PAID OFF! Celebration!

[Zinc03svt]

Lol. The mustang owner “money” experts. Good 4 you. The bigger question becomes how long from today can you go without payments before being lured into newer car and more payments. How strong ya willpower? Cheers!

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[15GTCA]

Good for you OP. I also paid mine off this week, along with my wife's Escape.

 

[Osofast]

Congrats.....

 

[Phenom5.0]

Oh for fuck sake! Dude is happy the car is paid off and half the replies are smart ass comments on financial points of view.Good for you OP.

Welcome to the internet lol

 

[IronG]

Hopefully, this can be a sticky thread.....But, I think a thread of folks finally paying off your S550 would be a great idea.

Congrats! I like nothing better than to eliminate a monthly bill. If you have not payed off your house (if you have one) that will make you fist pump for sure. I have payed off plenty of cars, but when I payed my last mortgage payment that was really cool. Now if I can figure out a way to not pay any taxes.....hmmmmmm.

 

[Ace21]

Lol. The mustang owner “money” experts. Good 4 you. The bigger question becomes how long from today can you go without payments before being lured into newer car and more payments. How strong ya willpower? Cheers!

SO TRUE! Paid my '16 off on Apr. 1st, bought an '18 first week of May! lol, my willpower was too weak to hold off on that 10R80 goodness!

 

[keiths2kgt]

I got 27 payments left @ 0% so I’m in no rush. It’s our only debt. We paid our house off 4 years ago

 

[SINBUSTER007]

Bought mine Nov 2014, paid off fall 2017
Just paid off wife's 2017 escape too.
4 cars all paid.
Saving up for the 2019 or 2020 ford edge ST..... I have 2 kids so like to have performance and can haul kids comfortably

 

[Kevin08]

I'd rather pay off debt than hope for hypothetical returns in this cluster fuck economy we're in. Not like your earnings would be that much either way. Freedom from debt is good.

 

[Zinc03svt]

SO TRUE! Paid my '16 off on Apr. 1st, bought an '18 first week of May! lol, my willpower was too weak to hold off on that 10R80 goodness!

Me too. I had 1.75% loan on the one I traded in for 18. Luckily I had nice equity and got into brand new almost 42k list car for 22k @ 2.79%. I’m good! .

 

[draph]

Congrats OP! I once knew a man in the late 1990s who maximized his home equity loan, put that money in a brokerage account, then leveraged that with a margin account, and invested to the max. Then the market tanked, he got a margin call, and he was still driving his 90s Volvo 240 the last time I saw him about 10 years ago. So, debt free financial conservatism is not a bad thing...the ol' "Bird in hand is worth two in the bush", or "I'd rather own 100% of 100,000 than 10% of a million" philosophy is respectable in my book.

 

[Bull Run]

If you paid off your 0-2% loan early, its cause for financial education not celebration. If you skipped those rates for the maximum time period, same education.

Considering that even a base EB falls under a "want" category (plenty of cheaper cars out there with better gas mileage and cheaper insurance to get you from point A to B) rather than a "need", people don't get Mustangs because it makes financial sense.

 

[sdiver68]

Considering that even a base EB falls under a "want" category (plenty of cheaper cars out there with better gas mileage and cheaper insurance to get you from point A to B) rather than a "need", people don't get Mustangs because it makes financial sense.

Do you overpay for what you want on purpose? I buy what I want AND maximize investment returns, it's not an either/or proposition.

 

[Zelek]

I'm old school. Never had a loan of any sort in my life.

Yeah, baby boomers don't have to deal with the main problem millennials do and that's student loan debt. I paid mine off two years ago and that felt really good, but I know MANY people who have 50k in student loans and the jobs just aren't paying enough to put large dents in those debts even if you got that "good degree".

 

[66Bronc1]

I am paying mine off within 6 months. I do not owe a lot and the dealership gave me the loan at a high rate of 5% despite my great credit. I took the loan out of convenience to get my GT and hurry up and trade in an ailing Camaro and dying Corvette. It's so great to have a car that has been flawless so far. I am using it as a DD right now as my Fiesta ST has accrued so many miles in such a short period of time, I am giving it a break- and enjoying driving the GT a lot.

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