Who has paid off their car?
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?
Anyway, it got me wondering -- I wonder how many people own their cars outright? Anyone know the stat?
Labels: Finances
7 Comments:
At 6/18/2007 11:26 AM, 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 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, 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, 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, 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, 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 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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