skippyrock

lowering your payment feels nice until you realize you just added 5 more years of payments onto your monthly expenses.

Vanilla_Coke

Some people plan on indefinite car payments, if you're good at flipping cars and have great credit its about as bad as going out to dinner and drinks a couple times a month; some people just spend their entertainment money differently I guess.

Mr. Drummond

If you have 30 months or more on the old one, make the change.

If you have 18 months or less on the old one, definitely keep it.

In between? it just depends on what you want and your gut feel on the repairs the older one is going to need. I know its hard, but try not to get suckered into "I am saving $170 a month" mentality.

Good Luck, I know its tough to stay away from the new car smell.

Yankee

In the last 10 years or so, I have just been banking the money (just like it was a payment) and then paying cash for the vehicle. It takes discipline, but saves on interest charges and gives you an emergency fund that can be used for something besides the "new car smell" if need be.

Plus you own the vehicle outright, and can do whatever you like to it with no worries.

I payed enough loan and credit interest in my younger years to work hard at not paying one more dime to that. And no, I am far from wealthy.

Another problem I have is that once I get a vehicle customized to the point I love it.....I get married to it and will replace parts and repaint it until the frame gives out.

panthermark

I'd probably make the move if my vehicle was giving me problems.

What type of problems are you having?

panthermark

That is similar to what I do as well. I'm also far from wealthy.

The last time I paid a car note was sometime around 2001 on a Acura I purchased new off the lot at the end 1998 (hurried up an paid it off).

Was ready for new car a few years ago and purchased my 2006 Liberty in 2008 from Carmax. Found a good deal on an under priced version (they priced a 65th annv edition with some nice options as a regular sport) and kept my paid off Acura.

I've been able to sock away some more "new car" cash since I only paid about $17,500 (TTL included) for the Libby.

This winter, I WAS going to trade in the paid of Liberty and cash for a 2012 Sahara JKU auto...but will instead trade in the old Acura and cash for a 6 speed 2 door Sport S. That way I can keep the Libby to tow or haul stuff and use the Wrangler as more of a year round motorcycle.

4 years from now, I'll trade in the Libby and some saved up cash for something like a 3 year old Kia Sorento V6. An AWD, very boring grocery getter that gets decent highway MPG and can tow 3500 pounds.

I'll try to keep the Wrangler for a decade as it is one of "those" type a vehicles that I probably won't want to ever trade.....which is how I feel about my Acura...but it is time for it to go. The Libby is OK, but I never really "loved" it.....crappy gas mileage AND power for such a small vehicle.

skippyrock

I am one of those people who will always have a payment until I retire from my current career. I commute 150 miles a day and it adds up quick. So by the time my vehicle is paid off its time for a new one. I will keep the jeep once its paid off and get something with better MPG'S

jsands

Just do it! I love my 2012 JKU