As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃

Is that a particularly expensive jaguar? When I was car shopping I saw some jags for 20k or less so owning a Jag means absolutely nothing when it comes to wealth.

He once fired a pregnant employee because she wasn't married and therefore must have had premarital sex. They've fired 9 people for pre marital sex. Wacky

Doesn’t that 1950s(?idk) advice kinda work for some people?

“Demands” though that’s odd

Yeah he has some shit personally takes and I hate the way he runs his company. He does give pretty decent financial advice though

I love that I only have liability at $100k but my cost still goes up every year. My coverage is actually worth less to inflation and those crooks want more money? For what?

My bad, i wrote per month but i meant per year, that was my mistake. He is driving a 1.4 turbo new shape VW Scirocco (sp). My mothers car is a 1.3 Citroen C3 so hardly expensive, luxury or even quick cars. Even £400 is disgustingly over priced in my opinion though, the way this country does insurance is vile.

Australia's system of buying registration which then covers your basic insurance (third party cover) which is like a tax and insurance cost combined for the car is much more logical, then if you want to you can buy additional fully comp cover for the car none of this insuring per driver per car bullshit.

Certainly not. I just put in some data in an insurance broker thingy and I would be able to get insurance for approx. 120€/month with partially comprehensive coverage (including obligatory liability insurance). These outrageous prices are definitely a US thing.

I'm not trying to argue against the fact that they are both risky and highly destructive, it is definitely necessary. My issue is more with the way that it works in the UK. I think the system in somewhere like Australia is a lot fairer and isnt inherently designed to bleed people of the maximum amount of money like it is in the UK.

Stop throating the boot of exploitive companies.

There's tons of car insurance companies. We can shop around. Most people don't, for some reason.

The other thing is that the monthly investment amount should increase when income does, which at minimum should match inflation.

Inflation historically has been 1 to 4 %.

I realised in a similar, though less detrimental, encounter that true insurance comes in the form of dash cameras. For the equivalent of an insurance payment or two, a high fidelity video of the entire vehicle surroundings can be had.

Honestly though, with a few witnesses and half a plate, it's a surprise they couldn't find the car that drove into you. Decerning the colour, and style of car, surely it'd be only a handful of vehicles matching both the description and the numbers.

I'm sorry that happened to you.

State Farm also screwed over a guy I know. He dumped their policy after they wouldn't pay anything on his accident (much less dramatic than yours) where they had some kind of parking related crash with 2 of their cars at home. State Farm told him that he could not be covered for an accident with another car on his policy because he "can't sue himself" so it sounds like they are only paying out when they have someone to sue about it.

Goes to show how strange modern life is that it was easier for them to cut a cheque than send someone down there. Happens all the time unfortunately. I wonder if someone at the impound lot rode it home.

Not a motorcycle, but my car was hit (along with several others) by a guy evading the police. I wasn't even in it, we were in a city and cars were parked along the street, and he came over a hill, ran a red light, t-boned someone, and then bounced against a bunch of cars down the street.

When I got the police report, I filed a claim with my insurance, which was the same insurance company as the criminal. They originally told me that, "There were 7 vehicles involved in this accident, and other vehicles were damaged much worse than yours, so we're not sure if his policy will cover all of the damage... So we'll have to file the claim under your policy, you'd just have to pay your deductible."

Absolutely not, I told her. "Well Sir, you have to unders-"

"No, ma'am, YOU need to understand that your customer's inability to be a responsible citizen is NOT my problem, and I am NOT having my premiums go up, or paying my deductible, when I did absolutely nothing wrong." After escalating to a manager and giving her an earful while threatening to drop my policy with them effective immediately, they miraculously realized his policy would cover the damage to my car. Easy day, right?

Now, I'll be honest: The damage to my car was completely cosmetic, but I was poor and could have really used some extra cash, hence why I was pursuing it. Well, brought the car in to be looked over by the insurance folks, and the assessed damage was like $800. Cool, I asked her for my check so I could go home.

"Oh, well, Sir, you still have a lien on the vehicle, and normally we would send it to your bank, and they would tell you where to go and then pay the repair shop."

Oh, cool, well, that's not what we're doing, I already have a shop lined up, I said, but needed the money for the parts.

Big tall dude comes over, also an insurance employee, as the woman and I are going back and forth, and he chimes in and goes, "Well, Sir, y'know, typically the bank holding the lien wants to handle these things, and, y'know, if the repairs aren't made and they repossess the vehicle, you could owe the repair costs."

My response: "Huh, fascinating. Sounds like a conversation between my bank and I, and with all due respect, I don't understand who you are to have that discussion on their behalf."

"Just cut him the check," as he walks away.

I fucking hate insurance companies.

I'm with you there.

Not too long ago, my company was informed by letter (as you should have been) of a price increase. I can't remember exactly, but I want to say it was a 600% increase on the company's rates. There's never been any claims on the policy, they just decided they could do it to enough of their clients, and probably enough would pay it that it wouldn't matter they'd lose a bunch.

I understand the provide we switched to actually provides greater coverage for less than the original amount we paid the first provider. Unbelievable.

It wasn't specifically for insurance reasons, but I got rid of my car after I noticed I wasn't driving very far. Now we have a couple cargo trailers and we do the shopping and the errands just as easily and we're saving tens of thousands doing it. We go through the winter as well, it's not for everyone but dress appropriately and have lights and you'll do great.

I've had great luck going through an insurance broker for my insurance. The broker can be a mediator should the insurance company engage in sketchy nonsense, and can get you into some cushy insurance companies than only do B2B and don't spend millions on consumer advertising. Plus brokers will know what insurance companies to go through for what buyers to likely get you the best rate

My job is shopping around for third party customer support vendors. One of their pitches I kept hearing was, "We don't lie to you about times."

And then they shared how their competitors were trained on a method of customer service where their goal was to get you to hang up as fast as possible to increase their velocity Metrics. So they would literally lie to you. Thinking it was a joke, I googled and yeah, apparently that was a REAL tactic done for decades.

He plays a daddy capitalist on teevee while being total boomer.

Also his debt pay off advice is bad financial advice. "Snow ball" method 🤡

Entire grift is dunking on peasants and blame their personal failings for systemic issues.

If you drive a Nissan, I'm not going anywhere near you on the road.

No, because they pay out the nose for huge SUVs these days which increases the chance they'll kill us cyclists.

Eh, it also means relatively fewer weak cars are being built. So it helps, but not as much as you'd think.

Average price of a used car in the US, right now, is $29,000. Which means that for a $554 payment, it's going to be 5.4 years rather than 1.5. From there, you need to figure out how many miles you put on a car in a year, make some rough guesses about how many miles the average car has left before the cost to repair exceeds the cost of replacing, etc. Obvs. a high mileage used car is going to require significantly more maintenance than a new car will (...in most cases, as long as you aren't buying a new Land Rover or Jaguar), so you'll need to figure that in as well. You'll probably want good insurance, even if you're only required to carry minimal liability insurance, because any accident could be catastrophic for your finances if you can't afford to repair your car.

It's a bit of a death spiral; wages are still too low, car prices are too high.

If I took my bike to town, it would take me about an hour, give or take. To get home would be about four hours. It's 15 miles, one way, with about 2200' of elevation change.

Oh, that's odd, I don't get it. It says average car payment per month, I thought it means it's the monthly loan payment, which is super fine.

$550 is about what I pay ANNUALLY for AC for my 2015 Mondeo.

But yeah, it would be close to $3000 annually if I wanted to lease any new vehicle.

If this is just insurance then it is straight up wrong. The national average is like $200/m.

The picture is talking about the purchase price of the car, OP decided to add insurance onto this.

I don't think you can have a large family wagon for €400, at least in my country (Poland)

Buying a new car is a poor financial decision in general, considering things like depreciation or extreme leasing costs.

So yeah, I agree, buying a used car is the way to go, but getting one also gets much much more difficult the older and cheaper you want it to be.

S&P averaged about 10% over the last 30 years. That means it would be over 1.2 million.

Working life is more like 40 years. Those back end years are huge, it goes up to 840k. Which is why you're supposed to start on your 401k right away. Of course 99% of people don't get this talk until they're 40; go through a poverty period after high school; or never make it out of paycheck to paycheck living for other reasons. (Like medical debt)

Very few people get the good pay, good contributions, and consequently the good retirement. We also completely lie to people about retirement. We tell them they have to scrimp and save so they aren't homeless when they're 80. In reality half of us will be dead by 75 and half again by 85.

Right. That was what I was saying.

I didn't get into that issue, but it's a major one, and not just for people confined to a wheelchair who might be able to get assistance through government sponsored programs, but also people with certain types of PTSD, Autism, ADHD, anxiety issues, etc., (including lots of veterans) or people with vision issues or other disabilities that aren't considered "enough" of a disability to get help, but make it difficult or impossible to drive.

Most Americans have less than $1,000 in savings. So any car for that amount is not going to survive long. So most Americans still get loans for used cars.

And with interest rates so high, a payment of $550 will only get you about $25K. That's enough for a decent new small sedan, but if you have kids (especially if 3 or more), that's probably the minimum needed to get a used minivan that will last a while.

Anything else is only going to last a few years at best before needing major repairs.

the people who work in an area need to be able to afford living in that area.

I read an article in my local paper that 95% of the workers in my town don't live in town. And while there are new apartment buildings going up, paying $2000/mo for 300 sq ft without a washer/dryer or even an oven is not going to be attracting much of that 95% back.

Thats what I just did. Got a former lease, certified pre owned (so some semblance of a warranty) and half the price of new. Things got every option and even self drives on the highway

That's really close to a Camry hybrid too, then you get a warranty plus residual value is going to be very high.

A 2 year old car is used. It’s like c/fuckcars just turns peoples brains off when discussing vehicles.

Eh... Used to live in the city in a 500 sq ft condo built in '75 and similar units would be rented for the same price I'm paying to rent a 900sq ft apartment built in 2014 in a small town with all services one could need... Bonus, I don't need my car to do the groceries because it's 2 minutes door to door from where I live now compared to 5 minutes in my car when I was at the condo.

Two cars (~$50k each), two adult drivers, one accident in the last 7 years, no tickets = $453/mo. Fuck California and the weak cunt Newsom that can't get these greedy fuckers under control.

feddit.nl

Sure, I'll sell my nice house in the countryside and use the money to buy something not even half the size in an urban centre so I can have the privilege of being able to use a bus. No thanks.

The point is probably that they don't have a car to begin with

I don't own a car.

I am sure it's due to not having any accidents at all.

Oh yeah, not disagreeing with that!

I'm doing the same thing, but I still don't understand it. Why are creditors offering 3.54% car loans instead of just getting 8% themselves?

Not inherently. I have the option of having the lease company handle insurance, but it's much more cost effective not to.

I assume the euro stuff is all compatible because biodiesel is more common there and they have different emissions standards. Material wise, you just need synthetic rubbers, which have been standard since the 90's. The tuning issue comes from biodiesel being slightly more viscous. This effects injector diameter and injector pump pressure. The ignition point is also slightly different and timing can be adjusted, but I've never bother. Older diesels had enough tolerance that these things never mattered much, but newer ones aren't rated for more then 20% and I haven't heard of someone who's actually tested that.

It's also less relevant as HVO based diesel also comes from veg oil and is much, much closer to regular diesel then biodiesel is.