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Archives for February 25, 2014

Credit Clean Up Before You Buy Your Next Car

February 25, 2014 by admin 2 Comments

You are ready to buy your next car and have set your eyes on something new. Sure, you know that new cars lose a lot of value during the first year of car ownership, but you have a long-term ownership strategy in place and plan to drive your next car until it gives up the ghost.

Paying cash for a new car is the ideal way to go, but with the average price of a new vehicle now topping $32,000, few of us have that much money available. Likely, you’ll join the overwhelming majority of people that will put some money down and finance their purchase with a 48, 60- or 72-month auto loan.

Before you seek new credit, the following points should be considered.

2017 Lexus NX Hybrid.
2017 Lexus NX Hybrid.

Obtain Your Credit Score

Your credit score is a three-digit number that has a huge impact on not just the loan terms, but on whether you receive loan approval or not. Your score is based on your credit history including your personal credit reports compiled by Experian, Equifax, and TransUnion, the three consumer reporting bureaus.

Your credit score should be above 700 to enjoy favorable loan terms. Some creditors require a score of at least 740 before giving you their best loan rate. You can get a free monthly credit score by signing up with Credit Sesame or you can pay for your credit score by visiting MyFico.com. The higher the score the better for you: you can save hundreds of dollars in interest costs if your rate is low.

Establish a Budget

Here is where a lot of people run into trouble: they set their eyes on a vehicle they want, but cannot afford. Before you begin shopping for a new vehicle you need to determine how much of a loan payment you can swing.

One of the best approaches here is to use an affordability calculator such as one provided by Edmunds.com please go here. Once you determine a payment amount you will have to figure out if you have enough money to make the monthly payment, pay for your car insurance, registration, taxes, fees, and in some states property taxes.

2017 GMC Canyon Denali.
2017 GMC Canyon Denali.

Trade In or Private Sale

Ideally, your car dealer will fall in love with your trade and offer you big bucks for your vehicle. The reality is usually something far different: your trade won’t come close to the value you think that it would fetch if you were to sell the vehicle yourself.

So, why not sell your car instead of trading it in? Well, for many people, the trade-in is their down payment or a significant part of it. They have to trade it in or they wont have enough money for a new car. If you’re able to use cash as your down payment, then you have more flexibility here. Sell your car privately and you’ll end up with more money.

Claim All Incentives

Car manufacturers love to entice consumers with a great deal. Generally, no one pays the sticker price for any car on the dealers lot unless it is a speciality or exotic model. Typically, you can shave thousands of dollars off of the sticker price, walking away with a decent deal.

Beyond the general discounts, you may be eligible for other incentives, but only if you ask for them. Some manufacturers offer loyalty rebates, applying upwards of $1,000 toward the price of a car if you bring repeat business. Other incentives include rebates for military personnel, recent college graduates, retirees, and so on. Find out what incentives apply to you.

2017 Jaguar F-TYPE SVR.
2017 Jaguar F-TYPE SVR.

Lease or Loan?

You have been thinking about taking out a loan, figuring that the rates will be good. They should be good and at least no where near the rates that are being charged on some dubious websites. You can still find zero percent or very low rate financing, but keep in mind that by taking those loans you may give up a valuable rebate.

Another option for consumers is to opt for a lease. Sure, you will only have the car for a few years (usually three) and then will need to give it back or purchase it at lease end. And, you will need to abide by the lease terms or pay extra for mileage overages or wear and tear.

What leasing does is make it possible for consumers to get behind the wheel of the car that they really want. Monthly lease payments are generally much lower than finance payments, making that unattainable vehicle affordable. Just keep in mind that when the lease term ends you wont have a vehicle to show for it you’ll either have to lease again or buy another vehicle.

New Car Deal

No new car purchase should be done apart from careful and thorough research. It is easy to be swept up in emotion when buying a car, but those feelings will cost you. Once you settle on a car you like and can afford, then get quotes from three or four dealers to find the package that is right for you.

2017 Chrysler Pacifica.
2017 Chrysler Pacifica.

See Also — How to Get Rid of a Pricey Car Loan Without Ruining Your Credit

Photos copyright Auto Trends Magazine. All rights reserved.

Filed Under: Ownership Experience Tagged With: BUDGET, CREDIT, CREDIT HISTORY, CREDIT SCORE, FINANCING, LEASING, MONEY, NEW CAR

New Engine, Fresh Interior for 2015 Ford Focus

February 25, 2014 by admin 1 Comment

Mid product cycle updates loom large for compact Focus.

2015 Ford Focus
2015 Ford Focus: Crisp styling, a new interior & an EcoBoost option.

The Ford Focus is an instantly recognizable name, with more than 1 million units sold annually worldwide. Ford has said that the Focus is the best selling vehicle in the world, a claim that Toyota disputes. What is beyond dispute is that Ford is not resting on its laurels as it makes plans to release an important model refresh for 2015.

***See Also — AOL Autos: Ford Claims Focus As Worlds Best-Selling Car For Second Year In A Row***

The 2015 Ford Focus will be released in the second half of this year and will be equipped with a standard rear view monitor and a fully revised interior. It will also offer an optional new engine: a 1.0-liter three-cylinder EcoBoost engine that is currently available with the Fiesta subcompact.

2015 Ford Focus

Ford announced its plans for the 2015 Focus at the Mobile World Congress in Barcelona on Monday. About the updated model Joe Hinrichs, Ford executive vice president and president of The Americas said, What makes Focus so attractive to consumers today being great to drive, delivering exceptional fuel economy and value, and offering leading-edge in-car technologies is amplified with the new Focus.

***See Also — Ford: Words Best-Selling Nameplate Gets Even Better: Ford Reveals Sophisticated New Focus with 1.0-liter EcoBoost***

The 2015 Ford Focus will arrive with a refreshed face including a restyled grille and hood, distinctive headlamps and tail lights, an updated lamp cluster, and a restyled trunk lid. For the US market, a four-door sedan and a five-door hatchback will be offered.

Inside, the Focus will receive new seat trims, satin chrome detailing, new switches, and an available heated steering wheel. Ford describes the compacts glove box as new and easier to access; a new center console brings in adjustable cup holders.

New Safety Features

Technologies that are not common to the compact segment will be available with the 2015 Ford Focus. Besides the standard rear view camera, customers can choose safety options including lane-keeping assist and blind spot monitoring. All models are equipped with a 4.2-inch color monitor; an 8-inch monitor is included with cars equipped with MyFord Touch.

Ford says that the new Focus will allow drivers to download more than five dozen AppLink-enabled apps from the Apple App Store and the Android market. These apps include real-time data such as acceleration, odometer, and speed. When connected with SYNC AppLink, alerts are available at any time even if the app is not currently active. This means if the driver is listening to her favorite tunes, the app can send out an alert such as warning about a traffic jam down the road.

***See Also — Auto Trends: The Five Top Selling Compact Cars of 2013***

Three-Cylinder EcoBoost Engine

The current Ford Focus is powered by a 2.0-liter four-cylinder engine. That engine returns in 2015 and will be joined by a 1.0-liter turbocharged three-cylinder engine paired with a six-speed transmission.

The smaller engine also brings in gasoline direct injection, variable valve timing, and Ford software enhancements to squeeze more power out of a smaller footprint. In the 2014 Fiesta, the diminutive engine gives the subcompact a 45 mpg highway rating, the top gas mileage for a non hybrid car. At present, the most fuel efficient Focus is rated at 40 mpg on the highway. The new engine should help the Focus deliver at least 43 to 44 mpg on the highway.

***See Also — Tree Hugger: 2014 Ford Fiesta 1-liter EcoBoost Gets 45 MPG on Highway, Beating Some Hybrids and Diesels***

Other changes slated for the 2015 Ford Focus includes suspension and chassis upgrades, including a new shock absorber valve design in a bid to provide a quieter interior, an updated rear suspension to help drivers feel more connected to the road, and a new electronic stability program to improve comfort and to reduce intrusion.

The ambitious Focus overhaul eclipses the generational changes seen in some models. What this signals to the world is that Ford is intent at keeping its top model fresh. And with Ford continuing to push hard in developing countries, the long-term outlook for its compact model line is strong.

Photo courtesy of the Ford Motor Company.

Filed Under: Automotive News Tagged With: ECOBOOST ENGINE, FORD FIESTA, FORD FOCUS, Ford Motor Company, hatchback, sedan, THREE CYLINDER ENGINE, Toyota Corolla

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