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Oh Happy Day…!
By JLP | June 12, 2007
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!
Topics: Miscellaneous | 13 Comments »
June 12th, 2007 at 5:18 pm
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!
June 12th, 2007 at 6:35 pm
Congratulations!
June 12th, 2007 at 6:37 pm
Congrats! Now go buy a new car! I’m only kidding…
June 12th, 2007 at 6:39 pm
Congratulations!
June 12th, 2007 at 6:44 pm
..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 ??
June 12th, 2007 at 7:44 pm
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.
June 12th, 2007 at 8:38 pm
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!
June 13th, 2007 at 12:02 am
Grats, it’s always a great feeling to own something finally
.
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
Rick.
June 13th, 2007 at 7:58 am
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?
June 13th, 2007 at 8:26 am
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.
June 15th, 2007 at 5:19 am
Star Money Articles for the Week of June 11
Here are interesting posts and news this week from the MoneyBlogNetwork and beyond: MightyBargainHunter asks if you would buy a car that only costs $2,500 new. Five Cent Nickel details his first experience with the new Bank of America ATMs.
June 16th, 2007 at 4:25 pm
Weekly Roundup – 06/15/07
Well, here we are… In a few days we’ll be taking off for vacation, so we’ve been madly rushing around trying to tie up loose ends in advance of our departure. If you’re interested in contributing a guest post, please let me know…
June 19th, 2007 at 7:17 pm
Congrats! I gotta stay out of showrooms another 2-3 years at least. Get 10+ years out of our cars as well, now they are 7 and 8 years.