Quote:
Originally Posted by OkieSnuffBox
This is just patently not true. It's only been this way for approx the last 18 months because of supply chain issues.
Again, not true. This is why you're seeing people use 84 month loans to purchase cars that carry higher rates.
"Currently, however, less than half of U.S. households — about 4 in 10 — are able to cover an unexpected $1,000 expense like a car repair or medical bill, a recent Bankrate survey found."
"Moreover, a significant number of auto loans nowadays come with negative equity from the outset. Almost half—46 percent—of the loans in the data we reviewed were underwater; that is, people owed more on the car—$3,700 on average—than what the vehicle was worth."
https://www.consumerreports.org/car-...s-a8076436935/
Self-insuring? You realize most people don't have the money to do that, right? I carry 50/100/50 on our vehicle, and even though Oklahoma only requires a $75k bond.......I don't have that laying around to do so.
There also the part where some states require you to have as many 25 cars in your name to self-insure.
https://www.motor1.com/reviews/40696...elf-insurance/ |
Nice selective quoting there by leaving out "in the current climate."
In any event, yes - if you had to scrape up every penny you had to put $1,000 down and get an 84 month loan at 5%, by all means, spend that extra on gap insurance.
Of course, you TOTALLY IGNORED the fact that if you bought this car today at MSRP and you total it a year from now (or tomorrow) gap insurance wouldn't pay you a FREAKIN DIME since there would be no "gap."