Comments on: How do you pay off a car?

By: Julio

Julio — Tue, 23 Jun 2009 16:39:17 +0000

My wife and I drive paid off cars, an 03 Galante and an 03 Murano. I keep track of our finances through Quicken and twice a year (once in Jan and again in June) I depreciate both cars against the current rates on KBB. When I checked the current values this month, I was surprised that instead of going down over the last 6 months, both cars actually went up in value. I wonder if the current state of the economy has somehow increased the value of used cars. Has anyone else experience something like this?

By: hizmoney

hizmoney — Wed, 17 Jun 2009 17:32:06 +0000

Thank you for the article, “How do you pay off A Car?”. It is excellent advice. Currently, I have no automobile payments and no payments for a long time now. Praise God! I did use ConsumerReports.org when I purchased my vehicle and it was a great help. A friend told me about a book they used that helped with negotiations and purchase of their new automobile a few months ago. The book is entitled, “Car Buyer’s and Leaser’s Negotiating Bible” by W.J. Braggs (William James) and may be available at your local library.

By: Jordan

Jordan — Tue, 16 Jun 2009 17:09:09 +0000

You simply have to be able say ‘no, thanks at that price’ at least once to the dealer. This gives them a strong message that you are serious about your research.

You should also bring a piece of paper to the dealership and make sure you do all the math of the finance calculations yourself. The point is not that they will do the math wrong. The point is you will see exactly how the deal is structured. Do not be afraid to take the time to do this or look like a fool for mapping out your car deal in the dealership.

By: Resa

Resa — Tue, 16 Jun 2009 14:30:03 +0000

driving paid off cars is one of the best feelings in the world! now to live in a paid off house

By: Ken

Ken — Tue, 16 Jun 2009 12:36:55 +0000

Well stated. I think not having car payments is a wonderful goal. I’m driving a paid for Camry and we still have a couple years payments on our minivan. I definitely hope to not have any car payments one day. Great advice.

By: MLR

MLR — Mon, 15 Jun 2009 23:26:40 +0000

I am currently getting the new car itch. I don’t have a problem with it because I am aware of this fact and have personal restraint.

I figure my car has another 5 years or so, but I will probably get a 2 year old car in another year or two and keep this current one as a “beater.”

By: Brent

Brent — Mon, 15 Jun 2009 21:56:07 +0000

We’ll have our van paid off within a month or two and then be saving to pay cash for a replacement to my car (’92 Ford Taurus with 210k without a working radio). I don’t plan to ever have any loans again except my mortgage.

We’ll pay a car payment to us each month and play it by ear with my vehicle and just plan to move up in price little by little. I get made fun of but I could give a crap what poor people say.

By: Matt Bell

Matt Bell — Mon, 15 Jun 2009 19:55:23 +0000

Another great site for making a wise choice when buying a car is Edmunds.com. Look for the True Cost to Own tool, which enables you to estimate various ongoing expenses associated with different cars — fuel, insurance, maintenance, repairs, etc.

By: bob

bob — Mon, 15 Jun 2009 18:29:08 +0000

Mike, we have a 2007 Honda Fit, 2000 Ford Focus, and ‘98 Taurus

By: Mike D.

Mike D. — Mon, 15 Jun 2009 17:04:42 +0000

Bob, I’m curious, what do you and your wife have for cars?