Comments on: How to Spend $500+ in One Go http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/ Personal Finance + Savvy Living = Save for Tomorrow, Enjoy Today Wed, 08 Feb 2012 19:29:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Buy New Car vs. Keep Old Car http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-14014 Buy New Car vs. Keep Old Car Mon, 12 Jul 2010 03:13:17 +0000 http://wellheeled.wordpress.com/?p=1064#comment-14014 [...] When it comes to the buy new car vs. keep old car dilemma, the financially prudent answer seems to always lean towards the latter. Of course, a new car is a significant drain on one’s monthly cash flow, but when is the right time to finally buy a new car? I have never considered buying a new car quite as seriously as I am doing right now. This past Independence Day, I spent $350 on rest and pampering… for my car! (some recent repairs include: $120 in December 2009, $350 in May 2009, and $400 in November 2008). [...] [...] When it comes to the buy new car vs. keep old car dilemma, the financially prudent answer seems to always lean towards the latter. Of course, a new car is a significant drain on one’s monthly cash flow, but when is the right time to finally buy a new car? I have never considered buying a new car quite as seriously as I am doing right now. This past Independence Day, I spent $350 on rest and pampering… for my car! (some recent repairs include: $120 in December 2009, $350 in May 2009, and $400 in November 2008). [...]

]]> By: Unexpected Car Expenses | Well-Heeled, with a mission http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-9473 Unexpected Car Expenses | Well-Heeled, with a mission Mon, 07 Dec 2009 08:50:53 +0000 http://wellheeled.wordpress.com/?p=1064#comment-9473 [...] noise when I tried to start the engine. My last major repair cost $350 in May. Before that, I spent $400 in November 2008. I’m not overjoyed at the prospect of another big repair, but I understand that my car is [...] [...] noise when I tried to start the engine. My last major repair cost $350 in May. Before that, I spent $400 in November 2008. I’m not overjoyed at the prospect of another big repair, but I understand that my car is [...]

]]> By: Please, buy something! « Well-Heeled, with a mission http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2732 Please, buy something! « Well-Heeled, with a mission Thu, 13 Nov 2008 04:57:57 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2732 [...] of American consumers who no longer consumes. (Actually, on second thought, I just contributed $500+ to the car repair industry - and to a locally-owned business to [...] [...] of American consumers who no longer consumes. (Actually, on second thought, I just contributed $500+ to the car repair industry – and to a locally-owned business to [...]

]]> By: SP http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2737 SP Thu, 13 Nov 2008 03:55:32 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2737 I think you should drop the collision too. I should say that I also think I should drop MY collision coverage, but I don't. It makes me feel better to have it since I don't really want to buy a new car for about a year (or more). But I'd keep comprehensive, no matter what. It's pretty cheap ($30-$50??), and covers theft and such. I think you should drop the collision too. I should say that I also think I should drop MY collision coverage, but I don’t. It makes me feel better to have it since I don’t really want to buy a new car for about a year (or more).

But I’d keep comprehensive, no matter what. It’s pretty cheap ($30-$50??), and covers theft and such.

]]> By: Margo http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2738 Margo Wed, 12 Nov 2008 23:17:06 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2738 I talked to my insurance agent today. They use the NADA value, not Kelley Blue Book, to determine payouts if you're in an accident. That's the $ amount to use if you're paying more than 10% premium-to-payout ratio that's mentioned in the MSN article Kerri linked. I talked to my insurance agent today. They use the NADA value, not Kelley Blue Book, to determine payouts if you’re in an accident. That’s the $ amount to use if you’re paying more than 10% premium-to-payout ratio that’s mentioned in the MSN article Kerri linked.

]]> By: Serendipity http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2741 Serendipity Wed, 12 Nov 2008 22:04:48 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2741 I would keep the insurance. You just never know and better to be safe than sorry. I just shelled out about 600 dollars to fix a couple belts and the starter in my car. But I don't have a car payment so I kinda feel in a sense lucky that this is my first major expense since buying it over a year ago from a friend. Maybe you should think about a new car but it boils down to if you want a car payment or not. XoXo Serendipity I would keep the insurance. You just never know and better to be safe than sorry. I just shelled out about 600 dollars to fix a couple belts and the starter in my car. But I don’t have a car payment so I kinda feel in a sense lucky that this is my first major expense since buying it over a year ago from a friend. Maybe you should think about a new car but it boils down to if you want a car payment or not.

XoXo
Serendipity

]]> By: Margo http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2733 Margo Tue, 11 Nov 2008 23:39:04 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2733 I think you should drop the C&C coverage. Realistically, if you totaled your car, you won't get KBB back from the insurance company. You'll get much closer to the trade-in than the private party value. I think you'd only get about $2500 paid out if the car was totaled right now, and that will keep declining. $500/year is a lot to pay for about $2500 worth of financial protection if you get into an accident. You've got more than enough in your emergency fund to cover a new-to-you used car or a hefty down payment on a nice new one. Insurance is only meant to protect you from the financial storms you can't cover yourself. Take the $500/year out of the insurance bill and put it into a car replacement fund. As for when you should replace your car: when you're living somewhere with a driveway or when the current car is dead. Or when you get a full scholarship for your MBA ;) I had just finally caved and spent $800 fixing a non-mechanical problem with my front end, when the very next day somebody had put a couple dings in the bumper because he couldn't parallel park. I can't imagine if that had been a $10K or $15K new-to-me purchase!!! Remembering that I park on-street keeps my new car urges at bay! I think you should drop the C&C coverage.

Realistically, if you totaled your car, you won’t get KBB back from the insurance company. You’ll get much closer to the trade-in than the private party value. I think you’d only get about $2500 paid out if the car was totaled right now, and that will keep declining.

$500/year is a lot to pay for about $2500 worth of financial protection if you get into an accident.

You’ve got more than enough in your emergency fund to cover a new-to-you used car or a hefty down payment on a nice new one. Insurance is only meant to protect you from the financial storms you can’t cover yourself. Take the $500/year out of the insurance bill and put it into a car replacement fund.

As for when you should replace your car: when you’re living somewhere with a driveway or when the current car is dead. Or when you get a full scholarship for your MBA ;)

I had just finally caved and spent $800 fixing a non-mechanical problem with my front end, when the very next day somebody had put a couple dings in the bumper because he couldn’t parallel park. I can’t imagine if that had been a $10K or $15K new-to-me purchase!!! Remembering that I park on-street keeps my new car urges at bay!

]]> By: Kerri http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2740 Kerri Tue, 11 Nov 2008 14:28:22 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2740 Here's a good article about when to get rid of C&C insurance. http://articles.moneycentral.msn.com/Insurance/InsureYourCar/DumpTheInsuranceOnYourClunker.aspx?page=all I just got rid of mine (fingers crossed) and I'm putting the money saved -- plus a little extra each month -- toward the purchase of a new car when/if mine is damaged or goes kaput. Here’s a good article about when to get rid of C&C insurance.

http://articles.moneycentral.msn.com/Insurance/InsureYourCar/DumpTheInsuranceOnYourClunker.aspx?page=all

I just got rid of mine (fingers crossed) and I’m putting the money saved — plus a little extra each month — toward the purchase of a new car when/if mine is damaged or goes kaput.

]]> By: Fabulously Broke http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2739 Fabulously Broke Tue, 11 Nov 2008 11:28:58 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2739 Another more fun way is to buy too many necklaces on Etsy.... I agree. Keep insurance the way you have it now, and just think of getting another car... Another more fun way is to buy too many necklaces on Etsy….

I agree. Keep insurance the way you have it now, and just think of getting another car…

]]> By: Chantalle http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2736 Chantalle Tue, 11 Nov 2008 05:58:56 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2736 You're better off keeping your insurance the way it is. They will find any way to screw you over once you get into an accident. Dealing with their crap right now - and I have the highest possible coverage! I shelled out $1,300 the other week to get my car fixed. Well, it wasn't dead. But the engine malfunction light came on and I realized i'd better take it in quick before something really gets ruined. I need my car to last for at least another year! You’re better off keeping your insurance the way it is. They will find any way to screw you over once you get into an accident. Dealing with their crap right now – and I have the highest possible coverage!

I shelled out $1,300 the other week to get my car fixed. Well, it wasn’t dead. But the engine malfunction light came on and I realized i’d better take it in quick before something really gets ruined. I need my car to last for at least another year!

]]> By: Savings http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2735 Savings Tue, 11 Nov 2008 05:16:47 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2735 thanks for the code! i've been needing new moisturizer and cleanser for awhile now, but had some trouble biting the bullet to buy it. But you can't argue with 20% off! good luck with the car stuff! I know next to nothing about car insurance so I'm of no help in that department :-) thanks for the code! i’ve been needing new moisturizer and cleanser for awhile now, but had some trouble biting the bullet to buy it. But you can’t argue with 20% off!

good luck with the car stuff! I know next to nothing about car insurance so I’m of no help in that department :-)

]]> By: Siobhan http://www.wellheeledblog.com/2008/11/10/how-to-spend-500-in-one-go/comment-page-1/#comment-2734 Siobhan Tue, 11 Nov 2008 04:28:10 +0000 http://wellheeled.wordpress.com/?p=1064#comment-2734 god forbid the day comes when you have the accident and its worse than you can ever imagine. the speeds with which we fly around busy streets in LA can cause the worst of damage. i would keep both C & C coverages. just sayin. god forbid the day comes when you have the accident and its worse than you can ever imagine. the speeds with which we fly around busy streets in LA can cause the worst of damage. i would keep both C & C coverages. just sayin.

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