Ranger2021
Well-Known Member
Congrats! I sold my 2020 ZX14r motorcycle so I could pay cash for mine. I'm going to have to start financing the mods though...lol
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Joeiconic
Well-Known Member
I’ve been in my home 22 years and was able to pay it off a few years ago. A few years after I bought, I refinanced to a 15 year loan to force myself to concentrate on paying it off. It’s a great feeling to know that whatever may go wrong in the world, no one can take your home. Plus, the bonus is that, unlike a car, a house is an appreciating asset, so by the time it is paid off it’s usually worth 2-3 times what you paid for it (especially in the current market), so owning a home outright is doubly gratifying. The current low interest rates makes it a great time to move to a shorter term for those with the goal of early payoff.
DJS 60
Well-Known Member
Paid cash for mine as well, dealer didn't seem to happy, I guess they must make get a pretty good kick back if you finance with them
AzScorpion
Moderator
Congrats at paying your Ranger off!Pretty exciting day. I initially was going to pay cash for a 2021 base model ranger or a new base bronco. Ended up buying my 2020 Laiat and spending a little more than I saved for. After driving 15-20 year old vehicles for forever And saving money, finally have my dream truck paid for. Now I guess I can start modding it. ?
I have 0% on mine so I never felt the need to pay it off, I'd rather use their money to make more on mine. Although it's not helping being on here as I just spend it on more mods.
myothercarizahearse
Well-Known Member
- First Name
- Dave
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- 2019 Ranger STX 4x4 w/ GFC V2, 1987 Caddy hearse
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- Unretired
CONGRATULATIONS! I was in the same boat as you. I saved every penny to pay cash for a new ranger then I got 0% for 84 months... finance guy- "how much do you want to put down?" that was april 2020... ummm what's the minimum? I still have the money in my pocket for emergencies and my payment is low. I still giggle at that and almost $9000 off msrp
AzScorpion
Moderator
I did the same after 911 when the interest rates dropped. I was only 4 years into a 30 year mortgage and refinanced to a 15 year which only brought my payments up $25.00 because the rate was much lower. Then I made a lot of principal only payments when I could and payed it off in 7 years.
For those who don't want to refi you can also just make 1 extra payment a year and it knocks off something like 7 years off your term. I use to tell my employees skip the morning Starbucks and at the end of the month put it towards your mortgage along with any OT. You'd be surprised how fast it comes down once you start doing this. Almost every financial advisor will recommend NOT doing this as they say you can make more investing that money. It's true to a point but the best feeling is owning your home and not worrying about making those payments if you ever lose your job or have a serious health issue. Now you can take the money you were using to make those mortgage payments and invest that.
Trigganometry
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- Rick
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- Engineering
Nice job and I bet that feels awesome. Nice not having a car payment I went for 20 years without one. Probably do the same thing and get it done in 2 yrs. Congratulations ?
Joeiconic
Well-Known Member
yeah, that’s common advice, but its a weaker argument when the debt is on real estate, which is also an appreciating asset that could potentially do as well as the markets over time. It all depends on when you buy, where you buy, etc. , but real estate is almost never a bad investment. As the old saying goes, buy property when you can because they aren’t making any more of it.
JACKSMYDOG
Well-Known Member
CONGRATS indeed!
Debt is the enemy of freedom.
Debt is the enemy of freedom.
MXGOLF
Well-Known Member
That is awesome. It's such a good feeling to have a title for a new vehicle. I financed mine but then refinanced my house and took out enough to pay of my Ranger. It's such a great feeling. Enjoy!
IdahoRanger
Well-Known Member
Paid the house off last year, paid the truck off last month. Woohoo! Next up: RETIREMENT.
Zaph
Well-Known Member
They are devious like that, it's how they make their money. They like to push buyers into longer terms too. Dealer didn't want to give me a 48 month term at all. We got the price finalized and the finance guy comes in and started at 60 months and said with a twinkle in his eye "but we can get your monthly payment down to X with a 72 month term and some buyers even go 80 months." I told him flat out That's a ridiculously poor financial choice and if anyone has to do that, they can't really afford this truck.
You have to work these guys for financing and use paying cash as a veiled threat. We had no intention at all of paying 100% upfront cash, but at the table I said to my wife "This 48 mo interest rate is the same as their 60 mo, and it's not very good. Can we just pay cash?" And she says "Well it cuts into our reserve funds a bit but yeah we could probably pay cash if you wanted to." Then mr finance guy goes "let me see what I can do on a 48 mo term. Hahah, poof he's back with a nice 48 month interest rate.
Going to pay it off early too. Spent 2020 doing nothing but stockpiling funds.
Tracy Bowman
Well-Known Member
Congrats! Retirement is what I’m aiming for also!
IdahoRanger
Well-Known Member
December if all goes as planned. Hopefully, soon for you.Congrats! Retirement is what I’m aiming for also!
AzScorpion
Moderator
I have the perfect retirement gift for you Steve. One last mod for your Ranger that you seem to be lacking.
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