The irony is, the older the car gets, the less money it actually cost to keep collision coverage on the vehicle.
I carry collision with only 200 deductable on my '90 CRX-Si, and I think it costs me something like $53/6-months.
Why would I want to drop that???

 

For the S2000, it's $300. for six months. I was paying $650., without the collision, it's $350.

 

A 1990 CRX SI with 50,000 miles is worth somewhere between $450 and $900. Probably if it was totaled they would give you around $600.

1990 Honda Civic CRX Coupe 2D Si

 

If you minus the deductable, you'll probably get $400.

 

When i said, that i thought the prices would recover, what i meant is, that
you should be able to get a few thousand more than now. The market
and time will play out on that.

 

My '02 Spa just went for 11.8k - so not as bad as some of the nyumbers in this thread. Still, less than I would have preferred.

Dave

 

I understand, I was just kidding about the 30 - 40 years. Having owned several, collectable cars over the years, I never look at a car as an investment. Every car that I had, by the time I calculated what I spent to restore them, I never got anywhere near what I put into them.

 

I was considering doing a 71 XKE, when i ran the numbers
it just was not worth it. Although the car was in pretty bad shape.

 

I don't intend on dropping any of the insurance. For the few hundred/year the collision coverage costs, I'd take the insurance company's 8-12 grand or whatever if the car was totaled.

 

I've looked into changing coverage but it didn't make sense for me. I pay $330 for 6 mos full coverage and $40 for 6 mos storage coverage; that averages out to only $31 per month. I realize everyone's situation is different.

As for used S2000 values - Yes, they are the low numbers you've quoted. The car's been in production for nearly 10 years with over 100,000 produced and two-thirds of those are in the US. It's a nitch car and there are LOTS of low milage S2000s on the market, many in fine shape because they were fair weather cars. It's simple supply and demand.

The way I look at it is my car is worth more to me than I could sell it for.

That's why I always believed that cars are made to be driven. Having a garage queen that drops in value each month makes no sense. Lets face, cars are a bad investment. Oh, I know, there's exceptions. The Ferrari that won the 1962 LeMans race comes to mind; it sold last year for $9.3 million. But, being realistic what we are driving is a sports car for the every-day-man (or women) that offers a wonderful driving experience and value but it's not going to make anyone rich. So drive it. Enjoy it.