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Financing
• After you've negotiated a price for a new car, you can decide which dealer to buy from by seeing how much they'll give you for the trade-in.
• Find out what your trade-in is worth by checking the Edmunds.com, kbb.com and autotrader.com. By selling the vehicle yourself, you'll get a price about halfway between average trade-in and average retail. A dealer will give you the trade-in price.
• Finance a car for 48 months or less. With a 60-month loan, the value of the car declines much faster than the loan balance. So for much of the five-year period, you owe more than the vehicle is worth.
• Keep the financing separate from the car-price negotiation, too. When you allow the dealer to arrange financing, terrible things can happen.
• Buy a manufacturer's extended warranty or one from your own auto insurer. Don't buy a third-party contract.
• Don't buy an extended service contract from an automobile dealer or anyone else until you've had time to think about it and shop prices. You do not have to make this decision at the moment you're buying your vehicle.
Smart buying decisions right now on automobiles
Decreasing gas prices and midyear model changeovers are two factors creating some unique buying opportunities right now in the car market. First, on the gas price front, we've probably all seen the prices at the pump dropping. I've already predicted that prices in some of the lowest-cost markets could start ...
Car, credit industries booming with offers to sub-prime customers
After months of yellow light lending, consumers are again getting the green light for a flood of car loans and credit cards even if they have damaged or dinged credit. The big sales numbers the auto industry is enjoying right now are partly because of the new lower lending standards. ...
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Best and Worst payback times on fuel-efficient cars
Most people are looking more closely at fuel-efficient vehicles, event though they can cost more upfront. Here are the rides that offer the best and worst payback for your car-buying dollar.
Today's financial triage emphasizes car loans and credit cards, not mortgages
When you're in a tough spot financially, which bills should take the highest priority in your life? My traditional advice is being distorted by the breakdown of the mortgage market. In the past, I've said the highest priority for you should be paying your mortgage first, so you can have ...
Startups that let you rent your ride for extra cash
Do you have a spare vehicle sitting around collecting dust? Try renting it out. Kiplinger magazine reports there are several new websites that can help you get started as a 1-personal rental agency, with the possibility of generating several hundred dollars in extra income each month. The reality is most ...
2012 is the year of the cheap auto loan
2012 represents the best year to borrow money for a car perhaps ever in my lifetime, whether you're talking about new or used. We are almost certainly at record low interest rates for car loans, especially from credit unions. For example, two of the credit unions I'm members of are ...
Consumer Reports rolls out annual auto issue
Every April, Consumer Reports makes a special effort during car buying season to give advice for new and used buyers in their annual auto issue. This year, the overall most reliable brand for new cars is a real sleeper of a brand that has a pretty minor presence in the ...
Car complaints top consumer gripe list
Consumer complaints involving automobiles accounted for five of the Top 10 gripes of 2011, according to a California chapter of the Better Business Bureau. Among the grievances: Problems with buying new (No. 1); car repairs (No. 2); used car dealers (No. 3); extended auto warranties (No. 4); and auto parts ...
Prices headed up in all sectors of auto industry
CLARKONOMICS: Just a few years ago at the height of the recession when Americans were reluctant to buy anything, auto dealers simply couldn't move their inventory. And cars were a screaming deal. But now, purchasing is up, manufacturing is up and cars are moving off the lot as fast as ...
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A good time for car loans
Credit may be tough to come by in some markets, but the auto market is not one of them. Here's why this may be the time to borrow for a car or refinance an existing auto loan.
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