Alllll the way back on the 9th (uh, Saturday), I wrote how I sent off the final check to pay off our Chevy Malibu. However, I forgot to mention some other important, and interesting, information:
- We bought the 2005 Chevy Malibu in March, 2005 on a 6 year (yes, 72 month) loan.
- It is now about 25 months into that 72 month loan. We paid off the loan about 47 months, or almost 4 years, early.
- Because we made some stupid mistakes with our purchasing decisions, the loan on this normally inexpensive car started at around $25,000!
- That means we paid off about $25,000 in 25 months!
- That’s in addition to paying down about $10,000 on my Honda Ridgeline in the last 15 months!
Just think of what we could have purchased/earned with $35,000 in 2 years! I should also account for maintenance (pretty much just oil and wiper blades), insurance, gas (gets 30-40 mpg), and interest on the loan. Cars are expensive, especially when you pay much more for one than you need.
I’ll take the blame on that one.