Small Vehicle Debt Brag

[mcandlish]

Yay congrats! I still have 18 months left on my car, never ever financing a car again, such a drain on my finances

[kanewtz]

Yay congrats! I still have 18 months left on my car, never ever financing a car again, such a drain on my finances

I hear you....from now on all my vehicles will be paid cash.
I hate interest with a passion....its my kryptonite.

My wife sometimes gets upset with my "eagerness to pay off debt soone than later" but I keep telling her look at the big picture...if we can save a couple thousand in interest...why wouldn't you?

Same with our mortgage...by attempting to pay it off early....my goal is to save 50K+ in interest over a 25 year amortization.....it just makes sense.

[GoStumpy]

I want to get the debt gone so I can then invest the money I was paying to debt... and I've had the debt so long now I don't even know what it is for, just payments!

I own both our vehicles outwright, a 1990 and 1998 low mileage truck and car... Once the debt is gone I will definitely be saving up a 'vehicle replacement' fund, so one day when I find a great deal I can buy without financing

[tobiwobi]

Congrats! I know how it feels cos I had a car I loved that was paid off, and then someone failed to obey a sign and hit me, car totalled and insurance not paying me out enough to be able to buy same car outright...black book value is not what the dealers sell cars for lol. So now in a bit of a hole but working toward paying it off and being in that sweet spot again..

[neelkamalll1979]

We just bought a new car. Looking forward to paying it off.

[kanewtz]

Congrats! I know how it feels cos I had a car I loved that was paid off, and then someone failed to obey a sign and hit me, car totalled and insurance not paying me out enough to be able to buy same car outright...black book value is not what the dealers sell cars for lol. So now in a bit of a hole but working toward paying it off and being in that sweet spot again..

Was the car brand new when you bought it?
Most insurance companies have GAP insurance meaning if you're vehicle is written off within x number of years since you purchased it, you get an equal or higher model.

This way the value of your vehicle doesn't depreciate as far as accidents go.