buying a used vehicle for under $5k as your daily driver

[bow4my2]

So just curious, I'm currently a two car payment Guy and plan on driving both till the wheels fall off....Just the thought of keeping two payments for the rest of my life is unsettling. Just wondering how many guys either just do one or no car payments and just keep buying something cheap and used till they need something else...thanks

[Johnny Dangerr]

I just bought an 02 Avalon and am thrilled with it. 120k one owner car. Paid cash. Did talk to the bank and they wanted to do a loan and I really did not want to do payments.

[bow4my2]

So no payments?...man that is awesome...

[Palmetto]

One payment works well for us.

Hers = nice (2012 burb)
Mine = payed for ('02 F350 PSD)

[bow4my2]

That's great
.I need to stagger mine better next time...got a tundra..hope I get 13 yrs out of her

[HoustonHunter94]

I paid off my 2007 King Ranch about 6 months ago and swore I will never have a car payment again. Used and cash only for me from now on.

[MassMan]

One here and it will be zero in a few months. We don't ever quit making the payments. Pay them off in 3 years or less and then make the payment to a savings account until it's time for a new vehicle.

[rjet]

I buy cheap cars to commute in.
Does not make sense for me to sink a lot of money in a vehicle while putting over 100 miles a day on it,.
First commuter was a saturn sl I bought for $1k. I put over 150k miles on that car without anything major going out.
I now have a saturn l300 I am driving. Paid a bit more for this one (7k) as it only had 16k miles on it. Now it has over 130k and running fine.

I have four vehicles and one payment. Momma gets a nicer car so that is where the payment comes from,.

[baldybarton]

We don't owe any money on either of our vehicles and I would like to keep it that way. We buy used and pay cash and try to find 3-5 year old vehicles with <50,000 miles for under $20,000. It is working so far.

[TB80]

no payments, but put money into a savings account each month so that when the time comes, we can pay cash for the next vehicle.

[M16]

I use the one payment plan.

[Scout]

Makes no sense to pay cash for any large purchase when you can get less than 3% or less than 4% on a house and take your cash and put it in the stock market when it yields 5%+ returns yearly. So you can make 1-2% on your money and 1% on 200k a year is not bad.

[RWB]

Worse thing you can do is get down to no car payments. Makes it real hard to ever go back to cutting that check every month :-) I have not had a car payment in several years and hope to never have another

[bow4my2]

Good thought

[randal]

Right now two because me and my wife both got vehicles.. But I commute 75 miles a day so I have a 2001 accord I found for 700 dollars I drive that and my new truck outside of work.. I plan to keep my truck for at least 8-10 years.. So hopefully I can get these paid off within a year and have no payments for a long time..