Skip the IMS??

[Giller]

Originally Posted by brjak

Value of car is not reduced to zero. You could part the car out, or sell as a rolling chassis. Probably get 6-7kCDN. in essence without IMs and engine failure. value-7K. 11K car with 2K invested in an IMS replacement. Car value 11K. SO really the swing is roughly 3K on the car. Now saying that we are talking about a 97 Base boxster.

6-7?? For an old roller up here? No way. There just isn't much of a market here in Canada, and if you want to sell it down south, well, there are lots available, so supply vs. demand just isn't there. I'm guessing you don't have collision insurance on your car too? Or any life insurance?
IMS fix is really just insurance - odds are you will never ever use it, but it can be comforting to have. Especially for a car that sits, like most in Canada do over the winter.

[brjak]

Originally Posted by Giller

6-7?? For an old roller up here? No way. There just isn't much of a market here in Canada, and if you want to sell it down south, well, there are lots available, so supply vs. demand just isn't there. I'm guessing you don't have collision insurance on your car too? Or any life insurance?
IMS fix is really just insurance - odds are you will never ever use it, but it can be comforting to have. Especially for a car that sits, like most in Canada do over the winter.

Making a few leaps and assumptions. But, I will answer regardless, I have collision insurance, because it was an extra 45$ per year. So for 5 years of ownership 2.5% value of the car. If I could have any major item IMS, etc switched for a valuation of 2.5% I'd doit. but not 20%.

Life insurance is another thing- I don't have any debt, So really not a huge need for life insurance. Life insurance is a financial tool. after that i save money and invest it. Far too many people have way too much insurance. They spend far too much money on premiums. Thus never getting far ahead. When investing those premiums could yield a far larger return.
Via work family receives 2 years salary. So I guess I have a little insurance.
IMO- life insurance is the same as buying lottery tickets, or changing IMS. I roll the dice I don't need it. But, build for a successful future. If you have a solid foundation to work off of. These other items are unnecessary.

Only buy items I have cash for. Most people will spend far more money in interest payments than life insurance would cover. I made it a life mission to only buy what I can afford. than work hard to pay off debt. Which I did. I will add I'm a simple guy who never made 6 figures in his life. But, always knew how to invest.