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A Delaware couple had purchased a 2012 Camaro as a collectible and planned to give it to their grand daughter hoping it's cash value would help with college bills. They had taken their low mileage car to the dealership where it was purchased. A dealership employee took it on an unauthorized ride and totaled it.The dealership is having trouble finding an acceptable replacement. The couples insurance says they are not covered for the full amount owed. AND to add insult to injury no criminal charges can be placed against the employee who took the unauthorized ride. No deal yet over wrecked Camaro - By Melissa Steele - CapeGazette.com - Covering Delaware's Cape Region - Inland Bays, Atlantic Ocean, Rehoboth Beach, Lewes, Milton, Dewey Beach, USA
I guess the first clue that cars are not good investments should be the fact that a 3-week old $60K car has already depreciated to the point where adding $3K cash to the insurance payoff doesn't equal the purchase price.
By the time the grandaughter heads off to college, selling the car might pay for books. A better investment would have been to put the $60K into a 529 plan. But this isn't the personal finance board...
A 2012 Camaro is not a collectible, lol.... and will most likely never be.
And 10,000 miles on a car a year or even two years old is not a "low mileage" garage queen that would ever attract a high price as a collectible someday.
AS mentioned, investing the money would have been a much smarter thing.
Hey honey let's spend $35k on a new Camaro and keep the miles low to sell it for $50k in 18 years when it's a collectible :/
These people have horrible math skills and do not understand that the purchase of the car, insurance, fuel, maintenance, etc. for the car over it's lifetime will never provide them with equity on a new Camaro. At least not in the time it takes their daughter to reach college. Classics are not born overnight and take decades to do so.
That said, the dealership is fully responsible for all damages, loss of the gap from what was owed on the car, etc. But they are also stupid for not purchasing the gap coverage on a new car anyways. Oh and it seems they must have financed the car if the insurance is not covering the full amount owed meaning they are paying interest as well on a car they want to have be worth more years down the road...smh.
Why is this even news? Cars get crashed all the time. Car dealerships aren't immune to it. And I think the owners are trying to run a smear campaign to get the dealer to compensate them for the lost value (not that they shouldn't be compensated.) And buying a car as an investment...Just...No. After reading the article, it seems that they are trying to get one over on the store. If I were the store, I would be inclined to write them a check for a few grand to be rid of them, but somehow I don't think that they will go for it.
A Delaware couple had purchased a 2012 Camaro as a collectible and planned to give it to their grand daughter hoping it's cash value would help with college bills. They had taken their low mileage car to the dealership where it was purchased. A dealership employee took it on an unauthorized ride and totaled it.The dealership is having trouble finding an acceptable replacement. The couples insurance says they are not covered for the full amount owed. AND to add insult to injury no criminal charges can be placed against the employee who took the unauthorized ride. No deal yet over wrecked Camaro - By Melissa Steele - CapeGazette.com - Covering Delaware's Cape Region - Inland Bays, Atlantic Ocean, Rehoboth Beach, Lewes, Milton, Dewey Beach, USA
They bought a Camero as a collectible? That hurts their credibility right there.
IDK... perhaps because of Transformers, I think there is potential that a 5G Camaro could end up being a collectible some time down the line.
Yeah, in 30 years it may get all the way up to half what they paid for it.
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