No more car payments!

As of Friday, my car is paid off! This is such a freeing feeling, but one I never hope to experience again. Car loans have been the bane of my existence for years. I remember the feeling of buying my first new car, and it was brand new. Ordered from the dealership and everything. But I also remember the $300+ payment. And then I decided a few years into it that I needed a small SUV, so I got my new baby. And a $365 monthly payment. Ugh.

However, I did get a good deal on my car. It was a "used" 2006, bought at the end of the model year. I saved at least $5-6k over a brand new one. It also had some add-ons that didn't come on the base model. See, I wasn't a total money moron!

But now, 5 years later, I am so happy to have it paid off. But looking back, if I had saved the money and paid cash, I could have saved myself close to $4k in interest.

Lessons learned and tips for the future:

• Pay cash. If you can't afford the whole thing, come up with the most you can to avoid having to finance too much. 
• Do your research. Fortunately (and unfortunately) car dealers have a LOT of flexibility on pricing. Never pay sticker price. I like Edmunds for car buying information. There are dozens of articles to help you decide how much to pay, and how to get the best deal. 
• Do your research (again). You want a reliable vehicle that will last you several years and fits your lifestyle now and a few years down the road. If you know you want a whole herd of children in the next couple of years, don't buy a sporty coupe. It will work for 1 or 2 kids, but then you'll have to get rid of it for something bigger. Hopefully not a minivan. I have a particular hatred for the minivan, but that is a whole separate book. Check out Consumer Reports and Edmunds for reviews. 
• Don't buy new. I know everyone wants a shiny new car, but it is SUCH a waste! You can get a year-old car for thousands less, and it may never have even been driven yet. 
• Keep an open mind. Don't get your heart set on one particular car. If the salesman knows you want it, you'll never get a good deal. Don't let the bastards get you down!

Good luck, and drive safe. Remember Rule #4 of Zombieland. Wear Seat Belts.