Ask questions via twitter! Message any question to @answers on twitter. We'll publish the question and send you a reply each time there's a new answer.
Next Question

Answered Question

davepamn davepamn
 

Mahalo is adding a tip to all questions that don't offer a tip.
 M¢25  Funded By Mahalo ? |  April 27, 2009 02:40 PM

Have you paid off your car?

I just paid off my car and it feels great.

I don't plan on buying a new car. I want to save my money and pay down debt and own my home in seven years.

Are you planning to pay for your car or buy a new vehicle?
Interesting Question?  Yes (0)   No (0)   
RSS
 
 

Best Answer  Chosen by Asker

srgothard srgothard
 
 April 27, 2009 03:38 PM
I bought my car in cash 9 years ago for $5k. We have another one we bought last year for $4k. We don't ever intend to go into debt for a car. We want out of debt asap!
Asker's Rating:
• Your a good example


Helpful Answer?  (0)   (0)    Tip srgothard for this answer
Permalink | Report
   Reply  
 
 
davepamn davepamn
 
April 27, 2009 07:33 PM
Having a car paid off will allow you to save tens of thousands of dollars. You could pay off your home buy avoiding a new car payment.

Report
 
 

Other Answers (5)

Sort By
ravenscry ravenscry
 
April 27, 2009 03:18 PM
I have seven thousand left on my car. Which will be paid off quickly.

Helpful Answer?  (0)   (0)    Tip ravenscry for this answer
Permalink | Report
   Reply  
 
 
davepamn davepamn
 
April 27, 2009 07:32 PM
Cool, it feels great to own the title.

Report
 
 
geniusofha... geniusofha...
 
April 27, 2009 03:43 PM
Hopefully my car will be paid off by July or August. Oh boy, that will be a great relief. One less debt of the many I have to pay. I don't plan to change my car until 2010
Source(s):
My frail budget


Helpful Answer?  (0)   (0)    Tip geniusofhardwork for this answer
Permalink | Report
   Reply  
 
 
davepamn davepamn
 
April 27, 2009 07:33 PM
Cool. Save your car payment money for maintenance. If you don't use the money then use it as a cash payment for your next vehicle.

Report
 
 
morriss003 morriss003
 
April 27, 2009 04:44 PM
Not yet. I still owe 12 grand and my interest rate is 2.99 percent so I am not in too much of a hurry. I pay $500 a month.

Helpful Answer?  (0)   (0)    Tip morriss003 for this answer
Permalink | Report
   Reply  
 
 
davepamn davepamn
 
April 27, 2009 07:35 PM
Double up your payments and accelerate the payoff. Don't let the low interest trick you into think the debt is ok.

Report
 
 
dumblonde dumblonde
 
April 27, 2009 05:16 PM
My car is under 2 years old so I haven't paid it off. But in my case that loan is good because I'm young and I'm just starting to build credit. I'm not sure if I'm going to pay off the whole thing. I might trade it in or sell it before I fully pay it off. It's a Honda so I'm not worried about it's trade in value. I'm on a 6 year loan.

Helpful Answer?  (0)   (0)    Tip dumblonde for this answer
Permalink | Report
   Reply  
 
 
davepamn davepamn
 
April 27, 2009 07:36 PM
If you save for the first twenty years of your youth then you won't have to save for the save twenty years.

20-40 (save)

40-60 (wait)

60-80 (live of your savings)

Save and invest like the masters.

Report
 
 
dumblonde dumblonde
 
April 27, 2009 09:53 PM
That assumes no college or grad school. I'm in grad school right now. I have debt from college and am accumulating debt right now. I'm just glad my parents pay all my living expenses.
But you can realistically only start saving after you are done with school which for me is going to be when I'm around 27.

Report
 
 
davepamn davepamn
 
April 27, 2009 10:10 PM
Hopefully grad school will provide the professional level income.

Most people make the mistake of borrowing money to maintain lifestyle.

Most grad students have 70k of student loans. If you graduate then consider yourself fortunate, many don't. The sad fact is these students must pay back their loans without the benefit of a higher income.

If you can live poor, for the first twenty years and save money, you can live rich, as you get older.

Time is your friend when saving. Saving will make you rich.

Report
 
 
dumblonde dumblonde
 
April 27, 2009 10:24 PM
Haha yeah I better graduate so I can get the added income of law school. I'm doing very well so far so I'm expecting good things!
I'm lucky college, while expensive wasn't so bad because I had scholarships. :-)
But I agree with you. Living beyond your means is stupid. You need to put your money in good places, keep an emergency fund and always save up money for retirement.

Report
 
 
davepamn davepamn
 
April 28, 2009 04:22 AM
You can get law school stats that show the number of students that completing the program and passing the bar. Not everyone will finish.

Report
 
 
dumblonde dumblonde
 
April 28, 2009 04:28 AM
Well. I love it and I'm at the top of my class and made editor of the law review. I think I'm gonna finish :-P
But you're right. I know at least 3 people that dropped out the first semester.

Report
 
 
davepamn davepamn
 
April 28, 2009 01:32 PM
I think there is a correlation between LSAT score and completion.

I know of a Law school that groups the students on scholarship together, so they have to compete against each other. So a scholarship student is competing against another scholarship student. Smart against smart. Does is look like they are gaming the scholarship programming?

Report
 
 
dumblonde dumblonde
 
April 28, 2009 02:52 PM
Wow. While I enjoy a healthy competition that just seems unfair.
It's things like this that promote students to hate each other :-(

Report
 
 
albanian albanian
 
April 27, 2009 05:32 PM
Yes I have paid off my car. I hate paying interest but had to purchase a home at the same time due to a natural disaster. They were both paid off as soon as possible.
http://1.bp.blogspot.com/_slVFtEzHw4g/RlPcGjQhgfI/AAAAAAAAAE8/ucnMmrur5RY/s400/2005_Jeep_Liberty_Diesel.jpg

Helpful Answer?  (0)   (0)    Tip albanian for this answer
Permalink | Report
   Reply  
 
 

Answer this Question

How tips and payments work

This question has already been resolved. You may add an answer to it but you will not be eligible to win best answer or any associated tips.

Related Questions

View All Cars & Transportation Questions

Ask a Question


140 characters left
Top of Page
Buy Mahalo Dollars with Credit Card or PayPal

Top Members

This Week All Time
  • buddawiggi
    buddawiggi
    2nd Degree Black Belt
    28118 Points
    M$810.91 Earned
  • opher
    opher
    Purple Belt
    4949 Points
    M$207.34 Earned
  • annelisle
    annelisle
    Purple Belt
    3456 Points
    M$104.22 Earned
   See All
 

Most Popular Tags

mahalo(1649)
twitter(959)
music(471)
iphone(468)
google(364)
food(329)
internet(310)
online(298)
beer(281)
money(267)
movies(267)
apple(253)
facebook(244)
aotd(235)
answers(232)
health(223)
video(210)
free(208)
dog(205)
windows(198)
   See All
 

Categories

Welcome New Members


 
 
Mahalo Dollars are the currency of Mahalo Answers.

Each Mahalo Dollar costs $1.

Once you earn more than 40 Mahalo Dollars, you can request to be paid via PayPal. Each Mahalo Dollar is currently worth $0.75 when paid out via PayPal. Learn More

 
 

Please log in to use this function.

Answers Home | Ask a Question | Earn Points | How Tips Work | Widget