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Paid off the car today...what a GREAT feeling!


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Awesome man. Congrats!

 

I'm toying with the idea of paying off mine when the wife goes out on maternity leave (~2 years from now). I'll still have $6k on it, and I don't yet know if it'll be better to have $6k in the bank or have the monthly cash flow since we'll no longer have 2 incomes. Interest rate is only 3.9%, so it's not exactly pushing me to pay it off.

 

I'm sticking with heavily used cars for awhile. We had ~$30k in car loans at one point (now down to $12.5k) and it was not a good feeling.

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You think that feels good, just wait until you pay off your mortgage. ;)

 

No way. I like keeping my mortgage 80-90% LTV and keeping more of my income through the tax deduction on interest. Not that I could pay it off anyways if I wanted to though..

 

But the 4 vehicles in my garage? All paid for and owned outright. :cool:

My '05 LGT

My '07 Supercharged Shelby

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No way. I like keeping my mortgage 80-90% LTV and keeping more of my income through the tax deduction on interest. Not that I could pay it off anyways if I wanted to though..

 

But the 4 vehicles in my garage? All paid for and owned outright. :cool:

 

 

That tax deduction depends on your income. Someones the tax deduction really isn't worth..

 

 

To the OP- Congrats!

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I was going to pay most of mine when I got it but at 2.9% for 60 months I figured I'd keep my cash and finance it. Though it's awfully nice to be free and clear, financing it gave me a lot of vacation money over those first 3-4 years. I may not have liked the payments but it was nice having $ to go to Ireland, Italy, Spain, Jamaica and a whole bunch of domestic golf trips.
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  • 7 months later...

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