As a side note on this GAP insurance - I purchased it when we bought our 2002 Mustang. We're paying 0% for 60 mos on the loan. We bought the gap insurance because my step-daughter is going to be learning / driving the car as her 1st car (she's 15 1/2). I figure the $300 for the GAP insurance assures me that if she wrecks it, we won't end up owing $$.

We bought the run-of-the-mill 6 cyl mustang.. .nothing fancy for her to get in trouble with...

Jenn in OH

 

It's been my experience that 16 year-old girls can get into trouble in a Mustang even if it doesn't have a V-8.:o

 

Well, I'm NOT gonna let her drive the S'crew... too much room in the back seat.. and I'm DEFINATELY not gonna let her drive the 73. I'll let her learn, then she can save her $$ and we'll help her buy her own car...

 

"Hey Mom, can I take the SCrew tonight?"

 

You could have been the BUYER of the car that was in the classifieds and saved THOUSANDS

 

TIME!

Go to nuetral corner.
Judges, I am deducting one point off the score cards for Low Blow.

(flafonman, rest until you feel you able to continue)

 

 

Situations are different for people. I wouldn't consider dropping collision because the savings would be small. Dropping Collision in Northern New Jersey however, is like someone else paying to raise your kid.

 

I'm OK, I'm OK. Should I aim for the one in the middle?

Ah-ha!! And where would you get the money? You can't borrow at 0% for a used car, and paying in a lump sum is stupid.

The point of my post was that when there were interest rates lump sum purchases had a lot more merit than they do now. If you have $20,000 laying around and need a car paying cash isn't a bad thing when interest rates would have you spending an additional $2000+ over the life of the loan. If you saved for that $20,000 by setting aside a couple of hundred bucks a month that earned interest, even better for you.

The comment I made about "few decent investments" was pointing to the idea that if there was a way to make 10-12% on the lump sum, then it would be an excellent idea to take a 0%APR car loan over the longest term possible and pay it off (in monthly payments) from the investment income at 12%.

 

nice footwork

 

 

MikeF150 -

She's a pretty responsible kid, goes to seminary every morning at 6 am, does well in school, has a job, and knows the consequences of her actions. I'm confident that she won't do anything stupid. She currently lives with her mom, so everyday driving will not be my concern... the car is here for her when she stays with us.

But I think I'll show her this pic... just in case..

Jenn in OH

 

 

Insurance, like taxes are necessary evils. No one likes to pay them, but try to imagine what would happen without them. In Indiana you have to have a mortgage on your home to qualify for a homestead exemption. Some autos are good investments. I own/have owned several antique autos which have been very good investments. All I'm saying is sometimes when you have to borrow money(like most of us have to), you can use that to save some money in other ways.......i e-----Taxes!

 

"In Indiana you have to have a mortgage on your home to qualify for a homestead exemption"
So the 75 yr old widow pays more just because she paid her house off ?
How stupid.