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Don't know whether to post this here or /o/ but basically I bought a new car a few months ago. Monthly payment is ~$330, insurance is ~$250 (including my other car, which is paid off).
I have $28,000 left on the new car, which at this rate is roughly ten years of repayment. Should I just go ahead and pay it off? I am 24 and never had a credit card so I was using it to build credit, but I am starting to question if that is a wise decision.
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>>1717836
>paying a car for 10 years
wtf?
what's your apr on it?
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>>1717838
1.9%. I'm not good at math, I just did (28,000 / 330) / 12 = 7. Plus some growth, that's probably ~10, right?
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>>1717836
did you honestly think that it was a good investment?
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>>1717836
why did you just get a credit card instead? holy shit anon you are stupid
whats wrong with your old car? like /o/ would say you are a cuck for buying a new car. it will lose its resale value real quick
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>>1717836
I'm in a similar situation except I have less car than you. I got a 0% 5 year loan on a $20k car. I've been paying for almost two years now and have something like $15k left. I could pay this off in cash now if I wanted. Honestly doesn't seem to matter either way so idk what to do.
I'll tell you this though, even at 0% buying a new car was a dumb thing to do and I'll never do it again unless I am rolling in cash.
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>>1717836
Because just paying it off wouldn't make your credit look even better.
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