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Originally Posted by redpoint5
Why is insurance so high? I can get 6 months of liability insurance for $200. My full coverage for a brand new expensive Tesla is $84. Always switch insurance every year or so because they give the good rates to disloyal customers and the bad rates to "loyal" ones.
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I'm not entirely sure, but I do think that area has something to do with it. As I've said before, I've gone from nearly $200/mo for full coverage on the Avalon down to $130/mo. It is what it is unless I move somewhere else or drop full coverage. I might do that, the Avalon is worth $6,000 right now.
Quote:
Originally Posted by redpoint5
$200 in fuel should get you 2000 miles or so, which is more than the average person drives. I'd prioritize fuel economy or seek EV/PHEV if doing 2,000/mo.
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I did 30k the first year I bought the Avalon. I had tried an EV, and they don't go as far and charging is a pain. If I could drop that price down $100/mo for fuel then I could afford perhaps a $10,000 vehicle. I don't see any EVs or PHEVs that would fit that bill.
Quote:
Originally Posted by redpoint5
Good friends would provide a low/zero interest loan. I loaned 1 friend $50k for years with a low simple interest (his proposal). Purchased a $7k vehicle for another friend and charged no interest assuming either a very long repayment, or no repayment. During the WuFlu she paid it all off from the overtime she worked.
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I've been there, done that, and am never loaning from friends again. That's what banks are for.
Quote:
Originally Posted by redpoint5
I spoke with a guy recently who drives busses for his steady income, and has his own janitorial business on the side that is doing well. I'd say this is the right economy to try side-hustles that become the main revenue source. When new Taco Bell workers are earning $18/hr, you know there's money to be made for any independent service.
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I just started a new job as a heavy machine operator. We'll see how it goes. So far it doesn't pay more than the janitorial job, but at least it comes with benefits.
At any rate, I come to Ecomodder to find out how to pay less for vehicles, not to learn how to make as much money as possible just for the sake of owning a more expensive vehicle.
Also, even if insurance were $30/mo and I only paid $100/mo in fuel, that wouldn't necessarilly land me in the +$20k car region. And even if it did, a +$20k doesn't necessarily get a person from point A to point B any better than a $5k one.