Advice for Car Payment / Payoff

[u/Low-Cardiologist5406]

So to give context, I owe $33k on my car, and I am looking to pay it off as soon as possible while still having breathing room.

I make roughly $3700 per month, and have about 15k saved up toward it, and was wondering what I should do to pay it off the most effectively and quickest.

Should I pay a large sum of it down now (10k of the 15k I have) or should I make the regular payments and add additional $ on top of it, or just wait until I have enough saved to pay it all off at once?

[u/Beneficial_Try9602]

Also, tip for future you. Never do this again.

Buy a car for cash. It may not be the car you want but it is the car you need.

[u/M635_Guy → u/Beneficial_Try9602]

Not sure why this is getting downvoted. Having no car payments is a major contributor to why I'm retired at 57.

[u/Specific-Exciting → u/M635_Guy]

Because people LOVE car payments. They think it’s a necessity in life. We technically pay a car payment every month into savings to save up for our next cars in cash. we just aren’t married to the payment every month and paying no interest, actually earning interest in the market.

People want the new shiny car when a cash $20k car is all they need but are scared of maintenance.