Where is your cutoff for full insurance? I'm not saying insurance is good or cheap, but we have to have it and they are out to make money (don't get me started on health insurance)
The S&P good average return is 8%
$1080 invested in one chunk, for 5 years at 8%, you get $1,586 at the end.
Still leaves me $2414 "ahead" of investing in the 5 year picture.
As said point I could invest that $1,586 and use the $2414 on a bender in Vegas and still be in the same boat (financially speaking)
Yes I could go purchase another vehicle of said or better quality without insurance money. We have 3 cars and have not had a car payment for more than 10 years.
My wife van actually got totaled as well. $11,500 in damage, and imo doesn't look that bad at all either.
There are "other things" that go into account of TCO of a vehicle, others insurance fees etc....but i'll take this deal and freshen up the old girl.
I was just laughing that they say it's only worth $300 to salvage...basically scrap metal, yet insurance had too look a little harder to find a 2000 Jetta TDI 5 speed to compare.