Goal accomplished!

I'm posting this to encourage and to let others know it can be done. In no way am I sharing this to boast or brag.

My wife and I are the proud owners of a 2004 Honda Odyssey. Here's the best part, we paid cash for it. That's the accomplished goal. When we started our savings plan years ago, I really didn't think paying cash for a vehicle was possible. I'm happy to say it is possible with steady plodding.

So what's the alternative to paying cash? Debt. According to the latest figures I could find on the internet, the average car payment is $378 per month over 63 months. (Just over 5 years) Car dealers are now offering loans over 72 months (6 years).

If you do borrow for you next vehicle, and I'm living proof that it's possible to pay cash for it, remember to take all the costs of ownership into account and your car debt & insurance shouldn't be more than 12% - 15% of your monthly take home pay.

PS - The car we sold as part of this cash transaction was a 1998 Honda Accord. In 7 years of ownership of this car, we put 112,000 mile on it.