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Advice for Car Buyers What Car Do You Need?

by admin on May.24, 2010, under Cars

Advice for Car Buyers: What Car Do You Need?

This is something many car buyers do not really think about hard enough before they go out onto the dealer lots. It is easy to become distracted by good looking cars, great offers and the sales pitch of an enthusiastic sales representative, but does this get you what you really need in your car? Do you even get what you want?

The answer is, “No!” for many car buyers and this leads to disappoint and frustration. Even worse, it typically means more cost and more inconvenience as you then need to change the car over and buy another one – you bear the depreciation and minimizes your utility and enjoyment. It makes sense to consider what car you need first!

Consider Needs not Wants

Think about the hard facts of life when it comes to your driving:
• Manual or automatic transmission?
• Do you really need four-wheel or all-wheel drive?
• What safety equipment and features do you really need?
• How much storage and cargo space do you need?
• How many seats?
• How many doors?
• What seating positions and flexibility do you need?
• Do you need special seating if you have a bad back?
• How much space on the drive or garage do you have to store the vehicle in?

Affordability

How much can you really afford? This is a tough question because it certainly will focus your mind. Cars are expensive, but it is too easy to commit to a high monthly payment in your desire to drive off with some fantastic looking new wheels and only come payday, realize what a mistake you have made.
Establish your monthly budget and stick to it! This will also help you in negotiating with the dealer and motivate them to bring a car down into your price range instead of holding out for a higher price and risk losing the sale altogether.

Do You Need to Buy or Can You Lease?

Leasing does not need you to come up with such a lot of money upfront as buying a car does. Once the lease term expires you are left without a car and nothing to use in part-exchange. Buying a car is more expensive on the upfront costs and the monthly cost is also usually higher than leasing as well, however at the end of the loan period you own the car and can continue motoring without the cost or use the car in a part-exchange deal.

Look at All the Cars in the Same Class

If you find a car which is right for you, then before you commit yourself to buying “that” car, look at what other vehicles are in the same class. Comparing different vehicles of the same class will get you the best value for money as though they will be similar in basic specifications there is a lot of flexibility when it comes to optional extras and the after sales support provided by dealers and manufacturers.

These are just some of the main issues you should consider when you are buying a car, a new or a used vehicle – establish your needs first and select a vehicle based on how you will use it before desire takes over and you make a buying mistake.

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How To Find A Car’s Dealer Cost

by admin on Mar.17, 2010, under Car Tips, Cars

How To Find A Car’s Dealer Cost

Whenever you approach a car dealer, you can expect to spend time negotiating the final price. This is true for both new and used cars. The problem is that consumers are often confused about where to start negotiating. It’s understandable, especially given that there’s a sticker price, dealer invoice, and other terms that are used loosely in the industry. Each has a specific meaning and knowing them can be essential toward negotiating a better deal. Today, we’ll briefly explore what these terms mean. Then, I’ll show you how to find the dealer cost of a vehicle (the best place to begin negotiating).

Numbers Explained

First, let’s take a moment to clarify what some of the most common prices mean. Most people know what “sticker price” means. If you walk into a dealership and are willing to pay the sticker price for a car, there’s no need to negotiate. You can leave with your new car in minutes. Paying sticker price is obviously a bad idea (which we’ll discuss in a moment).

You’ve probably heard of the “dealer invoice” cost, but you may not fully understand what it means. It’s the dollar figure that car manufacturers print on invoices that are given to dealers for every car they purchase. However, there are often details under the surface of this dollar figure which aren’t disclosed to the public.

For example, automakers commonly give dealerships incentives and other deals to encourage purchase orders. Sometimes, the dealerships will transfer these incentives directly to customers, lowering the price of their vehicles. However, they’ll often keep the incentives and use them to preserve their profit margin during negotiations with prospective buyers. Ultimately, you may be proud of the fact that you’ve aggressively negotiated a price for your new car that is below the “dealer invoice.” In reality, the dealership can still be making thousands of dollars in profit without your realizing it.

Finding The True Dealer Cost

Knowing how much money a dealer truly paid for a vehicle is critical to negotiating the best price. So, how do you uncover this dollar amount? First, the dealer invoice cost is widely available. Some dealerships will actually offer it to you (though, acquiring it from an unbiased source is always preferable). Once you know the dealer invoice, you’ll need to find out what types of incentives, rebates, and cash deals were offered. Then, you’ll subtract those from the dealer invoice to determine the actual dealer cost.

You can ask a salesperson to divulge the information. But, some will be resistant while others may actually mislead you. The easiest way to gain access to the numbers is to use ConsumerReports or a similar resource. Once you’re armed with the dealer cost, you can negotiate a better deal on your new or used car.

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Can Your Auto Loan Provider Turn Off Your Engine?

by admin on May.06, 2009, under Car Tips, Cars

Can Your Auto Loan Provider Turn Off Your Engine?

Over the next few years, people who are thinking about purchasing a new vehicle may be in for a surprise. Many auto dealerships are outfitting new and used cars with devices which can deactivate the engine remotely. The reason: to make repossessions easier.

As more people lose their jobs, they’re forced to prioritize their bills. Some bills have to wait while others are put on top of the stack. Dealers and lenders want to ensure that their customers make their payments on time. The shut-down units that are installed into automobiles provide the motivation.

In this article, I’ll explain how these devices work and describe a few of the issues involved with their use. We’ll also take a closer look at how they can benefit customers, dealers, and lenders.

Safety And Other Issues

The shut-off component is installed onto a vehicle’s powertrain. Through telematics, a dealership or lender can remotely turn the engine off if the driver has failed to send in his or her payments. Currently, dealers are triggering the device only after a payment is several days late. Before the engine is deactivated, an indicator light will normally display on the vehicle’s dashboard. Some companies will allow the deadline to pass in order to give the motorist time to send a payment.

Drivers are understandably concerned that the shut-down device can be dangerous, especially if their engine is turned off while they’re driving at high speeds. Most dealers will only trigger the unit once the engine has been manually turned off or while the car is at idling speed.

Protecting Customers, Dealerships, And Lenders

The component was initially introduced for subprime borrowers. Car dealerships and lenders consider such borrowers (those with “B” credit ratings) to present more risk. In the past, they offset the increased risk by applying a higher interest rate to auto loans. The shut-off units offer an alternative.

By installing them on a car’s powertrain, dealers and lenders assume less risk. First, motorists are motivated to make their payments on time in order to avoid having their driving privileges interrupted. Second, the car can be retrieved more easily if payments are not forthcoming. As a result, subprime borrowers can enjoy a lower interest rate when buying a vehicle.

Full Disclosure

It’s important to note that the shut-down devices are not hidden from prospective buyers. In effect, they know the vehicles have been equipped with them. Dealerships will usually disclose the unit’s presence on forms that require the buyer’s signature.

Even though the components were originally meant for the subprime car buyer market, it is likely that more dealers will outfit their vehicles with them over the next few years. In fact, a growing number of credit unions and banks are requesting the device’s installation before providing an auto loan. When the time comes to purchase a new car, the component may not be an option.

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