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Coming Up Roses - How Color Affects Resale Value

Does The Color Of Your Car Affect Its Resale Value?

"A rose by any other name would smell as sweet" - William Shakespeare

If you think about it, the color of the rose doesn't make any difference either. But have you ever wondered if the color of a car affects its trade in value?

How People Pick The Color Of Their Car

People pick the color of their car for many reasons. It may be a reflection of their personality or the desire to make a statement about their status, and even wealth.

Colors are often chosen based on comfort, practicality and aesthetics. Some of the most popular car colors are white, black, silver, gray and red.

One of the reasons people may choose white is because it looks clean and sleek. It also has a modern look to it. Plus, white can go with any type of interior.

Black is popular because it is thought to be classic and sophisticated. It also won't show dirt as easily as other colors.

Silver and gray are both neutral colors that go with just about anything. They are good choices for those who want a sleek, modern look.

Red is thought to signify power and strength. It is also seen as a more exciting color than some of the other options.

Trending Colors

Some people choose the color of their car based on what is popular at the time. Others may want to be different and choose an unpopular color. There are also those who believe that certain colors are luckier than others.

iSeeCars recently released an article detailing Which Colors Help and Hurt a Car's Resale Value. They reported:

Highlights:

  • A vehicle’s color can have a substantial impact on how quickly it loses value, with the highest depreciating color losing nearly four times the value compared to the lowest

  • Popular colors, including white, black, and silver, have minimal impact, meaning they won’t hurt resale value but they also won’t help a vehicle maintain its value

  • Some of the most beneficial colors for retaining value, including yellow and orange, may surprise consumers

A car’s color can help or hurt its resale value, according to a recent analysis by iSeeCars.com. After comparing prices of more than 650,000 recently sold three-year-old used cars, iSeeCars determined the average three-year vehicle depreciation rate by car color. 

 “A vehicle’s color is among the primary considerations after shoppers have decided on a make and model,” said iSeeCars Executive Analyst Karl Brauer. “With depreciation being the largest cost of vehicle ownership, consumers should carefully consider their color choice–especially if they plan on selling their vehicle.”

Be sure to read the entire article here

 

Should We All Just Buy Yellow Cars?

While the numbers speak for themselves, there are other factors you should consider before jumping on the Yellow car bandwagon. Do you really want to drive a yellow car ? If the answer is no, then it doesn't matter how well it holds its value.

The same goes for any other color. If you love the color purple and it just so happens to have a good resale value, then go for it!

 

Looking for a new car?

You'll love our selection of quality used cars - they're reliable and affordable. And we're here to help you every step of the way. You won't find a better selection or price anywhere else.

We can even find that Yellow car you've always wanted.

Contact us today to learn more!



Is Your Old Car Keeping You Up At Night

Rust Never Sleeps - Is Your Old Car Keeping You Up At Night?

Have you lost sleep worrying about your old car breaking down or rusting away? Maybe you should think about trading it in for a newer model. When you do, you'll want to take steps to keep your new car from succumbing to the same fate as your old one.

Remember the better the condition of your car, the higher its resale value will have.

Here are some tips to prevent rust:

1. Check for rust regularly and treat it immediately

2. Wax your car regularly

3. Store your car in a cool, dry place

4. Avoid driving through puddles

5. Don't wash your car with harsh chemicals

6. Use rust-resistant paint on your car

7. Keep your car clean and free of dirt and debris

8. Treat minor scratches and dents promptly

 

Garage Kept Cars - Winter Warning

In general keeping your car in a garage year round is the best way to prevent rust, but there is a caveat during the winter months. If you live in an area with heavy snowfall, road salt and other deicing chemicals can splash up onto your car while you're driving. These chemicals will accelerate the formation of rust on any exposed metal on your car. You should also wash your car regularly, to remove any salt and other corrosive materials that may have accumulated on the surface.

Leaving your car parked in the garage as much as possible goes a long way in preventing rust but even that might not be enough. The best way to keep your car from rusting is to take some preventative measures. Here are a few things you can do:

Wax On, Wax Off

Another good way to prevent rust is to keep your car's paint finish in good condition. A fresh coat of wax will act as a barrier between the metal and the elements, helping to prevent moisture and other corrosive materials from coming from your car as soon as possible.

Don't Have A Garage - Cover It Up

You can buy a car cover specifically designed to repel water and keep snow and salt off your car. These covers can be pricey but may be worth the investment if you consider how much it would cost to repair rust damage. Also rust will affect the trade in value of your car when the time comes to sell or upgrade

Another alternative is to use a tarp or old blankets to cover your car when you know bad weather is on the way. This won't be as effective as a car cover but it's better than nothing.

If You Must Park Outside - Protect Your Car

The biggest majority of the time you will be parking your car in the driveway, street or other hard surface. Parking your car on grass, dirt, snow or surfaces that do not drain well can contribute to rust forming on the undercarriage, fender wells and other areas of the car.

If you find yourself in this situation try to park your car in a spot that is not likely to puddle after a rain or snowstorm. As the ground becomes soft from the moisture, mud, gravel and other loose material can pack into areas of your car that are hidden from your view. From time to time do a visual inspection to remove any build up in these areas.

Is It Time To Trade Your Car?

We know that trading in your old car can feel overwhelming. You have to find a dealer, figure out what your car is worth, and then complete the paperwork.

To make the process as easy as possible for you. We will give you a fair market value for your car and work with you to find the best financing option for your new car.

We have a large selection of cars, so you are sure to find one that you love. Our staff is here to help guide you through the entire process, so you can feel confident about your purchase.

FIRST TIME BUYER

1. Know Your Budget

2. Do Your Research

3. Explore Your Financing and Purchasing Options

4. Improve Your Credit Score

5. Save for a Down Payment

6. Consider Buying Used

7. Get the Car Inspected

8. Negotiate the Price

9. Read the Contract Carefully

10. Enjoy Your New Car

The time has finally come: You're ready to kick your mom's hand-me-down clunker to the curb and buy your first car. But before you race over to the auto dealership, cool your engines long enough to make a plan. These tips to know before buying a car will help ensure you get the vehicle you want at a price you can afford.

1. Know Your Budget

The first step in buying a car is to set a budget. This will help you narrow your focus to cars within your price range before you fall in love with one that'll break the bank.

To create a budget, start by adding up all your monthly income and all your monthly expenses. Be sure to categorize your expenses as either fixed (such as your rent, utilities or student loan payments) or discretionary (such as going out to eat or buying new clothes). Once you've got an accurate idea of your expenses, you're likely to see several areas where you could cut back, which could leave you more money to put toward your monthly car payment.

In general, it's best to keep your car payment below 10% of your monthly take-home pay. But your monthly payment isn't the only factor to take into account when budgeting for a car. You'll also need to consider the ongoing expenses of owning a car, such as insurance, gas, repairs and maintenance.

Loan terms are another factor to consider. Auto loan terms generally range from 36 to 84 months. The longer the loan term, the smaller your monthly payment will be, but the more you'll pay in interest over time. By choosing a less expensive car and putting down a larger down payment, you can opt for a shorter loan term and still keep your payments manageable.

2. Do Your Research

Once you have an idea of your budget, do some research to see what vehicles in your price range fit your needs. Researching online at local dealerships' websites or at automotive sites such as Edmunds.com, Autotrader or Kelley Blue Book will give you a good idea of the price you can expect to pay.

While doing this research, you'll undoubtedly be tempted by great deals on car leases. Many drivers may prefer to own their car outright, but there are plenty of appealing advantages to leasing one. After all, you'll get a brand-new car, typically for a lower down payment and monthly payment versus buying. But limitations can be restrictive, and you may balk at putting money into a vehicle you'll eventually have to return. Ultimately, it's a decision that depends on your personal preferences and needs.

3. Explore Your Financing and Purchasing Options

When you've narrowed down your dream car list, it's time to think about how you'll finance the purchase. Unless you've saved up enough money to buy a car outright with cash, you'll need an auto loan to finance the purchase. According to Experian's State of the Automotive Finance Market from the fourth quarter of 2019, 84.6% of new cars and 54.6% of used cars were financed.

You can get financing through an auto dealership or through a third party such as a bank or credit union. However, because auto dealers will tack on additional fees for handling the loan, you can often get better terms from a bank or credit union. Getting preapproved for a loan through a third-party lender can also give you negotiating power to see if the dealer will match the loan terms.

If you're applying to multiple lenders to get the best loan terms, be sure to apply to all of them within a short time period. Applications made within a 14- to 45-day period (depending on the scoring model) will only count as one hard inquiry in your credit score. Once you're approved, the lender will give you proof of the loan terms and amount to show the dealership.

When it's time to buy, your options for where and how to do it are greater than ever before. Depending on whether you're seeking a new or used car, you can buy from dealerships, dealership websites, online car-buying sites or private sellers. Some services will even have the car delivered right to your door.

4. Improve Your Credit Score

Knowing your credit score before you seek financing for your purchase will give you an idea of which loan terms you're likely to qualify for. Start by getting a copy of your credit report and checking to make sure it's accurate. Then check your credit score.

Having good to exceptional credit (which lenders generally consider a FICO® Score? of 700 or above) makes it easier to qualify for favorable loan terms. Consumers with the highest credit scores financing a new car pay $522 a month on average while those with the lowest credit scores pay $562 on average, a $40 a month difference, according to Experian data.

If your credit score isn't in that range, and you don't need the car right away, consider postponing your purchase. In the meantime, you can work to improve your credit score and potentially earn access to loans with lower interest rates, which will save you money.

To help improve your credit score, continue to pay all your bills on time, pay down your debt and reduce your credit utilization ratio. For a quick boost to your credit score, consider Experian Boost™† , a free service that adds your on-time utility and telecom bill payments to your credit history.

5. Save for a Down Payment

How big does the down payment on a car need to be? Just as with buying a home, most lenders like to see a down payment that's at least 20% of the car's price. (If you're buying a used car from a dealership, a 10% down payment is generally sufficient.)

There are several reasons a 20% down payment makes sense:

New cars typically lose a portion of their value in the first year of ownership, so a down payment of 20% helps make sure you never owe more than your car is worth.

The bigger the down payment, the smaller the loan you'll need.

A bigger down payment generally earns you more favorable loan terms, which saves you money in the long run.

Many dealership, automaker and automotive websites have online payment calculators you can use to arrive at the best down payment amount. By putting in various car prices and loan terms, you can estimate how different down payment amounts might affect your monthly payment and the amount of interest you'll ultimately pay.

6. Consider Buying Used

Is your heart set on a shiny new car? You may have second thoughts when you discover just how much that new-car smell will cost you. According to Experian data, the average monthly payment for a new car is $161 dollars more than the average monthly payment on a used car ($554 vs. $393).

Buying a used car is often a better option for first-time car buyers on a budget. Cars less than five years old typically have many of the same safety features and technological bells and whistles newer models do, but at a much lower cost. If a five-year-old car is too "vintage" for you, look for dealers selling two- to three-year-old cars that are coming off leases.

You can buy used cars from auto dealerships or from private sellers. Many car dealers and manufacturers sell "certified pre-owned" (CPO) cars. These are used cars that have undergone through inspections and reconditioning; they often come with limited warranties and other extras. When buying a CPO car, make sure you fully understand whether the car is covered by a warranty and, if so, what it covers.

7. Get the Car Inspected

Whether you're buying a used car from someone you know or from a dealership, you should always have a trusted mechanic inspect it first. This is called a pre-purchase inspection and is a service most auto repair shops offer. You may have to pay a few hundred dollars for this service, but that's money well spent if it keeps you from buying a car with major issues under the hood.

Even a CPO car should undergo an independent inspection before you buy it. CPO inspections tend to focus on major systems and obvious problems. Independent mechanics can point out smaller issues, poorly done repairs and potential future problems. If the car has been inspected by the dealership, get a written report of the inspection to give your mechanic.

To find a mechanic, ask your friends and family for recommendations or look at online review sites for highly rated mechanics near you. Mobile mechanics who come to you to inspect the car are also an option, but taking it to an auto repair shop allows the mechanic to inspect it more thoroughly. If the seller objects to an independent inspection, consider that a red flag.

8. Negotiate the Price

Both dealerships and private sellers expect you to haggle over the price of the car. You'll have more wiggle room with a used car, since it doesn't have a set MSRP (manufacturer's suggested retail price). Even with a new car, you can generally negotiate your way to a significant savings off the sticker price.

To drive a hard bargain, find out how much the car is worth by researching its value on automotive websites. Be sure to take into consideration any "extras" the car has, such as leather seats or a top-of-the-line entertainment system. When you arrive at an estimated average price, take 10% to 20% off that figure and make the seller an offer. You'll have more leverage if you are preapproved for a loan or if you're paying in cash.

Timing can help you get a better deal too. If you're buying new and don't need the car right away, try waiting until the last few months of the year to go shopping. That's when dealerships typically offer special incentives such as cash back or promotional 0% APR financing so they can clear cars off the lot to make way for next year's models. Can't wait that long? If you can hold out until the end of the month, salespeople eager to make their monthly sales quotas are often quite willing to bargain.

9. Read the Contract Carefully

Buying a car can be a lengthy and stressful process. By the time you have a contract in hand, you're probably so eager to get behind the wheel that you're ready to sign the contract without even glancing at it. Unscrupulous car dealers count on this and may pad contracts with extra charges you never agreed to or change the terms you discussed.

When you sign a contract, you're entering into a legal agreement with the seller—and once you put your name on the dotted line, it's often very difficult or impossible to renege (and if you can, you'll almost certainly pay a fee). Whether you're buying from a dealer or a private party, take as much time as you need to read the contract in full before you sign. Don't be shy about asking questions or calling a trusted friend or advisor if there's anything you don't understand.

10. Enjoy Your New Car

Congratulations—you're a car owner! Buying your first car may be the first major purchase you ever make. There's a lot to consider, but following the simple steps above can help ease the stress. With some careful budgeting, research and planning, you'll have the confidence to negotiate the best deal and get the car of your dreams without getting taken for a ride.

Can You Rebuild Your Credit With A Used Car Loan

Used Car Loans - A Credit Tool You May Not Have Known About

Sometimes through no fault of your own, you may have bad credit. The economy, a job loss, medical bills, or other factors could have contributed to your current financial situation. But just because you have bad credit now doesn't mean that it will always be this way.

You can take steps to improve your credit score almost immediately by making all your household bills and payments on time and in full. Another option to help improve your credit score is to get a used car loan. A used car loan can help rebuild your credit in several ways.

First, when you make timely monthly payments on your loan, it will reflect positively on your credit report. This will help to gradually improve your credit score over time.

In addition, the act of getting a loan and making payments on time can show creditors that you are responsible and capable of handling debt. This can make it easier for you to get approved for other types of loans in the future, such as a mortgage.

Of course, not all used car loans are the same. To maximize the positive impact on your credit score, you'll want to get a loan with reasonable terms. This means getting a loan with a manageable monthly payment that you can comfortably make without straining your budget.

You may also want to consider a cosigner for your loan. A cosigner is someone who agrees to be responsible for the loan payments if you default on the loan. Having a cosigner can help you get approved for a loan with more favorable terms, which can in turn have a positive impact on your credit score.

Although a used car loan can be a great way to rebuild your credit, it's important to remember that there is no quick fix when it comes to credit scores. It takes time and effort to improve your credit score, but the rewards can be well worth it in the end.

Used car loans can help rebuild your credit, but there are also some risks to consider. Your interest rate will likely be higher than someone with good credit. This is because you're considered a higher risk borrower.

You may have to put down a larger down payment than someone with good credit. This is because the lender wants to minimize their risk in case you default on the loan.

If you default on the loan, the lender can repossess the car. This will damage your credit even further. You should only take out a used car loan if you're confident you can make the payments on time. Otherwise, you could end up doing more harm than good to your credit score

Are you in the market for a car and am not sure what the next step is? Contact us either by phone or fill out a vehicle inquiry on the car you are interested in, we would be more than happy to help get you anyway we can.

Buying A Truck What Should You Look For

Did You Fall In Love With That Truck?

We know the feeling.

It could be as simple as finding a truck that you like and handing over your hard-earned cash but, as anyone who's ever bought a used car will tell you, it's never quite that simple. Obviously it needs to fit your budget but more importantly it has to meet your needs

What are you going to be using your truck for?

  • Towing and Hauling

  • Off-Road Use

  • Business Use

  • A Daily Driver

The mileage of the truck is going to be a big factor when deciding on which truck to purchase. You may not know the full history of the truck but if you can ask the dealership or prior owner what they used it for. It they used it for anything other than a daily driver then mileage may not be as big of a factor.

If you don't have direct knowledge of how the truck was used, then you will have to put more emphasis on a mechanical inspection. Cars that have been used to tow or haul will show signs of a well-worn tow hitch, a severely bent rear license plate or a cable for wiring trailer

Do You Like To Go Off-Roading?

The previous own may have too! There will be tell tell signs of an off-roading enthusiast. Muddy or sand filled floorboards, a missing or bent front license plate, and large tires are all good indicators that this truck was taken off the beaten path.

You should also check for any damage to the undercarriage. Any dents, scratches, or cracks in the frame can mean that the truck wasn't properly taken care of or worse, it was in an accident.

Will You Use It For Business Use?

If you plan on using your truck for business purposes, then you'll want to make sure that the truck has been properly maintained. A well-maintained truck will have all of its service records. This way you can see if it has had regular oil changes, tune-ups and other required maintence.

Is It A Daily Driver?

If you're looking for a truck to be your daily driver, then you'll want to find one that is comfortable and has all the features that you're looking for like heated seats, Bluetooth, an infotainment system, etc. You should also take into account how often you'll be driving in stop-and-go traffic. This type of driving will make your fuel economy suffer, so you'll want to find a truck with good fuel economy.

A truck with a manual transmission may not be the best choice if you're going to be sitting in traffic everyday.

The bottom line is that you need to decide what you're going to use your truck for before you start shopping. This way you can narrow down your choices and find the perfect truck for you.

 

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