No Car Payments….Finally
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So today is the day that we own our Jeep Liberty free and clear. This is the first time that I have owned my car outright and I have to admit, I enjoy it. In a previous post, you might recall how we finalized our lease and I have been saving those payments ever since.
With the final payment clearing this month, I will put in place the same strategy and continue to pay the monthly amount to my ING savings account. When we are ready to purchase our next car, we will be using this account to serve as our down payment. The key question for us is how long we wait to purchase the next car.
We will definitely need a new car in the next few months, but in the heart of the financial crisis auto rates are miserable. We have a good idea of which car we would like and are hoping on jumping on a great deal for the end of year deals. Some recent news from Toyota offering 0% financing on most of the models has spirited us to look at the manufacturers’ offering.
Time will tell what car we will buy and how we decide to finance it, the great thing for us is that we have time on our side.
Are you aware of any other car deals out there? If so, let me know
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3 Comments on this post
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Mrs. Accountability said:
If I’m reading this correctly, the car you just finished paying off is a 2003? If you’re lucky, and you take good care of your car, you shouldn’t need to buy a replacement vehicle for five to ten years. Barring an accident which would total the vehicle. My husband drives a 1989 Ford F150 which was given to us by his parents about four years ago. The only reason we are contemplating a different vehicle is this one only gets 10mpg. He needs a truck for his business, but he thinks he can get by on a smaller truck. My vehicle is a 1996 Nissan Pathfinder and my odometer just turned over 270,000 and it’s still going strong. Found your blog over at PopTop Ranks.
October 5th, 2008 at 1:26 pm -
Elias said:
Thanks for the comment Mrs. Accountability…I only have 82k miles on the Jeep and it was such a great deal at the time with 0% interest financing….I want to hold on for hopefully as long as I can
October 6th, 2008 at 11:15 pm -
Budgets are Sexy said:
wow yeah for real man, good job there! i actually came pretty close to picking up a highlander myself last year - they’re pretty cool
congrats, and enjoy the freedom!
October 7th, 2008 at 8:25 pm
