enough to put a large down payment on a better car you like that you might not be able to afford now, or even *gasp*....maybe even the start of a down payment on a house.
That is if you don't have one already.
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drive payment free, Save money for a larger down payment for another car or maybe even a house or a piece of property.
The Third Ball
Joined: Sep 2002
Posts: 50,487
Likes: 5,867
From: Los Angeles, Ca
Someday, an RS6 Avant+
Joined: Sep 2005
Posts: 4,800
Likes: 1,288
From: Japan
Try this:
Take what would have been your payment, and put it in a separate bank account that you have to go to the bank to touch (No ATM or debit, plain old savings). And keep putting money there.
Once the car dies, or is too expensive to repair, you'll have enough for a nice down payment, which gets you better rates.
Now, the extra loot is handy if you have a life event that needs it.
Take what would have been your payment, and put it in a separate bank account that you have to go to the bank to touch (No ATM or debit, plain old savings). And keep putting money there.
Once the car dies, or is too expensive to repair, you'll have enough for a nice down payment, which gets you better rates.
Now, the extra loot is handy if you have a life event that needs it.
Joined: Aug 2008
Posts: 1,303
Likes: 133
From: New Windsor, NY
Try this:
Take what would have been your payment, and put it in a separate bank account that you have to go to the bank to touch (No ATM or debit, plain old savings). And keep putting money there.
Once the car dies, or is too expensive to repair, you'll have enough for a nice down payment, which gets you better rates.
Now, the extra loot is handy if you have a life event that needs it.
Take what would have been your payment, and put it in a separate bank account that you have to go to the bank to touch (No ATM or debit, plain old savings). And keep putting money there.
Once the car dies, or is too expensive to repair, you'll have enough for a nice down payment, which gets you better rates.
Now, the extra loot is handy if you have a life event that needs it.
I wish there was a time in my life where I didn't have a car payment to make. Now I'm counting down... only 4 more years.
Save your money for when you need it!!!
Your Friendly Canadian
Joined: Dec 2007
Posts: 17,447
Likes: 1,506
From: Toronto, Ontario
I never understood what was up with buying a new car as soon as your note is paid off. It just means you stop paying. it doesn't mean that your car is old. enjoy driving it now that you've officially paid it all off. You're 25 you should save up for a down payment on a house.
That's my plan anyways.
That's my plan anyways.
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