It's done! So now what?

"KingT- 60% of the time, it works every time" (kngt) 04/22/2020 at 14:39 • Filed to: car loan, car loans, auto loans, paid off

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It’s nice to not have a car payment and I just got promoted as well so it’s nice to have all that extra cash per month.

But...I’d reckon I’ll enjoy being car payment free for about a year before the itch becomes too great. Of course I’ve already started saving cars on Autotrader.

If this is a pattern I should perahaps consider leasing instead. Definitely do want something that gives more than 18mpg city on Premium

Doubt I’ll ever get another interest rate like this on any used car ever - 0.9% Infiniti CPO financing

jminer > KingT- 60% of the time, it works every time 04/22/2020 at 14:40

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Nice! Being free of a car loan is a wonderful thing.  Likely to pay off my sportwagen here shortly with our tax refund.  Still have the wife’s RAV4 that has a few years left though.

E90M3 > KingT- 60% of the time, it works every time 04/22/2020 at 14:41

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I’m about 10 months free of a car loan and I don’t have much of a desire to take on a car payment. Don’t let the unnecessary car shopping fool. 

KingT- 60% of the time, it works every time > jminer 04/22/2020 at 14:44

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Always wanted a wagon. This may be my chance. Very very few choices out there though. 

KingT- 60% of the time, it works every time > E90M3 04/22/2020 at 14:47

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I hope I last 10 months even LOL. One can never stop Unnecessary car shopping, hell! I was doing that a week after I bought this one.

TheRealBicycleBuck > KingT- 60% of the time, it works every time 04/22/2020 at 14:49

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Do the smart thing and redirect that monthly payment into a savings account. That will build up a nice down payment for the next car.

E90M3 > KingT- 60% of the time, it works every time 04/22/2020 at 14:52

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I usually stop shopping for a month or so after I get a car before I’m shopping again. I haven’t really been shopping as much recently as I’ve been a lot busier in my personal life and I’ve realized anything I want is too expensive or getting to the age where I wouldn’t want to DD it. I have been watch shopping more though. 

Ash78, voting early and often > KingT- 60% of the time, it works every time 04/22/2020 at 14:55

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We just paid off the 2015 van last month. It’s a mental relief, but not too life-altering. I just keep telling myself that every month we wait to replace my car is one more month toward a down payment on the next one.

But I’m not buying any time soon, the market will be really shaken up soon and I suspect we’ll have a buyer’s market before too long.

KingT- 60% of the time, it works every time > TheRealBicycleBuck 04/22/2020 at 15:04

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I have always put in my trade in as down payment. This one was 24K, put in 10k I got from my 328i into as down. 14k loan. Right now the Infiniti is worth $12k

OPPOsaurus WRX > KingT- 60% of the time, it works every time 04/22/2020 at 15:04

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no car payments? time to trade it in for a new o ne

Grindintosecond > KingT- 60% of the time, it works every time 04/22/2020 at 15:21

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Just put it in savings, put it on the budget page you adhere to every month to pay stuff. Do it before you find a reason to spend it. Because when crap happens, youll wish you had done that.....like me....I may be furloughed by October once govt. airline money runs out. Who knows, but you gotta save....

KingT- 60% of the time, it works every time > OPPOsaurus WRX 04/22/2020 at 15:28

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That’ s the American way™ !

KingT- 60% of the time, it works every time > Grindintosecond 04/22/2020 at 15:29

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Yeah with fears of a recession coming it makes sense to not trade in a perfectly reliable low mileage car to get a new car payment. But the heart wants what the heart wants.

jminer > KingT- 60% of the time, it works every time 04/22/2020 at 15:40

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There really aren’t anymore.  Which is why I jumped on my TDI sportwagen v buying a GTI.

TheRealBicycleBuck > KingT- 60% of the time, it works every time 04/22/2020 at 16:29

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Not that I have any business telling you how to spend your money, but y our car is a depreciating asset. I would offset that depreciation with car payment going into a savings account.

Right now, we have a good chunk of dough saved up for my wife’s  next car. My car should be paid off in the next couple of months and that money will go into savings until we pull the trigger on my son’s first vehicle. 

davesaddiction @ opposite-lock.com > KingT- 60% of the time, it works every time 06/09/2020 at 11:27

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Hey - answering here just to try to keep some privacy:

LPI