DH lost his job in December and we will be receiving his pension check shortly. He found another job, so we don't need the pension to live on.
My question is about my car. I have a four-year-old Audi A4 that we re-financed to lower the payments. Because of the re-fi, we still have three years left of payments to make.
Does it make sense to pay off my car and save the monthly payments we would no longer be making? How long should we plan on keeping the car for that to make financial sense? The warranty just ran out on it, so any repairs will be out of pocket. I would like to keep the car as long as possible, but if we have more kids, it would probably be too small.
BTW, if we do pay off the car, we will still have plenty left from the pension for savings.
Loose botticelli curls and waves
No silicones/no sulfates since March 2008
Paying off the car now will save you a lot of finance charges. Start setting part of the payment aside for future repairs. Keeping up on your oil changes and maintenance will help avoid potential troubles.