Fess up if you have a car payment (or 2!)

[deantrip]

We are currently paying off my wife's car. 186/mo for 3 years, got less than 10 months to go.

[quotequeen]

$650.

[The Walk of the Penguin Mich]

I think I only have 1 or 2 more payments left.

$332.59

[swasat]

I do. I bought an SUV 2 months ago, paying $670/month.

[Deleted]

My wife keeps trying to talk me into a Mazda CX9.

I don't want a car payment!!!!!! ; (

[Deleted]

suckaz!!!!

[swasat]

May 10, 2012 13:44:33 GMT -5 @moneyjenny82 said:

suckaz!!!!

Did not use a coupon either What does THAT make me?

[Wisconsin Beth]

We paid for my minivan on the HELOC. So we owe about $3400 on it. No idea when it will be paid off. We dropped the payment from $500 a month to $200 but are hoping to bring it back up next year.

[imawino]

No car payment here. I dread having one again - but my car only has 60k miles so hopefully it'll be awhile.

[steph08]

No car payments here, though contemplating getting a new-to-me car in the near future. Depends if my mechanic can put my window back up without me having to pay tons of $$$ on a 16 year old car (window went down, window motor crapped out, window won't go back up).

DH also wants a new truck, hopefully we can put that off for a while if he gets a job with a work vehicle.

[aliciar6]

i have a MC payment, it's 315 a month (ok i pay that much it's more like 300) but it will be paid off in AUG (i bought it last april)

we will have a car payment again sometime...will need a family car in a year or so i am betting.

[Rocky Mtn Saver]

My last vehicle was paid off in Mar 2010. It was $224 monthly. Now, I have a 'car payment', except it's to my savings fund!

[swamp]

Me: $424 a month, 6 year loan, 0% interest, 2 years 8 months into it.
DH: $316 a month, 5 year loan, 4% interest, 2 years 7 months into it.

[Bob Ross]

Mine's $193 / month. I could pay it off in it's entirety today, but at 3% interest, I'm in no hurry.

[MarleyKeezy78]

Leasing for $297 a month .....

[daisylu]

Mine is $260/month for 36 months, and I am six months in. I could have paid cash, but the 1.9% financing was too good to pass up.

[Deleted]

2 cars owned and completely paid for! 05 Toyotas ;D

[thyme4change]

We saved up enough to buy the car, but we got .9% financing, so we took it. We left the money invested. Our car payment is $568/month. Our car is one year old this month.

[Peace Of Mind]

We haven't had a car payment since 1999. It was $615 a month. DH wants me to get a new car just because. Ours works just fine. It's Japanese and it's a red (kind of) sports car. Oh! I should have mentioned the car on the mid life crisis thread! Any way - it only has 41,000 miles on it, it's cute and runs great so no car payment for me. Yay! DH has a company truck and they pay for everything including the gas and insurance.

[Sam_2.0]

One paid for, one financed (2007 Explorer). Payment is $360/month. Will be nice when that one's gone!

[busymom]

We took out a loan when we bought my car (used) and refinanced when rates got cheaper. I pay $197 a month, & I've got 2 years left to pay it off.

[Deleted]

$403 and some change.

[muttleynfelix]

$235.17 a month - 18 months into a 4 year loan at 4%. We had the cash, but decided it was more prudent to hoard the cash and make a small payment.

The truck I bought new after college had a $500 a month payment. I don't mind my current car payment; the one out of college bothered me a whole lot.

[lexxy703]

$535 monthly

[wodehouse]

I suggest setting up a savings account once the car loan is paid off and put those monthly car loan payments into the savings. Or maybe reduce the amount a little bit versus the loan. The idea is to have sufficient cash the next time that you need a new/used car; the monthly savings amount can be based on what vehicle you expect to buy. In my mind, I like the idea of having a continuous monthly cash flow going towards "transportation" rather than the discontinuous lumpiness of "car payment, no payment, no payment, car payment, no payment, etc", it makes it easier to comprehend as a portion of my budget and living expense. I never really did this myself until I was in my 40's, but it has worked well since.

Of course, once you do have the big lump sum saved up for a new vehicle you are presented with the same problem again (see thread in YM) of investing the lump sum and paying the note, or paying the car in full and continuing with the savings regimine.

ETA: my "payment" savings is $440 a month. Anticipating buying a new car every 8-10 years.

[shanendoah]

Our car payment (paid off March 2010) was 800/month- 3yr, 2.9% APR.
While I like not having a car payment, we will almost certainly have one again. I'm like Phil in that I don't mind paying interest if it's below a certain level.
And while that $800/month was tough, I'd do 3yr or less financing again in a heartbeat. It's nice to have your car paid off before the warranty is up.

[Sum Dum Gai]

I've been looking forward to having a car payment for a few years, but my stupid car won't cooperate by breaking down or something. I'm too cheap to get a new one just because, but I've been looking forward to this one's demise for a while.

[emma1420]

$350 a month with six months left.

[syoo44]

228/month for new to me Honda Accord with 2.9%. Had the money to pay cash but decided to invest the money instead. My DW wants a new car soon(for herself) but that won't happen until I pay this car off first. One payment at a time, plus we're doing fine with one car as it is.

[midjd]

POM, fess up! What's the car? S2000? Miata? 3000GT? (I am a sucker for sporty Japanese cars...)