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My Last Car Payment was...

steverstever YooperlandPosts: 39,993
When was your last car payment?

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Comments

  • steine13steine13 Posts: 2,411

    Maybe we need a topic called something like "My last car payment was _____"?


    Oh, good idea. I'll go first.

    "My last car payment was _____ in 2005."

    Cheers -Mathias
  • jimbresjimbres Posts: 2,025
    Cool. Thanks, Steve.

    My last payment was in '90 or '91.
  • steverstever YooperlandPosts: 39,993
    Kind of an open question in the title there. I'm waiting for someone to post "My Last Car Payment was in ... arrears". :shades:

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  • qbrozenqbrozen Posts: 17,148
    My last car payment was in the form of an automatic withdrawal about 28 days ago.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • steine13steine13 Posts: 2,411
    Well the title was supposed to be "My Last Payment Was ...," followed presumably by a $ figure. As part of the Chronic Car Buyer's exercise.
    I was just trying to be funny...

    Heck my first car payment was in 2003.
    I hated the concept so much I paid an interest-free loan off early.
    I still might do a car loan in the future, who knows.

    There are few hard rules in personal finance. Once you owe on a house,
    the meaning of "cash" becomes very blurred.

    Cheers -Mathias
  • qbrozenqbrozen Posts: 17,148
    Ah. Totally missed it.

    Well, I don't mind car payments when the money is cheap. When you think of how much you are paying in interest on your home, for example, the interest on a car loan at less than 5 percent is nothing.

    It is typically taboo to share how much your monthly payments are for anything... but I don't care. I pay $250 for the GTI and I was paying $315 for the mazda5 ... soon to be $465 for the T&C.

    Our highest total was when I had the G35 and she had the XC90. It was about $825 for the pair. At least I think that was the highest. I'm not sure, as the Pacifica and Infinity may have overlapped a bit, during which time the total would have been a bit over $900.

    Also, recently, I took out a couple of personal loans to put solar panels on the house. Those are at higher rates than the cars, so we'll definitely focus on paying those off as fast as possible before turning our attention to the car loans.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • speddyspeddy Posts: 16
    Im not sure how long ago, but it has to be at least 12-15 years ago. I paid off my car early and the last car we bought we paid cash for. I will never borrow on a car again. It doesn't make sense to pay interest on a depreciating asset. It's a double wammy. Another thing I will never do again is buy a new car. You get killed on depreciation.
  • andre1969andre1969 Posts: 21,849
    was the last payment for my 2000 Intrepid. Everything I've bought since then has been cheap enough I've been able to pay cash for.

    That was a really happy time, financially. I was juggling a house and a condo for close to a year, but two weeks after the Intrepid was paid off, the condo finally sold!
  • fintailfintail Posts: 33,509
    My last payment was very recent...don't know when I will have another one. As I get older, the money used to pay for a car seems to be better spent elsewhere...savings, travel, etc.
  • uplanderguyuplanderguy Kent, OHPosts: 7,494
    My last payment was in 2005, when I paid off our 2002 Venture van. GM had "Employee Pricing for All" in '05 when I bought our new van, and in '08 they had big rebates and I had $2,000-odd dollars on my GM card, so bought a new Cobalt 5-speed. Paid cash for both.
  • steverstever YooperlandPosts: 39,993
    Well the title was supposed to be "My Last Payment Was ...," followed presumably by a $ figure.

    I think that works better so it's been changed back. We'll accept dollar amount or years or whatever. :shades:

    Ok, I had to borrow some money in 1982 to buy a Toyota Tercel that cost around $6,700. So we put $3,000 down and borrowed $3,700 on a two year loan from the credit union. The payments drove us nuts so we paid it off a year early and saved up to buy the next ones out of pocket.

    paid an interest-free loan off early

    That's pretty funny but I understand. And there are benefits to doing that as well. When we sold our Anchorage house the young woman buyer had an interest free loan on her truck and the lender made her pay it off in order to swing the home loan.

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  • stickguystickguy Posts: 14,168
    bought Odyssey 12/2004, with a 3 year loan that I paid off in 2 years. About $300 (my personal max!). Accord bought a year later, but no loan.

    no payments since. Which helps when you live in a ridiculously high area for housing costs.

    $800-$900 a month in car payments would give me a nervous breakdown.

    I hope to never have another car payment in my life, but if I get in position to need one, will probably use the same 3 year/$300 ish rule (maybe go to 4/$350 for something really special!)

    2013 Acura RDX (wife's), 2007 Volvo S40 (when daughter lets me see it), 2000 Acura TL (formerly son's, now mine again), and new Jetta SE (son's first new car on his own dime!)

  • andre1969andre1969 Posts: 21,849
    As I get older, the money used to pay for a car seems to be better spent elsewhere...savings, travel, etc.

    Yeah, I know the feeling. 11+ years ago, when I bought my Intrepid, its $2000 down payment and $347.66/mo payment seemed cheap. Yet today, even though I'm a lot better off financially, and in the job situation, the thought of paying that much for a car makes me shake like a wino during Prohibition!

    I plugged that # into an inflation calculator, and using 2009 numbers, the most recent I could find, that would come out to $2551 down and 443.44/mo.

    The thought of even paying those unadjusted numbers today makes me cringe, let alone the inflation-adjusted numbers!
  • fintailfintail Posts: 33,509
    For maybe the intended thread title, my last payment was supposed to be something like $450/month - but I usually paid extra. Took 4 years and change to finish, I did put a decent amount down. Probably won't happen again...if this car dies or gets written off somehow, a sweetheart low down lease will be tempting. I look at those yearly payments now and think of the cool things I could buy and/or the nice trip I could take.
  • fezofezo Posts: 9,328
    Last payment was maybe three days ago...

    I have a $240 a month on the Camry and a $270 on the Ody. The latter will be paid off late this year.

    On both loans I send them $300 a month. The rates were the same whether I took a 4 or 5 year loan so i took the 5 year and pay it like a 4 year.

    We'll see what I do once the Ody is paid for. A big piece of me wants something smaller but this thing only has like 78K on it and my SIL has the same vehicle with 225k+ on it and no issues. Holding on to it would save buckets of cash even after allowing for the lousy mileage.
  • qbrozenqbrozen Posts: 17,148
    The rates were the same whether I took a 4 or 5 year loan so i took the 5 year and pay it like a 4 year.

    That's what I always do. Take the longest term possible without upping the rate. Its just an extra level of security in case something happens.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • steverstever YooperlandPosts: 39,993
    That's a great idea; didn't think of that. There is something to be said about leaving cash in the bank instead of putting it into a depreciating asset.

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  • Kirstie_HKirstie_H Posts: 10,824
    I did that with my last vehicle as well. During months when I had extra cash, I'd throw a bunch into my payment. During heavy-expense months (like December), I just paid the set amount. Turned a 5 year loan into just over 4, all by myself. :)

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  • steverstever YooperlandPosts: 39,993
    I remember pre-payment penalities in the old days. I guess they don't have those much any more.

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  • anythngbutgmanythngbutgm Posts: 4,173
    Did the same thing with my house. Took out a 15 year loan but I'm paying a good chunk extra towards the principle and will have it paid off in about 12 years...

    Love having no car payments. Finished paying off the wifes car in August, my 2 cars have been payed off since last Spring.

    It's tough tho because I'm really digging the Volvo XC60 and Infiniti EX35 right now. :)
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