That is the reason GAP insurance coverage exists. Deciding to skimp out on your insurance coverage when buying an expensive vehicle is stupid. Play stupid games, win stupid prizes.
this post was submitted on 30 May 2025
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Cyberstuck
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~~ I wonder if Tesla’s in house insurance even offers gap insurance lol ~~
Edit: article says he has Allstate so never mind
Even if he has Allstate, this is a good question about Tesla's in-house insurance. Or maybe Allstate didn't offer it for the Cybertruck, obviously they shouldn't have if they did. That 100% would have been a losing product and insurance companies don't do that.
Alternatively, it means that the car purchase was done without enough money for the down payment and therefore maybe the buyer couldn't actually afford the car. With a solid down payment, you should never have to be underwater on the auto loan in the first place. You can plan to stay ahead of the depreciation over the life of the loan because you already paid for the drop in value.
With too little down though, gap coverage is a must.
To be fair that is assuming an average amount of depreciation and not over paying for the vehicle to begin with.
Yeah, great point. If I paid $100 for a rock it doesn't make the rock suddenly become worth $100 to the rest of the market.
He might have thought it would actually go up in value due to demand and financed the whole thing.
I'm no expert but treating a car as a financial investment device seems unwise outside of the savviest of classic car owners.
Yeah but it’s on point for the sort of Musk bro who’d pay that much for a Cybertruck.
Think of it like scalping a gaming console.
Down paymeny? No. He had to have rolled over negative equity into the loan.
Buying a 198k car on credit, smh.
Google started recommending this site to me recently, and it's garbage. It's all unverified social media posts told in the first person. Shit is WILD.
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I paid a broker in California to find one and ship it to me. Their fees were $50k plus fees/taxes (totally reasonable seeing how limited they were.)
Allstate isn't covering that and is hitting me with depreciation. Can I fight this?
What a dumbass. Hell no your insurance isn't going to cover the amount you paid somebody to go and find one of these for you, and no, $50K for that service is not reasonable lmao
totally reasonable seeing how limited they were
When was this? Because I read an article today about a Detroit shopping mall fixing to sue over the excess Cybertruck parked in their lot.
"At this point I think I know more about manufacturing than..."
January 2024, per the article. Things changed a lot in the last 16 months...
$198K of stupid banker. $198K of stupid wanker.
I just hope my savings aren't in a bank that "invests" like that.
Congratulations on being an idiot who bought the most idiotic vehicle ever offered...this side of the Pontiac Aztec.
The Aztec looks dumb as fuck, but it's still functional....
What I want to know is if the poor person who was riding that scooter when he cut them off is OK
The Price is Right failure horn
Just some free finance advice. Vehicles are a money sink, they only lose you value. If you aren't comfortable with the concept of losing money, DO NOT buy an expensive vehicle. But the cheapest used car you can with cash on hand. Now, that's not possible for everyone. And it's not practical for everyone, it might be in your best interest to lease a vehicle for a monthly fee. Your lease should be with a reputable car dealer that has some kind of agreement to regularly maintain the car, and to trade it in often for another car without increasing your fees. The goal here is to pay as little as you can, and trade in often so you don't ever reach the point of needing serious repairs to the vehicle. Different situations have different needs, no one size solution works. But I'd HIGHLY discourage taking out a large debt in order to buy a new car. Your losing money you don't have. That's a bad idea. Then again, bankruptcy has few downsides when you are already poor.
There's a point where the cheapest used car can end up costing more than a slightly more expensive one. While I agree with your advice generally, I'd instead recommend buying the most reliable used vehicle you can afford.
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Good
LOL
Good.
What the fuck is wrong with US insurance?! This person's poor vehicle choices aside, when I insure my vehicle in Australia, we (the insurance company and I) agree an insured value when I take out the insurance. They set the cost based on that agreed value and a few other things. Then if my car is written off they pay me the agreed value plus any other costs covered. What's this agreed market value nonsense? Why would anyone agree to that for a financed vehicle?
You can get insurance that covers what you owe regardless of the actual value of the vehicle; insurance companies are presumably going to calculate the cost of that insurance based on the difference between the two. Dude presumably decided it was too expensive
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Time to swipe some "trucks".