Here are some facts and a little knowledge of where automotive financial trends are taken us.
The average Automobile price tag or MSRP (Manufactures Suggested Retail Price) today is much higher than ever before. In 1989 any car over $12,500 was considered by the IRS to be a luxury automobile. A financed car at the selling price of $10,000 and an average interest rate of 10% , in that day and time, for a term of 48 mos. was $250 per month. With the ever growing price tag of new and pre-owned vehicles today. The average person financing a car at 7% interest can not afford to finance these high ticket items. And with inflation of the all mighty dollar surpassing the depreciation of these assets, they must and need to lease. The average price MSRP today is over $20,000++ with a 48mo term retail finance payment growing over $500 per month. It is stated throughout Industry and Economic articles, that nearly 50% of all cars today with a price tag of over $25,000 are leased and within the near future with the rising cost of technology to build bigger, better, faster and while trying to meet government and the economical needs of motorist, the price tags for automobiles will soar beyond our imagination.
Auto loans are fairly easy to obtain from a variety of sources – no matter how good or bad your credit may be. Options for auto loans include bank loans, finance companies, and in-house loans. The loan that you get depends on whether you are buying a used or a new vehicle.
Most banks and finance companies, such as GM, will not loan money on vehicles that are over five years old. They also will not loan money on vehicles that are not worth the sales price. Therefore, if you are purchasing a used vehicle that is more than five years old, you will need to obtain in-house financing where you purchase the vehicle – or pay cash for the vehicle.
To buy used car is a great idea for saving money. Everyone knows that a new car lost 65% of its value in the first 5 years. But the case would be more extreme for a 1 to 2 years old car, it will lost its value 30-40%.
If you don’t mind to drive a used car (I mean a 2 to 5 years old car, it looks pretty new) rather than a new car, you may save much money to pay many other bills. If you want to keep the car not too old, you may resell it after driving for 2 to 3 years and buy another newer one. The value of the car will only drop 15% or less for a 5 years old car. Therefore, your driving cost for 2-3 years would only be 10-15% of the car’s original value.
While most people are aware of common dealership scams, less experienced buyers may fall prey to their tactics. When selling a new or used car, dealerships profit in two ways. They profit from the sale of the vehicle, and from the interest paid by the buyer. Hence, a universal goal of most dealerships is to trick buyers into paying more money for their car.
Dealership Mark-Ups
Purchasing new car is hard enough without having to deal with the sales pressure from a car salesman. It’s no big secret that almost every car dealer can be talked down on the initial price thay want for a car.
So if you decide to buy new car, we’ll help you determine what kind of cars is right for you and how best to negotiate a car purchase. Before you head out to the car showrooms with your checkbook in hand, evaluate your reasons for buying a new car. Find out the base price of each car you are interested in. The more you know about the actual cost of, the less you will have pay for it.
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