Mike728

That's odd to me. We both seem to have State Farm. I've been with them since the 80's and every competing quote I get is at least 2x higher. I have $0 Comp and $500 Collision, but I'm not sure how any of that would cause the premiums to change over time.

lesz

If your premium of $520 is an annual premium, you are actually paying substantially less to insure your 2013 UL ES than I am paying to insure my 2017 UL ES because the numbers that I stated are for my semi-annual premiums.

The reason why the premiums decrease as the car ages and its value decreases is because, if there is a total loss or even significant damage that results from an accident, theft, fire, or other peril, the most that State Farm would have to pay out with your 2013 ES is around $20,000. If, on the other hand, you had a new 2021 UL ES, State Farm could be on the hook for up to $55,000 for a similar loss. Even if you are talking about a major accident, the repair costs might be $35,000 or more. If that happened to your 2013 ES, State Farm would just declare it a total loss, and they would pay out the $20,000 or so current value of the car. If the same damage happened to a 2021 ES, State Farm would have to either pay the full cost of repairing the car, which could significantly exceed $20,000 ,or they would have to declare it a total loss and pay out its much higher current value.

TechNut

I have also had State Farm since the 80s. We carry $100 Comprehensive and $250 on Collision. We also have the highest level of liability. I cannot recall the exact amount, but this was required as part of our Umbrella policy. Anyway, the point is that I am amazed at how much difference there is in insurance costs in different regions. I just insured our 2021 RX 450h yesterday and it ran $371 per year (or $185.98 every six months).

Anyway, I digress - as to the topic of this thread some good points have been made both pro and con. I am at a point in my life that we could probably live with just a single car in our family but there are just too many times my wife and I might want to go separate ways. We have certainly talked about it and as you can see from my previous comments, we decided against it. We sometimes get emotional attachments to our cars (I certainly do) and we have to remember that it is ultimately just a machine to get us from point A to point B. If you aren't using it any longer for that purpose, while it is just taking up space and depreciating further, it sounds like it is time to sell. If you decide the offer from Carvana is legit, I would probably go for it.

Mike728

Well, it's gone! Took all of 10 minutes to process everything. I still can't believe what they paid me for it. Trade-in offers were in the $17k range, so there wasn't much to think about. Now, I need to find a replacement Garage Queen!

lesz

Glad to hear that it worked out well.

Your experience makes me wish that there was a Carvana location that was convenient for me to get to. Where I am, they won't even come to pick up a vehicle.

TheRas900

Glad to hear! I was very impressed with our Carvana experience.