mattys281 Report post Posted August 9, 2018 (edited) I did it for my last truck. Sucked draining the savings but its building up again without the payments. It helps I live like a shoot in hermit though haha Financing vehicles is about the worst thing that's ever happened to the American consumer. $60k+ for trucks.... give me a break! They really don't even make that much money on the vehicles anymore, most of the money is made through the financing. Finance it new, then it gets traded in, financed again, then traded & financed again.... etc. I had a pretty nice jeep commander that had been paid off since the second year I owned it. Planned on driving that thing til it died, but unfortunately it was murdered sooner than anticipated. Had some lady in the next lane over make a u-turn right in front of me and t-bone me. Totaled out the vehicle, and of course she has no insurance. Ended up going down and buying a new truck, and was told if I paid cash I do not qualify for factory rebates. The OTD price of the vehicle would be about $5000 higher than financing. So I financed it, and then paid it off on the third month. Saved about $11k compared to paying the loan for 5 years. Most people have no idea how compounding interest works. Bottom line, if you keep paying interest instead of investing, you probably will work til you die. If you saved $11k on a 5 year note then you must have bought a $110,000 pickup. Id like to see a pic of that thing! You wont ever pay compound interest on a vehicle unless your payment is under the total amount of monthly interest, which it wont be. Most vehicle finance companies have extremely good rates. My current F150 is at 3.2% through ford credit. I could write a check to pay it off tomorrow if needed but that makes no sense financially when I have that money elsewhere making considerably more interest. Having properly managing debt is not a bad thing if done correctly. If prime goes back up to 10%+ a person needs to be ready to move money to pay it off but at current rates one can leverage money and make more of it while having debt. Actually I think it was a 6 year note, not a five. I put $12k down and the monthly payment was $570ish if I remember right. I multiplied the 70 remaining payments and came up with around $45k total, but it was about $34k to pay it off. Don’t remember the exact numbers but it was 10-11 that I saved in the long run. My credit score is low 800s. I got what they called a “premium” rate but I still thought it sucked. Didn’t worry too much though as I knew I wouldn’t pay on it long enough to care anyway Edit: my wife says my memory is terrible, it only saved us $9k. Still worth it to me. Edited August 9, 2018 by mattys281 1 Share this post Link to post Share on other sites
muledeerarea33? Report post Posted August 9, 2018 Id rather lose the money now and make the payment to my savings account. My interest saved would of only been around $1500 but thats still a chunk of change (to me anyways) no wrong way to do it I guess. I just hate owing money. 1 Share this post Link to post Share on other sites
trophyseeker Report post Posted August 9, 2018 The problem with an older truck is they can break down anytime anywhere. Like me yesterday. I was at Morman Lake and my truck wouldn't start when I woke up in the Morn. $300 to get towed to Flagstaf and $485 to get starter installed. Lost a quick $800 but have no payments. IF that happened in Phoenix I would have paid 3 to $400 .Just put alternater Battery and belt.,on We were pounding on it to no avail. allthough I was with a Buddy in a new 60k truck 8 years ago and we broke down in that one too,so it can happen to both. We were below the rim and He got towed back to Scottsdale .Charged it to Ford as it only had 10k miles on it. It is nice not having payment,but just save $ for that ocasional breakdown...........BOB! If you have decent insurance coverage perhaps your towing is covered. My policy with Traveler's covers it up to 100 miles. Share this post Link to post Share on other sites
pwrguy Report post Posted August 27, 2018 I got to cross Alaska Moose off my bucket list in 2010. It helps having a friend that loves to hunt and lives in Alaska. One of the most memorable hunts of my lifetime but I probably won't do it again, a lot of work to process an 1800 pound animal, especially if you are by yourself. I still would love to harvest a Caribou way up north on the top of the world somewhere like the north slope. 1 Share this post Link to post Share on other sites
