I Don’t Think This Is Going To Work

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[mhodge]

Two cars no car payments. Love every minute of it no stress

[brentkillian]

Peace of mind because of being debt free goes a long way.

[truthseeker]

"Broke people with a car payment and an opinion."
❤ Classic Dave!

[analyticalchick]

The thing is that paying off the car/s give you peace of mind. My husband and I talked about how to approach money before we got engaged and we approach it the same. Everyone should date for marriage and discuss this sort of thing.

[lot]

Well, think whatever you want, I sure do sleep well at night with no home, vehicle, cedit card, or student loan payments.

[rayhill]

He is a “I’m always going to have a mortgage and a car payment” person

[anthonyfedele]

According to Dave 'no one got rich on 2100 a year' (which is just the spread) but his compound interest theory is 12% a year 2100 over 35 years = 1mil .... so technically I disagree here Dave

[alisterfolson]

Don't save him, he don't want to be saved

[JMM]

Last time I checked... 3.49% and 2.94% are both > 0%. Imagine all the "free money" you'd save with a 0% interest rate. Bro got the dumbest logic 💀

[mikeshaw]

Even if he is right, which he is not, this is not a math question. He is wanting to keep the loan for at most < 1, 000 per year. He needs to start looking at what it’s worth to have a happy wife. It’s worth much more than what he gets on the interest spread.

[Fred-]

Dave compares the difference in interest rates one way when he wants to prove one thing and compares the difference another way when he wants to prove the opposite.

Sure, nobody became a millionaire by making $2, 100, but $2100 is more that $0. Keep the low interest car loans. Leave the money that you would use to pay off the loans in SPAXX earning 5%.

[sminthian]

I got in a debate with my girlfriend's ex-boyfriend over this. He said to never buy a car, get a loan or lease. His reasoning is that he wants the best car to drive RIGHT NOW, and saving up to buy a car later doesn't meet his goals at all. Getting rich in the long run doesn't matter, it's just getting the best stuff right now.

[anhbarker]

Not to mention, the car is a depreciating asset.

[ulygarage]

I paid off my car early and it was just a 2.5% interest rate. As a nerd it never made sense to me on paper but I had the money and paid it off anyway and now I can see the point of not owning money to anyone. It is a $40k car so not so expensive yet not the cheapest and I could easily trade it in for a nice Porsche or a nice Corvette but I am never again taking a loan for a car.

[expertonmyself]

First time I’ve heard of anybody wanting to keep a car note.

[diydame]

Paying off and staying out of debt was the best thing I ever did.

[goose]

No car payment, no house payment and net worth over a million. Life is good!!!

[lindawilson]

Hubby won't be convinced no matter how you phrase it. People that take this "but the interest rate is low, so we save" tack DO NOT invest the difference. I don't know ANYONE who actually does that. Whatever they "save" they just eat up in day to day life.

[edwardlewis]

Paying off your loans increases your INCOME.

[albundy]

Where on earth do you get a car loan at 2.94%?