I do the same thing. But when I do buy a new one car I still finance it.

Nov 19, 2021
10:37:32am

cougarfann888 Truly Addicted User

I am personally still driving my 2007 truck. But it just came time to upgrade my wife’s car we could have paid for it but instead financed the whole thing. We will drive it at least 10 years

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cougarfann888

Bio page: cougarfann888
Joined: Oct 10, 2010
Last login: May 6, 2024
Total posts: 27,597 (83 FO)

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Messages

Author

Time

<< Deleted >>

materialized

11/19/21 10:23am

Yes, and thanks to inflation, it is a great deal!

RH84025

11/19/21 10:25am

Does your income increase with inflation? If not, you are still paying interest.

TailgateU

11/19/21 10:41am

Inflation bleeds into the stock market and I get a better return on that money

RH84025

11/19/21 10:44am

That approach fails to account for risk. The market will correct.

TailgateU

11/19/21 12:25pm

So you don't think a person can invest money and make more thatn 1.7% in

RH84025

11/19/21 1:31pm

Yes. I like the warranty it comes with. And it's not a ton of debt.

paulb

11/19/21 10:25am

Yes but only because we downsized last week from our vehicle of 15 years.

BYUforlife

11/19/21 10:26am

And it is a hybrid so I am already seeing savings in fuel cost.

BYUforlife

11/19/21 10:26am

Love our hybrid. Sometimes we get 54+ mpg.

paulb

11/19/21 10:27am

I sometimes get 99+ in my eco diesel. It’s usually downhill.

blueaussie

11/19/21 10:30am

Lol. I guess if I'm only counting when I'm in electric mode I get 99+ too 🙂

paulb

11/19/21 10:34am

Put your car in neutral and turn it off when going downhill. NO COST!

Ted Lasso

11/19/21 10:37am

Most hybrids do that for you, and charge the battery while doing it.

paulb

11/19/21 10:41am

4 paid off (including cheap/kids cars) and 2 payments

byu1

11/19/21 10:26am

Step one, get a 0% to 4% percent car loan. Step two invest the money you would have spent paying it off. Profit.

EternalOptimism

11/19/21 10:26am

My wife just asked me last week about paying off the one car loan we have. It's less than 10K. Interest is so low that

Pete

11/19/21 10:31am

Also, it is especially bad to pay off older loans as most of the interest has already been payed.

EternalOptimism

11/19/21 10:33am

Yep in fact I took out the most possible. I got a 6 year rate at 1.87%

cougarfann888

11/19/21 10:28am

Love it. Nice rate!

EternalOptimism

11/19/21 10:30am

Bought a car for my daughter a few months ago and my bank gave me a loan at 1.79%. Not going to say no to that

Clark Addison

11/19/21 10:30am

I realize people justify car payments because of low interest rates, but

Archaea

11/19/21 10:32am

I don't blame you. I usually end up paying them off early for the same reason

Clark Addison

11/19/21 10:33am

I'm aware of what financial wizards advise, so I'm not one of those guys, but

Archaea

11/19/21 10:35am

I do the same thing. But when I do buy a new one car I still finance it.

cougarfann888

11/19/21 10:37am

I buy only used cars with low mileage.

Archaea

11/19/21 10:44am

Well, to be fair eventually you might have a nest egg. Then the "payments" just go from one account to the other account

EternalOptimism

11/19/21 10:39am

You're probably right but I don't spend much on a car.

Archaea

11/19/21 10:43am

Honestly, for most people, it's a safer method. Job security, disasters, and I hate to say it but divorce makes things

EternalOptimism

11/19/21 10:35am

Bought my last with a loan to close the best deal. Held it for 4 mo and then paid it off for the same reason.

kccougar

11/19/21 10:35am

It's a fine line. My wife very much likes the peace of mind not making the payments. Right now we have our loan but

Pete

11/19/21 10:39am

No, my newest car is 2012

mncstr

11/19/21 10:59am

I think it needs to be acknowledged that one size does not

CougaRR4L

11/19/21 11:21am

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