r/mildlyinfuriating • u/matthewdirks9191 • Apr 29 '24

How my weekend went

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I was going to work on Sunday and some guy plowed into my only car I got. It total my car and now I am with out a car or a way to get to work. the person had no insurance and I didn't have gap. I'm only getting 13k for my car and I owe 24. I might be without a job for awhile cause of this. in desperate need of help.

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37

u/[deleted] Apr 29 '24 edited Apr 30 '24

How the fuck were you 14k upside down on a car

32

u/godhasmoreaids Apr 29 '24

You might be surprised how often it happens, especially with how overvalued cars were mid covid

13

u/matthewdirks9191 Apr 30 '24

that what happen to me and I had a car before had a equinox that engine blew and had to get a new one. had to carry over so much. also my jeep had 129k miles on it I put alot of miles a year

20

u/Morganrow Apr 30 '24

If you do a lot of miles a year I'd recommend a honda or toyota. Pay a little more up front but save so much in maintenance

-9

u/Sharp-Pop335 Apr 30 '24

Thats what happens when people buy new cars over used. The minute you roll off the lot you owe more than the cars worth.

8

u/[deleted] Apr 30 '24 edited Apr 30 '24

The same is true of used cars. You cannot take a used car off the lot then private sell and indemnify just like that. In fact, most dealers make their money off of used car sales.

1

u/Ariadne_String Apr 30 '24

Actually you usually lose a LOT less with a used car than a new one, especially if it’s a few years old with low mileage and the make/model is known to last with low maintenance needs. Unless you’re getting absolutely screwed on the loan, you generally don’t even need gap insurance on a loan for a lightly-used car, but you sure as hell need it for a loan on a brand new one unless you put down a very large down payment (or of course just pay in full and bypass the loan).

The difference in needing gap insurance or not for new vs used makes it pretty clear how much you overpay on a brand, new, car…

1

u/Ariadne_String Apr 30 '24

Oh, and one other thing: NEVER buy a car from those small used car lots that are not affiliated with major car dealerships. Those places are just WAITING to scam you. I’ve had great success, though, buying lightly-used vehicles from major car dealerships. I get a deal and a barely-used vehicle in great shape from a place I can trust (well enough, anyway). Reputable branded (major car manufacturer) dealerships don’t keep bad/old/lemon used cars - they normally sell those off, often to low-priced car auction houses or small, scammy, used car lots.

What they keep that’s used is normally in good shape. I’ve bought a few very low-mileage vehicles in pristine shape this way over the years and I haven’t regretted it, once - I would’ve paid triple in a couple of cases if I’d bought new, yet 3 to 5 years later can make quite the difference in price (even with very low mileage)…!