Paid off today

Yeah stock sucks, I agree. Thats why I bought a 1st gen, no loan and cheaper to mod. Then again its slow and doesn't have all the fancy shit like the 3rd gens.

 

Eh, who needs fancy shit anyway. Just a bunch of expensive non-necessities to nitpick and obsess over, and raise the cost of an otherwise practical and affordable truck to #firstworldproblems status.

I went from a 2013 coupe with a bunch of bells and whistles to an '04 Tacoma and I couldn't be happier. 'Cause now I get to wheel, and that's what matter most to me....not dual climate control and worrying about what temperature my ass is currently at.

 

2 payments down, 70 to go!

 

Right there with ya Still considering just taking the hit next month and paying it off...so many bills in the mail every month, it'd be nice to have to worry about one less...

 

I'm focusing on paying off the wife's Escape. Once that is done I'll throw extra cash on the Taco then trade in her Ford for a 4runner.

 

long term game is strong, respect

 

we think alike, I did the same thing as you except with the house.

 

I just paid my tractor (JD 5203) off so I'm thinking about paying a few hundred bucks extra every month.... The wifes got a great credit rating so the apr is just over 1% but i still want to get it paid off ASAP

 

CASH..

 

I pay cash for my cars, trucks, motorcycles, houses, yachts and toilets made of solid gold. Anyone who doesn't is a chump.



(I have at least 10k left to pay on my 2013)

 

Ha! Ha! Just kidding, but it felt good to type "CASH" tho. Truck won't be paid off for a while. With tax, tag, fees, truck was a little over $38K. After reading this thread it makes me wonder where you get $38000 cash when your "living" and saving for retirement. Then again, according to Fidelity the average person my age, 48, only has $80k saved for retirement! Now I see why they have so little...they're paying cash for cars!

 

Traded in my 2010 sport and paid cash for the remaining balance before I took her home. ( feels good to not have a payment

 

I got 2k more to go on my 2013! Couple months to go. + zero balance on credit card. Almost there.

 

This guys gets it.

With interest rates as low as they are on new vehicles (as low as 0.0%), hypothetically speaking, it is more financially advantageous to invest $30k and continue to pay than to dump it all on a personal vehicle which instantly gives you a loss of at least a few thousand dollars.

For those of you who have mortgages with higher interest rates than your vehicles, you'd be best to put any extra money toward the principal of the mortgage rather than a vehicle.

 

Exactly. 0.9 on my truck, 3.75 on my mortgage. Plus one is an asset which in theory will go up or at least not go down.

The old trick, 1 extra payment per year on a 30 year mortgage pays it in 23.

 

That's good that you were able to pay if off.

If you can pay it off, don't think about it, just do it.

You'll like yourself a lot better for doing it afterwards!

 

For what it's worth, I am a financial advisor for 37 years. This argument has been had many, many times.

I for one, will not borrow money on any item that depreciates.

I don't even like to borrow money on appreciating items. I did without many things, and had my house paid off at 38 years old. There is freedom in living debt-free. It just takes living beneath your means.

I am continually shocked when people come to me for advice, and I actually see the condition of their "financial health."

Most Americans live well above their means.

So does our government, don't get me started on that.

 

I make my money work for me.

My RRSP contributions effectively lower my income, which has many benefits, It also returns interest. My TFSA returns interest, there's no fees or penalties when I withdraw from it. I have an investment account as well, playing it safe for now but it's making money. I use my Visa card for all purchases and bills and pay every statement in full, that earns me 1 reward point per dollar which I can use to buy practically anything, its free money becayse I simply asked for the annual fee to be waved. All this means there's no point in paying off a small loan that will cost me $780 over a 36 month period.

In the past I would pay for everything up front or with cash, never use credit and keep all my money in one regular chequing account. The only benefits are piece of mind and bragging rights. I still have my piece of mind and a hell of a lot more to brag about.

 

Totally get you there. I have my indulgences, like concerts which not only cost money but are not a tangible thing.

That said I agree..as a friend once said "debt is the enslaver of the free man". I have a mortgage and my truck payment ($200). I use credit cards when I have to and pay them off immediately. My sister at 20 yrs old was 12k in credit card debt and it was all just shopping and dinners. Sadly at nearly double that age she hasn't learned as her house was just foreclosed upon..and she was still buying clothes, eating out all the time, etc.

 

^^^^ That... me too! I'm fine with it. I was going to get a 0% loan from Toyota but the lame ass dealer was bad enough playing games at buy time so I figured they'd try and screw me some other way if I got a loan with them, so I said f-it and moved on.