Blog Automotive: buying

Showing posts with label buying. Show all posts

Friday, October 1, 2010

2011 Honda Odyssey

Do you need a vehicle that has enough room for your entire family, gear, and whatever else you need to move around? Then consider the 2011 Honda Odyssey. This minivan has 7 different trims for you to choose from, and they range in price from $27,800 to $43,250.

The standard features on all of the 2011 Honda Odyssey vehicles are great for many people. The Odyssey comes with a 248-hp, 3.5 liter, 24-valve, SOHC i-VTEC V-6 Engine with Variable Cylinder Management and a 5-speed automatic transmission. The body has the Advanced Compatibility Engineering body structure and vehicle stability assist with traction control, making it safer to drive. The anti-lock brakes and three-row side curtain airbags with rollover sensor add to safety as well. The front side airbags have passenger-side occupant position detection system or OPDS. This system checks to see if a small-statured person or a child is sitting in the seat, and prevents injuries due to airbags.

The 2nd-row seats are wide-mode adjustable and have armrest and a walk-in feature. There's air conditioning in both the front and the rear. The driver's seat has 8-way power adjustment and the 3rd-row Magic Seat is one-motion 60/40 split. You just have to pull a strap to have the seat easily lay down the way you want it to. Relax and enjoy the 229-watt AM/FM/CD stereo system that has 5 speakers, including a subwoofer, and the radio data system. Listen to your own MP3s through the input jack and enjoy the multi-information display.

Want more power? The Touring and Touring Elite trims have a 6-speed automatic transmission that comes standard. It has 18" Alloy wheels while the other models have 17" Alloy wheels. The Touring and Touring Elite models get 19 mpg on the city, 28 on the highway, and 22 combined while the other models get 18/27/21. Power side mirrors come standard on the LX, while the EX and EX-L have heated ones and the Touring and Touring Elite have heated ones with integrated turn indicators.

Take a look and see if this is the right van for your family.

Let Manly Automotive Group help you in your new and previously owned vehicle choices today stop by our website today and drive away knowing that you made the right choice with us! http://www.manlyauto.com/ We also can be found on Twitter and Facebook. Stop on over and visit us!

Wednesday, September 29, 2010

The Hyundai Assurance

When you buy a new car, you want to know that you're getting the very best for your money. After all, that's your hard-earned money you're spending, and you don't want to spend it on anything but the best. You can relax when you buy a Hyundai. Not only will you get America's Best Warranty, but you will also get the Hyundai Assurance.

What is Hyundai Assurance? Simply put, it's protection from the economy. To get Hyundai Assurance, just buy or lease a new Hyundai. If you lose your income in the next year, you will be able to bring the vehicle back. Now you know that there's an automaker who's got your back when times are tough.

For 12 months you can enjoy coverage at no charge, no matter your employment history, age, or health when you lease or finance a new Hyundai. This gives you financial freedom when you most need it. Just return you Hyundai and you can walk away from negative equity - up to $7,500. And still keep your savings intact and keep your credit rating!

Every new Hyundai has 12 months of Hyundai Assurance. If certain events occur, you have the option of returning your Hyundai and simply walking away without damage to your credit rating or draining your savings account.

The covered events are:

Involuntary Unemployment
Accidental Death
Self-Employed Personal Bankruptcy
Physical Disability
International Employment Transfer
Loss of Driver's License due to Medical Impairment

When you need a vehicle, you can trust Hyundai to be there for you, no matter what times may bring.

Friday, September 10, 2010

Leasing VS Buying Part 4

Now for the last part of our little series about leasing or buying - GAP coverage.

Gap coverage is a very important part to consider when you lease or buy a vehicle. Also called gap insurance, gap coverage pays the difference between the amount you actually owe on your lease or loan, and what your vehicle will be worth if it is destroyed in an accident or is stolen. The majority of car leases have gap coverage built in, but car loans rarely do.

Without gap coverage, you can end up owing more on your lease or loan than you car is worth. With long-term loans and leases as well as refinanced loans, rolled-over loans, and small or no down payments, being "upside-down" is not uncommon. If you don't have gap coverage you could find yourself owing hundreds or even thousands to your finance company. This is true even if your insurance company has already paid for a car that has been stolen or totaled in an accident. For most who end up caught in this unpleasant situation, this comes as a nasty surprise.

You're better protected if you get a lease, but if you opt for a loan instead, you can buy gap insurance separately. The trick will be finding it.

So is it better to buy or to lease?

Short term you will pay less per month if you lease than if you were to buy. In fact, the monthly payments can be anywhere from 30-60 percent less than if you had a loan, even if you had a 0% or low interest loan. This is great if you have other expenses that need your attention every month.

Mid-term, leasing costs about the same as buying does when you take into account the fees and finance costs. But this is only true if the buyer resells her car for the resale value right at the end of the loan. If you invest the savings you get every month from leasing however, you will actually pay less than if you were buying.

Long-term, leasing always costs more than buying does if the buyer keeps his vehicle when the loan ends. Driving a vehicle after the loan is paid off means the cost is spread over a longer term. It's easy to see, when you take into account finance charges and other fees, that buying a car and driving it for ten years will be cheaper than leasing or buying four or even five cars during the same ten years. If you are concerned about long-term finances, then it's best to buy and keep your car maintained so it will last years.

Take a look at your lifestyle, budget, and needs before you decide to lease or buy a vehicle. You don't want to waste money, but you also need to be able to afford the car you do have. Hopefully, these articles have helped you understand better the differences between buying and leasing a car.

Let Manly Automotive Group help you in your new and previously owned vehicle choices today stop by our website today and drive away knowing that you made the right choice with us! Manly Auto http://www.manlyauto.com can also can be found on Twitter https://twitter.com/ManlyAuto and Facebook http://www.facebook.com/pages/Santa-Rosa-CA/Manly-Auto-Group/103413126362572?v=wall&__a=3& stop on over and visit us!

Thursday, September 9, 2010

Leasing VS Buying Part 3

Some people compare buying or leasing a car to a savings account. It's easy to see why.

When you buy a car, you can think of it like this: you are putting money in a savings account that declines in value. You will never get out of it as much as you put into it. Part of every payment you make will disappear into depreciation and finance charges. When the loan is paid off, what you have to show is what is left over after interest and depreciation are through with it. Therefore, it can be said that a car is a terrible investment. But then, most people don't buy cars as an investment.

Leasing is similar to buying but there is not savings account (no equity.) You will pay for what you use and won't have to put anything into a savings. At the end of the lease you will own nothing - you won't have a car to show. But you also won't own the depreciated part of the car that a buyer would have to deal with. The amount that a car depreciates is gone no matter whether you lease or buy.

When you lease a vehicle, you can use the money you save every month and put it into a savings account or mutual funds that will increase in value. Experts encourage this, but the majority of people will use that extra money for things like bills and groceries.

You will build ownership equity when you buy but you will not when you lease. Buyers receive equity because they pay higher monthly payments, essentially purchasing the loan. Part of those payments goes towards the equity. On the other hand, leasing will give you lower payments every month but no equity.

You should be away that it can be more complicated to lease than to buy. You need to make sure that you read all the fine print so that you will know exactly what is going on with your lease.

Another thing that you should keep in mind is that while you can buy your car at the end of the lease, you will actually be paying more than if you simply bought the car outright. This is because fees that are added in often make it more expensive. For some though, this may be the very best option that they have, and the only way that they will be able to get a newer vehicle.

Wednesday, September 8, 2010

Leasing VS Buying Part 2

For some people, leasing saves a good deal of money.

Let's take a car that costs $20,000. The estimated resale value of the car is $13,000 after a period of 24 months.

If you buy the car, you will have to pay the entire $20,000, finance charges, and fee. If you decide to sell the car later, then you won't be able to sell it, or trade it, for more than $13,000. That's $7,000 that you are not going to see.

Now let's lease the car. You will pay any possible fees and finance charges. However, you will only pay for the difference between the cost of the car and the resale value, or the depreciation cost. That means that you will pay just $7,000 to lease the car. This gives you lower monthly payments, which can be extremely beneficial for those who need lower payments.

If you want to keep the car, then at the end of your lease you will be able to buy it for the resale value of just $13,000. For some, this works out a lot better than buying the car right off.

So how are the payments different?

There are two parts to a lease payment: a finance charge and a depreciation charge. The finance charge is the money that the lease company finances for you to drive the car. Essentially, you are borrowing the money that your leasing company used to buy the car from the car dealer. The depreciation charge is what you pay to the leasing company and compensates them for the value that the car loses while you are driving it.

Loan payments also have two parts: the finance charge and the principal charge. The finance charge is the interest that you pay on the loan while the principal charge pays off the full price of the vehicle you are buying.

Some people consider part of the principal charge as a depreciation charge like you would get if you leased the car. This is because all vehicles lose value whether they are bought or leased, and they lose value at the same rate. This money is essentially lost because you will never get it back, even if you should sell your car later because the car has lost value.

What's left of the principal payment will go toward equity. Once depreciation has taken hold, equity is what remains of the car's original value when the loan ends. This is your resale value. The longer you drive and own your car, the lower the equity you will have. Once you have driven the car so long that the engine has worn out and the tires are falling off, you will only have scrap value. You will never get back the full amount that you paid for your car.

Tuesday, September 7, 2010

Leasing VS Buying Part 1

When you are hunting for a new car, one of the biggest questions you may have is whether you should buy or lease the car. There is no one answer to this question that will suit everyone. Everyone's situation is different, and the decesion of whether to buy or lease a vehicle depends on your individual situation and preferences.

Buying and leasing a car as two ways of financing an automobile. You can lease a brand new car or a used one, depending on what you are wanting. A lease finances the use of a car while a loan finances the purchasing of a car. Both methods are good ones, and there are benefits and disadvantages to both of them.

While you need to consider the financial differences, you should also consider what is important to you. Do you want a new vehicle every two or three years? Would you rather have higher monthly payments but have some ownership in your car? Do you actually want to own your car or do you want to trade up? These are important considerations.

Buying and leasing are very different things. When you buy a car you will pay for the car's entire cost, no matter how many miles you may drive. You usually make a down payment and also pay sales tax which you can sometimes roll into your loan. You also pay an interest rate which is determined by your loan company and is based on your credit. Your first payment is made right after your sign your contract. Later on, you can sell or trade your car for the depreciated resale value.

When you lease a car, you only pay a portion of the cost. You are paying for the time you use the car. This is not the same as renting. You don't have to make a down payment when you lease but you will pay sales tax on the monthly payments, at least in most states. You also have to consider the money factor, which is a financial rate similar to the interest rate that a loan has. You might have to pay fees and a security deposit that you wouldn't have to pay if you were buying. Your first payment is made when you sign the contract for the month ahead. When the lease is finished, you can buy the car for the depreciated resale value or return it for another car.

Tomorrow we'll take a look at how lease and loan payments are different and we'll finish out the rest of the week talking about GAP coverage, benefits of leasing and buying, and other useful information.

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