Comments Off on Report: Dealers won’t be the only ones hurt by used car recall bill
Getting recalls performed is important, and every single vehicle in CAR 1’s inventory has been checked for recalls and had them performed if possible. With that being said, we oppose legislation that would make it illegal to sell a used car that has an open recall, and a new report shows why consumers should be as well.
The National Association of Automobile Dealers is out with a report that claims consumers would be significantly hurt if a law banning used cars with recalls from being sold is enacted. U.S. Sen. Richard Blumenthal’s proposal, the trade group claimed, could cost consumers anywhere from $1,210 to $5,713 per car.
The article notes that while current federal law prohibits the sale of new cars under recall until they are repaired, it does not require the same [...]
Comments Off on Payment Gap Between New and Used Hits All-Time High
Did you know that the average monthly payment for a new vehicle was $483, and that the gap between the average monthly payments for new and used vehicles during the second quarter of 2015 reached an all-time high?
That’s the word from Experian Automotive, and it has the experts saying more consumers will be driven to reconsider the cost of paying for a brand new vehicle:
“As the price of new vehicles continues to rise, and the gap between monthly payments for new and used vehicles widens, we see more and more consumers looking for ways to keep their vehicle payments affordable,” said Melinda Zabritski, Experian’s senior director of automotive finance. “This could be especially true for consumers who have the financial ability to pursue a new vehicle but may have sticker shock at the rising prices and don’t want the accompanying high monthly payments.”
At CAR 1, we have often said that our primary customer is [...]
Comments Off on When Buying Used Makes More Sense Than Leasing
Amazingly low monthly payments might make leasing seem like a no-brainer. But a closer look at the related costs of leasing (and its long-term expense) might convince some people to return to a good used car.
Leasing is presented as a quick, easy and affordable way to get into a new car. …But there are some fees that people often don’t take into account, and those can quickly add up. Furthermore, at the end of the lease term, you have to decide whether to start a new lease cycle. You might eventually become a “serial leaser”: someone who always has a car payment. Over a lifetime of driving, this can be costly.
Here is a list of other points that might make you choose used-car buying over new-car leasing.
Credit score has been a common topic of conversation over recent years. However, many do not understand exactly how credit can impact their life. The better your credit, the more likely you’re able to finance at a lower rate. Your credit score affects everything from financing or buying a car to buying a house. Here’s a look at how a good score can affect your life.
Comments Off on Divorce, Credit Scores and Car Shopping
Divorce is often the catalyst for landing an ex-couple’s credit scores in the toilet. Last year Credit.com surveyed 526 divorced adults and found that more than 31 percent suffered a credit score drop following the break-up of their marriage. Especially for a lesser-earning spouse, or a spouse who did not work at the time of the split, securing a loan with attractive terms can be a real challenge. This can seem overwhelming if you are low on funds and need to buy a new car.
Even for those with severely damaged credit or no credit, period, all hope is not lost, says Matt Jones, Edmunds.com senior editor. “Even if your credit is wrecked in the divorce, you still have options for financing a car,” says Jones. “People with no credit are not always raked over the [...]
Comments Off on What Are Car Dealership Documentation Fees?
A recent post on an automotive website began like this:
“Pen in hand, you review the sales contract before signing for your new car. It all looks good except for one mysterious figure: the documentation fee or “doc fee.” In some states, this will be less than $100. But in others it can be higher than $700. What, exactly, are you getting for your money? And do you really have to pay this fee?”
This is a question too few buyers ask.
The dealer charges a documentation fee in exchange for filling out and filing paperwork for the car you are purchasing, as well as the vehicle you are trading (if applicable). This is a complicated process involving many different state and federally-mandated forms, and culminates with a trip to the Clerk of [...]
When you’re looking for a new car, calculating monthly costs is imperative to ensure you’re not committing to spend beyond your means – especially when you consider that most car financing terms are up to around five and half years, according to Edmunds.com. For even the most modest of vehicles, when you add in things like maintenance costs, gas mileage and insurance, what once seemed like an affordable option can quickly become out of range for your budget. That’s why it’s important to establish how much you can truly afford to pay for your new vehicle while you’re still in the research phase. Here are some key factors to help you determine the right price range for your budget.
Comments Off on 7 Simple Ways To Improve Your Credit Score
Need to boost your credit score? Unfortunately, a credit score isn’t like a race car, where you can rev the engine and almost instantly feel the result. Credit scores are more like your driving record: They take into account years of past behavior, not just your present actions. In addition to making the right moves, you also have to be consistent. A few easy steps can push your score in the right direction. Here are seven simple ways to improve your credit score.
Imagine going shopping for a whole new wardrobe and not trying on a single thing. That probably wouldn’t make a whole lot of sense, right? And you’d be taking a gamble with your money before you knew whether or not the clothes you just bought will fit you the way that you want them to. The same logic can be said about buying a new car. Before you sign on the dotted line, it’s important to take it out on the road to determine if it truly fits your needs. READ MORE…