Posts tagged with "used car"

Mina Tocalini illustrates Rolls-Royce for 360 MAGAZINE

Car Buying Tips & Tricks

Buying a car is exciting. It’s the perfect example of out with the old and in with the new! You’ve already begun looking at different vehicles and narrowing down the type of vehicle you want based on the make and model.

As exciting as it is to purchase a new car, you should keep a few car buying tips in mind throughout the process. If you’ve never purchased a car before or haven’t done it many times, then it’s important to know that there are people out there looking to scam you.

Unfortunately, getting scammed when buying a car is quite common. Don’t let it happen to you. Continue reading below for a list of car buying tips and tricks!

  1. Compare Prices

Your first step, after figuring out what type of vehicle you want, should be to start comparing prices. Look up the vehicle you want based on the make and model. Look at several different sites and see what dealers are listing it for.

Keep in mind that private sellers will have theirs listed for a cheaper price than the dealer, but there might be more risk involved buying from a private seller.

You can do a check online on car value sites to get an idea of what a fair value is as well. Once you’ve compared prices, you can get a good idea of what you should pay for that vehicle.

  1. Visit Your Bank

If you’ve found a specific vehicle you think you want to go look at, then your next step should be to visit your bank. Credit unions are a great choice for taking out loans. If you don’t bank with one, you can still take out a loan with them by opening a savings account.

When you visit the bank, have information on the vehicle with you. The VIN number is most important. Your bank will be able to tell you what a fair price for the vehicle is. If the vehicle you want isn’t listed for a fair price, the bank won’t give you a draft for what the dealer is asking.

Instead, they’ll give you a draft for a fair price, and you can use this as a negotiation tool.

  1. Run a VIN Number Check

If you decide to take a loan out with the bank, the bank will run its own VIN (Vehicle Identification Number) check. If you don’t, then you’ll want to run a VIN check yourself. You might have to pay a fee to do this, but it’s worth it and can save you from being scammed.

A VIN check will tell you how many owners the vehicle has had, all different states the vehicle has been owned in, any accidents, and maintenance reports. This information is crucial. If the vehicle comes back as a rebuilt title, then this means the vehicle was totaled and you should avoid making the purchase.

  1. Take It for a Test Drive

Always take the vehicle out for a test drive. When taking it out for the test drive, you should be sure to take the vehicle on a road where you can go over 55 mph. This will give you a good idea of how the car reacts to higher speeds.

Some issues might not appear until the vehicle goes over a certain speed. When testing driving, be very attentive. Listen for all sorts of noises.

You can turn the radio and AC on to ensure they both work, but then lower them so they don’t drown out different sounds that could signal problems.

  1. Have Your Mechanic Inspect It

Have a mechanic come out and inspect the vehicle. If you’re buying a used truck, then there are certain things you want to ensure it has and ensure are in working order. These things might be different if you’re buying a car.

Your mechanic will know what to look for and what to check. Cars that come from up North or if you’re buying in a state where it snows, then look out for rust under the vehicle.

If the mechanic says it passes the test, then you’re good to go. If the mechanic finds any issues, then you can discuss these with the dealer and ask about lowering the price or fixing the issues before selling it to you.

  1. Ask the Dealer About Discounts

Don’t hesitate to ask the dealer about discounts as well. Some dealers will give discounts on certain vehicles. There are also deals and specials that dealers give out during certain times of the year.

Be on the lookout for these deals and discounts. You can call the dealer ahead of time and ask if they have any current deals or when their next big sale will be. Those are the best times to shop.

  1. Prepare to Negotiate

At last, it’s time to make the purchase. Prepare to negotiate the price before settling with the price the dealer listed. If you have a draft from your bank, then you can use this to negotiate.

The dealer should be willing to sell you the vehicle for the price the bank offers in the draft. If you’re not good at negotiating, then consider bringing a friend or someone with you who is. Don’t feel bad about it either.

Dealers are expecting buyers to try to bring the price down and in reality, they price the cars higher than fair price for this reason. It’s up to you to get them to come down to a fair price.

Don’t Forget These Car Buying Tips

If you’re ready to buy a car, then don’t forget these car buying tips! Knowing a few tips for buying a used car is the best way to ensure you get a good deal and avoid being scammed.

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Junk Cars For Cash

Connect with professional junk car removals in New York City and get a cash in return! There are now more than ever, reliable and successful quick junk car pickup and removal services that are leaving customers satisfied. A short pickup time range provides a swift exchange, keeping in mind busy clientele and allowing for efficient operations. Cash for junk cars NYC can sell and provide you with quotes on the spot to get instant prices and to sell your damaged cars to quality buyers. If you have junk cars, damaged cars, or unused cars lying around, then you now have a chance to get rid of that clunker and get instant cash in your pocket!

Here you have the best services for junk-car removal in New York and they can specify a price after a quick consultation on your cars. Selling your old car in New York quickly won’t be a problem because the professionals can handle it quickly and smoothly. They will guarantee high prices and successful tradeoffs by making contracts with trusted car-removal professionals that are more than willing to help you get the most bang for your buck. Same-day-pick-up is the best way to get your junk cars out of the way, and cash in your hand. Tell your chosen company the model of your car and the VIN number to get an instant quote from a professional service provider. In the New York Area, you have many options of car-removal professionals to choose from.

Selling your clunker in New York, NY is the best professional source to get rid of useless cars and to get the absolute highest price as compared with other services. If you are interested in selling your scrap cars with same day pick up, it will be easy and quick in New York City. The efficiency of the teams, experience with junk cars, and extensive background knowledge on a variety of cars helps people choose the best services. Extensive knowledge of the New York City area as well can help us pick up and exchange your cars for cash quickly and efficiently. Our professionals promise efficient removal and safe payment deliveries. Everything including price and removal can be negotiated during consultation, but start by reaching out online to connect with a professional and find prices that work for you!

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The Disadvantages of Buying a New Car: The Ultimate Guide

One of the many disadvantages of buying a new car is the fact that the value immediately depreciates as soon as you drive it off the lot.

Each year, people buy over 17 million new cars in the United States. 

If you’re thinking of getting a vehicle, there’s a good chance you have considered buying a new car. You should always take into consideration the disadvantages of buying a new car. It’s a big decision, and you don’t want to rush into it.

Buying a car can be a great experience, and it can make you feel better. A lot of people avoid used vehicles because they have a stigma of being unreliable. That is not the case, with most used cars lasting for years before needing any work done. 

Disadvantages of Buying a New Car

One thing that most people don’t think of is the disadvantages of buying a new car. They believe that once you get a new car, it’ll run like perfect forever and won’t have any problems. The reality is that modern vehicles have disadvantages too. 

1. The Value Drops the Moment You Drive It 

The second you take your new car off the lot, the value of the car drops. Many new vehicles come with rebates and incentives that also immediately lower the value of the car. This means that while the car may cost you $30,000, it won’t be worth that the second you drive it off the lot. 

In general, a new car will lose 60 percent of its value after five years. That means if you purchased a new car for $20,000, It wouldn’t even be worth $10,000 after five years. Cars never stop depreciating, but after the five-year mark, the rate of decline slows down. 

2. New Cars Are Expensive 

Owning a car can be very expensive. One of the disadvantages of buying a new car is the upfront price that you’ll have to pay. There’s more to consider than the cost of the vehicle upfront, but that can be daunting by itself. 

New cars cost a lot of money, usually in the tens of thousands of dollars. Add to that the interest cost of a loan and finance charges, and you could end up spending a tremendous chunk of your income on a new vehicle. 

3. Insurance Is a Killer

The cost to insure a new car is based upon the value of that car. While the value continually decreases, your insurance does not go down as fast. If you’re carrying a note on the vehicle, you’ll have to pay for full coverage insurance, even if you don’t want or need it. 

The average monthly premium for a new vehicle can reach as high as $136. That comes out to over a thousand dollars a year that you’re spending on insurance alone. Insuring an older car can cost less than half that. 

4. Model and Year Dependability 

Car manufacturers are always adding and changing things on their new line ups every year. This can be a great benefit, but there’s something that most dealerships won’t tell you about. A harsh reality of the car market is that not all years and models are made as well as others.

New lines of vehicles and modified older ones can have reliability problems. While many cars undergo various tests, that doesn’t mean you’ll get one that could pass those tests. With the addition of so much digital technology, the potential problems increase exponentially. 

While a used car has reliable data from consumer reporting groups and reviews on dependability and performance, you won’t have the same luxury with a new vehicle. The reviews that come out have been paid for and don’t always reflect the quality of the car you’ll get.

5. The Cost to Tax and Title Your Vehicle

The cost of registering a vehicle varies based on state, but one thing that is true in every state is that the higher the price, the more taxes you have to pay. When you go to renew your tag, it will cost you more money. 

Some states even require that you pay tax on a vehicle you didn’t purchase in their state to get it tagged for that state. This means that the phantom costs of a new vehicle can be increased at every step of the car ownership process. 

6. New Cars Take A Long Time To Pay Off

Paying off a car loan that is worth $20 or $30 thousand will take you far more time than paying off a loan for a few thousand dollars. Most car loans are made out to be paid back in five to seven years. This means that you could be paying for that new car from the time your kid is in 5th grade until they graduate high school. 

Having a lot of debt will also make you less likely to be able to get another loan. If you want to buy a house or do anything that requires a loan, you’re going to have more trouble with a massive car loan out. 

Buying A Used Car 

A lot of people dream of buying new cars. This has been true for decades, for about as long as cars have been around.  For most of us, however, buying used cars tends to be a better investment and cost us a lot less. 

Used cars used to have a bad reputation because of dependability, but since the early 2000s, cars are more reliable than ever. That reliability does not magically go away because the car is resold. You can benefit from the same modern reliability from a vehicle that is ten years old or more. 

Don’t Be Fooled By The New Car Shine

The disadvantages of buying a new car are many, yet there are some advantages. Don’t be fooled, however, into thinking that you’re going to be coming out ahead. You won’t. 

Do your research and purchase a car from a year that is dependable and well maintained. Saddling yourself with almost a decade of debt doesn’t have to be the price of owning a vehicle.  

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How to Get a Lower Car Payment

As of February 2019, the average new car transaction price was $36,590. This is according to Kelley Blue Book, the leading automotive valuation authority in the United States. While that figure is actually lower than it was in January of 2019, when the average price was $36,765, it’s considerably higher than February of 2018 when it was $35,597.

With that said, along with these higher prices have come larger car loans. This doesn’t have to mean they’re unaffordable though. Here’s how to get a lower car payment—even with a larger loan.

Know Your Credit Score

Too many people go shopping for cars without knowing their credit score and the Annual Percentage Rate (APR) on a loan they’re entitled to, based upon that score. The higher your credit ranking, the lower your interest rate should be. The lower your interest rate, the less money you have to pay each month to service the loan. In other words, knowing what your credit history qualifies you to receive is one of the fastest ways to lower a car payment.

Get Pre-Approved for a Loan

Another thing you should do before shopping for a car is get preapproved for a car loan by your bank, credit union or another independent lender. That way, when you get to the dealership, you’re in a better position to negotiate your interest rate, because the seller knows they’ll have to compete with your existing offer.

Increase Your Down Payment

Most lenders like to see at least 20 percent down on a new car purchase. Meeting this figure can earn you a lower interest rate, which in turn will shrink your monthly obligation. What’s more, if you can go higher than 20 percent, you’ll lower your loan amount, which reduces the payment and the interest charges. Yes, you can get a car with less money down, but the more money you borrow, the higher your payment will be.

Longer Loan Term

Perhaps not surprisingly, another byproduct of those higher transaction prices is lengthier loan terms. In many cases people are stretching car loans out to 84 months. This can have the effect of lowering a car payment significantly. Then again, it also makes the car cost more in the long run. The longer the loan term, the more time interest has to accrue, which means the borrower pays more.

Refinance Your Car

Even if you’ve recently bought your car, you might qualify to refinance into one of the low APR car loans like those offered by RoadLoans. Therefore, it always pays to keep an eye on interest rates. What’s more, the newer your loan, the more likely you are to benefit from a refinance. It’s never too early to look into this possibility.

Lease Rather than Buy

Instead of taking on a loan for the full price of the car, you’ll pay only for the amount of its value you use over the term of your lease. This can result in significant monthly savings. If you decide you really like the car and want to keep it, you can buy it outright at the end of the lease term as a used car and keep those lower payments. Be sure to run the numbers on this strategy to ensure it makes good financial sense. But it’s a great way to get a nice used car, the history of which you can be absolutely sure.

The six tactics will help you get a lower car payment. However, be careful which strategy you employ. Some can wind up costing you more in the long run.