Greensheet (Houston, Tex.), Vol. 37, No. 41, Ed. 1 Wednesday, March 1, 2006 Page: 7 of 56
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March 1-7, 2006
Page 7
Automotive
Financing A New Or Used Car
When choosing a car that fits your needs always consider
quality, size and all of your payment options.
By: Christie Bohm Chase, Staff Writer
What type of car owner are you? Do you
prefer a sleek new sedan for taking important
clients to lunch, or do you find that a used mini-
van works best for driving a carpool of muddy
elementary school football players to and from
practice? Nowadays, there are literally
hundreds of vehicles for you to choose from,
both new and used making it easy to find a
make and model that fits your family and a
payment method that fits your budget.
Brand Spanking New
When browsing around a lot of new cars it is
hard to miss the big sticker price posted on the
window of each car. And despite that it lists the
vehicle's price and every feature the car offers
in big, bold type, sticker prices are a lot trickier
than they appear. Called the "Monroney
sticker'' after Senator Mike Monroney who
introduced a bill in 1958 that made stickers
mandatory on new cars, the sticker price is
definitely not the final word on what you should
pay for any given vehicle. The law requires a
label on each car that lists make, model,
identification number, factory-installed options
and the manufacturer's suggested retail price.
The key word is suggested. This price is
thousands of dollars different than the price
that the dealer paid the manufacturer to get the
car. Smart car shoppers know that they can
bargain with dealers to get their final sale price
closer to what the dealer actually paid for the
vehicle, and not what the Monroney sticker
suggests. To begin the bargaining process, you
need to know how much the dealer paid for the
car. With the help of the Internet and various
car guide books it is very easy for smart
shoppers to find out the dealer invoice price for
any type of vehicle.
Basically, you have two payment options
when looking for a new car - to lease or to
purchase. When you purchase a car, you are
paying for the entire car, and will own it at the
end of your payment period. With leasing,
you only pay for a portion of the vehicle while
you are using it. For example, if you lease a
car that costs $20,000 that is going to be
worth $13,000 after a 24 month lease, you
will make payments on the $7000 difference,
plus interest. However, you never own the car
and at the end of the lease must return the
vehicle to the leasing company.
Generally, the monthly cost of leasing is
less than the monthly cost of buying. For the
same car, same price, same term, and same
down payment, monthly lease expenses will
usually be 30%-60% lower than loan
payments, because the payments only cover
a portion of the car (the portion you use while
you are leasing.) The short-term cost of
leasing is about the same as the cost of
buying a car for the same lease/loan term
assuming that if you purchased the car, you
sell your vehicle at the end of the loan. The
long term cost of leasing is usually more than
the cost of buying. If you drive your vehicle
for many years after the loan is paid off, the
cost is spread over a longer term, making it
less expensive than leasing.
When shopping for a lease, look for a
closed-end lease. Known as the "walk-away"
lease, this type of lease allows you to simply
return your vehicle at the end of the lease
without further responsibility. Open-end
leases are used primarily for commercial
business leasing. In this case you, not the
leasing company, are responsible for paying
any additional fees if the car has depreciated
in value more than was estimated. Make sure
you only agree to a closed-end consumer
lease. Contact four or five dealers who sell
your vehicle of choice, and ask for a price
quote on a lease. Tell them specifically what
model, features, and options you want. Also
look for lease deals in the newspaper, on the
radio, and through TV ads as well as on
dealer web sites. Additionally, manufacturers
frequently offer special deals on some of their
models. Any dealership selling that model
should honor a manufacturer deal. Leases
are often misconstrued as the best deal for
your money, simply because the monthly
payments are lower than loan payments for
the same car. Dealers like to emphasize
monthly payments, not price. Be wary of a
dealer who doesn't tell you the overall price of
the vehicle, because you could easily pay
more than sticker price and still have what
you believe are attractive monthly payments.
Gently Worn
For millions of Americans, purchasing a used
vehicle is a smarter financial decision than
buying a new car or truck. According to the
National Automobile Dealers Association
(NADA), the average price of a used vehicle is
approximately less than 50% of what the
typical new model costs. Thanks to advances
in engineering and build quality, used-vehicle
owners can expect their cars and trucks to
provide years of faithful and relatively
economical service, if maintained properly.
Despite the monetary benefits of buying a
used vehicle, the purchasing transaction is
usually much more complex than when buying
a typical new car or truck. For starters, no two
used vehicles - even if they're the same year,
make and model - are ever alike. One vehicle's
mileage, condition and equipment can vary
greatly from another. Some cars have been
pampered, others abused. Additionally, it is
often difficult to tell whether a particular model
is a good deal. A used-vehicle's price is
ultimately decided by the buyer and seller and
can depend greatly on the condition of the car,
as well as market demand and the seller's
geographic location. With careful shopping, you
can get a nearly-new car at a money saving
price.
Used-car shoppers will also find price
stickers tacked to cars on used car lots.
Although they are not government mandated
stickers, (like the Monroney sticker,) they still
list vital information about the vehicle and
suggest a price. As with new cars, negotiation
is part of used-car buying. When looking for a
used-car be sure to find out if it comes with a
warranty. Your best assurance when buying a
used car is to find a responsible dealer who
stands behind his or her products.
Although you probably have an idea of what
type of car you want, when buying a used car it
is important to look beyond the make, model
and year. Generally, the best way to find out if
a used car is in good condition is to have a
professional automotive technician check over
the car; however, if this is not possible, use
these helpful hints to closely check over any
used car before purchasing.
• Inspect the body panels for
smoothness. If they are wavy or
rippled, the car may have been in an
accident and paid a visit to the body
shop.
• Look at the underside for any fractured
metal in the frame or welded repairs.
Look for signs of oil dripping. Check
the exhaust pipes and muffler for
damage or rust.
• Test the keys in all of the door and
trunk locks. If the car has a locking gas
cap or lug nuts, make sure the keys for
these accessories work also.
• Inspect the condition of all the hoses
under the hood. If they look old, fee!
brittle or spongy, or have the original
factory clamps, the vehicle may soon
need cooling-system repairs.
• Check the headlights on both high and
low beam. See that all the parking
lights and taillights work. Try the turn
signals and four-way flashers and put
the transmission in reverse and make
sure the backup lights come on.
• When taking a test drive pay attention
to the sounds the starter, motor and
engine make. There should be no
grinding or clicking or rapping noises.
While driving, test the heater,
defroster, vents and air-conditioning,
observe the instrument panel gauges
as you drive, and test the radio and
tape player or CD player. Also test all
the windows and locks.
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Greensheet (Houston, Tex.), Vol. 37, No. 41, Ed. 1 Wednesday, March 1, 2006, newspaper, March 1, 2006; Houston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth397966/m1/7/?q=%22~1~1~1~1%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; .