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Sep 16, 2004 | 12:49 AM

maticuno

Thread Starter

Posting Guru

Joined: Nov 2003

Posts: 2,107

Likes: 3

From: California Desert

Paid!

Total cost of the truck: $4,000
Cash deposit: $300
Amount loaned from grandparents: $3700
Paid off: THIS MONTH !!!
After lucky number 13 months, I no longer owe on my truck. What a huge weight off my shoulders this is. How long did it take you to pay off your Ranger...or how much do you still owe?

Sep 16, 2004 | 01:01 AM

fordtrucklover94

Elder User

Joined: Sep 2003

Posts: 952

Likes: 0

From: Charlotte, NC

still owe 800, original cost 3400, total months paid, almost 27, but what do you expect from a hs students first car that just got taken away to college, it sucks having to make these payments, although they aren't too bad, but still, college student+money in pocket=broke

Sep 16, 2004 | 03:04 AM

CowboyBilly9Mile

Post Fiend

Joined: Feb 2003

Posts: 6,940

Likes: 2

From: Eastern WA

I saved/invested over time and bought mine brand new with cash, therefore I was an owner when I drove off the lot. The only payment I made was in the low $20,000 range (invoice or so + tax + license and a few extras) back in 1994. I wrote a check and was out of the dealer in just under an hour. I refuse to pay interest on things that do not appreciate in value over time.

Last edited by CowboyBilly9Mile; Sep 16, 2004 at 03:08 AM.

Sep 16, 2004 | 05:24 AM

mikemc

Elder User

Joined: Apr 2002

Posts: 858

Likes: 0

From: Kentucky

We paid off my 2002 Ranger in just under 2 years. I use my own financing (still very low APR) to take advantage of the full rebate and paid it off early.

Sep 16, 2004 | 06:25 AM

bcjim

Posting Guru

Joined: Apr 2003

Posts: 1,045

Likes: 1

I would not pay cash when very low rates can be had, I paid mine at 0.9 over 36. WHy use my money when I can use theirs for free?

Sep 16, 2004 | 10:10 AM

Rockledge

Post Fiend

Joined: Jan 2003

Posts: 9,748

Likes: 16

From: Connecticut

Congrats on paying off the truck. I bet your grandparents are happy, too.

Sep 16, 2004 | 12:11 PM

dono

Gone but not forgotten.

Joined: Jul 2001

Posts: 6,521

Likes: 2

Quote:

Originally Posted by bcjim

I would not pay cash when very low rates can be had, I paid mine at 0.9 over 36. WHy use my money when I can use theirs for free?

Very true. I was ready to write a check when they told me the rate was 0.9. I put the checkbook away quickly.
Dono

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Sep 16, 2004 | 04:10 PM

Bart99GT

Laughing Gas

Joined: Jul 2004

Posts: 1,245

Likes: 0

Quote:

Originally Posted by bcjim

I would not pay cash when very low rates can be had, I paid mine at 0.9 over 36. WHy use my money when I can use theirs for free?

Its true that sometimes it makes more sense to finance instead of paying cash if the money is cheap enough. The only thing I would add is that I would put the money you were planning on paying off the vehicle with in an interest bearing security with a rate higher than the loan rate to trully make the money "free".

I paid cash for my Ranger though, $3800 for a 95 S/C 4cyl/5 speed about 2 months ago. No sense in financing that amount of money if you can pay it in one stroke of the pen.