How long and how much till you owe your car?

[ThatsMeGC]

I pay $250 a month and have been paying on it for about 8 months or so. Still owe over $3000.

[12secondv6]

Bird... paid off ages ago

Neon... eh, i forget

[Distephano]

Made the last payment on mine Dec 2004 [img]smile.gif[/img]

[98goldbird]

$12,000 2 years ago (I think [img]smile.gif[/img] ), $5200 left from the loan on $225/mo.

[99v6cam]

$93 a month :-p 2 more years

[Nicklz]

Cash is king!

Everyone that finances stuff like this, have you looked to see what the bank/lending institute is making off of you?

example
$15000.00 with 6% intrest rate on 60 months no money down equals $289.99

Now that same $289.99 x 60 months = $17399.40
And $17399.40 - $15000 = $2399.40

So your paying the bank $2400.00 for a loan.

example 2
$15000 with 10% intrest rate on 60 months no money down equals $318.71
$318.71 x 60 months = $19122.60
$19122.60 - $15000 = $4122.60
So your paying the bank $4122.60 for a loan.


IMO and what I do is make a car payment to "myself" every month and when I have enough cash and trade in. I upgrade to what I want.

WHY GIVE YOUR MONEY AWAY!

[shenanigans]

Who the feck is getting 10% loans for 60 months?


As for giving my car away...

I coudl buy a car for $5k, drive it for a year and have it be worth $1k, lost $4k

IF you buy a newer car that is worth more, then it will be newer and worth more when you sell it.

And sorry, I don't have ~$10k cash just chilling, if I did I woudl invest it.

[V6Maniac]

My Hawk is paid for. I needed to start building credit and I needed a truck for work so I decided to get a loan for the truck. I had enough cash at the time to buy it almost outright but I decided that it would be better to have some credit here in 5 years or so when I want to buy a house. I forget how much I have left to pay off on the truck but I'm making the minimum monthly payments plus $100 each month so I can build up my credit.

[3.4 slow to go]

paying off a vehicle = good credit.

[SuprSpdDB7]

lets see....
my first car i bought cash $7500. (96camaro)

my current firebird...
paid $12000. financed $8000 (from my parents)
owe $4158. (but im paying it off within the next few months)

my grand prix
paid $12600. just bought this past summer so 4.5yrs left
owe... $11000.

[Nicklz]

The point to my example is instead of paying monthly payments to a bank. Drive something till you have it paidoff or a beater, untill you can stash away two hundred or more each month, not to mention what you can save having liability only insurance. Untill you can pay cash for a vehicle. If you can stash away avg of $250 a month for just 24 months you got 6 grand. IMO it's worth it thats all I'm saying. I understand sometimes you got to do what you got to do.

And if a car is older than 6-7 years most banks won't loan on it. Unless it goes under a personal loan which I got for a 91 mr2 at 9.9% intrest thats when I decided I'd never do a car loan again.

And even if you did 15000 on 60mos at 4%, you end up paying the bank $1575.00, on 48 months it's $1257.12 so you don't really save that much by going 48 months either.

[Blue Flame V6]

well I think I owe the most out of everybody on mine :( I still owe 11,500 I think on mine bought it new for 24,000 though.

[01MaroIL]

Owned it since day 1...cash as well.

[Domesticchic]

My dad paid cash for the Firebird and the Z28. I got the Duster for free from my G-pa before he passed away. The Firebird will be in my name when I move out.

[V6MaroFL]

paid it off and shredded the payment book last month [img]smile.gif[/img]