Please Help! Age 20--$260/mo?!

[apacheco]

Quick history of driving record:

2 suspensions: First was for ~6 months because of failure to pay fine. Second one was for 2 months for failure to pay fine. Sucked being poor living on my own.

1 accident: My fault on paper (some douche in a truck >_>). Car was totaled. No payout by insurance company as my license was suspended (didn't know).

These were all under my mother's insurance and mother's car. I f*cked up, I know.

=================

Fast forward to present.

License is good again, getting a 2006 Mini Cooper. I've been quoted $270/mo to $240/mo. WAY TOO MUCH TO PAY on top of a car payment.

Tips to reduce payment? I've considered Progressive's Snapshot program because I drive VERY VERY VERY safe. (inb4 jokes about accident)

Thank for you for reading.

 

[Sales71]

You could pay cash for the car and just have the ins payment. Not sure where are you trying to do. You are not a good driver so your insurance rate would will be that much for the next few years.

 

[apacheco]

Thank you for your input Sales71. I don't have the money to currently buy the car outright, so that option is unavailable to me.


I'd argue differently about my driving ability although aforementioned evidence motions differently. I assure you I am a good/safe driver. Going forward, let's operate under this context.

Other replies are highly encouraged

 

[Guest]

Quick history of driving record:

2 suspensions: First was for ~6 months because of failure to pay fine. Second one was for 2 months for failure to pay fine. Sucked being poor living on my own.

1 accident: My fault on paper (some douche in a truck >_>). Car was totaled. No payout by insurance company as my license was suspended (didn't know).

These were all under my mother's insurance and mother's car. I f*cked up, I know.

=================

Fast forward to present.

License is good again, getting a 2006 Mini Cooper. I've been quoted $270/mo to $240/mo. WAY TOO MUCH TO PAY on top of a car payment.

Tips to reduce payment? I've considered Progressive's Snapshot program because I drive VERY VERY VERY safe. (inb4 jokes about accident)

Thank for you for reading.

What state are you in?

 

[LGilmore]

Back in the day I was faced with something similar. My driving record wasn't that bad, it just wasn't that good either. 3 tickets for 5 miles over (yes, dickish sheriffs) back then.

I was looking at buying a TR-7 (a sporty triumph car) and my premium was going to be around $275 a month, and this was 35 years ago. Think of the time value of money. This would have been $70 a month more than my payment.

Know what I did? I skipped the car, went and bought something that gave me a lower insurance rate and I pretty much learned that wanting a fancy car just put money into my car insurance guy's pocket, taking it from mine.

I pay less now in the past 20 years for a family of four with four cars than I did as an 19 year old with a nice Camaro. If's amazing what you figure out when you grow tried of giving your money to everybody else. cheers

 

[apacheco]

State: NY

Sales71, thank you for your input. Don't have the cash to buy a car out right currently. I need a car in the next 30 days to travel to and from my new job.

and LGilmore. I can't agree more. You make a really good point about weighing the options. I've taken this to heart. If I can't get the payment below $175/mo, downgrading will be my next move. Although, it has been a dream of mine as a kid to own a Mini. It's really a matter of determining whether or not the experience is worth it. I am truly thankful for the information and lesson you've given to me.

 

[blue_wynd]

Quick history of driving record:

2 suspensions: First was for ~6 months because of failure to pay fine. Second one was for 2 months for failure to pay fine. Sucked being poor living on my own.

1 accident: My fault on paper (some douche in a truck >_>). Car was totaled. No payout by insurance company as my license was suspended (didn't know).

These were all under my mother's insurance and mother's car. I f*cked up, I know.

=================

Fast forward to present.

License is good again, getting a 2006 Mini Cooper. I've been quoted $270/mo to $240/mo. WAY TOO MUCH TO PAY on top of a car payment.

Tips to reduce payment? I've considered Progressive's Snapshot program because I drive VERY VERY VERY safe. (inb4 jokes about accident)

Thank for you for reading.

Go ask an independent broker, they have the ability to shop rates with the companies they represent. You can shop online yourself too. I would do both. Bear in mind that all these shopping around will show up as soft hits in your credit history. Soft hits aren't a big deal though.

 

[williamavon]

I'm a NY broker and would be glad to shop it for you. We have standard and impaired markets. 845-489-5362 x 101, if your interested.

 

[b61mack]

If money is tight, buy a cheap honda, and safe your money. Mini cooper it up, when you can afford it.

 

[Norwayguy]

Quick history of driving record:

2 suspensions: First was for ~6 months because of failure to pay fine. Second one was for 2 months for failure to pay fine. Sucked being poor living on my own.

1 accident: My fault on paper (some douche in a truck >_>). Car was totaled. No payout by insurance company as my license was suspended (didn't know).

First it looks like your moving in the right direction looking at insurance costs before buying the car. I have to say though your state must be pretty funny...You mention suspensions for failure to pay the fine but leave out what caused the fine. Second you drove with a suspended license ....the state mailed you notification of the suspension the only reason you didn't know was your mail was stolen (really?). You don't read your mail especially official looking documents from your states DMV or you moved and did not update your mailing address which at least in my state is a requirement.

Call an independent agent if the budget doesn't work it means you need to delay that dream of owning a mini for a couple more years get an affordable car maybe one you can buy outright.