Car Loan Almost Paid - What Would You Do?

[Brooks14]

ok I'm turning to you guys for financial advice on what the right thing to do is.

I have a 2011 Hyundai Tucson I financed brand new that is 2 months from being paid off. Paying $303 a month.

It has 59,000 miles and has no mechanical issues whatsoever and is in perfect condition (no scratches, no dents, etc)

I am contemplating trading it in and getting a 2015 Nissan or Chevy SUV where I will have a new payment between $350 and $400 a month.

Financialy I can afford it with my other expenses but my girlfriend (whom I plan to marry) says I'm being childish and not making the right decision by getting myself into a new car payment for another 5 years, when my car is almost paid off and in perfect condition. She thinks I'm better off keeping my car that's perfect with only 59,000 miles and having no payments than to get into a shiny new car because I'm basically bored of my car.

So what would you do if you were in my situation? 

Keep what you have and enjoy no payments?

or

Get new car loan and have a brand spanking new car with all the bells and whistles?

Thanks in advance.

[bdhu2001]

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@Brooks14 wrote:

ok I'm turning to you guys for financial advice on what the right thing to do is.

I have a 2011 Hyundai Tucson I financed brand new that is 2 months from being paid off. Paying $303 a month.

It has 59,000 miles and has no mechanical issues whatsoever and is in perfect condition (no scratches, no dents, etc)

I am contemplating trading it in and getting a 2015 Nissan or Chevy SUV where I will have a new payment between $350 and $400 a month.

Financialy I can afford it with my other expenses but my girlfriend (whom I plan to marry) says I'm being childish and not making the right decision by getting myself into a new car payment for another 5 years, when my car is almost paid off and in perfect condition. She thinks I'm better off keeping my car that's perfect with only 59,000 miles and having no payments than to get into a shiny new car because I'm basically bored of my car.

So what would you do if you were in my situation? 

Keep what you have and enjoy no payments?

or

Get new car loan and have a brand spanking new car with all the bells and whistles?

Thanks in advance.

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I'd keep it until it starts having so many problems that it makes more sense to replace it, because you need something more reliable.  If you owe on any credit cards, pay the extra on your cards. If you don't owe on any cards "yay you,"  save it or set up a plan for your future.

I think you're in a great place when you pay off a car that is still running tops.  Congrats!!!

[DantGwyrdd]

All I can say is that if you're likely to get bored of your next car as soon as you pay it off, leasing might be a better option than buying for you, both shiny-new-car-wise and cost-wise.

[StartingOver10]

I agree with your GF.

Pay off your car. Drive it into the ground. Take the $350 you are currently paying and put it into savings or investments so that you can go buy a new car (*if you still want one)in several years for cash and continue your no payment cycle.

[EddieK]

The right thing to do financially is always going to be to keep the paid off car that's also reliable.

But to your second question of what I would do, I'd go out and buy a sports car as a 2nd vehicle...

[disdreamin]

I'm definitely in the "Drive it into the ground" camp here. To mean nothing sounds better than the purr of the engine of a paid off vehicle.