Re: Car accident - damage might be > value of car...what\'s my play?
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Example, $4000 in repairs, they offer me $3500.
For $500, I could basically keep the car, and still drive it forever (only 75k miles!).
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I don't understand why you are not grasping the basic economics of your situation. It never makes rational economic sense to spend $4,000.00 on something that is worth only $3,500.00. You lose $500 bucks by doing this. It is -EV. Period.
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I think what you're missing out on is the fact that it's going to be -very- difficult to find a car for $4000 with similar mileage to mine, though I do see your point.
In addition, purchasing a car is VERY -EV. Buy purchasing anything worth more than $4k, I immediately have to absorb more depreciation over the next few years than I would have with my current car.
The only exception is if I actually find a car for 4k that's decent.
That said, with $4k, what would you buy?
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