I understand. You do what you have to do to get into the Mustang club!

 

Congrats man! I know you feel great about it. I paid in full on the day my baby finally got delivered to me on June 27th 2005. I was there when it was taken off the truck. Less than an hour later, after writing out one of the biggest checks I have ever written ($34,786.04) I had the keys in my hand.

 

I paid mine off about 6 months after buying it (again, thanks for the rising housing market). Paid off my wife's Jeep and all her student loans as well. It's been nearly 3 years since then now, I'm really spoiled, still have zero debt other than a fat house payment (new home 2 years ago). Keep the car, no car payments equals mod money, try the feeling of the extra cash in your pocket every month before you buy a new one. It's not like that car is about to go belly up, it will run for quite a while and it's not a Taurus.

 

Three years in... two more years of payments to go!!!

I'll have her paid off in time for the 2011 Stangs. But ONLY if there is a 5.0 / 6 speed stick. No new drivetrain = keeping current Pony.

I can imagine what the new one will cost... I am spoiled! I want... I want.. I want!!!

 

I hear that Brother!

 

Congrats on the final payment. Wish I was there.

 

Paid my 06 off in 25 months. Put $10,000 down at purchase. After my I bought my house and my wedding, I rushed to get that payment out of the way.

 

Well done!

(5 years), 1 year and 8 month to go.

Eduardo.

 

Well we did the payments for CalStang kinda backwards. Saw one of the very first handmade S197 proto-types at a new car show display in Feb 2003. Instantly fell in love with the new body. Then paid off her big SUV and began making those monthly payments directly to my own credit union savings account. Than rolled it over to stocks. In June 2007 found our CalStang as a left over unit at a dealers web site. Did our best deal and then rolled those investments over to a check written for the full purchase price! Just got lucky by waiting for the right one to come along. I know it's a little crazy doing it that way Huh? Made some interest, instead of paying it out for a new car loan!! CalStang

 

Congratulations.

Drive your 2005, put the money you were making your car payment with away and save it. Pay cash in 2011-2012 for your next Mustang keep the interest for yourself...

 

I suggest you save your money and pay for it out right, keep the interest for yourself.

Have it's first title in your name rather than a banks...


That being said, in a choice between financing the purchase with a conventional car loan versus a lease agreement, I think you might want to do some inquiring. Financial markets have changed dramatically, I do not think you will find anyone offering you a lease.

 

Congrats on paying off your Mustang. It does feel good to have one's car/s paid off. I used to go for 5 year loans on new cars, but that got way too long. Lately for car purchases, I've been going for three year loans and trying to pay them off in two years. That's what I'm doing with our '08 Mustang, and that's what I've done with our '05 Mini (paid off in 2 1/2 years), and we're close to having our '07 Forester XT paid off, we bought it in Jan of 2007, and should have it paid off this coming February or March.

We're gradually working our way towards the day when we'll only pay cash for cars, whether new or used. My wife and I will have our mortgage paid off in around 3-4 years from now, and at that point, it will be cash only for most car purchases.

 

Congrats and I'm sure it's a great feeling!

 

Congrats.
Took 23 months to pay for mine.
I have a bad habit of buying too many cars.
In fact, I think I bought another one today.
Well, it was on sale. Uh, it followed me home. I got it wholesale.
I guess I'll have to explain this on another thread.

 

I did the same thing yesterday. Bought an old Bronco. Well more like it followed me home. Could never afford one when I was a teenager, but now I can. That is until I saw the oil on my driveway. This might cost me more than I had planned on.

 

It is a wonderful feeling to be paid off.

Saved my $ and paid cash for mine back in 05. The rule for me is that if I don't have the cash, then I don't buy it. That philosophy keeps me out of trouble and in a good position in a weak economy...

 

paid mine off in 23 months. it was a great fedex to get from the bank.

 

Good philosophy. I plan to do the same from this point forward. No more credit payments, if I can't straight out buy it, forget it.

 

Yes, there is a lot to be said about zero debt. It takes discipline. Self control and living within your means. And it is not easy when you see your buddies with fancy houses and nice toys. (Especially when you know that some of them make less $ than you do!)

While many of my friends have the big McMansions, SUVs, jet skis, 4 wheelers, mega home theater TVs, time shares, blah blah blah - I took the conservative road, and now what I do have, is mine and I am comfortable. And now many of them are having to part with the toys and lifestyles.

Don't get me wrong, there is certainly nothing wrong with the fun stuff if it is within your means. But look at all the problems with the economy now. How did it happen? IMO, mostly (brought on) when people live (or try to live) beyond their means. Overextended.

I suppose I blame the lending institutions more so, as they were way too sloppy with their money.

Years ago you had to prove that you had a steady job and could pay back a loan. None of this "Bad Credit? No Credit? NO PROBLEM! You are APPROVED! Come on down and let us dig the money hole a little deeper for you. We'll even give you the shovel..."

Building credit took time and responsibility.

But I am happy for anyone to finally have the title in their hands. What a great feeling.

 

for the people still paying (like me, well actually im just now starting to pay), how much did you all put down?

i put down $6k on a 72 month loan with 4.9% interest but will probably pay it off by the end of my next deployment (2 year).

the nice thing about being in the army is that the economy doesnt affect us so much, we get pay increases based off the increased of pcost of things such as food, housing, and average pay increase of private sector.