Most people driving new cars only are because they're stuck in them. They do these 84 and 96 month finance deals and are instantly thousands under water on them, then they trade in and that negative equity gets added onto the new car and its even worse. Nobody is going to write a check for the difference, isn't like 75% of people only $1000 away from going broke?
i agree to the above and will ad they finance almost everybody these days no matter how much they owe.
about 4 years ago i repaired a 2 year old dodge ram quad cab truck. it was fully loaded with every option except diesel power. truck had 50+ miles on it.
truck had bald tires spun out on the freeway in a light snow storm. it was wrecked really bad. it needed everything from the front doors back including a frame. .
i really didn't want to fix it and thought it was a easy total loss. adjuster showed up and 2 days later we were approved for $60K in repairs. the owner had gap insurance and owed $130K on a 2 year old truck.
after the repair truck still had bald tires on it because that is not covered by insurance. . owner didn't have the $$ to buy new 20" truck tires so he drove to a new car dealer traded it in and bought a new truck.
