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helpmeout

I am so happy car almost paid off! 28k loan

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Posted (edited)

So I am 25 right now and I started of a car loan with 28k after rolling over an existing car loan because I am an idiot but right now I have less then 5k left! That is only owning the car since march of 2016 so about 3yr and 3 months later I have paid about 23k so far. My loan expires on march 2022   https://imgur.com/Wpf4euH

https://imgur.com/wRFNWuw

I expect to finish this before even 2020 starts and no I didn't get no help financially or anything. About to own my car financially free and be saving bout $600+ a month!

Edited by helpmeout

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Good job on throwing the extra money at it each month.  Even with the low-ish rate (many in your position have been in FAR worse shape than 6.19%), your story shows what paying more than the minimum does to clear out a loan. 

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14 hours ago, helpmeout said:

So I am 25 right now ...

 

About to own my car financially free and be saving bout $600+ a month!

If you invest $600 a month even moderately wisely, you could easily have a million dollars saved by the time you retire.

 

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Congrats. When you are done save that money each month. Then when it’s time to get another can chunk a ton of money at it. Then have a very low payment. That’s what I do.


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18 hours ago, helpmeout said:

Wohoo 2.4k left and 2.2k after today or tomorrow. https://imgur.com/F2GB9vE 

Congrats. 

 

Now that you have an extra $600/month, you should increase your savings as CV pointed out.  If you are not maxing out your 401(k) to the $19/k annual max, that is an additional ~$800/month pre-tax you can add to that contribution.  If you are, then max out your traditional and Roth IRA contributions.  Also, make sure you have a healthy emergency fund of at least 6 months expenses.  If you have all that covered, first kudos to you!

 

If you are doing all that, then I would save the $600/month towards future automotive expenses.  This way should you face a major repair on this car, or you want to buy a new one in the future, you will already have a good portion of it paid for.  You've gotten used to living with making this payment, so it shouldn't change your standard of living.  Say this car lasts you another 6 years.  That'll be ~$45k you'd have towards purchasing your new car, plus whatever trade value the old one has.  

 

 

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Posted (edited)
6 hours ago, CTSoxFan said:

Congrats. 

 

Now that you have an extra $600/month, you should increase your savings as CV pointed out.  If you are not maxing out your 401(k) to the $19/k annual max, that is an additional ~$800/month pre-tax you can add to that contribution.  If you are, then max out your traditional and Roth IRA contributions.  Also, make sure you have a healthy emergency fund of at least 6 months expenses.  If you have all that covered, first kudos to you!

 

If you are doing all that, then I would save the $600/month towards future automotive expenses.  This way should you face a major repair on this car, or you want to buy a new one in the future, you will already have a good portion of it paid for.  You've gotten used to living with making this payment, so it shouldn't change your standard of living.  Say this car lasts you another 6 years.  That'll be ~$45k you'd have towards purchasing your new car, plus whatever trade value the old one has.  

 

 

I am never buying any more cars because I think I will keep this forever. I have had 5 cars that I pay myself all of them and I had financed them myself to but I am done with cars for now. I am not finished yet so cant save that 600+ a month yet but luckily I will be soon by the end of October maybe or earlier, who knows. I still got some credit card debt I have to pay of but soon those will be done to :). Currently have a 401k through my work and I currently have 10k saved up in it and the company matches anything 6%  or above. My car only has 56k miles so it should last quite a while and I just bought all 4 new tires not to long ago and changed the brake pads and brake rotors(my self). I have some handy skills  because the shops wanted bout $700 to install(I do get that they have shops fees etc... but I am not made of money, yet anyways) pads and rotors and I am like no way so I just did it myself. Pads were cheap enough and oem and I just used some advance auto brake rotors which were the platinum rotors.

Edited by helpmeout

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12 hours ago, helpmeout said:

I am never buying any more cars because I think I will keep this forever. I have had 5 cars that I pay myself all of them and I had financed them myself to but I am done with cars for now. I am not finished yet so cant save that 600+ a month yet but luckily I will be soon by the end of October maybe or earlier, who knows. I still got some credit card debt I have to pay of but soon those will be done to :). Currently have a 401k through my work and I currently have 10k saved up in it and the company matches anything 6%  or above. My car only has 56k miles so it should last quite a while and I just bought all 4 new tires not to long ago and changed the brake pads and brake rotors(my self). I have some handy skills  because the shops wanted bout $700 to install(I do get that they have shops fees etc... but I am not made of money, yet anyways) pads and rotors and I am like no way so I just did it myself. Pads were cheap enough and oem and I just used some advance auto brake rotors which were the platinum rotors.

You're 25 years old.  Do you actually expect your car to last you 50+ more years of driving?

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Posted (edited)
6 hours ago, CTSoxFan said:

You're 25 years old.  Do you actually expect your car to last you 50+ more years of driving?

Who knows? Really. I could die right now or even tomorrow from multiply things. Does it matter? I do oil changes every 5k. I take care of my stuff. I’m not taking it to no quick lube place like jiffy lube to do an “oil change” and dealership is to expensive for my car. $130 for my car when I get all the stuff for less then $40. Even dealerships aren’t trustworthy. I put Mobil 1 full syenthic and top Fram filter even though I know Mobil 1 is overkill for my car. I have a mechanic I go to but he isn’t available on saturdays or Sunday and I’m not taking a day of to do basic things that I can do myself.

Edited by helpmeout

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17 hours ago, helpmeout said:

Who knows? Really. I could die right now or even tomorrow from multiply things. Does it matter? I do oil changes every 5k. I take care of my stuff. I’m not taking it to no quick lube place like jiffy lube to do an “oil change” and dealership is to expensive for my car. $130 for my car when I get all the stuff for less then $40. Even dealerships aren’t trustworthy. I put Mobil 1 full syenthic and top Fram filter even though I know Mobil 1 is overkill for my car. I have a mechanic I go to but he isn’t available on saturdays or Sunday and I’m not taking a day of to do basic things that I can do myself.

I wasn't saying you didn't maintain your cars...I was pointing out that the odds of your car lasting another 50 years, regardless of how well you take care of it, is very, very low, and not a good basis for planning.

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10 hours ago, CTSoxFan said:

I wasn't saying you didn't maintain your cars...I was pointing out that the odds of your car lasting another 50 years, regardless of how well you take care of it, is very, very low, and not a good basis for planning.

It should be fine because it has the 2GR-FE engine which is a reliable v6 from toyota so its good. If the time comes I might junk it or if possible get the engine replaced as getting an engine replaced will be cheaper then buying a new car. I don't even like the new cars of today with to many lane guidance and to many crap in cars that could go wrong. Call me old fasion but I don't need a lane departure warning system or blind spot warning. I been driving for 9 yrs without all that and I am fine. The only useful thing I find today is the backup camera but any car can get a backup camera added also. Could care less bout android auto or apple carplay.

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I am glad your car won't have a lean...if it weren't I would say you might have some suspension issues, a flat tire or some hefty folks sitting on one side of the car.

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1 hour ago, CTSoxFan said:

I am glad your car won't have a lean...if it weren't I would say you might have some suspension issues, a flat tire or some hefty folks sitting on one side of the car.

Lol I posted that at night so I didn’t think so clearly and excited to pay off a huge loan all by myself! Lien lol. Can you answer my question on my other post bout freezing credit.

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