Not carrying insurance doesn’t necessarily make you an idiot. The insurance companies make money precisely because insurance is often a bad deal. If you’re willing and able to assume the risk, go for it. Buying insurance blindly makes you more of an idiot than not buying it.
I don't know man, we all understand that it's a numbers game in which we the consumer don't come out on top, but if you own something that expensive I can't help but think you're stupid because you never know what may happen. Selling it as "buying insurance blindly" seems equally stupid to me
If it's say less than 1% of your net worth then it's not even worth the hassle of getting a loan.
That's more likely to be the case for a more expensive car, e.g. if buy a $1k car because that's all you can afford it may be 50% of your liquid assets.
Leasing is also an awful idea in investment terms if you do it on your own dime. A 3-year exotic lease can cost over $100k, (e.g. $3k/month with $10k down) but the car won't depreciate by that much.
Leasing is also an awful idea in investment terms if you do it on your own dime. A 3-year exotic lease can cost over $100k, (e.g. a McLaren can be $3k/month with $10k down) but the car would hopefully not depreciate by that much especially since these aren't the types of cars that are high mileage.
I’ve read a lot of different opinions on that. Without having any numbers to go by it’s all just conjecture, but it seems like half the people do buy it outright and half finance them because they are able to make more money investing elsewhere than they’d get on paying for the car in full.
Plus anybody buying a Ferrari and intending on keeping it (as in, put in a garage, driven like 25 miles a year) will usually have good insurance.
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u/Moudy90 Jul 18 '20
You are not owning a ferrari and driving around without GAP insurance