Ed’s nearly four years old now, that’s the amazing thing, our Car Loan is almost paid off. Yep, that’s 48 payments of NT$10,363 made on or before the 21st of each month. Phew!
At the beginning of the deal, I was late once or twice with my car payments but after I got into the swing of things, I was sure to make the payments along with the mortgage payment at the beginning of each month. It just made things much easier, and reduced the risk of me falling foul of higher interest rates should we only qualify for Bad Credit Car Loans in future.
I guess we’ll pretty much keep the car for as long as we can: it’s pretty efficient, once paid it’s going to be cheap to run, and it’s ideal for city driving. I’m not a car afficionado, so it’ll be just fine. The only negative about buying a new car is the depreciation you have to take in the first couple of years, so for those years you are running a kind of negative balance of outstanding payments vs. car worth. Almost enough to make me a buy a 2nd hand car next time.