I just wanted to give a shout out to my mom and congratulate her on paying off her car!
My mom’s first fifty years of cars were paid off in cash, up front. This was the first car she has ever made payments on. She purchased a used but pristine red PT Cruiser in 2003 and paid it off now.
While obviously it would have been excellent for my mom never to have made a car payment, I’m glad to see that she’ll have that money freed up to invest in her retirement.
My mom’s last several cars have made it to 300k miles plus, so hopefully this will hold her until retirement and beyond. As you can imagine, I’m not in favor of leases and the like.
I myself have managed to spent a great deal more on transportation via flights than by car. My first car was $300 and my sister and I shared the cost of insurance and so forth. My second car was pass down from my older sis since it had sentimental value that she didn’t want to sell it. My third car was bought off of a friend for $3k and sold a year later for just under that. Altogether not bad for my contribution towards cars.
I’d probably say that for flights I’ve probably under $7k on flights over my lifetime. Not bad for having been to 37 countries!
I’d love to hear from our readers on their payoff stories!
Cheers,
Miel
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