I paid off my truck the first of this month.
It was the first time I have ever financed a vehicle in 45 years of driving. I thought what the heck, good to finance something now and then for the credit rating. After 36 months of paying a payment, and 36 months of additional paydown on the principal, done with payments and back to the way it was - better not to have the payments what a nuisance.
My first vehicle was 2nd hand - not pretty, paid cash for it from my savings, got me where I wanted to go, every month I saved what a payment would have been. My next vehicle was brand new, paid for it in full from what I saved while driving the old beater and making a payment to myself. Up until buying the Dodge, I always made myself a payment for the future vehicle and paid cash. I had the cash to pay for the Dodge, just decided to finance for credit purposes. You never know when you might need credit, pays to have it all along the way, not just try to get it when you need it.
Besides paying the payment for the Dodge every month, I also paid an additional principal payment, AND also paid myself a payment to my vehicle savings account. Now I can go out and buy 2 trucks for what I have saved. Done with the credit game, never again.
I guess I could have started my own post, thanks for sharing yours Dave, I think I would have called it FREE AT LAST.
CD