If you buy a new car from the dealership, you are getting it hard. If you don’t believe me, wait a year and sell it. There is nothing wrong with buying a car from the dealership if you have piles of money lying around.
But if you buy a new Honda Odyssey on a 6 year note because you need a dependable car to haul around the kids you are pretending are your’s, you’re foolish. If you own it a year and some drunk Mexican slams into it hard enough to total it, you will have to pay even more to get a new Honda minivan.
You've wandered far from the point. Credit Card interest is usually higher than a car loan. It has nothing to do with buying a new car versus buying a used one and if you think it does, you may be the "foolish one".
Remember too who it was that started hurling the gratuitous insults
They call it gap insurance. It’a normally less than 1000 bucks for the life of the loan. Someone totals your van and the pay out is not enough gap will cover it. It cover the “gap” between actual cash value (what you get paid by the other parties insurance) and what you owe on the note.
Everything looses it’s value over the course of it’s life. Even your home if it’s in the wrong area or poorly maintained.