Curious about this. I am currently debating selling my current vehicle (very anti-mmm, a 3/4 ton pickup, although there is a very valid reason for it - pulling a horse trailer. I am considering selling the trailer as well and scaling back the equestrian hobby). This car has a KBB of around 23,000.
I currently have a loan on this, I ran some numbers, and I could get something like a Yaris or similar with low milage for around 10,000. I could sell it for slightly more than owe, so that's a financial win on a couple of fronts. Also, of course gas costs would be reduced as well.
But here's the thing. I thought given the change in value, my insurance costs would go down considerably. Nope, they went up considerably. Because I had them quote out a 2012 Yaris. It makes no sense to me that a car with a KBB of less than half my current vehicle would cost considerably more to insure - but my agent said it is a combination of a newer model year and that it is a foreign vehicle.
So...obviously, older is better regardless of value. Was wondering in general if certain models of cars are cheaper to insure than others? I also know that I could drop collision insurance if I paid cash, but I think that is a different issue, as in theory I could pay cash for a truck and do the same thing.
I have not decided yet on whether I'm going to change out the truck for a car, there are other things (both pros and cons) that I am evaluating. But being able to reduce my monthly insurance would definitely help me make a decision.
(An aside...I had a not-at-fault accident a couple of years ago and it affects my insurance rates, so they are high to being with. That will drop off my record next year).