Write Off?

[Remedy234]

So did you end up with the original invoice price ? Insurenace + gap
Insistence = return to invoice ?

Yes I did

Sponsored

 

[Longy_UK]

So if I lightly tap a lamppost I get my invoice price back and avoid depreciation?

interesting.

 

[69Mach390]

So if I lightly tap a lamppost I get my invoice price back and avoid depreciation?

interesting.

Yes you avoid depreciation.

It will only cost you:
1. Your down payment
2. The interest on the loan already paid
3. Principal on the loan already paid
4. The cost of the gap insurance
5. Increased insurance premiums after the accident
6. costs associated with buying another car

I’ll stick with the depreciation thanks.

Gap pays the difference (gap) between what you owe on the car and what the insurance company writes a check for.

You walk away from the loan and the car with $0.

 

[whitex]

Yes you avoid depreciation.

It will only cost you:
1. Your down payment
2. The interest on the loan already paid
3. Principal on the loan already paid
4. The cost of the gap insurance
5. Increased insurance premiums after the accident
6. costs associated with buying another car

I’ll stick with the depreciation thanks.

Gap pays the difference (gap) between what you owe on the car and what the insurance company writes a check for.

You walk away from the loan and the car with $0.

That is true in the US, in the UK I think they have a different gap insurance - at least from what I've been reading here. IIRC you can even insure your car above the purchase price (and the premium will reflect it).

Not as crazy as it sounds, insurance is just statistical bets by the insurance company. There is a jeweler in Vancouver, BC, Canada who used to (maybe still does, haven't checked since COVID) have an insurance policy that if more than certain amount of cm of snow fell in his region by end of January, the insurance covered all of customers purchases (all customers get their money back for anything bought some weeks before Christmas). I only know about this because maybe a decade ago it actually happened, all customers got their money back (but kept the goods of course), so it was in the news. Good free advertising for the store too.

 

[69Mach390]

That is true in the US, in the UK I think they have a different gap insurance - at least from what I've been reading here. IIRC you can even insure your car above the purchase price (and the premium will reflect it).

Not as crazy as it sounds, insurance is just statistical bets by the insurance company. There is a jeweler in Vancouver, BC, Canada who used to (maybe still does, haven't checked since COVID) have an insurance policy that if more than certain amount of cm of snow fell in his region by end of January, the insurance covered all of customers purchases (all customers get their money back for anything bought some weeks before Christmas). I only know about this because maybe a decade ago it actually happened, all customers got their money back (but kept the goods of course), so it was in the news. Good free advertising for the store too.

Interesting. Just reading about the RTI option now. Definitely a different type of product than the gap we are used to here.

 

[whitex]

Interesting. Just reading about the RTI option now. Definitely a different type of product than the gap we are used to here.

In the past in the US I did come across a different car insurance option on new car purchases - if the car was totaled within 2 years since purchase, the insurance company paid for a brand new (same model/options) replacement. I haven't seen this offered recently, but then again, I have not looked (I wouldn't be surprised if supply chain issues, high inflation, and unpredictable tariffs made such insurance product not viable). To me the UK version makes much more sense - premiums are determined by actuaries such that "the house always wins" - like in a casino, but better for the insurance companies, casinos don't raise their "rake" (or your price to play) after each time you win.

Typical gap insurance in the US though is as you described, it just bails you out if you are "upside down" on the car loan or lease, and the car is totaled. It only covers the difference between market value of your totaled car (a.k.a. replacement value) and what you owe on the car. This makes it only worth entertaining if you're doing minimal (or zero) down payment on a relatively short term loan or lease.

 

[CaptainJorg]

Am I the only one curious about what options I would have to select on a Taycan so that it would drive worse than a bmw i4? Interesting spec indeed
Happy to hear you found a worthy replacement!

 

[Longy_UK]

Yes you avoid depreciation.

It will only cost you:
1. Your down payment
2. The interest on the loan already paid
3. Principal on the loan already paid
4. The cost of the gap insurance
5. Increased insurance premiums after the accident
6. costs associated with buying another car

I’ll stick with the depreciation thanks.

Gap pays the difference (gap) between what you owe on the car and what the insurance company writes a check for.

You walk away from the loan and the car with $0.

Yeah as others have said we have ‘Return to Invoice’ in the UK.

it would be interesting to hear from OP what his actual losses were.

 

[Remedy234]

Yeah as others have said we have ‘Return to Invoice’ in the UK.

it would be interesting to hear from OP what his actual losses were.

My losses were only the excess on the insurance (£1500)

 

[whitex]

My losses were only the excess on the insurance (£1500)

They refunded you all interest paid on the loan, and all interest you would have made on the money you did pay?

 

[Remedy234]

It’s turned up on copart

https://www.copart.co.uk/lot/972565...taycan-350kw-93kwh-4dr-rwd-auto-wolverhampton

 

[SoccerMan94043]

It’s turned up on copart

https://www.copart.co.uk/lot/972565...taycan-350kw-93kwh-4dr-rwd-auto-wolverhampton

10K seems like a great deal just for the interior parts alone. Do these sell that low?

 

[Taycan4S_UK]

It’s turned up on copart

https://www.copart.co.uk/lot/972565...taycan-350kw-93kwh-4dr-rwd-auto-wolverhampton

did you get an option to buy it?

 

[Remedy234]

did you get an option to buy it?

I never asked, didn’t want it back

Sponsored