The cheapest way to own a car is to buy a used car, get your state’s minimum amount of liability insurance, and skip out on comprehensive and collision coverage — but we don’t recommend this. You should purchase more liability coverage than your state’s minimum, so you’ll be covered if you cause damage that exceeds those limits. And without comprehensive and collision coverage, you’ll have to pay for repairs to your car out of pocket. (However, comp and collision coverage require a deductible of usually $500 to $1,000 which you would need to pay for out-of-pocket anyways.)