A third of all subprime car loans are now being categorized into the ominous-sounding “deep subprime” group. The designation has become progressively more inclusive since America clawed its way out of the recession and now accounts for 32.5 percent of all high-risk loans — up from just 5.1 percent in 2010.
While consumers have fallen behind on most subprime auto loans, the deep classification is responsible for the most serious cases of nonpayment. Delinquencies surpassing 60-day periods have tripled since 2012 and indicate little sign of stabilizing. (Read More…)
Ahh, style. The word that means different things to different people. The khaki-clad middle manager and the 20-something hipster from Seattle both have a sense of it, even if wildly divergent. And this equally applies to cars.
For example, though many of the B&B complain about how all cars look the same now, I don’t think that’s true.
Your assignment today is to think about present-day exterior styling as applied to cars, and come up with a suggestion that’s suitably timeless.
When you put pen to paper and start making a list of American super car models, it doesn’t take long to conclude that The Land of the Free is not a leading purveyor of the species. In fact, you can fit the list on a standard Post-It. Google reckons there are just four generally — Ford GT, Hennessey Venom GT (which are current), a couple of Mosler MTs, and the Saleen S7 (which are deceased).
So come and check out a rare example of what happens when
American British engineering meets super car specifications, and then it all gets screwed together in the U.S. of A.
Navigating the new car market can be treacherous, but the used market is significantly larger and riddled with more hidden pitfalls. Used cars also offer the best potential value for your money, provided you don’t end up with a lemon. Even something that passes your initial scrutiny might be a few months away from becoming a clattering heap.
Fortunately, Consumer Reports keeps a running tally on the worst second-hand garbage that money can buy. Taken from its most recent ranking, here are some of the more common models from the last 10 years that scored so poorly in reliability that they aren’t even worth your consideration. (Read More…)
Online used-car dealer Carvana opened its second coin-operated car “vending machine” in Houston, Texas. The four-bay location allows customers either to pick up cars they’ve purchased through the company’s website, or to buy one of the 30 vehicles in stock at the location.
While customers can have their purchase delivered directly, Carvana must think there are enough interested rubes willing to make a pitstop in Houston on their pilgrimage to the world’s biggest ball of twine to make this gargantuan novelty worthwhile. Considering that Las Vegas has remained on the map, there might be something to that way of thinking. (Read More…)
Weather forecasters deserve our scorn, and Northerners know why. They call for one to two inches of snow, update the forecast to four to six inches later in the day, and you wake up the next morning to find eight to twelve inches of fresh powder blanketing your driveway, your car, your life, your fragile psyche.
It happens every winter, but a good insurance policy against aorta-popping fits of rage (and exertion) is to get yourself a good winter vehicle. Something that eats snow and ice for breakfast and comes back for more. Ideally, it’s a low-cost, no-commitment “beater” that throws itself in front of winter’s bullet to spare your pampered summer ride, but not always. (Read More…)
The tsunami of pre-owned vehicles flooding dealer lots is great news for those seeking an affordable, low-wear used car, but the previous owners are taking a hit.
More than ever before, owners returning their vehicle for a trade-in are discovering their old car’s value sank faster than their ability to pay it off. New car buyers, take warning. (Read More…)
Having endured 12 hard Canadian winters on an island covered in red dirt, this 2004 Toyota Camry is about to enter its thirteenth; its tenth since my father-in-law took ownership.
That red dirt is truly key to the story, because its color comes from Prince Edward Island’s high iron oxide content. Yes, that iron oxide. Rust.
But the Camry, undercoated three times since 2007, is an almost rust-free wonder with nearly 340,000 miles under its belt. (Read More…)
If you fancy yourself an automotive bargain hunter, the best time to score a deal on a used car is right around the corner. So, stop clicking around on Autotrader for five minutes and equip yourself with some useful knowledge to better your odds of snagging some savings.
The used car market? Saturated. The battle? About to begin.
America’s largest new-car retailer knows there’s money in them there pre-owned vehicles and has hatched a half-billion-dollar plan to take on the country’s largest used-car retailer. (Read More…)
When is a completed inspection report not a completed inspection report? When it’s issued by CarMax, a California appeals court has ruled.
The court found the country’s largest used vehicle retailer in violation of a state law requiring detailed inspection checklists for certified used vehicles, Automotive News reports. The ruling, which stems from a lawsuit filed by a customer who claimed CarMax sold him a “certified” lemon, shines light on the retailer’s dodgy vehicle inspection practices. (Read More…)
Autumn is here, leaves are falling, and dealers are marking down remaining 2016 inventory to free up room for models that won’t sound old in three months.
It’s a good time to hunt for that smoking deal on the 2016 vehicle of your dreams, but if your dreams — and bank balance — fail to reach that goal, looking back another model year could save you a lot of money.
New car looks and a low entry price can be yours if you’re willing to live with a vehicle boasting limited appeal and awful resale value. These are your best bets. (Read More…)
One- to three-year-old-vehicles are pouring back onto dealer lots, but the predicted drop in used vehicle prices hasn’t happened yet.
Consumer choices (meaning: trucks, trucks, trucks) and the high value of returning vehicles are keeping used prices near record levels, but analysts still expect a drop later this year, Automotive News reports. (Read More…)
The record-setting surge of new vehicle sales as America climbed out of the recession sparked a whole new kind of automotive competition.
A surge in off-lease vehicles returning to dealer lots means the certified pre-owned (CPO) market — once an unsexy afterthought — is now a battleground, and Kia Motors wants everyone to know how well it’s doing. (Read More…)
There’s been a slow, yet steady change in the automotive marketplace over the last eight years, and you, the consumer, have been the lobster sitting in the pot as the change has occurred. The market has gotten significantly worse for car buyers. The number of franchise and independent dealers has been reduced by almost half. And yet, those surviving dealers have had an unprecedented run of year-over-year growth since 2008.
But as that growth has slowed in 2016, car buyers find themselves paying more money for used cars than ever before. We know that the typical American household can’t afford the typical new car sold in America, but we may soon be approaching a day when that same household can’t afford the typical used car, either. In fact, according to NADA Data, the average used car transaction price in 2016 will crest $20,000 for the first time in history, and will be 59.1 percent of the average new car transaction price of $33,903.
What does all of this mean to you? That buying used may not be the smartest financial choice you can make. In fact, it might not be very smart at all.