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There's absolutely nothing wrong with delayed gratification, a concept that seems all but long forgotten in todays society.
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That is Americas biggest problem now.. using debt to get ahead.. its just long term bankruptcy..
Personally I never buy a new car unless the one I currently own is paid off.. Period.
At the moment my truck has payments until 2010, but with the extra payments I am doing it should be paid off mid to late 2009. Then it will get traded in. Oh and I refuse to do more than a 5 year loan on anything (except the house, and thats ALWAYS a 30 year fixed intrest loan, screw these interest only or arms that are now screwing over so many americans)
Smart financial management is such a lost skill to most people nowadays.