Monday, February 9, 2009

My life without a car payment

I found a great video from Dave Ramsey about life without a car payment.

I'm feeling pretty smart right now & just wanted to share this. I have been driving the same car since I graduated from college in 1998. That's eleven years. I paid my car off after about 2 years - it was a used car. There were a few tough times where we took out a loan on it because we needed cash for another emergency, but all in all I've had an average of 6 or more years without a car payment.

We have a payment on my husband's vehicle - but lets not mention that right now.

My goal is to get our finances to the point were I can do what Dave did in the example. Even if I'm just paying myself $300 a month - I'd like to think I'll get a new car in about 4 more years and I'd like a hefty down payment.

Anyone else doing this? I'd love to hear about it.

Oh, and I found a new budgeting site called that will help me get to this point. Go check it out.



  1. Melissa, my family is always getting new cars, sometimes used, and they can't believe that I am still driving my P/U from 1998 but I haven't had a payment for years and it is wonderful! It's now getting so many miles on it that it has been requiring some major repairs lately because I want to get another 100,000 miles on it. So sometimes I feel a new vehicle would be nice, but not going to go there for a few years yet. I have been taking the saved money and paying off debt for my kids' college education and helping them with books. I had planned to save for a new car with my "payment" money but the young adults have needed help. I have about 5 months to go to finish up the college payments and then I am planning on doing exactly what Dave Ramsey says and put away for a cash purchase on a new vehicle. You go, girl! There are others not very far from you who are doing the same. Jami

  2. Thanks for sharing Jami! I'm working on my taxes & so far have found repair bills for about $500 - that's for the year! Not bad. My car is a 1992, but you'd never know by looking at it - its a classic body style Audi - so that makes it pretty tolerable. I'm well past 200,000 miles & the mechanic says I can easily do another 100,000!

  3. That's awesome. That's what I told my mechanic too, wanted to get another 150,000 to equal a total of 300,000. Think that will take me a while. I've spent more this year on repairs but they were major once-in-a-vehilce's-life repairs. My pickup is in pretty nice shape, great body and paint still and the inside is in perfect condition although it needs a good shampoo on the carpeting. I'm a farmgirl so get it dirty sometimes. It is a truck afterall.