Retiring Early

Sunday, June 17, 2007

Who has paid off their car?

Smart CarJLP over at AllFinancialMatters reports that he finally paid off his car. It's great not owing money on a depreciating asset like that! Personally, our car loans are some of the first debts we paid off after the credit cards. We've been without car loans for over 4 years now, and it feels great.

Anyway, it got me wondering -- I wonder how many people own their cars outright? Anyone know the stat?

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posted by fin_indie @ 6/17/2007  

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7 Comments:

  • At 6/18/2007 11:26 AM, Anonymous Anonymous said…

    I don't know the stat but looking at what's on the roads I suspect it's pretty high (of people who make car payments), at least where I live.

    No car payments here for over 10 years for me and over 5 years for h!

     

  • At 6/22/2007 7:30 AM, Anonymous Anonymous said…

    I bought a new Honda Civic right after college. I should have it paid off next June. If all goes well and no hiccups, it'll last me until retirement.

     

  • At 6/22/2007 7:50 AM, Blogger fin_indie said…

    FG: yeah, I would guess that as well about the Seattle area...congrats on having paid-for depreciating assets! I'm right there with you...

    Anon: Fantastic, and LOVE the claim about the car possibly lasting until retirement. That's an attitude that is not easily acquired!

     

  • At 7/02/2007 1:47 PM, Blogger Peachy said…

    We bought 2 new cars and all were paid off within 1 year after purchase. 1 used from the car auction, and paid off. That would be 4 years now.

    In the future, I'll only buy from the auctions. You can get almost new and a few years old, for less than blue book, dealer or private party. Just be prepared to pay cash.

     

  • At 7/20/2007 1:19 PM, Blogger L. Marie Joseph said…

    I paid off my car in 2 1/2 years.

    My husband never in his life had a car payment.

     

  • At 7/26/2007 9:04 PM, Blogger zacharyfruhling said…

    I own my grandfather's old 1989 Chrysler LeBaron outright. Not having a car payment is wonderful!

     

  • At 10/12/2007 8:22 AM, Anonymous Anonymous said…

    My 2000 Honda Civic is paid for and only has 72,000 miles on it. I plan on driving it for a long time still. Might be a good first car for my nephew, he's 9 now. I'm sure I can drive it for at least another 7 years. ;) And I will try to save up the money to pay cash for my next one.

     

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