What is everyone paying on insurance?

[YarisSedan]

After reading all theses posts now that I paid my car off it looks like its time to drop to liability insurance.

[nookandcrannycar]

Originally Posted by YarisSedan

After reading all theses posts now that I paid my car off it looks like its time to drop to liability insurance.

[tooter]

Originally Posted by YarisSedan

After reading all theses posts now that I paid my car off it looks like its time to drop to liability insurance.

That's one reason I always buy new vehicles for cash. All the money I save on financing costs and insurance over the life of one vehicle pays for the next new one.

[nookandcrannycar]

Originally Posted by tooter

That's one reason I always buy new vehicles for cash. All the money I save on financing costs and insurance over the life of one vehicle pays for the next new one.

Me too re buying new vehicles and paying cash to have zero finance charge and to avoid the comp and collision requirement that having a car note requires. I also buy relatively inexpensive cars (so I won't moan and groan as much if I have to write a check for a new car re getting in an accident that is my fault.....and I haven't had to since adopting this policy for myself long ago). I know this saves me quite a bit. That would be great if it saved enough to pay for the next car. I've never stopped to calculate how much it is saving me long term.

[why?]

Originally Posted by nookandcrannycar

Me too re buying new vehicles and paying cash to have zero finance charge and to avoid the comp and collision requirement that having a car note requires. I also buy relatively inexpensive cars (so I won't moan and groan as much if I have to write a check for a new car re getting in an accident that is my fault.....and I haven't had to since adopting this policy for myself long ago). I know this saves me quite a bit. That would be great if it saved enough to pay for the next car. I've never stopped to calculate how much it is saving me long term.

It would depend on how big the loan you compare it to. Several on yw have 5 year loans with significant interest. But even with that, it is mathematically not possible to save enough for another car.Even at 10% over 4 years, it adds $3000. Even at 10% over 5 years, the total paid would be a little over $19 grand. Now if you look at what some dumb people do, and get upside down on loans and trade 2 year old cars with 5 year loans on them, then you can truly get screwed.

[nookandcrannycar]

Originally Posted by why?

Now if you look at what some dumb people do, and get upside down on loans and trade 2 year old cars with 5 year loans on them, then you can truly get screwed.

Yeah, uninformed () people fall into the distraction of being 'sold the payment' and don't look at the total cost. Kind of like tactics that politicians often use.

[edmscan]

I once walked out of a car dealership cause they wanted to charge me like 9% interest annually over a 8 year period. Doing the math in my head .. I said to myself "this is nuts" and I walked out. I can still see the look of shock on the ladies face.

I am happy that I paid cash for my Yaris.