Buy a New one or Fix the old one

[jeff kushner]

Excellent Bill, my hats off to you. I look at it a little differently. I've worked since I was 11, now 61 I enjoy paying others for NOT having to do some things. 10 weeks ago, I paid a young man with 2 small children 350 to rake my yard and haul the leaves. I'm fine with paying others for doing stuff I hate doing + it goes to a guy with a full time engineers job but works on the side to provide for his family.

I know what all those engines are and mostly, what came stuffed into....and yeah, of course we used the big oak branch for pulling engines, body's etc but I admit, I'm a bike guy, not a car guy. Car parts are so big& heavy where as a bike part is just big enough to work, no extra weight....besides, I hate climbing into engine bays anymore.

Each to their own....good luck my friend,

jeff

 

[TobyU]

I'm a cheapskate and can't stand paying anyone to do anything. So that leaves me with do it myself or it doesn't get done.
My younger son (16) recently had some aptitude tests or similar and people cam to talk about careers etc.
He has expressed an interest in the Career Center automotive and at first I though Nah because he had never really expressed any interest before or at home...but then I thought
HECK YEAH!!! I have been doing it all since I was 12 years old.
Get me some car help!!!

Plus I need a hook up for shop use and stuff.


Back to insurance and car payments. I too hate car payments.
I have never had a car payment on any personal vehicle. I did finance a piece of business equipment but that was not just because I wanted a car.

I would much rather save my money an pay cash for a used one than to make payments.
I go really old but in nice shape so the depreciation is almost nonexistent.

There are insurers that do not car what expenses you can show them you put into a car.
They don't care if it is a mothballed mint condition 2000 truck with 600 miles on it.
They will give you 10% more than the value they have for all of them.
They will tell you if it was that special you should have had a special policy.

This is where stated value can be a great thing.

I also was a liability only person for decades. Another benefit of not financing! Recently, however the rates have been so cheap to add collision that it's a no brainer.
My liability is already not a bad deal for the old ones I have (98,2000,2004,2003 as of recent past) and it was so little extra to add that I knew painting one fender or one fender replacement even junkyard would be the same if not a lot more, so I did it.

Of course if the rates creep up I'll drop it.
Now I am guessing you have been with the same company for many years and happy with them. I see this a lot but I have found that is "most" instances you can get better rates by playing the field and shopping around at least every 3years.
Some companies love to get you but creep it up and up every year.
So I take the lowball price to get my business the if it goes up at renewal I pay close attention and then at next renewal I am probably shopping to go to lowest price again.

Some will talk about quality...I have found they are all devils. My track says that it will probably be someone else that hits one of our cars so it really doesn't matter too much. Going to have to fight it out any way.

 

[jeff kushner]

You are doing well with your son. I learned that my 3 kids are all VERY different from Dad and one another. My son, after doing plumbing side jobs(so he was familiar with using tools) with me for a while as a kid, decided that he didn't want to learn cars/truck stuff, he was adamant even in Elem school that he would pay someone for that stuff in life. Imagine that from a 7-8 yr old?

Now I'm a bit more like you, when younger, I learned everything because I couldn't afford to pay anyone for ANYTHING. Hell, when I married, a $400 car bill would have been life-changing for us! So needless to say, I'm a bit taken back......but goddang it if he didn't do exactly what he said....he can easily afford to pay for that stuff but he has no knowledge of the various costs for repairs. He deals by calling............Dad<lol>.

Insurance is all about your personal risk tolerance as it applies to your assets.....you have a high tolerance so you assess a lower value or priority in your mind for it. Some of us have a very low risk tolerance for asset protection but may have a very high risk tolerance for say, personal injury and may engage in things you may never desire to do.....see?

It's not a secret that the Ins. co's make huge money....they make it on us, plain and simple. Impressed with that huge Prudential bldg, you know , The Piece of the Rock....you should, you built it! <lol>


jeff

 

[1955moose]

I tried explaining stated value to a friend of mine about his 67 El Camino, but I think it went in one ear and out the other.

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[BillAlex]

Moose; I had the same problem explaining politics. My friend simply said "Don't bother me with facts, my mind is made up" Kind of hard to argue with superior logic like that.

 

[BillAlex]

Jeff; When I was young, I had a very short attention span. Taking my jeans off was foreplay. If it took more that a few weeks to put together enough money to buy a car, I was bankrupt. So, a $300 car to get me back and forth to work or College was it. I had no assets so the only thing I needed was liability for state requirement. When they quoted a higher premium for full coverage than I paid for the car, screw it, I went with minimum. Today, I have been blessed. If I total a car (providing I don't break every bone in my body), simply write a check and buy a new one. I do carry about three million to protect those assets you talked about, but not for the car. They are replaceable. The difference of what you would pay for full coverage Vs. Liability will pay for a new car in a very short period of time. The number of people who total a car are pretty rare compared to those who do not. I never have.

I have a friend who is in charge of the Accident Investigation Unit of the City of Phoenix Police Department. He told me that 70-80% of all accidents, one or the other party could have prevented it from happening. The guys that are driving defensively tend to walk away from accidents without a scratch or avoid them completely. Of course, he stated there are a certain number that can not be avoided. He told me every winter, (Winter tourist are heavily involved in accidents out here) he investigates what he calls the $70 Divorce. For some reason, some old fart waits at a light for two or three cycles until a Cement Truck or Semi comes barreling through the intersection. At the last possible second, the old guy turns left in front of it. It is always the passenger side that "buys the farm". After about ten years of investigating accidents like this, his only conclusion was it was cheaper than a Divorce.

 

[jeff kushner]

Hey, most of us older guys had 100 dollar cars...or at least I assumed we all did. My first was a 75 dollar Ford Falcon station wagon that actually ran!

I'm never telling anyone that I know about the $70 divorce!


jeff

 

[poppie]

(4) word's = HAPPY WIFE,HAPPY LIFE .

 

[1955moose]

Actually it's 6 words, add airtight prenup! That of course if your on your 2nd, or 3rd go round, and your buying more than $100.00 cars these days. Nobody in their 60's wants to start over.

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[rjdelp7]

Geez, your wife won't drive a new 2018? That's sounds a little nuts. You can't bullet proof a 2005. Changing good parts is a waste of money. Let your wife drive it as is. She will eventually, get tired of taking it in the shop and reconsider the 2018. The 05 in the photo looks clean and A+ on those wheels.