Someone I knew got into a car accident leaving the dealership, and totalled the car. The insurance said because the address of the accident was the dealership it was not the drivers car. The dealership said, the driver left the lot, the value went down, and the driver didn't by gap insurance so the driver owed money on the totalled car. I can't remember more than it had to be litigated, but I remember learning we as customers will never own a ," new " car.
If it's ours, it a used car. It's only new to the dealership.
Cars are generally always a depreciating asset... It always blows my mind that people don't look at these things as a net loss.
Very very few models can actually retain value due to enthusiast.
I always take the view when purchasing a vehicle of how much money am I expected to lose per year to minimize loss.
Someone I knew got into a car accident leaving the dealership, and totalled the car. The insurance said because the address of the accident was the dealership it was not the drivers car. The dealership said, the driver left the lot, the value went down, and the driver didn't by gap insurance so the driver owed money on the totalled car. I can't remember more than it had to be litigated, but I remember learning we as customers will never own a ," new " car.
If it's ours, it a used car. It's only new to the dealership.