Insuring, registering, and keeping 5+ cars running

[pgackerman]

I see posts on Pennock's from folks that own multiple Fieros and other cars.  My questions is, How do they economically insure, register, and keep running all these vehicles? 

Granted, some might be parts cars, but many of the sigs list 5+ Fieros.  I'm guessing it's not a family affair that keeps them running.  Instead it's just one owner who enjoys the vehicle.

So how do they keep the cars running and legal without going bankrupt? 

[GTRS Fiero]

From what I have observed with others who own so many Fieros, there is first a matter of income.  If you have $100K or more a year in disposable income, owning 5+ Fieros isn't that difficult.  Some of us have maybe $100 a month in disposable income.

[Fierofool]

At one time, I had a Dodge and a Ford truck, a Grand Prix, and 3 Fieros.  All registered and insured.  They were all paid for so there was no requirement for full coverage.  Melanie and I had an income of about $60K with lots of medical expenses and medical debt, but now I'm down to less than half that.  Still have the debt that I'm paying.  Not a great deal of discretionary income, but being a member of Georgia Fieros was and is a great benefit in keeping Fieros running.

[GTRS Fiero]

Some people incur debt to get a lot of fun cars.

[Fierofool]

The only Fiero I bought on credit was the 87.  Financed it through Melanie's Credit Union.  Paid cash for the other 6 or 7 I've owned. 

[GTRS Fiero]

Someone financed their Ford GT.  They cannot afford to license it, so the car just sits, while they make car and insurance payments.  Meanwhile, they are missing maintenance services.

While on a cruise, I met a guy who had financed a DeLorean.  Apparently, the first DeLorean he bought/financed developed cancer, so was junked.  He still owed $12K on that one, but financed another DeLorean, for a bit more.  He couldn't afford tires and such.

I have wondered how, if someone finances a used vehicle, they can pay for major vehicle expenses.

[TopNotch]

In general, it is a bad idea to finance a car. Sometimes the car will depreciate faster than the loan is paid off, For an old person like me, it's better to keep what I have running.

[pgackerman]

I've financed used vehicles.  Most recently because the rate was less than 2% and my mortgage was higher than 2%.  So extra money went to the mortgage.

[Fierofool]

Buying a vehicle can be compared to buying a house or paying income tax, social security, and health insurance.  We may have the disposable income to pay for such items, except that we don't have it in a lump sum. 

Imagine if you had no deductions from your paycheck for Federal and State Taxes and had to pay it all out at the time you filed.  It would be much more difficult for the majority of people. 

When we bought the 87, it was financed.  Made monthly payments to the credit union for 2 years.  When we bought the Ford Truck, we paid cash.  Took part of the money out of Melanie's investments and part from my 401K.  We probably ended up paying more than had we financed it, due to withdrawal penalties and loss of interest, but at least we didn't need to provide full insurance coverage.