Today I mailed my last payment on my 2013 F150 KR SC 4x4 ecoboost. This is the first truck that I think I have kept until paid off. 55,000 miles and Mobil 1 oil every 5000 miles. Best truck I have ever owned.

 

Congratulations, it's a great feeling. I'm getting closer with mine.

 

Congrats to both! I paid mine off two years ago and I was never so happy and yet, I've never been so motivated to NEVER buy another truck again. Don't misunderstand, I love em and i want one but I'm not willing to pay for another when mine is running and looking so darned good.

 

Congrats!
it feels good for sure!

I actually paid off my old dakota a year early...year later I got my SD.

 

Congrats! I was thinking about this the other day- only 3 payments to go! It'll be the n-th time I've paid one off, always a great feeling. I'll have maybe 60k miles on it, plenty of life left.

 

Now, so you don't ever have to have this feeling again, take that truck payment and put it into a money market account so you can save for the next truck. If you think this was a great feeling, it is even better when you never have a payment on a vehicle and just pay cash for it right from the beginning! You will be able to save a lot faster than paying off the loan because you are also saving the interest payment!

 

CONGRATULATIONS
My 2013 is paid off also, best feeling ever & u have money to spend on Mod's

 

5 years, 0% interest. I'm paying only for the truck.

 

Usually with the 0% finance offer, that is all you get. Because you choose that, you don't get a lot of the cash back and/or rebate offers. You also are generally limited to brand new cars and cars currently on the dealer lots.

If you were to pay cash, you can usually get the cash back and rebate offers. So, by taking a 0% loan, you may not have paid interest to a bank, but you usually end up paying more for the car without those rebate/cash back offers. It is also usually hard for a dealer (and anyone) to turn down cash sitting on their table that is a little less than their "lowest" offer. If they want $31,000 after rebates/cashback and if I were to put $30,000 cash on that table, they usually take it.

I looked at chevy, as Ford didn't have any 0% offers, and on their 0% offers you received $1000 cash back. With a purchase you received $3250. So $2250 extra off for paying cash.

Plus it just feels good to own vehicles, especially from the start.

 

Congrats! It always feels great to pay one off!

 

I see you're keen on arguing the point, but the key word in your whole statement is the first one- "usually". It all depends on who you know, how long you've done business there, etc., etc. Plus working for a Tier 1 Ford MoCo supplier doesn't hurt either.

If you don't know all the facts you can't determine the outcome on the internet. All one has to do is to NOT use Ford financing or ask the guy/gal to crunch the numbers several different ways with several different financial institutions. Even better is to simply do the work oneself.

 

I wasn't arguing with you, you responded to my statement with a very general statement that really didn't fit with my original statement. If you didn't want a response, don't respond. I am glad that you were able to get 0% financing plus all of the rebates/cash back. I wasn't trying to determine your outcome either. I was just clarifying that your statement of "5 years, 0% interest. I'm paying only for the truck." generally means MOST people missed out on some cash back/rebates so they ultimately paid more for the vehicle. There are always exceptions to everything and you are, hopefully, one of those. I am truly happy for you if you did receive 0% and all of the cash back/rebates and don't really care if you didn't so please don't waste your valuable time proving this to me. It ultimately doesn't matter to me.

Also to clarify, it is is very rare for 3rd party banks to give 0% financing, so if you do not use the auto manufacturer financing (GM financial, Ford Financial, etc) then you are generally paying interest to the bank in order to get those other cash back/rebates. There is usually an offset between interest and cash back/rebates and this means that most people will pay more for a vehicle than someone that gets all of the cash back and rebates and never pays interest because they paid cash. Again there can be exceptions.

In reality, my whole, original, point was that it is nice to not have car payments and to plan for your next vehicle so you NEVER have car payments again. My wife and I are saving for our next vehicles by just taking the interest (~$300) that we used to pay on our vehicles and putting it into a money market account. We then take what we were paying on principal ($1000) and put that into our ROTH IRA's every month. We are both 30 years old. At 65, if the market continues on its 90 year track of ~10% average returns over that time, we will have over 3.5 million dollars to retire on. We would never be able to do this if we had car payments.