Should You Sell Your Car If You No Longer Commute?

Have you thought of ditching your old car? It could be the easiest way to shore up your finances by allowing you to reduce thousands of dollars in annual expenses. Of course, most people own cars because they need them, but is that still true for you? The pandemic has killed the commute for many of us, and you might be one of them—with a depreciating asset sitting on the driveway.



a hand holding a white car


© Photo: aphrodite74 (Getty Images)


Should You Let Your Insurance Company Track Your Driving?

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Cars are expensive 

Transportation is a typical household’s second-largest expense after housing. When you include fuel prices, repairs, insurance rates, license/registration, taxes, depreciation, and finance charges, the average annual cost that people spend on their car is $9,282, according to AAA.

Of course, if you own an old clunker you likely spend much less. You’re also paying less insurance because of depreciation, but

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Car insurance policyholders may no longer be charged more than new customers

Home and motor insurance customers should pay no more when renewing their policy than they would if they were new to their provider under proposals by the City regulator.

Wednesday, 23rd September 2020, 7:00 am

It means that for existing consumers their renewal price would be no higher than the equivalent new-business price.

However, with firms being unable to charge renewing customers more than new customers in future under the plans, it could mean the disappearance of some ultra-cheap deals from the market.

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The proposals, made by the Financial Conduct Authority (FCA), would apply through the same sales channel.

For example, if the customer bought the policy online, they would be charged the same price as a new customer buying online.

Firms would be free to set new-business prices, but they would be prevented from gradually

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Elon Musk: New battery tech will make Teslas more affordable, able to make longer trips

Tesla is working on new battery technology that CEO Elon Musk says will enable the company within the next three years to make sleeker, more affordable cars that can travel dramatically longer distances on a single charge.

But the battery breakthroughs that Musk unveiled Tuesday at a highly anticipated event didn’t impress investors. They were hoping Tesla’s technology would mark an even bigger leap forward and propel the company’s soaring stock to even greater heights.

Tesla’s shares shed more than 6% in extended trading after Musk’s presentation. That deepened a downturn that began during Tuesday’s regular trading session as investors began to brace for a potential letdown. Musk raised those worries with a series of tweets Monday warning that Tesla’s new battery technology might not be ready for high-volume production until 2022.

Musk reiterated that timetable during Tuesday’s showcase and then added it might take up to three years before

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