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My Last Car Payment was...

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Comments

  • fezofezo Posts: 9,327
    I've got 8 more payments on the Ody and a couple of years yet on the Camry.

    I do have enough in my car fund to pay off the Ody if I wanted to. What might make me want to would be the right used convertible that would cost about what I could get for the Ody.
  • igozoomzoomigozoomzoom Waleska, GeorgiaPosts: 790
    I've never paid off a car before, usually trading them somewhere between two and three years old. Luckily they were all Hondas, so I always had equity even after only two years. I watched my friends trade other makes after a few years only to roll $8-$10k in negative equity into a new car loan!

    I've had my current car, a 2006 Mazda3 s 5-door, since December 2005 and it only has 82k miles on it. It looks great inside and out (not even a door ding), so I plan to keep it and enjoy life without a payment for the first time in 21 years of driving! I have six more payments of $332.14 per month left on my 72-month loan. I had a lot of credit card debt and a student loan back in 2005 and I only earned about $45k per year. The interest rate was the same for 60 or 72 months, so I went with the $50 lower payment even though it was for six rather than five years. Thankfully, it was a reasonable interest rate and with my $2000 down payment, I have never been 'upside-down' in my 72-month loan. The Mazda3 has turned out to be a class leader in residual values.
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