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car payments

February 5th, 2008 at 01:29 pm

My dh and i were discussing car payments last night. It is the one and only debt that we both do not mind!! I think that is kind of funny that we both agree on that.
I cannot stand to owe money on credit cards or have a mortgage payment, but I am ok on having a car loan. It is sort of like the electric bill, it is just something we have to have!! Cars, they are a pleasure to us and also a necessity.
Unlike a house, where the majority of your payment is interest, I always make sure that the majority of the payment goes to the principal when I buy a car.

I understand that most of you will NOT agree with me, but we are just "car people" Some women have to have their hair done every week. I probably spend less on car interest each month then they do on their hair. Gosh, I have not had my hair "done" in over 40 years!! I wear it long and straight!! (and blond)
Instead, we indulge in cars!!

Posted in Uncategorized | 5 Comments »

5 Responses to “car payments”

  1. merch Says:
    February 5th, 2008 at 01:44 pm 1202219085
    1202219085

    Interesting. I would have figured the opposite for you. I think car payments amortize the same as mortgages where the interest is loaded on the first few years and then principal.

    But to each their own. I have 2 car payments, a mortgage payment, a little CC, and some medical. So, I’m not one to talk.

  2. SingleGuyMoney Says:
    February 5th, 2008 at 01:54 pm 1202219685
    1202219685

    I agree with Merch. I would have thought the opposite too. Given your financial position though, I'd say if that is your only debt, go for it. We all have our financial vices.

  3. monkeymama Says:
    February 5th, 2008 at 02:35 pm 1202222134
    1202222134

    & that's the thing. When you are older and settled and have no other debts I don't see any biggie. (You probably have some pretty low interest rates, likewise).

    I have always said my aversion to car loans comes to young people starting out. It just sets you back so much to buy more car than you really can afford. But I think somehow you can afford it Ima. Wink

  4. Ima saver Says:
    February 5th, 2008 at 04:01 pm 1202227293
    1202227293

    Of course, what I did not mention, is my husband's love of cars and he won't buy used cars!1 I can easily pay cash but I don't. He knows we can only have 1 car payment at a time, so that slows him down. He has to wait til I pay that one down. However, I put down a big down payment to get our payments lower; I put down $20,000 on the last car. Had I traded my old vette (04) in, they offered me $30,000 trade in on the new one.

    So that is how we play the "car game"

  5. Ima saver Says:
    February 5th, 2008 at 04:03 pm 1202227419
    1202227419

    Merch, my car payment is $600. the first month, $145 went for interest and the rest to principal!! so it is not like a mortgage!!

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