U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-22-2008, 07:46 AM
 
Location: NY
1,416 posts, read 5,115,373 times
Reputation: 592

Advertisements

100/300/100 refers only to your liability insurance; that coverage should be kept as is.

Keep in mind that if you drop your collision coverage you will need to have enough money set aside to pay for any and all body work in case of an accident. My nephew's 2005 car just got hit while parked and the best estimate he got for repair was $3200. That was if he paid cash rather than ran it through his insurance company.

You could raise your collision deductible to $1000 (or whatever the highest your company offers is); that will help your premium considerably. You could also eliminate glass coverage (windshield) to lower it further.
Reply With Quote Quick reply to this message

 
Old 12-22-2008, 08:30 AM
 
389 posts, read 1,864,237 times
Reputation: 185
hi guys! thanks so much for all the kudos. i need that. and thanks to the posters who rep me.. one just did today!(u know who you are). i actually just receive the email from my insurance co. i asked them if i could have lower premium now that my car is paid off this is what they said:

"There is no discount for not having a loan on your vehicle. Only if
you
decide to drop coverage. The loan does not make a difference on the
coverage, just if we had to pay out on a claim... I will take the
lienholder off your policy however so if there was a loss, their name
would not be on the check."


and i think they are right because i also compared comprehensive vs liability coverage and it looks like my car needs the comprehensive coverage it is an 06 MINI. and i paid it in full for 6 months already(under $500). i also have 250 deductible. i think i am good. but thanks for all the infos!! keep it coming.


on a side note:
i am not generalizing, but i think the american people themselves is the reason for the economic crisis. you are sooo wasteful. by bro-in-law is an american, he sold his house LAST YEAR, he got 90k cash.. what did he do? he spent it all in a matter of 4 months, and now, the association is threatening to sue him coz he is behind payments, the cable has been cut off, he lives off credit cards that he has maxxed out... he has -0 balance in his bank... one poster is right: solvency is not crazy unless ur an american...

i have no idea why he wasted his money like that instead of spending it wisely.. or even putting it in savings or IRA acct? he opted to spend it like theres no tomorrow...

i just hope: people will be more RESPONSIBLE with handling their own money then maybe this country will be as great as it once was.... by the way, i am NOT american.
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 04:45 AM
 
5,273 posts, read 6,676,845 times
Reputation: 14922
LBSer-]i just hope: people will be more RESPONSIBLE with handling their own money then maybe this country will be as great as it once was.... by the way, i am NOT american.[/quote]




BTW. I haven't had a car payment in .....never... Cash... had a few new ones.. . and now buying "used" is a good thing since cars depreciate soo quickly

Last edited by Global Friend; 12-28-2008 at 06:40 AM.. Reason: personal attack
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 06:31 AM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,923,984 times
Reputation: 8800
Quote:
Originally Posted by Gaffer View Post
When the last payment is made keep making the same payment, but into a separate account to be used when it comes time for the next vehicle purchase.
Excellent adviCe. The appropriate word here is 'advice', not 'advise'. I see that several people are using the wrong word. For people from another country, it is understandable, but for Americans?

We do what you do.
When we buy a new car we still sock money away for the next new one we will need, years from now.
This way, we always have money for a car when we need one and we avoid paying interest. We think of it as paying ourselves rather than a bank.

Last edited by goldengrain; 12-23-2008 at 06:54 AM..
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 07:34 AM
 
Location: Southwest Nebraska
1,297 posts, read 4,222,007 times
Reputation: 898
We paid off our car in October and thought that extra 200.00 a month would go into savings but now we average 200.00/mo in repairs and pm work. When I had a new car with a lot of payments it cost about the same cause of no repairs and was reliable not in shop being fixed. So I'm not a big fan of buying older cheaper cars since when they are paid for you still make payments one way or the other.
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 08:55 AM
 
Location: NJ/SC
4,288 posts, read 13,606,648 times
Reputation: 2610
Please stop the arguing and stay on topic, thanks.
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 09:54 AM
 
242 posts, read 673,601 times
Reputation: 192
Quote:
Originally Posted by LBSer View Post
my main reason for doing it :

i don't wanna pay the monthly interest anymore.

i have the money to pay it, i almost have 0 bal in my acct. now though and at holiday time even!!

i am debt free!!!


i hope i shared in my own little way to help in the credit crisis, coz i, unlike all of you, is a RESPONSIBLE human being that can't sleep if i have debt. i am that dignified.
Awesome. Congrats. Now you do not have to worry about losingyour car if you lose your job.

I paid off my car in 2004...it was a pontiac, 1997. In may, after replacing the window motor for the 45th time (at 120 bucks) the ignition switch shorted (which is common for that model).

That switch took out the entire driver side control system for the windows and doors, my headlights, my ac blower, and a few other things that make little lights on the dash go.

Cost at a deealer....4,000 to fix it all.

So, now i got a loan...and a new car...and a long way to pay off.

miss not having payments...but cannot pay it off that quickly.
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 02:35 PM
 
389 posts, read 1,864,237 times
Reputation: 185
thanks guys... and also for another poster who rep me today! u know who you are. i am assuming u rep me in this thread?

yeah i dont get the paying cash to buy "used" cars too. it is a good idea for mechanics and who knows about cars. but i am a woman, so i prefer having brand new car knowing it will not give me headache if it breaks down the day i take it home. paying off my car actually inspired me to buy my own house which is a no no in my list coz i always plan for my future husband to buy my house for me.. hahah. i actually will have extra $410 every month now. thats how much i pay monthly for my car.. woopdeedo.
Reply With Quote Quick reply to this message
 
Old 12-23-2008, 08:29 PM
 
Location: MI
30 posts, read 50,835 times
Reputation: 20
While congrats on paying off the car, I wouldnt blame all americans thats just generalizing and thats not good either..
I paid my car off too this Aug... I was happy but I got a great deal on a used car that was in perfect condition and couldnt pass it up. My payments are significantly lower on this car then the previous one and I feel safter driving in snow..
I have to say Im happy and do not miss my former hockey puck of a car... ( it was a focus)

Side note good luck finding a future husban that was will pay for a house for u ... =) Sorry had to
Reply With Quote Quick reply to this message
 
Old 12-24-2008, 09:54 AM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 14,345,263 times
Reputation: 6451
Quote:
Originally Posted by LBSer View Post
thanks guys... and also for another poster who rep me today! u know who you are. i am assuming u rep me in this thread?

yeah i dont get the paying cash to buy "used" cars too. it is a good idea for mechanics and who knows about cars. but i am a woman, so i prefer having brand new car knowing it will not give me headache if it breaks down the day i take it home. paying off my car actually inspired me to buy my own house which is a no no in my list coz i always plan for my future husband to buy my house for me.. hahah. i actually will have extra $410 every month now. thats how much i pay monthly for my car.. woopdeedo.
Congratulations!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top