Paid my car off. /brag

Page 5 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Haven't had an auto payment in over 8 years. It's a nice feeling. Will be buying a new car soon, plan to pay in cash unless I can get super low financing.
 

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.

If a tenant starts a fire and burns down one of his apt complexes, injured tenants sue your uncle. How is he going to protect himself if he loses a lawsuit and they go after his other properties?
 

waggy

No Lifer
Dec 14, 2000
68,143
10
81
i love not having a car payment. its nice knowing its paid off. i try not to have one if i can help it
 

alkemyst

No Lifer
Feb 13, 2001
83,769
19
81
I just found out recently that my uncle (who has upwards of 50 rental properties) doesn't carry home owners insurance on any of his property.
I personally have liability, because I have a 240k mi car, but if I had a <5yo car, I would carry full coverage.

Does he only rent to illegals or something? Sort of ironic in the 69year old NASCAR driver thread how quick to sue you'd be.
 

yh125d

Diamond Member
Dec 23, 2006
6,886
0
76
duh. the first part of my post was in response to someone saying his ins. payouts were larger than his bill.

Well then, if you're pissed that your ins screws you over when their time to pay out comes, use a better company. When mine was totaled they didn't hassle me at all. Gave me a list of shops to get it estimated, and once the estimate was done they immediately paid off my loan (same company) and put the rest in my checking no questions asked. All I had to do was fax them the incident report.
 
Mar 10, 2005
14,647
2
0
Well then, if you're pissed that your ins screws you over when their time to pay out comes, use a better company. When mine was totaled they didn't hassle me at all. Gave me a list of shops to get it estimated, and once the estimate was done they immediately paid off my loan (same company) and put the rest in my checking no questions asked. All I had to do was fax them the incident report.

i guess that's all you could ask for. which company is that?
 

Demo24

Diamond Member
Aug 5, 2004
8,356
9
81
Zebo is right. Unless you're a complete dipshit behind the wheel, full coverage is a waste of money.


Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.


edit: until cost of insurance outweighs cost of vehicle/operation
 
Last edited:

sdifox

No Lifer
Sep 30, 2005
96,907
16,174
126
Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.

depends on how much your premium is.

<=== paying like 3600...
 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.

Where Zebo wins in this equation is that he does not plop down 30 grand for a car to begin with....he takes your car, after you trade it in, and buys it for $3,000 and drives it just as long as you drove it, at 1/10th the cost.
 

Demo24

Diamond Member
Aug 5, 2004
8,356
9
81
Where Zebo wins in this equation is that he does not plop down 30 grand for a car to begin with....he takes your car, after you trade it in, and buys it for $3,000 and drives it just as long as you drove it, at 1/10th the cost.


True, it works in that situation and I meant to add in above 'until cost of insurance outweighs cost of vehicle/operation'
 

OCGuy

Lifer
Jul 12, 2000
27,224
36
91
Where Zebo wins in this equation is that he does not plop down 30 grand for a car to begin with....he takes your car, after you trade it in, and buys it for $3,000 and drives it just as long as you drove it, at 1/10th the cost.

Which is perfectly fine...if you cannot afford to have nice things, or otherwise dont care.


I didn't find a great career path to drive 8 year old Honda Civics.
 

qliveur

Diamond Member
Mar 25, 2007
4,086
70
91
Your job depends on what car you drive?
Wrong, because insurance covers more than just you behind the wheel. Hail damage, water damage, vandalism, etc. All should be covered by your insurance policy unless you have the cash around to buy a new car if the one you drive happens to be stolen/damaged from nature. No thanks, I'll keep my 30 grand I already spent that on a car and if irreparable damage occurs I don't want to plop down another 30, or more.


edit: until cost of insurance outweighs cost of vehicle/operation
Even considering your edit you're still paying for the car twice.
 
Last edited:

Nebor

Lifer
Jun 24, 2003
29,582
12
76
My insurance company takes all the premiums at the end of the year, minus the payouts, divide by the # of customers and sends us all checks.

I have full coverage. The towing\lockout service is great when you need it. And my premiums are super low.