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Many people rely on title loans when money is tight, regardless of their infamous predatory nature and high interest rates. However, getting that loan is much like playing Russian Roulette — and with similar odds. According to a recent PEW study, one out of every nine title loans results in a repossession, with the titled vehicle eventually heading to auction.
Recently, I received a notice that a large title loan vendor was to auction off over 500 vehicles. My curiosity got the better of me. Armed with the auction run list and a VIN history tool, I decided to take a look at what ends up at these auctions and how they get there.
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If you’re a car enthusiast, you likely get asked by your friends and acquaintances for advice on their automotive purchases. If you write about cars, that probability becomes a certainty. When they ask something really general like “what’s the best car?” it’s a bit annoying because what fits your needs best may not be the best choice for your neighbor. However, sometimes you’re presented with a genuine need and you want to give sound advice. Read More >
The Ford Focus ST and Subaru WRX were the two finalists in my new car search and the Focus ST seemed to be winning out due the extra incentives that were being advertised. I emailed a few Ford dealers in my area to negotiate an ST2 and a few Subaru dealers to see if they were offering any discounts that were not advertised.
The 2015 Focus ST might appear to be the best deal if you go by the advertised prices, but the 2016 WRX ended up being a great deal after talking to a few dealers. I was interested in the ST2 model of the Focus and got quotes of about $24,800 on a 2015 and around $26,700 on a 2016 based on all the discounts for which I qualified.
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The time has come to replace my Cadillac STS with a newer ride, so I have spent the last couple of weeks narrowing down the potential replacements. I have bought and sold enough vehicles that my evaluation process for resale vehicles is somewhat cut-and-dry, but buying a new personal vehicle seems to bring more questions and answers.
The Cadillac STS came from an auction like many of my previous daily drivers. It was a purchase of opportunity, due to low cost at the time. Profitability trumps emotion for many of my car-buying decisions; I care more about how much it costs to buy and recondition a car — and its subsequent profitability when I sell it — than I care about how it feels. Read More >
Going to visit a dealer on a rainy day or the third Sunday after a holiday might not help you get a better deal on a used car, but tracking how long it’s been sitting on the lot may work in your favor. Aged inventory takes up valuable lot space while interest adds up every day motivating most dealers to drop the price to sell it quickly.
Most cars arrive on a dealer lot arrive from wholesale auctions or customer trade-in and are paid out from dealer funds or by a loan through floorplan financing. As with most loans, interest and fees are paid until the loan is satisfied for the floorplan. Each day of interest cuts into the potential profit for a vehicle so dealers try to move inventory as quickly as possible.
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The prospect of buying a salvage titled car for almost half the price of one of its clean titled counterparts is tempting for many potential car buyers, but increasingly it’s becoming a losing proposition. I have bought and reconditioned a few dozen salvage cars (I currently own three). As I am getting ready to embark on a new car buying adventure, I sat back to look at the math for my current daily driver.
I purchased my 2005 Cadillac STS from an insurance auction a few years ago for about $3,400. After it arrived, I spent another $2,300 to repair it and get it back on the road. I went through the receipts a few months ago and wrote up a summary of the costs. It worked out to be a great deal for me at the time but now that I am getting ready to replace it, I decided to take a look back and see if I actually saved any money in the long run.
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In my recent test of the 2015 Ford Expedition, I wanted to give a sense of real-word pricing rather than just MSRP, so I quoted TrueCar’s estimate of the average discount available on the vehicle. I had planned to quote available cash and lease incentives direct from Ford’s website, but after 15 minutes of research my head started hurting and the story would have been longer than DeadWeight’s diatribes on what’s wrong with Cadillac.
So let’s take a separate look at the quagmire of incentives that Ford offers you to buy an Expedition. Before you click the jump, do you know the expansion of the above acronym “RCL” ? Read More >
Price is the deciding factor in many new car purchases, so it’s no surprise that dealerships do all they can to advertise the lowest number possible. While the internet has given consumers a lot of power when it comes to purchasing a new car, many consumers still fall for age-old pricing tricks.
One of the easiest ways to reel people into a dealership is to set up an advertisement for a decently optioned popular car at a sale price significantly lower than MSRP. This advertisement will usually be the lowest in the geographic area and would cause a loss for the dealership if sold. The way that deceptive dealers get around honoring the advertised price is by specifying a single stock number that qualifies and then asking a friend or relative to put a deposit on that specific vehicle as soon as the advertisement goes up online or in print.
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We just had a fight.
Scratch that. We were still having a fight. This was just the tense calm between volleys of verbal mortar fire. I won’t even tell you what we were fighting about. The subject was so stupid it would make my girlfriend and I both look like utter idiots — like those times when you shout at a character in a TV show to grow up and “just say you’re sorry already!”
Instead of doing what any rational human would do, I figured my only chance of peace was to escape the waves of relationship-drama ordnance. I grabbed the keys to this week’s Charger along with my vaporizer and fled the front line to regroup and regain my sanity.
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You have worked hard to save the $20,000 you need to purchase the car of your dreams. You’re ready to step into the dealership, walk straight to the manager in the back, plunk down those greenbacks, and say, “I have cash! Give me your best price!”
This may have worked in the days before electronic banking and factory rebates, but paying cash today will likely cost you more.
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The last time I looked at my 1969 Chevrolet CST/10, it was a pile of disappointment. After reviving it and replacing a freeze plug, it proceeded to pop three more freeze plugs during warm up. Time was beginning to run out, my dad’s house had gone up to market and quickly sold. The truck was a long way away from driving out of Houston, and I needed to get it out of town. Time and money were a factor, I didn’t have time to spend money running a truck and trailer to Houston, just for the CST/10. Thankfully, three things lined up: A truck, a trailer, and a reason to drive to Houston. The truck is a customer’s, who loans the truck out in return for a few favors on the truck’s maintenance. The trailer came from my friend’s rally shop, which I moonlight at. And the Lone Star Region Porsche Club had invited me to partake in their refreshed autocross program at Houston Police Academy just before the closing deadline on my father’s house. Win-win, right? I packed the suitcase, tools and dog, hemorrhaged a gas pump to fill the truck, and blasted to Houston.
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I’ve written before for “New or Used?” regarding my ’04 Scion xB 5MT that I (mistakenly) ended up trading in towards my family’s 2013 Outback 3.6R last year. Since then I’ve been driving my wife’s ’06 Accord EX-L V6, now at 105k. It’s a nice enough car to drive, but was never “my” car, if you know what I mean (and I’m sure you do).
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Like so many broken down old cars, the old Plymouth sat forlorn and alone at the far edge of the driveway. Even from a distance, it looked like it was a mess, its green paint was peeling away and the hood, which for some reason had a flat black square in the middle, was entirely oxidized. Up close I could see that the interior was just as bad as the exterior. The dash pad was totally cooked and the vinyl seats had split wide open along their seams. My buddy Rick, however, insisted the car was cool and to prove his point he raised the hood to show me a tired old engine that he insisted was a 383 big block. I looked it over, noting the four barrel Holley double pumper without an air cleaner and the unpainted valve covers that had leaked an impressive amount of dirty black oil over the years, and tried to find something to be positive about. Finally I found it, bolted to the inner fender was a splash of faded purple and a sticker featuring a cartoon character. Its text proclaimed “Voice of the Roadrunner” and I knew in an instant, with all the certainty that 19 years of life experience had given me, that my friend had been right all along. Read More >
Car salesmen call buyers like me, “squirrels.” It seems like whenever I buy a new car, I pull a handbrake 180 turn at the last moment and purchase a completely different vehicle than originally planned. Last week I was so close to buying a new Mustang GT with the Track Package that a friend at Ford was poised to set me up with an insider deal. The only problem was I seemed to have forgotten that this will not be my daily driver so why was I analyzing SYNC Packages, luggage space, resale value and the like?
I regrouped and asked myself two questions: which vehicle will have the soul of the two most fun cars I have ever owned, the 1994 Mazda RX-7 and the 1988 Honda CRX-Si? Why do I live in sunny San Diego and have never owned a convertible? The halogens went off in my head. As fate would have it, a dealer I know had just traded for the exact car I wanted. Say hello to my little yellow friend. Read More >
When it comes to buying a used car there are two basic negotiating mindsets. You can either be fair and decent or unfair and obnoxious. If you seek to chisel and deceive then chances are you will get a bad car. Only the desperate and deceitful are willing to put up with that type of BS.
Want a ‘great’ car? Then realize that many sellers respond extremely well to honesty and decency. Win – win is no sin. So, karma lovers, here’s some tips for negotiating the purchase of a used car by observing the Golden Rule.
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