Mine is paid for. Bought October last year, paid off last month.
I didn't pay cash, but put a large amount down (like 40%) and financed the rest. I then paid large bulk sums every other month. In the end I get to keep the cash in the bank just in case, but pay the car off so fast that I pay very, very little in interest.
Once I paid off my first financed car I've been doing this and it works out pretty well. Benefits of both sides, no real penalties.
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