JLP 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?
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.
ReplyDeleteNo car payments here for over 10 years for me and over 5 years for h!
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.
ReplyDeleteFG: yeah, I would guess that as well about the Seattle area...congrats on having paid-for depreciating assets! I'm right there with you...
ReplyDeleteAnon: Fantastic, and LOVE the claim about the car possibly lasting until retirement. That's an attitude that is not easily acquired!
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.
ReplyDeleteIn 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.
I paid off my car in 2 1/2 years.
ReplyDeleteMy husband never in his life had a car payment.
I own my grandfather's old 1989 Chrysler LeBaron outright. Not having a car payment is wonderful!
ReplyDeleteMy 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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