Did you know that when new car sales go up, prices on used cars go down? It’s true! In 2014, new car sales were up, and there were more affordable used cars for all price ranges. The reason is that most people purchasing new cars were trading in their last cars to put towards a down payment, and as a result, there is a better variety of cars available for smart shoppers.
The good news is that new car sales are continuing to hold strong so far in 2015. According to CNN Money, car sales are the best they have been in almost a decade, and it is showing no signs of slowing down. This means that more used cars will be hitting the market soon, and with low, low gas prices, owning a car is cheaper than it has ever been.
At Bayside Chrysler Jeep Dodge, we want to help you make your dream of owning a great car a reality, and we will work with you to find the right car to fit your needs. You can get pre-approval, check out our monthly specials, and shop our online inventory by make, model, and year. Click here to visit our website today, or stop by and visit us in person at 21219 Northern Blvd in Bayside, NY. You can also get our latest deals and news by following Bayside on Twitter and Facebook and subscribing to our YouTube channel!
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A down payment is a strong thing to have when shopping for a vehicle. For someone with bad credit, it can have a major influence on the deal and the rate offered to them. The question is for many, however, how much they should prepare to put down when shopping for a vehicle.
Edmunds states that the conventional wisdom for down payments puts the amount at 20 percent. The problem is that in their evaluation of car payments made in 2013, the average amount was only 12 percent. Why is the number so much lower than the estimated amount?
One of the issues that a Jack Gillis with Consumer Federation of America is quoted as saying is due to the increase of the cost of a vehicle while the buyer’s income has stayed flat. Another reason is that the minimal down payments required are much lower. This would lead people to be putting lower amounts to the down payment as buyers are attempting to spend as little as possible.
Even with this struggle though, Edmunds recommends that the buyer should concentrate on achieving that 20 percent down. It might be a lot up front, but that can really pay off further down. Think of it as more of playing the long game. A vehicle is a large investment and the sooner you can pay off the vehicle, the better your financial life will be. A larger down payment helps speed that process along.
If you need help with financing, contact us at Bayside Chrysler Jeep Dodge. We’ll work with you to find the right possible loan to suit your situation. We love to say yes, you’re approved! Like us on Facebook and follow us on Twitter to see our monthly news and special offers.
One of the biggest problems that auto buyers are facing at the moment is aging vehicles. The average age of an American vehicle is currently 11.4 years. That is just insane. I’m not saying it doesn’t make sense though as the economy and the job market has been hard on people needing new cars. Many people have had to get by on what they could. This meant that they were holding onto a vehicle longer than they wanted to. Now that the market has improved and financing is easier than ever to obtain, many are finally in a position to get rid of their old vehicle in exchange for a new one.
However, there is another problem. Many people in this position also have bad credit. This is a major hit against someone needing that new vehicle and is no longer able to rely on the aging current one. So how can someone get a new vehicle while still being able to afford a monthly payment? One of the best courses of options is a down-payment.
A down-payment is a huge game-changer. Having any amount can go a long way towards decreasing a monthly payment and make purchasing a vehicle much easier on the pocketbook. Just $500 down towards a vehicle can provide benefits such as a lower interest rate or a lower monthly payment.
Check your finances and see if this is possible because it is definitely worth it. Down-payments are a positive thing to have on a vehicle so if you can manage it, do it.