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People put down deposits for every electric truck in development, leaving dealers in the lurch when they eventually cancel all but one (www.businessinsider.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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People put down deposits for every electric truck in development, leaving dealers in the lurch when they eventually cancel all but one::When an electric truck customer doesn't show up to pick up their order, dealer are left with a car that might be hard to sell to someone else.

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[–] kiddblur@lemm.ee 1 points 1 year ago (1 children)

Yeah, same. I never dreamed that a Tesla would be the cheaper option (summer 2022 at peak prices) compared to a Mach e, ev6, or ioniq5, but my dealerships all had 15k markups, and each car has features I wanted gated behind higher trims, so they were all like 60k+ after markups (don’t remember specifics since it was over a year ago)

Thankfully I got a ridiculous trade in check from my ID.4, so I was able to afford a huge downpayment on the model 3, although thanks to the price drops, I’m underwater again… good thing gap insurance is only $8 a month through my insurance

[–] Shrek@lemmy.world 0 points 1 year ago (1 children)

What does it mean to be underwater in this instance? And what is Gap insurance?

[–] kiddblur@lemm.ee 3 points 1 year ago (1 children)

Underwater means that I owe more on the car than it’s worth. I bought it at $52K with a 15K downpayment, and at this point I owe $33K on it. Carvana estimates it’s worth $30K, so if I totaled it tomorrow, my insurance company would give me $30K, but then I’d be on the hook for the other $3,000. So gap insurance takes care of that. In fact, my gap policy says that if I total a car two years old or newer, they’ll pay it off and get me a brand new one as a replacement, and if it’s older than two years, they’ll get me one a year newer.

So I’m paying $8/month for the peace of mind that I don’t have to worry about out owing money in the case of a crash.

Obviously when I bought the car, I wasn’t expecting Tesla to drop the price so much and crater the used market

[–] Shrek@lemmy.world 2 points 1 year ago

Thanks for responding! I'm glad I learned about this!