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Money and Finances
Reply to "Car ownership is now a luxury"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Cars are really not that expensive if you don’t borrow money to buy one you can’t afford. My two cars only cost around $1,000 per month combined, including maintenance, taxes, liability only insurance, and fuel. Save money to buy it in cash and don’t take loans for cars. [/quote] it's rather dumb to have liability only insurance if the car is worth $20K+ still But yes, pay cash or work towards that. And never take a car loan for more than 3-4 years. You cannot afford the car if you can't do it that way [/quote] No it is not dumb to have liability only insurance given you have the savings to replace the car with cash if it is totaled. The expected value of your insurance claims (on average) must be less than your premiums in order for the insurance company to make money. So it’s better to self insure if you can afford it. [/quote]
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