Paid off Car!

Phoenix704 · 11-27-2020, 08:56 AM

Just wanted to shout this to the rooftops, I'm finally a true BMW OWNER! The bank no longer owns my car, I do! It feels really good. Huge shoutout to the Dave Ramsey method that motivated me into getting this done as quickly as possible.

Who else is also driving a fully paid for BMW?

HarryTee · 11-27-2020, 09:13 AM

Congratulations! And to answer your question:
I am one!

. I always drive fully paid for BMWs. It's a habit and I can't do otherwise.

sygazelle · 11-27-2020, 11:37 AM

I'm another one. I bought my 328i new 7 years ago and paid it off in 3 years. 4 year of no payments. The car looks and drives like new.

My wife's G05, well, that's another story!

Pauloxxi · 11-27-2020, 11:52 AM

I bought a CPO, and really hate financing such consumable good.
So... didn't finance the thing... paid off before leaving the dealership.

Notay · 11-27-2020, 12:11 PM

Congrats!!!

zamboni · 11-27-2020, 01:03 PM

Quote:

Originally Posted by Phoenix704

Just wanted to shout this to the rooftops, I'm finally a true BMW OWNER! The bank no longer owns my car, I do! It feels really good. Huge shoutout to the Dave Ramsey method that motivated me into getting this done as quickly as possible.

Who else is also driving a fully paid for BMW?

Is the two wheels motorcycle count? E93 it's paid off the F80 still has 3 years to go.

Elvisfan · 11-27-2020, 01:22 PM

Quote:

Originally Posted by sygazelle

I'm another one. I bought my 328i new 7 years ago and paid it off in 3 years. 4 year of no payments. The car looks and drives like new.

My wife's G05, well, that's another story!

I don’t keep cars long enough to pay them off. It’s a regular expense, like a mortgage. With interest rates being so low and the stock market doing so well. It especially doesn’t make any sense to pay cash for a car.

sygazelle · 11-27-2020, 02:08 PM

Quote:

Originally Posted by Elvisfan

I don’t keep cars long enough to pay them off. It’s a regular expense, like a mortgage. With interest rates being so low and the stock market doing so well. It especially doesn’t make any sense to pay cash for a car.

I have no argument for your logic for you, but that approach is not for me.

I'd rather pay a car off in three years and have no car payments for the next 7 years. During those 7 years, I can take that money I didn't spend on car payment on a car at its very highest part of the depreciation curve and invest in the market, real estate, or just extra spending money.

Well maintained 10 year old BMWs are still great cars. I'm giving up nothing that is important to me by doing it this way. I've been doing this for the last 30 years and it works just fine for me.

Phoenix704 · 11-27-2020, 02:50 PM

Quote:

Originally Posted by Elvisfan

I don’t keep cars long enough to pay them off. It’s a regular expense, like a mortgage. With interest rates being so low and the stock market doing so well. It especially doesn’t make any sense to pay cash for a car.

I did very well in the market this year. I also paid aggressively against the car. Now, with no car payment (or student loans), I have effectively given myself a raise to play with in the market if I choose to do so.

Elvisfan · 11-27-2020, 04:32 PM

Quote:

Originally Posted by Phoenix704

I did very well in the market this year. I also paid aggressively against the car. Now, with no car payment (or student loans), I have effectively given myself a raise to play with in the market if I choose to do so.

I have a sickness about buying cars. I don’t smoke or drink.

Dreamerbimmer · 11-27-2020, 04:53 PM

Another proud owner here after buying out (with cash) my 2016 F30 at the end of the lease.

I hope to drive this car for another 6-10 yrs. I know some people think it doesn’t make sense to sink so much money in a depreciating asset, but in my case it makes sense as I tend to keep my cars for a long time (>10 yrs). Besides, I really like my car, find the G20 ugly and see no other interesting alternatives out there right now.

Boostedphil698 · 11-27-2020, 05:22 PM

Quote:

Originally Posted by Phoenix704

Just wanted to shout this to the rooftops, I'm finally a true BMW OWNER! The bank no longer owns my car, I do! It feels really good. Huge shoutout to the Dave Ramsey method that motivated me into getting this done as quickly as possible.

Who else is also driving a fully paid for BMW?

I drive a fully paid for low mileage 435i that I bought cash

Phoenix704 · 11-27-2020, 07:54 PM

Quote:

Originally Posted by Elvisfan

Quote:

Originally Posted by Phoenix704

I did very well in the market this year. I also paid aggressively against the car. Now, with no car payment (or student loans), I have effectively given myself a raise to play with in the market if I choose to do so.

I have a sickness about buying cars. I don’t smoke or drink.

I will admit, it's really nice to have a new car every few years! Godspeed

zibbit · 11-27-2020, 07:57 PM

I'm without payments on my '14 335. That being said, it's also out of warranty so I'm in uncharted territory now

Maybe it's time for a part-out. haha

Elvisfan · 11-27-2020, 08:09 PM

Quote:

Originally Posted by Phoenix704

I will admit, it's really nice to have a new car every few years! Godspeed

As I said, it’s my one vice.

Boostedphil698 · 11-27-2020, 10:37 PM

Quote:

Originally Posted by Phoenix704

Quote:

Originally Posted by Elvisfan

Quote:

Originally Posted by Phoenix704

I did very well in the market this year. I also paid aggressively against the car. Now, with no car payment (or student loans), I have effectively given myself a raise to play with in the market if I choose to do so.

I have a sickness about buying cars. I don't smoke or drink.

I will admit, it's really nice to have a new car every few years! Godspeed

I'm also only 23 i forgot to mention lol.

adhrp · 11-28-2020, 09:17 AM

Quote:

Originally Posted by Dreamerbimmer

Another proud owner here after buying out (with cash) my 2016 F30 at the end of the lease.

I hope to drive this car for another 6-10 yrs. I know some people think it doesn’t make sense to sink so much money in a depreciating asset, but in my case it makes sense as I tend to keep my cars for a long time (>10 yrs). Besides, I really like my car, find the G20 ugly and see no other interesting alternatives out there right now.

I could have written this myself. I enjoy driving my long paid-off, 9-years old 328i everyday, and boy do I still get compliments on the interior and exterior! It is running like a champ and I hope to drive it for at least another 2-4 years, maybe longer depending on how many headaches it gives me as it ages further.

It was nice being free of car payments for a few years but alas we just got a new X3 for my wife. Great SUV though!

wilbur_the_goose · 11-28-2020, 09:59 AM

I bought a sweet 330i GT CPO in February. Was going to pay cash, but when I saw the interest rates based on my credit score, I went with a 24 month loan. Almost free money.

The finance person said that she hadn't written a 24 month loan for many months

Chaos236 · 11-28-2020, 03:19 PM

INTEREST. is the enemy

wilbur_the_goose · 11-29-2020, 07:15 AM

DEBT is the enemy

cfm56d7b · 11-29-2020, 08:51 PM

Quote:

Originally Posted by wilbur_the_goose

DEBT is the enemy

So true as debt is not equal to wealth either.

Elvisfan · 11-29-2020, 09:18 PM

Quote:

Originally Posted by cfm56d7b

So true as debt is not equal to wealth either.

I wonder how many of you own homes that you have mortgages on?

11-27-2020, 08:56 AM	#1
Phoenix704 Private First Class 87 Rep 145 Posts Drives: 2014 328i Join Date: Nov 2018 Location: NC iTrader: (0)	Paid off Car! Just wanted to shout this to the rooftops, I'm finally a true BMW OWNER! The bank no longer owns my car, I do! It feels really good. Huge shoutout to the Dave Ramsey method that motivated me into getting this done as quickly as possible. Who else is also driving a fully paid for BMW?
	Appreciate 7 sygazelle11345.50 zamboni1127.50 jared21927168.00 undertaker63.50 otay826.00 cdwalls701.00 Andycam55.50 Tweet Quote

11-27-2020, 09:13 AM	#2
HarryTee Lieutenant 214 Rep 497 Posts Drives: 2020 M4CP & 2017 440i GC Join Date: Jan 2020 Location: UK iTrader: (0)	Congratulations! And to answer your question: I am one! . I always drive fully paid for BMWs. It's a habit and I can't do otherwise.
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11-27-2020, 11:37 AM	#3
sygazelle Brigadier General 11346 Rep 3,411 Posts Drives: 2014 328i M-Sport, 2019 X5 40i Join Date: Sep 2010 Location: San Francisco iTrader: (0)	I'm another one. I bought my 328i new 7 years ago and paid it off in 3 years. 4 year of no payments. The car looks and drives like new. My wife's G05, well, that's another story!
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11-27-2020, 11:52 AM	#4
Pauloxxi Captain 339 Rep 660 Posts Drives: 2014-320Xi / 2017-330Xi Join Date: May 2010 Location: Northwest iTrader: (0) Garage List 2017 BMW / 330xi [0.00] 2014 BMW / 320xi [0.00]	I bought a CPO, and really hate financing such consumable good. So... didn't finance the thing... paid off before leaving the dealership.
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11-27-2020, 12:11 PM	#5
Notay Registered 2 Rep 3 Posts Drives: F30, F36 Join Date: Nov 2020 Location: UK iTrader: (0)	Congrats!!!
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11-27-2020, 04:53 PM	#11
Dreamerbimmer New Member 3 Rep 28 Posts Drives: 2016 328xi Join Date: Aug 2017 Location: Toronto iTrader: (0)	Another proud owner here after buying out (with cash) my 2016 F30 at the end of the lease. I hope to drive this car for another 6-10 yrs. I know some people think it doesn’t make sense to sink so much money in a depreciating asset, but in my case it makes sense as I tend to keep my cars for a long time (>10 yrs). Besides, I really like my car, find the G20 ugly and see no other interesting alternatives out there right now.
	Appreciate 0 Quote

11-27-2020, 07:57 PM	#14
zibbit Second Lieutenant 149 Rep 240 Posts Drives: '18 X3 M40i Join Date: Jul 2016 Location: Victoria iTrader: (0)	I'm without payments on my '14 335. That being said, it's also out of warranty so I'm in uncharted territory now Maybe it's time for a part-out. haha
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11-28-2020, 09:59 AM	#18
wilbur_the_goose Major 353 Rep 1,245 Posts Drives: 2018 330ix Gran Turismo Join Date: Apr 2010 Location: Metro Philly iTrader: (0)	I bought a sweet 330i GT CPO in February. Was going to pay cash, but when I saw the interest rates based on my credit score, I went with a 24 month loan. Almost free money. The finance person said that she hadn't written a 24 month loan for many months
	Appreciate 0 Quote

11-28-2020, 03:19 PM	#19
Chaos236 Lieutenant 209 Rep 458 Posts Drives: Porsche Cayenne , 640 GC Join Date: Jun 2019 Location: Columbus Ohio iTrader: (0)	INTEREST. is the enemy
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11-29-2020, 07:15 AM	#20
wilbur_the_goose Major 353 Rep 1,245 Posts Drives: 2018 330ix Gran Turismo Join Date: Apr 2010 Location: Metro Philly iTrader: (0)	DEBT is the enemy
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