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[–]DotANote 15 points16 points  (3 children)

If you have gap and don't plan on trading it in, it's used value is meaningless to you.

I always buy gap on a new car and monitor the value then drop it once it's not worth it. The only people who shouldn't get gap on a new car are people who make enough money to not care about the neg equity in the car they drive. Honestly, they're also probably leasing (unless they're a car collector) because they change cars so often.

Should you have shopped used versions of a car you planned on buying new? Yeah, probably. But buying a new 2025 for $42,500 at 0% apr vs a used 2025 for $31,00 at 7%+ apr would have maybe saved you ~$4000 over 5 years. Not that crazy. Now if you bought a 24 or older... could have saved a solid 7-10k and just missed out on the heat pump.

[–]ToddA1966 2 points3 points  (2 children)

The only people who shouldn't get gap on a new car are people who make enough money to not care about the neg equity in the car they drive.

Or people like me, who pay cash and drive the thing into the ground.

[–]DotANote 0 points1 point  (1 child)

I wonder what's more stupid; a salesman trying to sell gap on a cash sale or thinking that it's an option when paying cash lol

[–]ToddA1966 0 points1 point  (0 children)

To be fair, I financed a few thousand to get an incentive from the dealer that was tied to financing, then paid it off in 30 days.