PAID OFF!!!...What?!?

[nemelek]

Originally Posted by slothman86

So the other day I finally paid off my Yaris! Yessssss.... wait a second, I paid what in interest? 2,ooo some odd dollars? That's an awesome suspension or a turbo! I had a low interest rate too! 5.5% Luckily I paid her if off in 2 years and not 5 like the loan was for.... eeeeek that's close to 6 grand in interest alone! No wonder dealerships make soo much money

Good thing is...is...is that it is mine now! NO MORE PAYMENT~

Paying for everything in cash from now on. No more loans for anything....well except school, no getting around that...even with scholarships? what?

Just curious...How much interest did everyone else pay? or was I the only one bending over and almost paying 20,000 for a yaris! LOL

First CONGRADULATIONS!!

Very few people actually ever end up owning a car that they bought new. After 3-5 years they usually trade it in. If you take the money you were paying and save or invest it you could have a nice down payment on a house or buy your next car with cash.

Some of your interest numbers seemed high so I ran them. Assuming the amount financed was 15,000 @ 5.5% for 5 years = 2,191 in total interest. 15,000 @ 5.5% for 2 years = 874 in interest. You saved 1,317 which is still a lot.

In 1979 I bought a Ford Courier from Lakewood Crook Land in Colorado. Went through Ford motor credit company and they charged me 18%. I learned a lot about interest and car buying from that experience. I vowed to never finance a car again. Now I just make one big payment with 0%. If I can’t pay cash, I don’t buy the car.

Good luck with school.