re: Should i sell some of my cars?

When i pay one off i put liability on it. Is that wrong?

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When i pay one off i put liability on it. Is that wrong?

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You have to balance the risk of loss versus the value of the asset against the cost of insurance. I think it is a no-brainer to keep comp on the Fiesta (if you keep it), because you have at least a $10k to $11k asset value. The break point for a car is typically when it gets to around $7500 or so - then you decide if you should drop to liability only based on how much that little bit of insurance costs.

In your case, you might have a slightly different view - because you aren't forced into the market if you wreck your own car - you can just drive one of your other 4 cars to work.

However, I think that, in the Fiesta's case, if you aren't willing to carry full coverage on it now - it's a great candidate to sell and pay down the Raptor.

Just my $0.02 and that's probably all my opinion is worth.

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So when its worth 7500 put liability on it?

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That's just my rule of thumb - in your case you don't lose your ability to earn a living and you already pay less "per car" because of your collection, so your analysis may end up in another place. At least know how much you're paying for what before you drop coverage.

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So whats the differance between comp and full coverage?

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I'm using "comp" as a shorthand for comprehensive - or "full coverage". This is really just to differentiate it between liability only (usually at the statutory minimums) and collision coverage.

Some people just buy collision and liability. The finance company requires full coverage (comp) because it protects them first, and from theft, collision, etc. If you're not as worried about theft than collision, it can save you some money - again, in your case, you're buying insurance "in bulk" so the decision should be based on how much you're paying versus how much you're protecting.

The insurance companies have gotten pretty good about pricing things correctly and once they have your business, they generally cut you better and better deals on covering additional vehicles (at least until you start filing claims, then they turn on you quickly, which is somewhat understandable). Again, if you don't like/value the Fiesta enough to cover it (at least collision, if not comp) against your own fault or the fault of someone you are reluctant to sue (you loan the car to somebody and they wreck it), then it is the candidate to sell.

However, you say you drive it the most. You may have hoarding syndrome with regards to cars. If it is not negatively impacting your life, maybe you shouldn't worry about it.

Can you sell the two old ones, start driving the new one, and let your wife drive the Fiesta?

Seems right to me.

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77 f100 4x4(hunting truck)
02 svt lightning(bought new)
04 svt cobra mustang(bought used)
2011 ford feista(work car)
2013 svt raptor(wife truck)

Everyone tells me i have too many. Thoughts? Everything paid off except the raptor.

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I'm a car guy so I'll bring another angle. I know some car people MUST have toys, I am one of them. You say "people say" you have too many, but why? Are you having trouble financially?

Your hunting truck shouldn't even count unless it is requiring massive repair/maintenance. Neither should the work vehicle... the Fiesta. The two things that stick out to me are the two trucks. You are wanting to keep the Lightning for a kid? That's 10 yrs away, assuming a child will be a gear head, and want a 20 yr old truck.

I see the most out of the norm vehicle as the Raptor for the wife. Even as a car guy, I can't fathom letting my wife (even if she was a car girl) drive a 12mpg $50k truck daily. The Raptor is also worth the most, and presumably the one you have least amount tied up in. To me, the wife's truck would be the first to get downsized.

PS - For insurance, you are asking for trouble on the Cobra and theft. With some insurance companies, you can declare vehicles as "recreational" which means you drive them very little and knocks down premiums tremendously. You will have to prove odometer readings annually, but well worth it if you have recreational or collector cars.

Im not in a financial bind with these vehicals. I dont buy them unless i can afford them( i got kids and they come first). Ive got the one raptor note thats bout 450 a month. I put half the price down on the truck. And i know vehicals are very bad investments. I could have bought a house with what i paid for the raptor. I know i made a bad decision. I sold a 05 f150 king ranch(wifes truck) paid off 100,000 miles. I should have kept the truck and said no to the raptor.
Ive got sum awsome advice from yall and i learned alot today. I dont post alot, but this situation has been bugging me for weeks. And im for sure gona look in to the recreational vehical insurance and c what thats all about.

Again, thanks for the advice

Locomotive engineer, union pacific railroad. Money good benifits really good, but not much of a family life.