Comments on: How to ‘Drive free, retire rich’

By: Tiffany

Tiffany — Sat, 20 Sep 2008 14:49:34 +0000

We bought a used car (’05 civic) last November and threw all out money at it and paid it off in August. We LOVE being car payment free, and we expect to hang on to this car for at least 10 years, if not longer!
We are probably going to start making small “car payments” to a savings account in about 5 years, but for now, we are enjoying not having that payment, and we are throwing the money towards student loan debt now.

By: Promises Fulfilled

Promises Fulfilled — Sat, 20 Sep 2008 03:58:26 +0000

It is possible and we just bought a new-to-us Toyota Minivan in cash!!!

We had paid off both of our cars back in 2004 – and we wanted to pay for our next car in cash. One of our cars “died” in October of 2007 and we survived with one car until August 2008! I am a SAHM and I have a 2 1/2 year old and an 8 month old – I felt a little stir crazy at times, but with our goal in place, I knew that I could last until we were able to buy our car with cash. We actually did not have enough in the budget to put aside each paycheck, so we saved from things like my husband’s “extra” paycheck – we plan our budget on 2 paychecks/month (except for food and gas) – so, since he gets paid 26 times/year, we end up with 2 extra paychecks. We also used a bonus that he had, our tax refund and the stimulus check – plus some money that we had set aside about 2 years back. All of that to say, we are living proof that it can be done. God is good – he provides and gave us the strength and endurance to reach our goal! :) (I should write a post about this!)

Promises Fulfilled’s last blog post..Fun in the Kitchen

By: Amy

Amy — Fri, 19 Sep 2008 14:06:01 +0000

Totally possible! I do it myself. I have a 1998 that I keep in good condition. I have been making car payments to myself for quite awhile now and currently have enough to upgrade. It is wonderful to have the peace of mind that I don’t have to go into debt when my current vehicle dies.

By: Gretchen

Gretchen — Thu, 18 Sep 2008 15:14:27 +0000

My husband and I both drive older model cars that are PAID OFF. We haven't had a car payment in about 4 years. It is absolutely possible. You can't have a brand new car (unless you are a millionaire), but it is definitely doable to not have a car payment. We aren't the best at putting a "car payment" into savings though and we will be needing a mini van soon, but I so do NOT want to ever have a car payment again. So we are going to have to get creative and work some serious overtime!Gretchen's last blog post..Take a Break Thursday . . . Classic Movies

By: Cassie

Cassie — Thu, 18 Sep 2008 15:06:21 +0000

I’ve seen a similar video and although I do think it’s possible, I believe it would take way too long. Especially with the market the way it is right now! My car would probably break down and die before I had enough saved for a new car.

By: Dani

Dani — Thu, 18 Sep 2008 10:24:04 +0000

It is probably quite possible. I have always leased my cars which was good for me in that I rarely had to worry about my car breaking down but is a complete waste of money. My husband, on the other hand, has always bought used, never had a high car payment, and drove them until the repairs exceeded the value - long after his payments stopped. It has always worked out for him. Next time, I might have to follow his path. Good luck and let us know how it turns out!Dani's last blog post..What's Pork Got to Do With It?

By: Ira Hubbard

Ira Hubbard — Thu, 18 Sep 2008 04:08:33 +0000

This sounds possible as long as you stay motivated and don’t stop putting money in it or worse spend that money on something else. I would be interested to see how other people have faired doing this and then when I go to get my next car I will consider this.

Also I really like your idea of tracking your progress on here. Not only is it good motivation but you have the support of tons of other like minded people. Stick with it!

By: Shevy

Shevy — Thu, 18 Sep 2008 01:44:25 +0000

Our car is paid off, but we aren’t putting the money we were paying away into a fund to replace it (our housing expenses have expanded, along with the size of our place).

It feels good not to have a car payment, but sooner or later the car does have to be replaced.

This is still something we have to figure out.

By: castocreations

castocreations — Thu, 18 Sep 2008 01:41:58 +0000

GREAT article. I am so close to having my car paid off I can taste it. Less than a year…$400 payments every month are going to go into a fund that we’re going to use for our future home and land.

Or…we’ll use the additional $400 to start making extra payments on my hubby’s car. I can’t wait! :) I still am kicking myself for buying a brand new car. Not that I don’t love my car but I certainly didn’t need a car payment. I won’t be doing that again.

castocreations’s last blog post..Wow…Sometimes God Makes Decisions Easy

By: Marcy

Marcy — Thu, 18 Sep 2008 00:21:31 +0000

We're doing it and I love it! We have one loan left (student loan) until we are debt free except for the mortgage. Reading Total Money Makeover did it for me with the car loans. Hopefully we will never have one again.Marcy's last blog post..What do you do when it comes to gift giving on a budget?