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Source: @DealerGlassofAZ February 17, 2018 at 03:15PM More info Dealer Auto Glass AZ via Blogger DealerGlassofAZ #DAGAZ Auto glass chip repair event! ... https://t.co/Hl9Lfk4hBI ... https://t.co/vT0Iyahig8
Source: @DealerGlassofAZ February 16, 2018 at 03:15PM More info Dealer Auto Glass AZ via Blogger DealerGlassofAZ #DAGAZ Auto glass chip repair event! ... https://t.co/Hl9Lfk4hBI ... https://t.co/bfiItOcirI This week our editors read about getting great deals over Presidents Day weekend, the Geneva debut of the Mercedes G-Class AMG and how changing inventories on dealer lots mean you could soon have the near-new SUV you’ve been eyeing. Read these stories and more by clicking the links below.
We’ll be back next week with more top auto stories curated for our readers. Top Headlines From February 10-16 posted first on http://www.cargurus.com/blog/ via Blogger Top Headlines From February 10-16 We hear plenty about the advantages of PCP deals as far as new car buyers are concerned, but such schemes can also be of benefit to the used car buyer. That’s because they provide dealers with a steady stream of used car stock as buyers move from one PCP deal to the next.
Pay to drive, not pay to own For the used car buyer these opportunities include the prospect of being able to choose from a consistent turnover of high quality cars that are being traded in by their original owners at the end of two or three year PCP contracts. These vehicles represent what Mee describes as an ‘attractive sweet spot in the market’, due to the way this type of finance scheme is structured with mileage limits and vehicle condition checks, both of which are designed to protect future residual values. What’s more, cars run in this way – and it is most new cars, remember – tend to be sensibly specified in terms of colours and optional extras. Where to Buy Alternatively, in the event that a dealer decides not to resell a car at the end of a PCP it will instead generally be passed on to an auction house. If you’re a confident car buyer there’s nothing to stop you attending an auction and looking for one of these cars yourself, but it can be a fast-moving and intimidating experience, with little opportunity to inspect a vehicle beforehand. That’s why in most cases snapping up such cars is left to smaller car dealers and traders, who then sell them on for a small profit. That’s no bad thing, incidentally, as long as you know the seller is trustworthy, which is where CarGurus dealer ratings can help. After all, a good trader will know exactly what to look for at auction and can almost certainly rectify any minor faults prior to sale much more efficiently than a private buyer could. What About Ex-Hire Cars? If you see such a car for sale and want to know who owned it first asked to see the V5C registration certificate (also known as the ‘logbook’) and look under the section that lists the details of the previous owner. For a cautious buyer seeing the name of a hire car company on the V5C might bring to mind unsettling thoughts of abused engines, smoking clutches and crunching gearboxes. However, in reality most people treat hire cars with the same respect as they would their own. What’s more, a hire car will have been maintained regardless of cost, as well as ordered in a resale-friendly specification. So, as long as you’re happy with the condition of the vehicle (you can always pay for an independent inspection if you’re not sure what to look for) there’s no reason that an ex-hire car shouldn’t make for a good purchase. The Bottom Line What’s most important to understand is that rather than something to be concerned about, the presence of such vehicles in the used car market is in fact good news for both buyers and sellers. For more information about how car finance works, read the CarGurus guide: Car Finance Explained Find Used Cars in your area at CarGurus. Shopping for a new vehicle? The content above is for informational purposes only and should be independently verified. Images used are for illustration purposes only and may display options and accessories not mentioned in the article. Should I Buy an ex-PCP or ex-Hire Car? posted first on http://www.cargurus.com/blog/ via Blogger Should I Buy an ex-PCP or ex-Hire Car?
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Source: @DealerGlassofAZ February 13, 2018 at 03:15PM More info Dealer Auto Glass AZ via Blogger DealerGlassofAZ #DAGAZ Auto glass chip repair event! ... https://t.co/Hl9Lfk4hBI ... https://t.co/kmHV57C8G9 Confession time: it didn’t come as a complete shock that not everybody in our recent survey about car finance didn’t understand the ins and outs of how it all works. However, we were surprised at the level of confusion around what is for a lot of people the second-biggest monthly outgoing after rent or mortgage.
For example, 50% of the respondents to our survey who have bought a car on finance weren’t sure how much they owe, while even more (63%) were unaware of their mileage limit or what the penalties are for exceeding it. The results also suggest there is confusion surrounding what the different types of finance are (49% of respondents didn’t know what PCP meant, for example), which is why we’ve put together this handy reference for anybody who wants to find out more. Go on then, tell me about car finance
By far the most popular of these is the PCP. Indeed, along with the surging popularity of SUVs (don’t worry, that’s a type of car, not another finance product to worry about) the growth of PCPs has been credited with driving the new car market in the UK out of the 2008 recession and into what would go on to be record levels of growth. Let’s take a look at how it works. No, it’s not a throat sweet PCPs have become so popular because they structure the loan in a way that only pays off some of the car’s value (generally equivalent to the amount of depreciation it’s expected to suffer), which in turn keeps monthly payments low. At the start of the agreement there’s a deposit to pay, although this is often subsidised by the car dealer as an incentive to sign up. Then for a set term (usually between two and four years) you pay a fixed monthly amount that includes interest and permits you to drive the car up to a certain mileage limit. When you reach the end of the your monthly payments you’ll be presented with three options. First, you can hand the car back with nothing else to pay, assuming you haven’t exceeded the mileage limit and there’s no damage to the car. Second, you can pay a one-off ‘balloon payment’ to buy the car outright. The dealer will outline what this figure at the start of the agreement. Third, you start another PCP, using any equity in your older car to put towards its deposit. Whoa there! What’s this equity thing you’re talking about? However, if it actually turns out to be worth slightly more than the GFV the dealer will give you this extra amount in the form of equity, but only if you use that money towards another PCP on a new car. It is through this mechanism that PCPs allow people to switch cars every two or three years without necessarily having to find a fresh deposit each time. Just remember that being offered equity at the end of a PCP is at the dealer’s discretion, so don’t ever rely on it. For that reason some people also like to save £100 on top of their monthly payments for another deposit if and when it’s needed. What about Hire Purchase? As such there are no mileage limits to adhere to and come the end of the loan it’s up to you whether to hold on to the car or sell it and start again (although a hire purchase doesn’t make sense if you’re planning to do the latter), subject to paying an agreed transfer figure whereby ownership is moved into your name. You’ll generally need to stump up a bigger deposit than with a PCP or PCH, and monthly payments will also be more expensive. However, at the end of it you will have ownership of the car so if that’s important to you a hire purchase is often the best value option. Got it. So that just leaves Personal Contract Hire, yes? As with HP and PCP there’s an initial deposit to pay and then a series of monthly payments with interest added that cover the car’s depreciation. At the end you give the car back and start all over again, including finding a new deposit. It might not be as trendy or as flexible as a PCP, but prices can be very competitive. A useful checklist
The Bottom Line Even so, here at CarGurus our advice remains to always buy from a dealer you can trust (that’s where our dealer ratings are key), and to never borrow more money than you can afford to pay back. This includes being aware not only of monthly payments but also interest rates, deposits and balloon payments if applicable. Running through the above checklist with several dealers to see what each will offer, and getting quotes in writing to compare away from the temptation of the forecourt is a good way to do this. For more information and the pros and cons of using a bank loan or credit card to finance your next car, read the CarGurus guide: Car Finance Explained Find Used Cars in your area at CarGurus. Shopping for a new vehicle? The content above is for informational purposes only and should be independently verified. Images used are for illustration purposes only and may display options and accessories not mentioned in the article.
Car Finance: The Basics posted first on http://www.cargurus.com/blog/ via Blogger Car Finance: The Basics
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