Used Car News You Can Use
Aug 27, 2007, Used Cars, New Cars Best for Students
Got this in my email today: CarMax and Driver's Edge, a nonprofit group that provides youth driver education, recently identified their selections of best vehicles for college students, as the time for kids to go back to school commences.
When deciding on a vehicle for a young driver, safety has to be a top consideration. Motor vehicle collisions are the leading cause of death for people under 24, outnumbering the combined deaths resulting from drug use, guns and other violence.
In alphabetical order by manufacturer, the companies' top picks included:
Audi A4 Dodge Caliber (models with optional ABS) Honda Civic Hyundai Sonata Kia Optima (models with optional ABS) Pontiac G6 (coupe or sedan with optional ABS) Toyota Corolla (models with optional ABS) Volkswagen Jetta Volkswagen Passat Volvo S40 (four-door sedan)
Permalink -- click for full blog postAug 17, 2007, Used Car Pricing
Industry reports indicate that the wholesale price of used cars has declined this summer. The good news is that buyers of used cars are in a stronger position to negotiate a lower retail price. The bad news is that those selling or trading in their used car against a new car purchase will find that dealers are going to offer less for the trade.
The key to getting a really good used car deal is to know the most recent wholesales values of your car. You might want to check our the Car Smart Shopper before you buy or sell.
Click for more infoAug 10, 2007, New Car Reliability Ratings
Here's a bit of a surprise from J.D. Power. Per them: For the first time in 12 years, another brand tied for the top spot with Lexus in J.D. Power and Associates' Vehicle Dependability Study. Matching Lexus with only 145 problems per 100 vehicles was Buick.
Next in line came Cadillac, Mercury and Honda, respectively, officials reported.
With three non-premium nameplates — Buick, Honda and Mercury — ranking within the top five, and particularly with Buick tying with Lexus for the top rank, consumers seeking a vehicle with strong dependability have good choices at various price levels.
The bottom line here is that you don't necessarily need to pay premium prices to obtain high quality and dependability. Chances are, you can assume that his same rating applies to late model used cars.
Permalink -- click for full blog postAug 9, 2007, Car Buying and the Women Car Buyer
For years I’ve written about how far too many car salesmen fail to recognize that women buy 50% of all new and used cars on their own. In addition they influence or have a say in 80% of all new and used car purchase.
This information that I received from CarMax suggest that a lot of salesman still have not gotten the message.conducted by CarMax.
According to a CarMax survey, women reported the following was lacking: 1.A quick, effortless transaction: 21 percent, compared with 21 percent last year 2.A salesperson I liked and trusted: 16 percent, compared with 15 percent 3. Lowest, fair pricing: 14 percent, compared with 14 percent 4. A fair trade-in value: 13 percent, compared with 13 percent 5. A fair, reasonable finance rate: 7 percent, compared with 6 percent 6. Understandable paperwork: 12 percent, compared with 12 percent
Permalink -- click for full blog postAug 8, 2007, 2007 New Cars May Be Good Buy Now
Just saw this in my Remarketing Report and thought I’d pass it on. Apparently,new-car and pick-up truck sales came in weak in July, leaving many dealers with a high inventory supply. This has forced them to focus more on used sales to push up their bottom lines.
Despite the industry's effort to reduce inventory, weaker new sales are likely to prompt dealers and automakers to ramp up incentives to make room for new models as they come out.
What this means to you is that this might be a good time to make a deal on a 2007 as dealers try to clear their lots for the 2008 model line.
Permalink -- click for full blog postJul 23, 2007, The Most Fuel Efficient Used Cars
Here’s an interesting report from NADA and I quote: Analyzing the fuel efficiency of vehicles, NADAguides.com discovered that the most economical used and new vehicles are not necessarily hybrids.
Of the Top 10 used vehicles listed by the site, a total of seven are gas powered. Five of those gas-powered vehicles were made by Volkswagen, including the 2002 Volkswagen Jetta Wagon, 1998 Passat, 1999 New Beetle, 1999 New Golf and 1999 New Jetta Sedan. The other two gas-powered units on this list were the 2004 Honda Civic and 1998 Chevrolet Metro.
The rest of the used models listed by NADAguides.com were hybrid models. Those units included the 2000 Honda Insight, 2006 Toyota Prius and 2006 Honda Civic.
Here are the top ten most efficient used cars with the highway and city mileage figures 2006 Toyota Prius Hybrid 51 Highway/60 City 2006 Honda Insight Hybrid 70 Highway/61 City 2006 Honda Civic Hybrid 51 Highway/49 City 2004 Honda Civic 51 Highway/48 City 2002 Volkswagen Jetta Wagon 50 Highway/42 City 1998 Volkswagen Passat 50 Highway/39 City 1999 Volkswagen New Beetle 49 Highway/42 City 1999 Volkswagen New Golf 49 Highway/42 City 1998 Chevrolet Metro 49 Highway/41 City 1999 Volkswagen Jetta Sedan 49 Highway/40 City
Permalink -- click for full blog postJul 16, 2007, Used Car Incentive Program from GM
Per an article that appeared in AutoRemarketing Magazine, General Motors recently revealed the details of its new APR incentive programs offered for select models until l Sept. 30 at participating dealerships
GM said well qualified purchasers are eligible for 2.9 percent APR on either the Chevrolet Impala or Pontiac Grand Prix. Model years of those vehicles range from 2002 to 2007.
The company calculated that 2.9 percent APR equals $17.92 for every $1,000 financed.
An APR rate of 4.9 percent will be offered on seven models from the same years for well qualified buyers. Those units are the Chevrolet Trailblazer and Trailblazer EXT, GMC Envoy, Envoy XL, Envoy XUV, Envoy Denali and Buick Ranier.
An APR of 4.9 would result in a cost of $18.83 for every $1,000 financed..
Permalink -- click for full blog postJul 9, 2007, IntelliChoice.com sites Best New Car Deals
I thought I’d pass along some interesting information for those of you who may be considering a new vs used car.
Per an article that appeared in Automotive Remarketing, the Magazine of the Used Car Industry.
Automakers increasing incentives and rebates recently did little to sway the editors of Intellichoice.com when they selected July's Best Deals.
One model again tapped by the editors was the Honda Civic, which took the top spot for compact car above $16,000 and below $16,000.
Another vehicle that's been one of Intellichoice.com's ongoing top selections was the Toyota Prius, tapped for midsize car above $21,000, as well as below $21,000.
Moreover, Toyota again led the way with the most selections among any nameplate for a total of 11. Those choices also included Lexus units. Besides the Prius, editors recognized the Avalon, Highlander Hybrid, Matrix and Tacoma Regular Cab. The Lexus units listed were the IS, ES, GS, RX 400h
Continuing to capture IntelliChoice.com's attention was the Mini among cars, while Ford, GMC, Chevrolet and Dodge for SUVs took top honors in the truck category.
And if you're considering leasing, you'll want to check this link out.
Click for more infoJul 9, 2007, Low Credit Scores Hurt 1 our of every 3 Used Car Buyers
Automotive News reports that more than one third of customers who finance or lease used vehicles through franchised dealerships have credit problems.
In general, people with credit scores below 650 are forced to buy older used cars and to take out longer loans. The average is 63 months. At the same time, you can bet that most of those loans are at a higher percentage rate. Add that to the length of the loan and you see why poor credit scores mean more dollars out of the buyer’s pocket..
For more on the impact of credit scores on loans and ways in which you can repair and improve your credit score, click on the following link.
Permalink -- click for full blog postJul 8, 2007, Used Cars, New Cars Which Have Greatest Appeal?
Can't decide on which make and model to buy? Is the cars appeal important to you? Here’s a report from the J.D. Power and Associates 2007 Automotive Performance, Execution and Layout Study called APEAL. Honda captured four model segment awards which was more than any other vehicle nameplate this year.
The study measures owner delight with the design, content, layout and performance of their new vehicles. APEAL measures how gratifying a new vehicle is to own and drive.
Beginning with Honda, executives said the automaker's four segment-leading models include the Fit, CR V, Ridgeline and Odyssey.
Meanwhile, not far behind were BMW and Mercedes-Benz which received three segment awards. Ford, Nissan and Volkswagen each garnered two awards.
Permalink -- click for full blog postJul 2, 2007, Quality Improvement Means Bad News for Dealers, Good News for Used Car Buyer
For auto dealers, it's like a good-news, bad-news joke.
The good news is that the quality of new cars and trucks is better than ever. The bad news is that quality improvements are causing dealership income from warranty repairs to plummet. Dealers are scrambling to cover the loss.
Dealership revenue from warranty labor and parts sales dropped more than 10 percent last year, according to the National Automobile Dealers Association. That's the largest annual decline in at least a decade.
In previous years, extended factory warranties and price increases for parts and labor helped mask the impact of better-built vehicles. But dealers say vehicle quality is eroding their warranty business.
What does this mean to used car buyers? Simply that late model used cars are a better value than ever due to higher quality.
Permalink -- click for full blog postJun 28, 2007, Used Car Sales Decline Which Means Lower Prices For You
Per Auto Remarkeing News Magazine,both franchise and independent dealers sold fewer pre-owned vehicles in 2006.
According to the 2007 Used Car Industry Report prepared by the National Independent Auto Dealers Association, independent dealerships sold 13.7 million used vehicles last year. That's down from 14.2 million units in 2005. June was the top-selling month last year, whereas independents sold more cars in August in 2005.
Used car sales by new car franchised dealers plunged from 16.5 million preowned vehicles in 2005 to 14.3 million units in 2006.
Industry wide in 2006, total retail unit sales of used vehicles fell 3.6 percent to 42.6 million, compared with 44.1 million the prior year.
What does this mean to you as a used car buyer? It means more room for negotiation and better deals. Dealers need to move cars because each car represent a cash outlay on their part. Cash they need to collect. When a car gets a little long in the tooth on a car lot, the dealer is ready to deal.
Permalink -- click for full blog postJun 27, 2007, Used Cars like New Cars
Well, they’re not exactly used cars, but they are 2006 models. And Chrysler is giving their dealers anywhere from $2500 to $7500 on their 2006 models to help move 2006 inventory off the lot. Knowing about this factory to dealer incentive is a major plus for you when negotiating for a one of these cars. Here are some samples of what the industry calls trunk money that the factory is using to incentivize their dealers. Pacifica: $6000. Durango $7500. Ram1500 $600- o $7000. Jeep Commander & Grand Cherokee $6500. Liberty $5500. Wrangler $2500, Town and Country $4500-$5000. 300 and PT Cruiser $3500 to$4000.
At the very least you should pay no more then the invoice. And with a little negotiating you should be able to dip into the dealers cash incentive.
Permalink -- click for full blog postJun 26, 2007, Credit Scores and Auto Loans
Per Experian, the national average credit score for consumers with no late auto payments is 703, while the average score for consumers with at least one late payment is 605," executives reported.
If a payment is 90 days or more late, the median credit score can decline even lower to 580, according to Experian.
Analyzing average credit scores by state, Experian found that when looking at consumers with at least one late auto payment, Texas came in at the lowest — a median of 592. Consumers in the state who have not been late on a payment have an average credit score of 679.
For more on Credit Scores and their impact on Auto Loans click on the following link.
Permalink -- click for full blog postJun 22, 2007, Kelley Blue Book Report on Pick-up Trucks
Per Kelley Blue Book, Chevrolet, GMC and Dodge pick-up trucks took top spots in a marketing research survey that examined best driving performance, best interiors and best exteriors. The imports fell well behind.
Not so when it comes to U.S. built cars. "Domestic vehicles were almost shut out of the rankings in the report's other unit segments. Ford took third for best driving performance in the non-luxury SUV category behind segment-leading Toyota and Honda. All other units listed were made by import OEMs.
Toyota also headlined the study's ranking for minivans, topping Honda and Nissan. Those same three nameplates had the three slots in the non-luxury sedan segment, with consumers tapping Honda as the top choice, followed by Toyota and Nissan." kbb.com
Permalink -- click for full blog postJun 21, 2007, Credit Score Impact & Credit Repair Procedure
Low credit scores mean higher loan rates or worse, no loan at all. To learn all you ever wanted to know about the impact of credit scores on Auto Loans and how to improve your credit score, click on the link below.
Permalink -- click for full blog postJun 20, 2007, Car Leasing Guide - What You Really Need to Know
Learn the language of leasing before you shop: Base Monthly Payment, Cap Cost, Mileage Allowance, Cap Cost Reduction, Money Factor, Closed End Lease ,Normal Wear & Tear, Down Payment, Open End Lease, Deficiency, Residual Value, Early Termination, Single Payment, Equity, Subsidized Lease, Gap Insurance, Upside Down
Sure, you may know all the words, but do you know what they mean in the context of a lease contract?
More important, do you know how some dealers manage to build extra profit and more expense for you into the lease agreement?
Click to learn more.
Click for more infoJun 18, 2007, Kelley Blue Book Top Picks for Fuel-Efficiency
Kelley Blue Book editors revealed their top picks for fuel-efficiency.
The Chevrolet Silverado and GMC Sierra in the full-size pickup category, the Ford Escape Hybrid among small SUVs and the GMC Acadia among large SUVs. The Pontiac Vibe tied for the top choice among wagons.
Toyota had three vehicles on the list: The Tacoma, Highlander Hybrid and Matrix, the most for any nameplate. The site named a pair of Honda units, the Civic Hybrid and Odyssey. Moreover, Nissan, Mercedes-Benz, Audi, Mazda and Mini all had one vehicle apiece on the list.
Permalink -- click for full blog postJun 15, 2007, Used Cars That Have Retained Their Value
Per CarGurus’ Web Price Index that measures which new cars best retain their value,the Jeep Wrangler retained 73.49 percent of its value after five years and 65,000 miles. The Chevrolet Suburban retained 63.88 percent of its value.
Only two more domestic vehicles were listed on the index's Top 10, the Chrysler PT Cruiser and Ford Mustang. Toyota and Honda filled half of this best-retained value list.
Cars that did not retain value include the Lincoln Town Car at 28.56 percent of its value. Other car with low retained value: Jaguar S-Type, Volvo S80, Mercury Grand Marquis and Ford Explorer.
Jun 14, 2007, Really Useful Automotive Resources
Browse our list of Approved Automotive Resources for buying used cars. Benefit from our recommendations for online car auctions, used car loans, securing auto insurance, and used car warranties...
Permalink -- click for full blog postJun 12, 2007, Your Credit Report & Credit Report Repair
Before you look for an Auto Loan or shop for Auto Insurance, understgand the impact that your credit score can have.
You're a click away from learning: WhatYour Credit Score Means. How Much a Low Score can cost you. All about Bad Credit Report Repair
Permalink -- click for full blog postJun 11, 2007, More Auto Insurance Shopping tips:
Here’s a list of factors you can control which affect your rates. 1.Your Driving Record: Speeding violations, parking tickets, and other small offenses all count toward your insurance rate. 2.The Amount of Coverage You Want: The more coverage you have, the more you pay. 3.Your Vehicle: More expensive cars will require higher premiums. 4.Where You Live: City dwellers are more likely to get into an accident or be victims of auto theft than people who live in rural areas. 5.Credit Rating: A poor credit history equals a higher risk. 6.Other Factors: Driving experience, number of miles you drive in a year.
Permalink -- click for full blog postJun 10, 2007, Auto Insurance Shopping Tip
Keep this in mind: Insurers look at a number of factors when determining auto insurance premiums. Some of these are controllable, while others are not.
Factors You CAN'T Control: 1. Your Age The youngest and oldest drivers among us are the most likely to have accidents. 2.Your Gender: Women are generally safer drivers than men. 3.Your Marital Status: While technically this is something you can change, rates do tend to fluctuate depending on whether you are married or single. Next BBlog: Factors your can control
Permalink -- click for full blog postJun 9, 2007, Used Cars? New Cars? Which is Safest?
Editors from NADAguides.com recently selected five vehicles, three made by domestic OEMs and two by foreign nameplates,as their top choices based on overall safety and value with an MSRP below $30,000.
The three domestic units highlighted by NADAguides.com included the Saturn Outlook XR, Pontiac G6 and Ford Five Hundred. As for foreign brand vehicle, officials identified the Audi A4 and Honda CRV.
Permalink -- click for full blog postJun 1, 2007, Consumer Reports Poll on High Gas Prices
A Consumer Reports poll found motorists are concerned about high gas prices, but not to the extent that they are ready to forego size, range or performance for a more fuelefficient vehicle. 70% would prefer to shop for a vehicle with better fuel efficiency. 50% would consider a vehicle that was a clean diesel, hybrid or flex fuel unit. 52% would give up vehicle size or capacity. 49% would give up range. 48% would trade performance for better fuel efficiency. Finally 42% would be willing to pay extra for a fuel efficient vehicle.
Permalink -- click for full blog postMay 30, 2007, eBay Motors Highlights Top Selling 1Q Vehicles
This from eBay Motors the online car auction and used car buying site. They have listed five preowned performance sports cars and large trucks as the top selling vehicles on eBay Motors for the first quarter.
These include the Ford Mustang, F150 and F250 pickups, while the Chevrolet units listed were the Corvette and Camaro.
From the list, it is clear that used American muscle cars and trucks are the most popular vehicles sold on the site, officials pointed out.
Permalink -- click for full blog postMay 29, 2007, Edmunds.com Sees Sluggish New Car Sales
Edmunds.com analysts recently predicted slow new vehicle sales totals for May. This is the third consecutive month they've noted a lower figure than for the same time period in 2006.
The reason, they say, is because consumer buying decisions are being impacted by rising fuel prices. What does this mean to the used car market? Used gas guzzler prices both the purchase and trade in values are sinking. Small fuel efficient used cars are going to bring higher prices both in terms of selling prices and trade in allowances.
Permalink -- click for full blog postMay 22, 2007, Kelly Blue Book Research Report
This from Kelly Blue Book as reported in Auto Remarketing: IRVINE, Calif. — Kelley Blue Book Market Research officials Monday reported the results of a survey they conducted asking visitors to their Web site to rate the best road trip vehicles since the Memorial Day holiday is imminent. Topping the list of the 10 vehicles in the spotlight was the Jaguar XKR Convertible.
Finishing second in the survey was another convertible, the BMW 3-Series Convertible. Coming in third place in the survey was a much larger vehicle, the Chevrolet Suburban.
Other vehicles that report officials highlighted were the Dodge Charger SRT8 and the E320 Bluetec by Mercedes-Benz, which features clean diesel engine technology.
May 21, 2007, Why Water Damaged Used Cars Are a Bad Buy
Water can fatally damage a car’s electrical and safety systems causing airbags and antilock brakes to malfunction. Flood damaged cars literally rot from the inside out leading to costly repairs and a decrease in the vehicle’s value, potentially putting someone in the driver’s seat of an extremely dangerous vehicle
Permalink -- click for full blog postMay 19, 2007, Beware Flood Damaged Used Cars
A new study by CARFAX shows that waves of flood damaged cars are washing up in areas all across the country. Over the last five years, the number of waterlogged wrecks revealed by CARFAX Vehicle History Reports has doubled nationwide. With used car sales expected to top 44 million this year, consumers, lenders and insurers should be on high alert for signs of hidden damage and potential fraud.
May 18, 2007, Best Certified Used Car Programs
Per IntelliChoice, Inc. the top certified used car programs in 2006 were: Luxury Class: Jaguar, Volvo, Cadillac, Saab, and Audi - in that order. Non Luxury Class: Volkswagen, Mazda, Hoda, Toyota, and Ford/Mercury - again, in that order.
Permalink -- click for full blog postMay 16, 2007, In-Car Navigation Depresses Used Car Prices
According to USA Today, built-in navigation systems increase the depreciation - and therefore the resale value - of a car. Keep this in mind when negotiating the price for a car with a built-in system.
May 15, 2007, The Impact of Your Credit Score on Car Loan Interest
Everything you ever wanted to know about the credit score system and how it affects your car loan interest. Plus information on bad credit report repair.
Permalink -- click for full blog postMay 15, 2007, Interest Rates On Car Loans
Factor in interest rates on car loans when you're buying used cars.
Permalink -- click for full blog postMay 15, 2007, Car Loan Insurance
Learn about loan insurance on car loans when buying used cars.
Permalink -- click for full blog postMay 14, 2007, Auto Insurance Glossary
Auto insurance glossary of terms.
Permalink -- click for full blog postMay 14, 2007, Buying Auto Insurance - What you need to know before you select an insurance company.
A review of the types of auto insurance, the effect of your credit score on rates, how much coverage you need and where and from whom to buy.
Permalink -- click for full blog postMay 13, 2007, Buying Used Cars - Before you Sign the Check
When buying used cars, there are specific things you should know before you sign the check.
Permalink -- click for full blog postMay 13, 2007, Used Car Warranties
Used car warranties, extended warranties, Certified Used Cars. What you need to know before buying used cars.
Permalink -- click for full blog postMay 13, 2007, Used Car Loans
Where to find used car loans, what to ask and the impact of your credit scores on loan interest rates when buying used cars.
Permalink -- click for full blog post
