Best known for underwriting public radio programming such as “All Things Considered” and “Marketplace,” Ally Financial — formerly known as GMAC until the subprime market collapse kicked off the Great Recession — has decided to go for the gold in the used car and leasing markets, citing “irrational” pricing found in the superprime mortgage loan sector for its move from the latter toward the former.
Category: Used Cars
Ah, the good old days. A time when smartphones were just PDA’s with hormone imbalances.
A time of basic cell phones, brick-thick cameras, and camcorders barely big enough to require a hand strap.
I remember all this old tech like it was yesterday, and for one simple reason: I still used all of them until recently.
It’s amazing what having a ton of cash can buy you these days. For example, if you have a tween daughter with big dreams to be on stage singing about her favorite Asian foods, up to $4,000 can buy her a music video featuring a clown in a panda costume, plus the music and lyrics.
That said, why allow your daughter to become the next big viral sensation (for all the wrong reasons), when for the right price, you can buy a wrecked 1995 Ferrari F50?
If you accept the idea that a car can have two personalities, then you can be cheered by the fact that your Honda S2000 will always have a garage mate. Cruise conservatively and you may as well be driving a Miata, albeit the world’s roughest riding and loudest MX-5. Find a twisty back road and wind the overachieving 4-banger to 6,000 rpm when the Flux Capacitor kicks in and you are hanging onto a snarling, world-class sports car.
We are reviewing the bone-stock 2008 S2000 that I bought in June, now with 28,500 miles on its clock. Mine is an “AP2″ model, essentially the second generation version which was sold between 2004 and 2009. It differs from the original 2000 to 2003 “AP1″ model due to its larger engine with its redline lowered to “only” 8,000 rpm, more low-end torque and suspension tweaks making the car less tail-happy. (Hondas claims over 2,000 improvements were made in the AP2. Why does every car company use that same number when they upgrade a model?) Traction control was also added in 2006.
Every other review of the lightweight 237 horsepower two-seater can be summed up in one sentence: “The S2000 has the greatest gearbox ever, boasts precise handling and an ultra-high revving VTEC motor, has a cramped interior and a terrible ride, is Honda-reliable, and ‘I want one NOW!’” Suffice it to say that you are already aware of all that. Let’s talk about some things you don’t know about owning the little Honda.
Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013.
Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) Read More >
A car bought in 1956 for $15,000 is expected to sell for between $1.5 million and $2 million when it goes on auction in November. It is expected to be the star of Sotheby’s first significant auction of collector cars in more than a decade, where some 35 prewar French cars, postwar American and European sports cars, as well as American and European classics will vie for the attention and wallets of affluent car nuts. Read More >
This essay on Delicious Tacos, about the life and death of an $800 Mercedes-Benz diesel sedan, drove home one of the unfortunate realities of living in a snowy climate: it’s nearly impossible to find anything for $800 that hasn’t been completely consumed by oxidization.
“I wouldn’t buy a car at an auction. They’re all junk!”
Bad transmissions. Blown engines. Cars that smoke, drink and hang out with the bad boys thanks to all different types of leaks and spewage. This is the general stereotype that most uninformed consumers have of those cars at an auction.
Most folks look at auction cars as vehicles that are worth more dead than alive. Every malady and defect is assigned to these ‘red light’ vehicles that are sold as/is with no warranty.
But do you know what is the #1 issue of those auctioned off trade-ins here in the Atlanta area?
Miata. E30. Panther. Is it time to add another nameplate to the Used Car Hall of Fame? Because the 2012+ Chevrolet Impala looks like a sure-fire winner to me.
I recently read an article that said a growing number of young Americans would rather have a smartphone than a car. Half of American teenagers prefer web access to car access, said the article, and communicating via text, e-mail or social media is taking the place of actually driving somewhere to spend time with someone. You know – in person.
This is, of course, because times are changing. Years ago, turning 16 meant inheriting a dead relative’s full-size sedan with V8 power, rear-wheel drive, and no traction control. Gas was eleven cents a gallon. It was practically an invitation to hoon. But today, turning 16 means spending thousands just to get saddled with a four-cylinder economy car that has annoying features like airbags and disc brakes. No wonder teens don’t want cars: their smartphones are probably faster. And less expensive.
Or are they? 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.
Pretty soon, car salesmen will chase wreckers with the same fervor as lawyers chase ambulances. Finding a dead car might be their only chance to sell a new one. At least if a survey of nearly 4,000 car owners by AutoMD.com is right. Three in four respondents agreed that buying a vehicle every two to three years is a thing of the past, and 78 percent now say that 10+ years (or until it dies) is the appropriate vehicle lifespan. Is that how you think? Read More >