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7 Used Car Buying Tips

by Carsurfer Admin on 2013/03/26 in Used Autos & Trucks with Comments Off on 7 Used Car Buying Tips

You are in the market for a car, a used car at that. With new car prices averaging more than $30,000, buying used can be a terrific option for many consumers. Used cars have already lost a significant amount of depreciation with some newer models still under warranty. Keep in mind the following seven tips when shopping for a quality, used car.

1. Know your price.

How much car can you afford? Determine your spending limit and look for vehicles that come in below that amount. Your price should include your down payment as well as your monthly loan payments. Add in taxes, tags and your registration fees. Keep your total amount within line of your budget limit.

2. Choose your vehicle type.

What kind of vehicle do you need? Your heart may say sport coupe or luxury sedan, but your needs may be SUV. Stick with only the vehicle type that you will be happy with driving. Also consider your trim level or the amenities you need such as a navigation system, a moonroof or fancy wheels. The type of vehicle you buy will affect your insurance costs. Contact your auto insurer before you begin shopping to learn how these costs might affect you.

3. Consider your seller types.

You can buy a car from a variety of people and sources. There are new car dealers selling used cars, used car folk that sell late-model used cars, private parties and government auctions. If you want a certified used car, then a new car dealer is the way to go. If you’re looking for a bargain, then a private party will offer the best deal possible. Used car dealers may have the highest markups while government auctions tend to focus on fleet models with high mileage.

4. Reach out to the buyer.

You can locate buyers online, in newspaper ads or on the street. If you find a vehicle that you like, contact the buyer. Arrange to see the car during daylight hours and give yourself ample time to look over the car.

5. Test drive and inspect.

Look at the car closely, inspecting it inside, outside and under the hood carefully. Lift the carpeting to look for signs of water intrusion. Pop the hood and inspect the engine for leaks. Examine the body for scratches, dents and repairs. Find out if equipment is missing or has been replaced — ask the seller why. Take the car for a test drive, listen carefully for telltale signs of trouble and have your car inspected by your mechanic. Do a VIN check through the National Insurance Crime Bureau to verify that the vehicle has not been stolen.

6. Negotiate a deal.

Find out what a car is worth by obtaining its retail value. You can discover that information by visiting Kelley Blue Book’s website and plugging in the information. The dealer’s price may be much higher than the retail price — your goal is to work on getting the best price possible for your ride. Start off low and be prepared to meet the seller at a mutually satisfying middle ground.

7. Arrange for financing.

You will save money by shopping around for a used car loan. Banks and credit unions offer them — talk to your banker or union representative to find out what deals are available to you. Keep financing out of the price negotiation process. Interest rates on used car loans are low for those consumers with very good credit and for those who offer up a large down payment.

Purchase Considerations

Buying a used car can save you money over a new car purchase. It can cause you to lose money if you hurry the purchase and are sloppy with your research. Take time shopping for a car and avoid the typical pressure tactics. You’re making an important investment, one that you may have to live with for many years.

Author Information

Darren likes to spend most of his time restoring classic cars back to their former glory and when he is not working on motors, he finds writing about them both relaxing and fulfilling. He knows firsthand that buying a used vehicle can be tricky and would advise anyone looking for one to always have the necessary car history checks carried out in advance.

All New Chevrolet Impala Elevates the Bow-Tie Brand

by Carsurfer Admin on 2013/03/21 in Chevrolet with 1 Comment

Chevrolet is GM’s signature brand, accounting for nearly 70 percent of the company’s sales and more than half of those sales globally. Its flagship sedan, the Chevrolet Impala is all new for 2014, a front-wheel drive model that comfortably seats five. This 10th generation model is the most advanced one yet, completing an important styling turn around that began more than five years ago.

Top Sedan

The iconic Impala is the best-selling vehicle in its segment a position it has held for 10 years running. The new model provides a more muscular frame, one that reflects positively on the bow-tie brand and complements existing models such as Camaro and Malibu. Impala competes against the Ford Taurus, Dodge Charger, Nissan Maxima, Toyota Avalon and Hyundai Azera.

The 2014 Chevy Impala features a long, proportioned hood with projector-beam headlamps, a broad grille and wide swept corners. Its sculpted body lines are what you would find on today’s luxury sedans, demonstrating that Chevrolet is placing emphasis on passenger comfort. A shortened deck lid gives the sedan a sporty persona, but that look does not come at the expense of the 18.8 cubic feet of trunk capacity.

Cabin and Frame

Inside, the cabin is bright, well appointed and spacious. Chevrolet makes much use of soft touch materials and bright work trim to convey a premium look and feel. The Impala’s dual cockpit interior is in stark contrast to the more sedate layout previously offered, and features a sporty instrument cluster and an integrated 4.2-inch color display. An 8-inch touch screen navigation system occupies the center stack, an arrangement that includes Chevrolet MyLink with higher end models.

The Impala’s frame is stiffer, a move that improves handling and ride. The cabin is quieter than the outgoing model, with noise cancellation technology and sound deadening materials shouldering much of that task. Narrower A-pillars and an instrument panel placed lower help bring in more natural light, the seats offer improved bolstering and firmer surfaces.

Engine Choices

The new Impala offers three engine choices including its first-ever four cylinder engines. Your choices include a 3.6-liter V-6, making 305 horsepower at 6,800 rpm and 264 foot-pounds of torque at 5,300 rpm. A 2.5-liter four cylinder delivers 196 horsepower at 6,300 rpm and 186 foot-pounds of torque at 4,400 rpm.

Later in the model year, a 2.4-liter four cylinder engine will be available with a special edition eAssist model, a partial hybrid. This model makes 182 horsepower at 6,200 rpm and 172 foot-pounds of torque at 4,900 rpm. Notably, it is expected to achieve a segment leading 35 mpg. Every Impala engine is paired with a six-speed Hydra-Matic automatic transmission.

Model Dimensions

The 2014 Chevrolet Impala sits on a 111.7-inch wheelbase and measures 201.3 inches long. This sedan is 73 inches wide and 58.9 inches tall. Its front track measures 62.2 inches, its rear track comes in at 62 inches.

Front head room measures 39.9 inches to 37.4 inches in the back. Front legroom is 45.8 inches to 39.8 inches in the rear. Front shoulder room is 57.9 inches to 56.9 inches in the rear. Front hip room is 54.9 inches to 54.1 inches in the rear.

Total passenger volume is 105 cubit feet. This model has a towing capacity of 1,000 pounds and it comes equipped with a 18.5-gallon fuel tank. Choose the eAssist model and towing is not recommended; a 15.8-gallon fuel tank is standard.

Author Information
Justin Smith is an avid blogger and contributor to ChoiceApplications.com, a leading fleet management software company in the trucking industry.

Photo courtesy of General Motors Company.

Why Auto Loan Refinancing Makes Sense

by Carsurfer Admin on 2013/03/04 in Auto Financing, Uncategorized with Comments Off on Why Auto Loan Refinancing Makes Sense

Consumers have been refinancing their homes for years, keeping track of mortgage rates and seeking out new loans as interest rates fall. That sort of thinking can also be applied to auto loans, a consumer loan that can prove costly when rates are high. Unlike home refinancing that requires mounds of paperwork, auto loan refinancing can usually be completed within mere days.

Auto loan refinancing may make sense for you provided the following has taken place since you took out your loan.

1. Your credit history has strengthened.

Some car shoppers get saddled with high interest rate auto loans because their credit scores were low. Interest rates for car loans are based on a number of factors, with your credit history a huge consideration. If your credit score is now very good or excellent, then you should qualify for a lower interest rate loan. Obtain your credit reports from AnnualCreditReport.com and pay the fee to get your credit score.

2. Loan rates have fallen.

Not only has your credit outlook improved, but loan rates on cars have dropped. Perhaps you got a loan through a financing company and have since joined a credit union. Your new financial institution may offer low-rate refinancing, enabling you to save money.

3. Your finances are better.

Besides an improved credit score and lower interest rates, your personal finances may be better. If that is the case, you may be able to turn that six-year new car loan into a two- or three-year used car loan. You can do this by paying off part of the old loan and refinancing the balance. Your monthly rate may actually come in higher, but you may be able to shave a year or two off of payments, saving you money.

4. Consider your home equity.

Some consumers have discovered that paying off a car loan with their home equity makes sense. Under this arrangement, you take money out of your home and use it to pay off your car. The advantage here is that your monthly payments are lower. The disadvantage is that it may take you several years longer to pay off your car.

Refinance Considerations

Inasmuch that auto refinancing can lower your payments, reduce your interest rates and save you money, there are so matters to consider as you shop for a loan. Keep these in mind as your explore your options.

First, what is your car worth currently? Unlike homes that usually appreciate, cars lose value. Therefore, there is a possibility that you owe more money on your car then it is worth and that means you will have to come up with some cash to make up the difference. Check out Kelley Blue Book for its current value. Contact your lender to find out what the pay off amount is for your current car loan.

Second, some loans have built-in prepayment penalties that must be handled before you can get out of a loan. You may be required to pay back the full amount of the loan plus interest to get out of the original loan despite paying if off ahead of time. Familiarize yourself with your sales contract and its financing clauses.

Another Approach

If you are turned down for refinancing or find that the savings are not as robust as you had hoped, there is another option: paying down your current loan as quickly as possible. Here, you will still make your monthly payments, but you may be able to double up your payments or at least add more payments during the year. Only take this option if you believe that you can afford putting out more money each month in a bid to put your auto loan behind you.
Author Information

Jenny Willis is a professional blogger that enjoys providing consumers with personal finance advice. She writes for Purechecks.com, a leading check printing company of designer personal and business checks.

When it Comes to Car Leasing, Details Matter

by Carsurfer Admin on 2013/02/22 in Auto Leasing with Comments Off on When it Comes to Car Leasing, Details Matter

Congratulations! You have found the car of your dreams. That Audi A4 in scuba blue metallic is a real head turner, but it may also be beyond your ability to make monthly payments. And that is where car leasing comes in: by leasing your car instead of choosing a bank loan, your monthly payments will come in lower. Where the Audi A4 may have once been beyond your reach, you can now grab the keys, get behind the wheel and drive off.

Before you sign your lease agreement there are some matters to consider. Read on and we will discuss how to make car leasing a viable option for you.

1. Negotiate. As you would with any new car deal, you should negotiate the price of the Audi A4 or other vehicle that interests you. Once you settle on a price, then you will begin to discuss your financing options. You can also arrange financing independently, so keep this point in mind.

2. Open-end leasing. Not that common, but still offered is open-end leasing. Under this arrangement, the amount you owe at the end of the lease term requires you to make one final or balloon payment, representing the difference between the residual and market value of your car. In other words, you are required to purchase the vehicle at lease end, typically for an inflated price. This option is usually exercised by commercial lease customers, not public customers.

3. Closed-end leasing. Choose a closed-end car lease if you want to walk away from your vehicle at end of lease term. That does not mean that you may walk away without being assessed with additional charges. Excess wear and tear, and mileage overage costs may become a factor. You can also exercise the option to buy the vehicle, an especially attractive option if the residual value comes in lower than its published market value. That price is also negotiable, therefore you can offer to pay a different amount.

4. Your money. Whichever lease option you choose for your Audi, you will need to have money on hand to close the deal. Expect to pay a security deposit, your first and last month’s lease payment and perhaps an acquisition fee for processing your loan. You may have to pay sales tax and you are responsible registration, license tags and title fees. Some fees can be negotiated or even eliminated. Ask to have your documentation fee waived, typically a dealer charge that you do not need to pay.

5. Lease payments. You will be making monthly payments to the car leasing company throughout the lease term. Your payments are based on a number of factors included the car’s anticipated depreciation. Use a loan calculator to determine your monthly payments. Know your costs up front before signing your lease agreement. Make sure that the final agreement reflects the changes you negotiated.

Lease Considerations

Keep in mind that if you terminate your lease early, you will still be responsible for your payments. When leasing a car, you generally are not allowed to customize it and you are required to have sufficient insurance. The credit requirements for car leasing are typically tougher than regular financing, therefore make sure that your credit score is very good or excellent to obtain the best leasing terms for your Audi or other car possible.

Finally, consider a lease that is no longer than the car’s original warranty. Longer term leases or those that go beyond the car’s warranty can expose you to additional costs. Fortunately, a car like the Audi A4 comes with four-year or 50,000-mile limited warranty, offering the protection you need for the typical three-year car lease.

Author Information
Contract hire sales executive David Gillon, works for www.frontierleasing.co.uk. He is a car finance expert who regularly blogs about car leasing and the benefit of contract hire versus. buying a car for business or individuals.

The Tax Man and Your Car

by Carsurfer Admin on 2013/02/19 in Auto Taxes with Comments Off on The Tax Man and Your Car

Yes, it is true. In some states property taxes are assessed on passenger vehicles, an annual fee that sometimes takes newcomers by surprise. After all, you already paid a handsome sales tax on your 2011 Cadillac CTS V-Series, now this. But, just like the property taxes you pay on your home, the taxes you pay on your vehicle may be contested. Read and we will look at how you can reduce your annual tax bit.

State Laws

There is no simple answer that you can give to explain what goes on in one state versus another state. Property taxes are set at the local level, therefore your particular state spells everything out.

There are two types of property taxes out there: real property and personal property. Real property includes homes, land and other real estate. Personal property includes your passenger vehicle including minivans, sedan, SUV, pickup trucks and motorcycles. In some states personal property can include house trailers and boats, therefore your tax burden can come in higher.

Tax Rates

What you need to determine is how your state imposes its tax rate on vehicles, an amount that should drop year over year. For unlike real property that usually appreciates, cars and like conveyances usually lose value. The $62,000 you shelled out when your V-Series was new is far higher than its current worth which is no more than $39,000 today, reflecting two years of intense driving and 40,000 miles on the odometer. That estimate comes courtesy of Kelley Blue Book.

And it could be just that book value where you have a leg to stand on with your state. You need to check your tax bill when it arrives and compare the value the state has assessed with its actual value. Your position is stronger if your state assesses vehicles based on its "true value in money" or what it would fetch if sold on the market. With some cars, a $10,000 difference in value is possible, spelling a tax differential of $100 to $200 or more.

Fighting Back

If you notice a difference in values, how should you respond? First, check your tax bill and read it carefully. On the back or on the side there should be information about filing a tax challenge or a link to a website that spells out that information.

Second, follow your state’s precise procedure for filling a personal property tax appeal. Just like an appeal with real property, likely you have a narrow window to file one. Typically, that will be 30 and not more than 60 days after the tax notice has been sent out. If you miss the deadline, you may have to wait a full year to appeal.

Your Proof

Expect that as you build your case, you will have to show proof of your vehicle’s condition and mileage. This may mean having your mechanic sign an odometer statement, verifying that your vehicle has gone far more miles than what the state estimates. Your state, of course, is the final arbitrator for all tax matters, therefore understand what is required for where you live and follow those instructions precisely.

Author Information
Jenny Sampson is a professional blogger that enjoys providing consumers with personal finance advice. She writes for TitleMax.biz, a leading Title Loan company offering loans for people with bad credit.

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