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meat_n2_reg

Hello

Just bought first new car ( not very MSE ) , don't normally buy new but got approx 2.2k off list price so car approx £8k

Not sure regarding gap insurance needed

1st year covered new for old on comp insurance

Ball park car values : car will be low mileage 6k per year

2019 £7.5k
2018 £6.5k
2017 £5.5k


Gap for 3 years £130 with ALA with 25% mse code


What do you recon Gap for a expensive new car seems a no brainer , but not so sure on a cheaper car ?



Regards Steve

neilmcl

Is this a brand new car and have you taken any finance with it?

Personally I'd always go for replacement vehicle GAP, particularly if you got a good initial deal on the purchase price.

motorguy

meat_n2_reg wrote: »

Hello

Just bought first new car ( not very MSE ) , don't normally buy new but got approx 2.2k off list price so car approx £8k

Not sure regarding gap insurance needed

1st year covered new for old on comp insurance

Ball park car values : car will be low mileage 6k per year

2019 £7.5k
2018 £6.5k
2017 £5.5k


Gap for 3 years £130 with ALA with 25% mse code


What do you recon Gap for a expensive new car seems a no brainer , but not so sure on a cheaper car ?



Regards Steve

OK, so you get your new pride and joy, love it, and its doing its job perfectly for you. You're went the extra mile and bought new because you didnt want to be driving round used car supermarkets looking at cars with a spurious history.

A year in and god forbid, your car gets written off. The insurance company give you £6,000 for it. You're then in to the realms of trying to find the same car at a year old from a supermarket or wherever OR putting maybe £3,000+ to it to buy another new one.

Do you want that hassle, risk and expense to save £45 a year?

Manxman_in_exile

meat_n2_reg wrote: »

Hello

Just bought first new car ( not very MSE ) , don't normally buy new but got approx 2.2k off list price so car approx £8k

Not sure regarding gap insurance needed

1st year covered new for old on comp insurance

Ball park car values : car will be low mileage 6k per year

2019 £7.5k
2018 £6.5k
2017 £5.5k


Gap for 3 years £130 with ALA with 25% mse code


What do you recon Gap for a expensive new car seems a no brainer , but not so sure on a cheaper car ?



Regards Steve

Mileage that low might reduce its future value further.


I think you've got the years wrong - did you mean 2019, 2020, 2021?


I think it may depreciate quicker than you expect.

motorguy

Manxman_in_exile wrote: »

Mileage that low might reduce its future value further.

Why would low mileage make a car worth less, and not more?

Penelopa.Pitstop

Manxman_in_exile wrote: »

Mileage that low might reduce its future value further.


I think you've got the years wrong - did you mean 2019, 2020, 2021?


I think it may depreciate quicker than you expect.

I believe past years were used to establish current values of cars 1,2,3 years old.

You can buy GAP with delayed cover to start from second year, it might be cheaper than ALA. Sometimes other companies are cheaper than ALA with 25% discount.

meat_n2_reg

Howdy
Yep meant 2019 2020 2021
Car list was 10.5k paid 8k
Would have thought in 2021 when car has approx 18 k miles and FSH would've worth £5k+ ?
Have emailed ALA regarding what actual invoice amount would be less discounts , road tax and delivery
Vehicle replacement GAP might be the way forward
First ever new car and loving it
Regards

meat_n2_reg

All sorted phoned ALA really helpfull , confirmed what to use for invoice price , purchased replacement Gap - sorted



Cheers Steve