Paid the car off, finally!

Joined
Feb 12, 2008
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I finally paid the car off yesterday! Took far longer than I hoped, but I am glad I finally own it outright. The car is a 2008 Scion xB with 100,000 miles on it now… I originally leased it (3-year) back in 2007 before I started college to get a lower payment as I needed a new car and didn’t want to buy anything used (reliability was a big attraction as well with a new car). At the end of the lease, I purchased it. The credit union I financed it at defaults to a 7-year lease which was nice at the time, as payment stayed low <$200 while I was in school and not making that much money. It was also a pain though, as it was hard to build up money to pay it off earlier with paying off my schooling at the same time. In the end, far too long to pay off… Since I recently graduated and have worked full time this past year, I finally have been able to save up the last few thousand to pay it off a year and a half ‘early’ since my schooling is completely paid off as well. I have no debt at all to my name, which is a great feeling. I can more quickly save up for my future house and such and build up some bank. It took a few years longer than I wanted to pay off the car, but not having student loans and such is a good tradeoff compared to many of my friends who have $20,000 or more. As far as the car goes, it really has been incredible for me. Being 6’6”, it has so much room and is extremely comfortable for me to drive. I have done some mods to it over the years such as lowering it with stiffer springs, cold-air intake, adding rear/front sway bars and upgraded rims/tires for summer… Along with having dedicated winter tires on my stock steelies for winter. Summer or winter the car handles so nicely! Maintenance wise, no out-of-warranty repairs required so far aside from basic wear/tear which I have done myself… Fluids, brakes, filters, etc… I did have an airbag harness issue a few years ago which Toyota covered outside of my warranty period… Aside from that, nothing at all. No desire to get rid of the car anytime soon to upgrade… Nothing appeals to me these days. I hope they continue to produce the xB, as I would love to get another when the time comes. Hoping to put on another 50-100K on my xB before I get another.
 
Joined
Oct 30, 2002
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Congrats! I'm sure it feels great. Just curious if you had a chance to add up all the lease and then loan payments over the years to figure out how much this car has really cost you in total.
 
Joined
Jun 5, 2003
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Apple Valley, California
The ac compressor on those is always on! No clutch! This means no refrigerant you can't start the engine w/o damaging the compressor. I recommend that with 100k on it that you get the ac professionally recharged as it may have lost some charge by now.
 
Joined
Nov 9, 2008
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NH
Nice! I've always enjoyed it when I get a vehicle paid off. Start saving that payment <span style="font-style: italic">now</span>, and with any luck you'll never need another vehicle loan!
 
Joined
Mar 16, 2004
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Congrats on getting out of debt. If you want any financial advice build your savings for emergencies etc up so you live without employment 3-6 months. Also if your workplace offers any matched retirement do at least that amount.
 
Joined
Feb 3, 2006
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MN
Congrats!! Now, pay off any other Credit Card Debt & then the Mortgage (if they apply). Then, move towards living "100% Debt Free" ASAP, just like I did. thumbsup
 
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Congrats! I'm sooo close to paying mine off as well - unfortunately I'll still have a lot of student loans left. I have been sitting on the money to pay mine off for 6 months now. Just can't bring myself to do it :S
 

xBa380

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Thanks everyone! I actually have no CC debt (never paid a single penny to any CC company ever since I got my first card back when I was 16!). I absolutely owe nothing to anyone at this point. I max out my 401K to the 6% my employer matches... Also have a Roth IRA on the side was well going which I plan to dump a few thousand extra into next year. I also have enough money aside in my savings to keep me going at least six months at this time... I plan to build that up significantly in 2015... My ultimate plan is to eventually save up enough to purchase my next car outright or at least pay a significant down payment. As far as the total I have paid for the car... Quick estimate would be $189/mo for the first 36mo and $196/mo for the remaining 51/mo... That puts me at $16,807. I just paid the last $2900 off on it... So the running total puts me at $19,707. I think when I bought the car, my trade in was $1500 down. In total, around $21,200 would be my best estimate. The car new was $17,700 it looks like back in 2007, plus taxes/fees.
 
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Joined
Feb 25, 2013
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Originally Posted By: xBa380
Also have a Roth IRA on the side was well going which I plan to dump a few thousand extra into next year.
Just in case you don't know - if you haven't maxed it out for 2014 yet you have until April 15th 2015 to do so for 2014. Congrats.
 

xBa380

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Originally Posted By: dernp
You might want to consider buying a house if you are making rent payments.
Still with parents... I am planning to get a home with the girlfriend in the next year or two. No real rush. Currently paying <$200/mo rent to the parents.
 
Joined
Feb 9, 2008
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Congratulations-not only did you manage to get out from under the debt, but you recognized that it was not the way you wanted to live. That is a lesson that, if you are really smart, will stay with you for the rest of your life. Assuming you are in your mid-twenties you are far ahead of the curve. Many mid-twenty somethings are either still deep in educational debt, or worse yet still living with mom and dad with no education and no real future ahead. You have got a very bright future waiting for you.
 
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Originally Posted By: xBa380
Thanks everyone! I actually have no CC debt (never paid a single penny to any CC company ever since I got my first card back when I was 16!). I absolutely owe nothing to anyone at this point.
Yea, I went back and re-read your OP as I missed that part. Way to go & keep it up!!
 

xBa380

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Originally Posted By: Pop_Rivit
Congratulations-not only did you manage to get out from under the debt, but you recognized that it was not the way you wanted to live. That is a lesson that, if you are really smart, will stay with you for the rest of your life. Assuming you are in your mid-twenties you are far ahead of the curve. Many mid-twenty somethings are either still deep in educational debt, or worse yet still living with mom and dad with no education and no real future ahead. You have got a very bright future waiting for you.
Thanks! Yeah, I am currently 26... My degree is in Mechanical Engineering and landed a full job 6-months prior to graduation (likely due to my very active participation in the internship/coop program... I got every job I ever interviewed for). My official graduation date was May of this year. By the time I graduated I had worked for five different companies ranging from medical, aerospace, manufacturing, machine design and combustion. It took me seven years to graduate because I took a few semesters off to work, but it allowed me to make some decent money and pay off all my schooling in full by the time I graduated. I am still with the parents now, but I just finished school a few months ago. It's been good living at home, plus my parents appreciate the car work and such I do for them grin2 Again, no real rush to fly the coop just yet but it is in the planning stage.
 
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Joined
May 17, 2009
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N.H, U.S.A.
Originally Posted By: Chris142
The ac compressor on those is always on! No clutch! This means no refrigerant you can't start the engine w/o damaging the compressor. I recommend that with 100k on it that you get the ac professionally recharged as it may have lost some charge by now.
Never seen that before on any car. You know when you select defrost the AC will engage even with the AC sw OFF.
 
Joined
Sep 30, 2013
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Indiana
Originally Posted By: ARCOgraphite
Originally Posted By: Chris142
The ac compressor on those is always on! No clutch! This means no refrigerant you can't start the engine w/o damaging the compressor. I recommend that with 100k on it that you get the ac professionally recharged as it may have lost some charge by now.
Never seen that before on any car. You know when you select defrost the AC will engage even with the AC sw OFF.
Is this the case with any car? I learn something new here daily!
 

xBa380

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Feb 12, 2008
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Cleveland
I don't think my compressor runs all the time... Unless I have the AC or defrost on. You can hear when the compressor kicks on, and its always off unless I do one of the things above. AC is still icy cold... Unless it got warmer, I never felt the need to get it checked/charged.
 
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