Ron Peterson <r...@s...core.com> wrote:
> Douglas Johnson <p...@c...com> wrote:
> > Mark Bole <m...@p...net> wrote:

> > > Let's not go to extremes.  Unless you are on financial life
> > > support, buy a newer used car when the annual cost of repairs
> > > to the old car exceeds 50% or more of the car's resale value.
> > >  And don't forget to drop collision insurance well before that
> > > time.
> >
> > Let me suggest that the resale value of the car is relevant only
> > if you are going to resell it.  If you are going to keep driving
> > it, then the issue is the cost of repairs vs. the net cost of
> > buying another car.
>
> If your car is totaled, the insurance will only pay approximately
> the resale value. Collision insurance is reduced for older cars, so
> it makes sense to keep it.

And if your car is never totaled (which is *far* more likely,) then that
insurance has been an albatross on your finances for years.

The OP has made it clear that he would not be financially devastated if
this car disappeared tomorrow, so insurance (beyond what is legally
required,) is a waste of money for it.

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