Oh Happy Day…!

Well, I just submitted the FINAL PAYMENT on our 2002 Buick Rendezvous! The cool thing is that even at 5 years old, it is still in really good shape. It has been garage-kept the entire 5 years and has only been driven 48,000 miles! It’s practically new! I’m thinking I can get another 5 years out of it as long as I can keep myself out of the car showrooms!

13 thoughts on “Oh Happy Day…!”

  1. Congrats man! You may have seen we just paid off our Chevy Malibu. Your post reminded me of some important information I left out for my own payoff, so time to write that one up!

  2. ..what was the true interest rate you paid on that car loan over 5 years ?

    Is it wise to borrow money to purchase a depreciating consumer good ?

    Are used-cars a better economic option for folks who don’t have the cash for a new car ??

  3. Personally, I believe in always buying used. The huge drop in value isn’t worth the “new car smell” to me. Here’s an article which covers new vs. used, http://www.credit.com/life_stages/buying_car/New-vs-Used.jsp

    From the article, “In the long run, however, buying used is almost always a better choice than buying new or leasing a new car.” Of course, everyone has their own preferences and there’s nothing wrong with getting a new car if that’s what you will really be happier with.

  4. OH MY GAWD! How about I just wrote a post on the EXACT same thing!! I just made THE FINAL payment on my 2004 Honda Accord. It’s such an exhilarating feeling.

    Congrats to you!

  5. Grats, it’s always a great feeling to own something finally :D.

    I bought a Toyta Echo in 2000 right when I left school. I paid it off in 2004 and it was really enjoyable to sign that last check. I’m still driving my car @ 114k miles on it over the last 7 years. I’ve got a 5 minute commute to work and most days I work from home so I don’t mind driving my little pod car around, but maaaaaaan those new cars look beautiful.

    But to keep it up to date, I got one of those little iPod FM adapters and new speakers recently to keep it feeling fresh. It’s certainly a LOT cheaper than going out and getting myself a new car payment. My next ‘splurg’ for the car with be TomTom for me and Sirus for my wife. That’s my biggest take away from owning a car for the long haul, add accessories to keep it fresh.

    Doesn’t help me any with that huge dent on my passenger door though 😀 😀

  6. I encourage everyone to buy a new car, how else could I buy it at half the price 3 years later? 😀

    Are you going to stop your payments or continue them? I mean, are you going to save up for your next vehicle so you don’t have to finance it?

  7. You should keep making that car payment – but now to yourself. Start saving for your next car now. There is no better feeling than buying a car with cash. The reaction from the dealership alone is priceless.

    Also – be proud of driving an older car (not that yours it that old). I still drive a 96 Ford Contour with 100K+ miles. It’s so cheap to drive (low insurance, low car tax). I have no desire to rush out and get a new car.

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