Sweet, now sell all three and get something new. LOL
X…
WORD
:tup: !!
I love not having any debt!
Now I’m thinking about buying a house though…there goes my freedom! lol
I had to check and make sure this wasn’t a Beck thread when I read it.
I don’t understand people’s fascination with having their cars “paid off”. The only time it seems advantageous to me is when I’m selling. The cost of financing is so low I could never justify having the cash tied up in horribly depreciating assets just so I could say I didn’t have to make a payment, however most of America loves to proclaim that they have no debt. Debt isn’t bad, poor money management is bad, and tying up piles of cash in a car seems like a bigger example of poor money management than having a low interest car loan or mortgage :shrug:
Just my $.02
Congrats though, it does feel good.
We all know newman won’t have the Lotus for 3.5yrs.
fuck
I should also add that yes, I do understand that 99.5% of Americans and probably 99.8% of NYSpeeders probably don’t possess the restraint, intelligence or skill to use money to make money instead of paying for items.
I feel like i possess 2/3 of those… maybe all 3…
I just lack the IMPORTANT part…
the DRIVE.
I would be willing to bet there are a LOT of people on here would fall into that category.
Debt can be bad if your job is unsecure, especially in a struggling economy.
:word:
You blew the pooch long before by buying something you couldn’t afford.
Lets take two scenarios (with round numbers)
Scenario 1 you take $20k and buy a car. In Scenario 2 you buy a car, and invest a portion of your $20k so that it is yielding a greater return than your interest rate in something with high liquidity.
Now you lose your job.
At least in scenario 2 you can liquidate your investment to continue to pay for the car, and/or use the money for other expenses.
In scenario 1 you’d have to liquidate the car, and you couldn’t qualify for a loan now, since you just lost your income.
So arguably, it is even worse to pay for your car in full in a struggling economy (assuming you are a fiscally competent individual).
In reality, you should be living in such a manner that losing your job isn’t going to cause your car to get repossessed in a matter of months.
for the most part, I agree, but for some people it just is not possible.
Life is expensive and some people just do not make that much money.
Home equity line of credit ftw.
My 2 cents. 
Right, just promoting thought, not crapping on the thread. People should think about these things instead of just assuming that one scenario is always best. A celebratory thread on paying off a car seemed like a good place to do it.
But I have a 100% IO ARM, although it is guaranteed to go up, so I’ll just take the equity out later… :picard:
Investing in something highly liquid is minimizing risk which will yield low returns.
If you have 20k to invest and want to yield higher than interest rates you will have the risk of losing $.
The only guaranteed $ is something like a savings account with aprs around 2% which is considerable lower than the interest you will be paying used car.
Im not saying people should pay off cars and debt, right now is probably the best time to invest in stocks since everything is a record lows, but if your not comfortable with volitility and risk maybe paying down debt is your best option.
Congrats Joe.
Yeah right? lol
it feels nice to lose the payments, congrats… I paid off my BMW in 30 days 
(sold evo, profits paid off BMW and mods on it)
I’m with walter on the whole money topic, but the problem is that right now nothing with any liquidity is paying anything… I think my high interest savings is at like 2% and CDs aren’t much better.
as I always say, debt is something to be managed, not avoided.
Currently, I would rather have my money earning a couple percent in the bank, and have my car paid off than paying 6% on a car.
Granted if I could earn a return of 6%+ in a low risk investment it wouldn’t make sense to pay off a car, but tell me who made 6%+ in the past year in a low risk investment.
Paid the V off in 6 months, and currently living debt free.