As Labor Day arrives to mark the end of the summer season, the auto industry is cutting prices in order to move out old inventory and make room for new models. There’s no doubt that car buying during COVID hasn’t looked like car buying in past years – disruption to supply chains has greatly affected inventory and, therefore, prices. While finding a good deal on your new car may be a little tricker than before, consumers can still find bargains.
And when you do make the decision to buy a car, which is one of the most expensive purchases you’ll make, smart add-ons in the form of GAP waivers and motor vehicle protection products can end up saving you thousands down the road.
GAP waivers are essential for consumers who finance their vehicles. That’s because standard auto insurance policies typically cover only the actual value of a vehicle at the time it’s damaged or stolen, which is often far less than the full amount due on the loan. That means the consumer is still left having to pay off the loan, unless a GAP contract is in place to cover what’s still owed.
And auto service contracts and extended service plans protect consumers from unexpected and costly repairs. With newer model cars loaded with pricey electronics to keep everything running smoothly, it doesn’t take long for repair costs to zoom past the price of a service plan.
If you’re looking for peace of mind when buying a car, don’t forget to purchase a GAP waiver and motor vehicle protection plan.