Archive for December, 2008
How To Prepare Your Car For The Summer
by admin on Dec.29, 2008, under Car Tips
How To Prepare Your Car For The Summer
Sadly, most drivers don’t think about the steps they can take to prepare their vehicle for the hot summer months. The problem is that your car endures increased stress during that time of year. The air conditioner is used more often; the treads on your tires wear down more quickly; the brakes may be less responsive. What’s more, the cooling system has to work harder in order to compensate for the extra heat generated by the engine. Otherwise, it can overheat. Below, I’ll provide an overview of the parts that need your attention before the hot season arrives.
Check The A/C
Your car’s air conditioner is comprised of several parts, including a compressor, evaporator, a condenser, the refrigerant (not actually a part, obviously), and some belts. If something goes wrong with any of those components, the fan might blow air, but it won’t be cold. You may not be an expert with A/C units, but you can still lift the hood and check for bad belts and excess dirt around the condenser. Plus, if you’re having a mechanic change the oil, it won’t hurt to ask him to check the refrigerant level.
Watch The Tires And Brakes
When the weather heats up, the treads on your tires can wear quickly. If they’re already worn, either replace the tires or have them rotated. Tires with badly-worn treads are less fuel-efficient and less responsive. But be wary; if you’re going to buy replacements, the mechanic might suggest investing in summer tires. They’re not necessary. They do provide better handling and braking, but they’ll wear out quickly (under 10,000 miles) and that makes them expensive.
Check your car’s brake system, too (or have your mechanic do it). The brakes are less effective under intense heat, which is a greater risk during the hot months. And if your brake pads are worn, that compounds the problem. Before summer arrives, ask your mechanic to check the pads to make sure they can do their job.
Check The Cooling System
In a previous column, I explained how your vehicle’s cooling system helps keep the temperature around the engine under control. When it’s hot outside, that temperature can spike, causing your engine to overheat. Take a look at the radiator to make sure there aren’t any leaks. Check to make certain the hoses fit well; if they’re loose, tighten them. Also, look at the coolant level in the reservoir. If it’s low, replenish it.
Keep in mind that a lot of factors can contribute to your engine overheating. It can happen even if you check the radiator, hoses, and coolant level. But, at least you’re taking steps to limit the chances of it happening.
Inspecting your car’s air conditioner, tires, brakes, and cooling system helps to ensure that driving during the summer months is enjoyable and safe. The key is being proactive about the maintenance. Plan to spend some time in April checking the parts that I’ve described above to make sure your vehicle is prepared for the summer.
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Top 4 Expert Tips For Smart Auto Care
by admin on Dec.22, 2008, under Car Maintenance, Car Tips
Top 4 Expert Tips For Smart Auto Care
Besides purchasing a home, buying a car is likely to be the largest investment you’ll make. Unfortunately, unlike a house, your vehicle is going to lose value over time. The good news is that you can help preserve its value by being a responsible owner. Today, I’ll share the top 4 auto care tips that you can do easily and quickly.
#1 – Follow The Maintenance Schedule
Believe it or not, millions of drivers have never looked at their owner’s manual. It lists the maintenance events that the automaker recommends in order to ensure your vehicle runs properly. Not only does it describe when you should have the oil changed, but it describes when you should have the filters replaced, the tires rotated, and the brake pads inspected. Remember, your manual’s maintenance schedule represents what the manufacturer believes is best for the vehicle they built.
#2 – Repair The Dents
Tiny dents in the body are inevitable. Sometimes, people will allow their grocery baskets to ram your car. Other times, someone will open their door too quickly. A small dent may not look like a problem, but it can become one in the future. For example, if the paint chips, you can practically bet it will continue chipping and flaking if you don’t touch it up. Plus, rust can build and spread, having a huge effect on your vehicle’s resale value.
#3 – Use Synthetic Oil
When they first became available, synthetics were consider unnecessary by the average driver. And the higher price tag didn’t do much to change their minds. In truth, synthetic oils are better for your car. They have a higher level of heat resistance than traditional oils, suffer less loss through evaporation, and can lubricate parts more effectively during cold starts. Even though they cost more, synthetics have a longer life cycle and protect your engine better.
#4 – Keep And File Receipts
When it’s time to sell your vehicle, the buyer will want to know that you’ve been giving it the proper care. Don’t expect him to simply believe you. Have the maintenance and repair receipts ready to present. If you can give a prospective buyer receipts that detail every oil change, tire rotation, brake job, and replacement part, it will give him confidence that your car has been properly cared for.
Squeezing Every Last Dollar
Depreciation is a fact of life for car owners; there’s nothing you can do to stop it. However, you can slow its advance by taking good care of your car. Follow your owner’s manual with regards to the maintenance schedule. Repair any dents you notice quickly before they spread. And invest the extra money in synthetic oil. Finally, keep all of your receipts to show a future buyer. By doing those 4 things, you can help preserve your car’s resale value. And that’s as good as money in the bank.
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Is Your Car Loan Upside Down?
by admin on Dec.15, 2008, under Car Tips
Is Your Car Loan Upside Down?
A lot of people have heard about homeowners going “upside down” in their mortgages. They don’t realize that it can happen with car loans just as easily. In fact, because houses tend to appreciate in value over time while the value of your car tends to go south, it’s more prevalent with auto financing. In essence, it means that the amount of money you owe is greater than the value of your vehicle. Today, I’ll explain how it happens. I’ll also provide a few tips that will help you avoid going upside down in your next car loan.
How Auto Financing Goes Awry
To illustrate how your auto financing can go upside down, I’ll use a hypothetical example. Let’s say you’re buying an SUV and it costs $40,000. You put a down payment on it of $5,000 and carry the rest ($35,000) on a 5-year term. After 3 years, you’re tired of driving your SUV and want to sell it. Unfortunately, it’s only worth $20,000, despite your owe $24,000 on the financing. You are officially upside down. That means if you want to sell the SUV, you’re going to have to come up with another $4,000.
If it’s any consolation, this happens to a lot of people. It’s due to your vehicle’s depreciation.
The Impact Of Depreciation
You probably already know that most vehicles lose about half of their value through depreciation over the first 3 years. Now, keep in mind that the amortization of your loan happens for the entire life of the term (5 years in our example). The problem is that your SUV depreciates at a quicker pace than the amortization over the first 36 months. After those 3 years pass, the depreciation slows down. That allows the amortization to “catch up,” bringing your financing back into a “positive equity” position.
How To Avoid Taking A Bath
First, realize that carrying an auto loan with negative equity (in other words, owing more than the car is worth) won’t have any effect on your credit. So, that shouldn’t be a concern. Second, understand that the longer you stretch out the period over which you finance your vehicle, the longer it’ll take for the amortization to catch up with the rate of depreciation. That means you’ll be in the negative position longer with a 5-year term than you will with a 4-year term.
To avoid getting caught owing more than your vehicle is worth, put a larger down payment on it. Then, plan to keep driving it through the entire term instead of immediately selling after 3 years. Remember, the depreciation is what turns the loan upside down. If you’re absolutely sure you’re going to sell your car before you’ve paid off the financing, shorten the term to 4 years.