So you are seeing about a 10% reduction per year. Interesting.

Mine was a 2012 model and by end of 2014 early 2015 it was worth 30% less than purchase price

Less than a penny on the dollar, if you don’t buy your gap cover from the dealer, for the piece of mind that comes of knowing you won’t be upside down if some drunk totals your car.

When you buy New, you need to keep the car as long as possible.

Good point - 15K didn’t last me long. I was unemployed for 3 years...

I got suspicious and had a long chat with progressive. Turns out it works like this:

Tell me that when your car gets totalled, and you’re still holding the bill for a car that isn't driveable.

Exactly haha i’m a insurance agent so i was going to be say that paying fro your car or the others person car isn't the expensive part, the lawsuits are.

GAP insurance at the dealer’s rip-off price may be $500, but what they dont tell you when you sit down in that finance manager’s office is that you can add the same coverage to your regular auto policy for a small fraction of what they charge.

Based on previous articles here, it’s clear that most people don’t know that you can purchase gap from any number of places (and especially your own vehicle insurer) not just the stupidly-inflated number that the Finance guy gives you when you buy a car.

Except your TV doesn’t get left outside in the public at the risk of being damaged to the tune of $10,000 or more.

I have gotten the protection plan for 4 years on all of my past 3 TVs. I originally paid $280 for the first TV (open box 46” LCD). It got replaced under warranty and they gave me a 55” LCD that was the closest comparable model. Just last week, they replaced the 55” LCD with a new 55” Samsung SUHD 4K model at no…

Yeah no shit. A car depreciates up to 20% off the lot. Wreck your $50K car 2 months out and your loan is now $10K more than the car’s value. GAP insurance is like $500.

Could it be that you don’t actually have a GAP? You certainly don’t have a $26k GAP unless you bought a Mercedes S-class on a long-term loan or something. Unless there is a specific subsidy, the actuaries have figured out the risk and potential magnitude of loss and have stacked the deck in their favor.

For the right price, GAP is worth it. And odds are, if he’s an employee, he’ll be getting it at cost, zero markup.

My GAP coverage is $13 every six months, for a $26,000 current balance.

I’m surprised how much GAP gets trashed in this community. Is it perfect for everyone? Nope. Should you buy GAP on a rock-bottom car? Nope.

GAP coverage is the equivalent of an extended protection plan on that TV you just bought, complete waste of money. Especially if you had a down payment/trade-in, as your “gap” between initial depreciated value vs. debt will be minimal. You will likely pay more in GAP insurance fees over the course of your loan than…

GAP is only necessary if you don’t regularly hold enough cash to carry the gap (and you really should if you are in a financial position to buy a new car). I only buy insurance where I can’t readily cover the loss (i.e. health insurance, homeowners insurance, life insurance). For things where I can cover the loss, I…

So, spend even more money?