Paid cash for new car!

When they handed me the financing offer it was so satisfying to say “I’m paying in full today”. 😎

For those of you new to YNAB, hang in there through the learning curve. It will change your life.

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  • Welcome to the new car for cash club! I did the same thing for the first time in 2017. It’s glorious. Now keep paying yourself that monthly payment for the next one. 🙂

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    • Superbone absolutely ABS (Always Be Saving) haha.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
      • 1
      • Reported - view

      CPA Budgeter ABS. Love it! I’m going to steal that one. 😄

      Like 1
  • CONGRATS!!! 🎉

    What a dream!  I'm working to pay off my auto loan from the car I purchased in 2018. I'm hoping it's a long time before I need to buy another car, but when I do, I can't wait to have a moment like that. 

    Way to go! 😁

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  • There goes your AOM, LOL.  Congrats on being able to pay cash for a new car.  

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    • ynaber2613 I know right? Oh well, 206 days AOM is still pretty good I guess. 😂

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  • That's huge! Congratulations! What an great physical representation of all of your budgeting efforts!

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  • Congrats!! That's a major accomplishment! I'm saving up to buy my lease in Aug 2022 then I'll be saving my car payment for my next car in cash too.

    Questions:

    1) How did you pay for you car: some on Visa/MC, eTransfer, cheque...

    2) When saving up for next car, where do you keep your money? I was thinking about a HISA but now I'm thinking about just investing it ($20k or so) and withdrawing when needed from my TFSA since it would be tax free and I wouldn't be penalized.

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    • Purple Foal thanks! I paid with a rewards credit card because the dealership allowed it with no fee, and then made a payment on the card for the same amount the next day. I only have two accounts. A checking account to cover day-to-day expenses and everything else sits in a high yield savings account. I don’t invest any on-budget funds regardless of the timeline because I want my budget 100% liquid at all times for Rule 3 (roll with the punches). Not that I haven’t been tempted on occasion to throw some of those long-term savings categories into the stock market. 😂

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      • Bruce
      • Timber Products
      • bruceh
      • 1 mth ago
      • Reported - view

      Purple Foal to purchase our last vehicle without credit cards, we took a cashiers check for about 10% less than the asking price and the balance in cash.  That way if we were able to negotiate a better price we could do so and still complete the transaction on the spot.  Any other non-credit card users have a different method?

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
      • 1
      • Reported - view

      Bruce I negotiate my price before I even step foot into the dealership. I go through the internet manager.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
      • 1
      • Reported - view

      Purple Foal I keep 6 months of funds in a HYSA and invest the rest. I don't earmark particular funds' purposes.

      Like 1
  • Congratulations! When you said that, did they try to convince you to take the financing plan at all? Just curious because I've never paid in cash for such a purchase before and feel bad when people try to talk me out of stuff.

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    • The Artist Formerly Known As not at all. But if they had I would have enjoyed it. 😂

      Like 1
  • CPA Budgeter said:
    When they handed me the financing offer it was so satisfying to say “I’m paying in full today”. 😎

    And they probably looked at you like you were crazy. Not too many people can do that.

    You know how they say that the average person can't handle a $400 emergency? Well, they're not including YNABers in those statistics.

    Like 3
  • Superbone said:
    You know how they say that the average person can't handle a $400 emergency? Well, they're not including YNABers in those statistics.

     I wonder how true that is. Because while YNAB encourages saving up for such things, one has to get the system down and have enough income to save up for that to be true. I suspect the average YNABer can handle a $400 emergency, but I suspect YNABers are accounted for in the general population average who can't.

    Like 1
    • Fuzzball Meows you must be a statistician. 😂

      Like 2
  • Wow, congrats!🎉

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  • Congratulations, that's a huge accomplishment!!

    Like 1
  • Congratulations! That is awesome. I am in the process of saving to pay cash when my current car dies (14 years old, hoping for a few more good years with it). But, I have at least another 18-24 months to save up the cash I need. Motivated to see it can be done!

    Like 1
    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 3 wk ago
    • 1
    • Reported - view

    Missed when this originally posted because I was on vacation. Congrats. it's an awesome feeling isn't it? Back in 2015 I bought a new car. Wrote a personal check for it. Next time will be for Mrs. nolesrule's next car. That category has been fully  funded for almost 2 years now, so we started a new category for the one after that (keeping the money separate so we don't overspend).

    Like 1
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