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re: At what point is it worth dropping collision insurance?
Posted on 4/21/16 at 10:13 am to KG6
Posted on 4/21/16 at 10:13 am to KG6
quote:
Then I can save up what I'd been paying in the note for a few years and re-visit the situation
If you're just going to save the note each month to buy a new, more expensive car later, just buy it now. Cars aren't getting any cheaper
Buying a cheap car for cash now is basically just throwing money away since you won't sell it for as much as you paid for it. So you'd be better off just getting the other car now if you know that's what you're going to end up doing. ETA: This of course assumes you're still comfortable handling the note now.
This post was edited on 4/21/16 at 10:15 am
1
Posted on 4/21/16 at 10:17 am to LNCHBOX
quote:
If you're just going to save the note each month to buy a new, more expensive car later, just buy it now
First, I'd be saving the interest of taking out another loan (however small that is in the grand scheme of things). Second, I work in the oilfield. I'm safe for now, but you never know. I'm fine with the current note I carry, but it'd be even more of an ease on my mind if I didn't have a car note to worry about if I lost my job. Went from being note free on both vehicles by next year, to possible getting back into the beginning of a loan. The idea of no note is nice. So there is a benefit to getting out of a note all together.
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