https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 01 May 2026 03:43:46 +0000 https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486879 Mon, 07 Mar 2016 20:27:32 +0000 Periwinkle 2486879@https://boards.hellobee.com/ <p>I love not having a car payment but am constantly adding up how many "car payments" any given repair will be! I should have been more diligent about saving my car payment after it was done getting paid but, alas, things came up. </p> <p>The only reason I would vote for trading it in is if you need something different, i.e. a larger car, different type of car. That's what were questioning now. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486861 Mon, 07 Mar 2016 20:09:14 +0000 jh524 2486861@https://boards.hellobee.com/ <p>Not having a car payment is SWEEEEET! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486800 Mon, 07 Mar 2016 18:57:55 +0000 Mamag511 2486800@https://boards.hellobee.com/ <p>Another vote for pay it off!! Not having a car payment is so nice! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486798 Mon, 07 Mar 2016 18:52:58 +0000 skipra 2486798@https://boards.hellobee.com/ <p>If the car is in good condition and you would just want something similar but newer, just pay it off! And then start paying yourself the amount of the loan when it's done so you will have a good amount set aside for when you are in the market for a new car. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486758 Mon, 07 Mar 2016 17:50:56 +0000 gingerbebe 2486758@https://boards.hellobee.com/ <p>It really depends on the car. DH and I are really into paying cash for newish used vehicles and driving them until we reach a repair that meets or exceeds the trade-in value of the car. But we are diligent about maintaining our cars and I still have my 02 Chevy Prism, if that tells you anything. She runs like a top. BUT my husband's 07 Jeep Grand Cherokee that I married into was my absolute nemesis! That car was just soooo expensive to own - every maintenance trip, every repair was a fortune and it had awful mileage. $1000 for tires. $1000 for brakes. Some light would come on and it would be $200. We had to maintain it perfectly because there's nothing worse than a huge repair on an AWD vehicle but I hated it so much. We kept it because it was paid off and ran fine blah blah blah but it was so stinking expensive. Thankfully we got pregnant with our second and I convinced Dh to trade it in for a minivan and even with a small loan (which we would typically not do) we are sooooo much happier and it's saving us a fortune every month. So I think if your car runs fine and it's not burdensome to maintain, keep it! But if it's a money pit that you hate, dump it! But try to find a car that will last you a long time next time! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486742 Mon, 07 Mar 2016 17:36:18 +0000 ClairHuxtable 2486742@https://boards.hellobee.com/ <p>Another vote here for paying off the car and driving it into the ground.</p> <p>@yoursilverlining: Great advice! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486697 Mon, 07 Mar 2016 16:54:18 +0000 sunny 2486697@https://boards.hellobee.com/ <p>Pay it off and keep driving it if the car still meets your needs. 09 isn't that old. My car is a 2010 and still feels very new to me! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486691 Mon, 07 Mar 2016 16:49:06 +0000 catomd00 2486691@https://boards.hellobee.com/ <p>I don't get a new car until the cost of repairs becomes more than the car is worth. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486653 Mon, 07 Mar 2016 16:14:43 +0000 MaryM 2486653@https://boards.hellobee.com/ <p>I agree with @yoursilverlining: </p> <p>Whenever possible, I try to get DH to pay ourselves instead of a bank. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486647 Mon, 07 Mar 2016 16:11:18 +0000 MOMTOLITTLEB 2486647@https://boards.hellobee.com/ <p>I would pay it off. I have a car payment now and I love my new car but I was fine with my 10 year old, paid off car until it started giving me trouble late last year. I wouldn't drive an unreliable car as a mom with a 45 minute commute but I don't need a brand new one either! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486646 Mon, 07 Mar 2016 16:10:52 +0000 josina 2486646@https://boards.hellobee.com/ <p>I just paid off my '07 Escape and plan to drive it for at least a year (with baby #2 we will probably want a van) and then try and sell it privately vs. trading it in. </p> <p>If it's an '09 with decent mileage I'd drive it as long as possible; in the past I've traded in vehicles only once I felt they weren't going to last much longer (example: I had a dodge intrepid where I knew the transmission was going out). Save the $ you would be paying so you can pay more down on the new vehicle when that time comes. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486641 Mon, 07 Mar 2016 16:06:46 +0000 BadgerMom 2486641@https://boards.hellobee.com/ <p>If you're trying to save money, pay it off and drive it into the ground. Buy a new car if you have $$$ and want a new car, but it pretty much never makes sense financially to buy a new car until the one you have dies :happy: </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486639 Mon, 07 Mar 2016 16:03:24 +0000 yoursilverlining 2486639@https://boards.hellobee.com/ <p>Pay it off and then continue to "pay" the monthly car payment on it, but just deposit that into savings (either general savings or a targeted car buying fund). That way you have money earmarked and on-hand for any repairs that come up, and also have additional to put down towards a new car when that one dies. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486637 Mon, 07 Mar 2016 16:01:24 +0000 Ree723 2486637@https://boards.hellobee.com/ <p>Pay it off! Neither of us have had a car payment in more than ten years (we pay for it in full - usually a newer/ex-demonstrator used car) and it's great! Unless there are major issues arising with the car, I'd avoid having a car payment at all costs. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486636 Mon, 07 Mar 2016 16:00:46 +0000 Kimberlybee 2486636@https://boards.hellobee.com/ <p>Pay it off, maintain it and drive it for a few more years if possible. My DH still has his old Nissan truck from 2000 and he still drives it to work. It's not kid friendly since it's a 2 door so we just got a new van recently. It was a nice feeling with no car payments for a few years though. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486633 Mon, 07 Mar 2016 15:59:09 +0000 FancyGem 2486633@https://boards.hellobee.com/ <p>Pay it off. We are in a similar situation. My husband's car is a '11 and we will pay it off next year. We will take the money that we are spending on the car notes and save it. Hopefully, we can buy the next car cash. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486602 Mon, 07 Mar 2016 15:33:39 +0000 Bao 2486602@https://boards.hellobee.com/ <p>Mines an 05', paid off! Pay it off... </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486598 Mon, 07 Mar 2016 15:31:04 +0000 avivoca 2486598@https://boards.hellobee.com/ <p>I'd pay it off. I come from a long line of people who drive their cars into the ground. We only have one car right now, so it's got some high mileage for only being 5 years old, but it's so nice to not have a car payment. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486597 Mon, 07 Mar 2016 15:30:55 +0000 looch 2486597@https://boards.hellobee.com/ <p>My husband and I differ greatly on this, I am of the mind that it's better to buy, pay it off and then hold onto it as long as you can. He is firmly team lease. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486595 Mon, 07 Mar 2016 15:30:41 +0000 Mrs. Lemon-Lime 2486595@https://boards.hellobee.com/ <p>I'd pay it off and keep driving it. 2009 is not that old. At this point his lump sum pay off amount may make keeping the car all the sweeter. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486591 Mon, 07 Mar 2016 15:28:13 +0000 catlady 2486591@https://boards.hellobee.com/ <p>If he likes it, I'd pay it off and drive it into the ground. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486590 Mon, 07 Mar 2016 15:27:40 +0000 fussygal 2486590@https://boards.hellobee.com/ <p>Pay it off! We had an '07 that we paid off in '12 and it was so nice to not have payments. We traded it in a year later for a new car with double the payments and I really wish we would have held out longer!</p> <p>ETA: Even if you only drive it for a few more years, like PPs said it's a great time to save up for a new down-payment since cars are a horrible investment and don't hold their value! </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486583 Mon, 07 Mar 2016 15:25:32 +0000 MoonMoon 2486583@https://boards.hellobee.com/ <p>I'm in the minority here, but I don't plan to drive anything more than a few years old for a while! My 2003 car is in that money pit phase where something goes wrong every few weeks and I'm so over it. I plan to lease, or buy a new car with plans to trade it on after a few years. Ugh. I'm so bitter right now! :bummed: </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486578 Mon, 07 Mar 2016 15:22:59 +0000 T.H.O.U. 2486578@https://boards.hellobee.com/ <p>Pay it off if you can! Start saving for something new so if you get a good chance to dump it and move on, you'll have a good down payment ready. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486573 Mon, 07 Mar 2016 15:20:24 +0000 psw27 2486573@https://boards.hellobee.com/ <p>As long as it isn't a money pit for repairs, I would pay it off and enjoy no car payment! If it starts breaking or becoming a hassle (i.e unreliable) then I would get a new car. I have anxiety about car issues, I'm always afraid I'll break down with LO or that it will be a $5000 repair bill. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486567 Mon, 07 Mar 2016 15:16:48 +0000 GreenThumb 2486567@https://boards.hellobee.com/ <p>I have an '08 Subaru that I paid off in 2013. I'm driving that car for as long as I can! Its awesome to have no payments. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486563 Mon, 07 Mar 2016 15:15:26 +0000 BSB 2486563@https://boards.hellobee.com/ <p>Are you able to pay it off? Are there any major issues with it? If you don't need to buy a new car and you are able to pay it off, I would pay it off and be car payment free. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486558 Mon, 07 Mar 2016 15:14:21 +0000 snowjewelz 2486558@https://boards.hellobee.com/ <p>I have a 2009 car, but I'm trying to sell it privately and use that as a down payment for a new car. But I'm only trying to sell it b/c for my car close to 100k my repairs will get pretty costly. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486549 Mon, 07 Mar 2016 15:10:50 +0000 Ms maths 2486549@https://boards.hellobee.com/ <p>We only buy used cars, so I guess that tells you where I stand on the issue :)</p> <p>But our perspective: our cars are normally about 15 years old before we decide it's not worth it to keep them. When we calculated costs, it was going to cost at least $1000 a year extra to start with a new car vs. the used cars were were looking at, and $1000 a year buys ALOT of repairs. I would imagine your scenario would similarly favor sticking with the car you have, from a financial point of view. Of course, there's other stuff that may matter to you: the pleasure of having a new car, avoiding the hassle of repairs. </p> https://boards.hellobee.com/topic/pay-off-vehicle-or-buy-new#post-2486548 Mon, 07 Mar 2016 15:10:46 +0000 Mrs. Champagne 2486548@https://boards.hellobee.com/ <p>We paid off my 09 a few years ago and are driving it into the ground. It's been great having no payment and no issues really. </p>