I try to remind our readers and customers as often as I can that Kelley Blue Book values can be very misleading. The recent Toyota recall and its effect on Toyota resale values is a prime example of how KBB doesn’t have its finger on the pulse of the market.
Akio Toyoda, the chief executive of Toyota
There are many great reasons to have an iPhone, as the plentiful iPhone app reviews seem to indicate. What’s particularly important to realize about owning one, however, is that you do gain access to a large library of applications that are, believe it or not, free. Moreover, plenty of free applications are extremely useful, and could only serve to enhance your day to day business instead of distract you from it (no slight is intended toward games, of course—we all need the occasional distraction). The free and useful bit of genius experienced here recently is the Auto Loan Calculator by Antasti Apps; and, needless to say, it is highly recommended for you New Yorkers who need a bit of financial guidance. Who would refuse some of that in this day and age?
Let’s face it: learning how to use this auto loan calculator is not exactly the most difficult task. But that is precisely why it is so fantastic. All it takes to get it working (after downloading, which requires an Apple account and such) is the filling of three fields: Loan Amount, Interest Rate, and Loan Term (how many years you want to pay back the loan in). After doing that, you will get a recommended monthly payment, which can easily be incorporated into your budget (assuming the amount the app returns is affordable). In a few screen presses, you can make your finances a much less daunting task, and this is why the auto loan calculator is just so nifty.
You can also extend this app’s range by incorporating just about any other loan you can envisage, provided you know its corresponding interest rate. So that means if you’re, say, a college student who is wondering about how to pay back student loans, you can put together a reliable schedule of monthly payments by just inputting three numbers. When you download this app, you are indeed getting more than a simple auto loan calculator. Of course, if the numbers you see are more than you can handle, you can give yourself a financial boost and sell your car to Big Bucks Auto.
When you are stuck in traffic, staring up at that red light that seems like it will never change – don’t blame William Phelps Eno. He was just trying to help.
The history of traffic laws in the U.S. originate primarily with Eno – also called the “Father of Traffic Safety” – and as a New York City native, his drive to create safer travel was inspired by massive traffic jams witnessed in his hometown. In 1900, he wrote “Reform in Our Street Traffic Urgently Needed” and he became the de facto expert on traffic.
William Phelps Eno...the man with the (traffic) plan, but no car.
Three years later, Eno created New York City’s and the nation’s first traffic code. Interestingly enough, all of this progress and leaps in traffic safety came from a man who never even drove a car…true story.
NYS traffic laws and traffic laws governing huge metropolitan areas like New York City have certainly changed since William Phelps Eno first penned the original traffic laws. These days, some say that anywhere between 25 and 50 million traffic tickets are issued each year (not including parking tickets). At approximately $150 a pop, that means anywhere from $3.75 to $7.5 billion is collected each year across the nation.
It’s safe to say that traffic laws are significantly more complicated today that during the dawn of the 20th Century. Some vehicle owners in large cities (like NYC) rack up thousands in traffic and parking tickets. For those of you in New York City, perhaps selling your used car could save you the cash and the hassle of forking over hefty fines.
After all, the “Father of Traffic Safety” never even had a car, much less a traffic ticket.
The dust has settled and the Cash for Clunkers stimulus numbers are in…and it seems like the Cash for Clunkers bill was a success, more or less. But, a closer look at the numbers suggests a few flaws in the program.
According to the U.S. Department of Transportation, the program was “wildly successful” with nearly 700,000 “clunkers” traded in for rebates on new, more efficient vehicles. For those cars, taxpayers (via the federal government) can expect to dole out $2.877 billion.
Here’s the rub – perhaps the fundamental rule of the Cash for Clunkers stimulus was to require people to buy new cars with a government rebate in exchange for their clunkers.
So, why doesn’t the amount of clunkers turned in match the amount of new cars purchased?
It’s safe to say that news for the U.S. automotive industry has not been positive lately. A “cash for clunkers” bill navigated its way through Congress, though, and the car industry couldn’t be happier.
Bottom-line, the clunker bill allows you up to $4,500 in discounts (thanks to the U.S. government…actually, thanks to the taxpayers) if you trade in your old car for a new, greener vehicle.
With most of the hoopla over-and-done with, and with President Obama’s signature on the Cash for Clunkers bill, a whirlwind of criticism and second-guessing has commenced. The car industry and auto makers are largely pleased with the bill and its stipulations, but that seems about it.
After the cash for clunkers plan was signed into law and in advance of the program’s commencement, a New York Times article pointed out that the stringent rules for the program might lead to its eventual downfall. In fact, the Baltimore Sun points out, the cash for clunkers bill only applies to cars purchased after July 1, 2009, but government officials can tweak the rules up until July 24. That leaves more than a month of unsure consumers and a confused car industry that doesn’t quite understand the rules, either.
In fact, most current media coverage of the cash for clunkers bill usually mention that the stipulations of the bill that result in the highest discount seem to encourage further purchase and use of SUVs – some of the least efficient vehicles on the road
So, while auto makers urge you to sell your car (before you rush over to us at Big Bucks Auto), there are a few qualifications your trade-in has to meet in order to take qualify for the Cash For Clunkers plan:
And the Cash For Clunkers credit you receive for that trade-in can’t just be any ol’ car on the lot. With the blessing of the automotive industry and struggling car makers everywhere, your new car has to be greener:
Then, we get to the part only slightly covered in automotive industry news that we feel should be revisited before the rules are finalized: Where do the old cars go?
Well, under this Cash For Clunkers plan, the government would take these cars and scrap them, thereby eliminating the economic benefit of reselling those cars in the private sector. In other words, all of those cars traded in would not be placed into the used-car market, they would hit the scrap yard. Is this good for the environment? Probably. Good for the economy? It might be, but it would have more impact if those cars could re-enter the market and be sold. With the current proposed plan, the car industry would get an economic boost, but that’s the extent of it.
As far as the Cash For Clunkers bill acting as a way to get older, less efficient vehicles off the road – that would be true only for the few who actually qualify under the bill.
As far as we’re concerned at Big Bucks Auto, the Cash for Clunkers plan is too little, too late.
Clearly, grumbling about the cash for clunkers bill is growing. The car industry, though, will likely need more of a boost than this bill to provide auto makers with enough steam to turn green for good.
Whether the Cash For Clunkers bill ends up making a difference or not, you can always learn more about how to sell your car in NYC with Big Bucks Auto™. After all, you’ll get a better deal from Big Bucks Auto than Uncle Sam any day.
Learn more about why choose us to buy your car and call us today at 1-888-44-BUCKS or 1-888-442-8257
By Buddy Evans, President of Big Bucks Auto™
American car culture took a hit recently when New York City Mayor Michael Bloomberg announced that a portion of Times Square – a span of Broadway from 42nd to 47th streets – would be closed to vehicle traffic.
New York Times columnist Nicolai Ouroussoff reported that “the soul of Times Square remains intact.” New York Times “Wheels” columnist Richard Chang sung a similar tune, writing that the street closures did little to affect driving in New York City.
On the other end of the spectrum, blogger Steve Rosenbaum suggested on “The Huffington Post” that Bloomberg’s “shocking” car-free move on Times Square amounts to a battle – and while pedestrians benefit, it’s the bicyclists that are winning.
The alleged effect of the new Times Square street closures for those few very touristy blocks has also come down square on the fence. Media outlets throughout New York City and across the globe quoted out-of-towners in traditional “oohhh” and “ahhhh” fashion. Fleets of delivery drivers were not to be ignored – just as many were quoted blaming the new car-free zone as a time-waster, money-drainer and all-around inconvenience.
Let’s not allow the details muddy the moral of the story here – a country with a car culture so thick you can taste it just shut down a few of the most bustling blocks in its busiest city. Voluntary street closures that make driving in New York City harder and bicycle and foot traffic easier…well, that’s a big deal.
It is a small movement towards getting people to think about life without a car. Sure, tourists sitting in beach chairs in the middle of Broadway is still a novelty, but Bloomberg’s message is simple – American car culture is not some sacrosanct sector of our collective conscience.
The infrastructure of our nation is certainly designed around an American car culture, but the recent street closures in New York City serve as a reminder – even among some of the most traffic-saturated blocks on Earth, you can preserve a little bit pedestrian peace.
In an effort to put our money where our mouth is, Big Bucks Auto is throwing our support behind the New York City group, Transportation Alternatives – whose mission is to “reclaim New York City’s streets from the automobile and to advocate for bicycling, walking and public transit as the best transportation alternatives.”
We’ve written extensively on issues affecting American car culture in New York City – from the Benefits of Riding a Bike and the Looming Average Cost of a Car to Air Pollution & Heath Risks.
If you feel moved enough to make a move towards this car-free culture, check out some of the ways you can sell your car with Big Bucks Auto.
Learn more about why you should choose Big Bucks Auto to buy your car and call us today at 1-888-44-BUCKS or 1-888-442-8257.
By Buddy Evans, President of Big Bucks Auto™
One of the most fuel efficient cars in the world was featured at the 2009 New York International Auto Show in April.
The best of the best fuel efficient cars were on display and the Honda FCX Clarity was declared the 2009 World Green Car.
The FCX Clarity gets about 72 miles per gallon and produces zero tailpipe emissions – a pair of stats that earned Honda the honor of producing the most fuel efficient vehicle of the year.
“The FCX Clarity is a symbol of the progress we have made with fuel cell vehicles and our commitment to developing vehicles that meet the societal goals of climate stability, renewable energy supplies and zero-emissions transportation,” Steve Center, Honda’s vice president of national marketing operations, said.
Even though the World Green Car award was presented by ExxonMobil – the planet’s biggest oil company – the feat of being honored among the top fuel efficient cars is a huge win for Honda.
According to Exxon-Mobil, to be eligible for the award, the best fuel efficient vehicles had to meet a series of qualifications, including:
In determining the top fuel efficient cars, which included the Mitsubishi iMiEV and the Toyota iQ, the 59-member jury had strong words of praise for Honda and weighty advice for governments.
“While there is only so much the automotive industry can do when it comes to this technology - governments need to come onboard to help create a true refueling infrastructure. Honda must be credited for taking a bold step in leasing FCX Clarity to customers in California for $600 per month,” the jury found. “There’s still a long way to go before fuel-cell cars will become a commercial success, but hats off to Honda for continuing to advance this expensive technology during a time when every cent counts.”
It’s great to see major car manufacturers still pushing cars that are getting greener by the year and it’s encouraging to see Honda with a top fuel efficient model that seems close to mass production.
It’s also good to see such a strong showing for fuel efficient vehicles at the 2009 New York International Auto Show (see our article on the auto show, A Look at the 2009 New York International Auto Show).
The time will come when the most fuel efficient cars will be available to the public at large. And, when you see what the best fuel efficient vehicles are, you can sell your used car to Big Bucks Auto.
Buddy Evans is the Vice President of Big Bucks Auto™, one of the largest and most reputable used car buyers in the Tri State Area. Buddy has authored several automotive articles and Big Bucks Auto™ eNewsletters about various topics related to the automotive industry. Visit Buddy and his team at Big Bucks Auto™ to get a free car appraisal. Call us today at 1-888-44-BUCKS or 1-888-442-8257.
The 2009 New York International Auto Show was a place to check out new concept car designs and wonder how in the world these struggling auto makers could ever hope to make these cars come true.
Most media outlets described the international auto show in New York, which ran from April 10 to the 19, as a somber affair – fewer bells and whistles and concept vehicles that, as TIME Magazine said, “will never be built.”
But, of course, none of these models are in production and, with the way the global auto industry is hurting, especially U.S. car makers, it’s hard to say if they ever will.
The big question is:
Some concept cars, like JEEP, raised eyebrows with its newest 2011 Grand Cherokee and a full redesign, plus a frame, very similar to the Mercedes-Benz M-Class. It’s got more power, more room and more extras than the JEEP Cherokee you might remember. This new beauty is actually scheduled to appear in showrooms next year, so at least there is the possibility of fun test drives. No word on cost, yet. And therein lies the next big question:
What if JEEP, or any of the car makers, do manage to launch the new models that would make any car enthusiast drool. Now, what if no one can afford to buy the newest concept cars? Are the cars still quite as awesome?
That might be the new message to come from the 2009 New York International Auto Show, whether it’s new concept car designs or one of the models almost ready to roll; the only one way to get behind the wheel of something like the new 2011 JEEP Cherokee is to start saving your pennies and get ready to sell your current car.
That’s OK too and if your dream does come true, don’t worry, we got you covered: Trust Big Bucks Auto as the place to sell your car fast anytime, anyplace, even for a crazy new concept car design. In fact, we would buy that from you too!
Learn more about why you should choose Big Bucks Auto to buy your car and call us today at 1-888-44-BUCKS or 1-888-442-8257.
The automotive industry bailout was announced by the White House and U.S. Treasury on December 19th, 2008. The US Government plans to provide $17.4 billion to U.S. automakers in short-term loans to give these manufacturers time to restructure. How these loans will impact the US economy, if they will work positively for the US economy and if the big three can be saved remains to be seen. In the meantime, the threat of bankruptcy and the need for a bailout has affected many auto dealers and consumers.
After the huge increases in gas prices earlier this year, gas guzzling SUV and truck sales were hit and prices began to be slashed. Now, with the year end, we have the expected deals from the auto industry on 2008 models as new inventory rolls in. Add to that the desperate need for both the automotive industry and many private dealers to move autos off their lots; there has never been a better time for US consumers to get a great deal on a new car.
Auto rebates are very much an integral part of the new car shopping process, hovering in the $3,000-$4,000 range in recent years, even without employee discount promotions which are now offered more freely. Between rebates and incentives such as 0% financing, red tag events, and cash back, Consumer Reports listed in November over 70 new automobiles that have current price tags up to 25% off the typical MSRP and this list will grow. In normal economic times, consumers would be flooding to the lots and buying up new cars like crazy.
Sadly, these are not typical economic times for either the US economy or consumers.
While it is said that there is still money out there to lend, the stipulation is that consumers must have and maintain good credit. Many banks and lenders have tightened their requirements in giving loans, leaving many of those individuals with checkered credit histories and labeled as possible risks with little to no recourse in obtaining funding. People with good credit can still find money, but there is the general hesitation to incur more debt with the US economic and employment uncertainties, so they are holding tight as well.
Hence, the credit freeze alone has impacted the automobile industry with a marked decrease in new car sales and the industry fallout that comes with such a tight purchasing US economy. Nationwide, 590 new-car dealerships have closed so far this year, according to the National Automobile Dealer Association. This in turn creates more unemployment, less money in terms of spending power, and more crisis and uncertainty.
Cars are a customer’s second-biggest purchase after purchasing a new home. Buying a car is creating a long-term commitment with that company and few buyers would gamble on a bankrupt manufacturer even with reduced price tags and rebates.
Buying from a questionable automotive manufacture raises many questions and legitimate concerns from the status of ones warrantee to the ability to obtain parts and services for car repairs through the years. As people plan on keeping a new car quite some time, they desire a car manufacturer that will be there with them for the long haul of their relationship. It goes without saying that testifying before Congress that the Big 3 will have to shut down by March of ’09 does little to reassure folks that they will have what they need to support their car purchase in the years to come.
Aside from the “big three” automotive industry CEO’s asking for bailouts, local dealerships closing doors, employees out of work, the overall freeze of car purchases impacting the economy as a whole, the current consumer responses have decreased the availability of used cars on the market. If consumers are not buying new cars, then they holding on to their older cars longer and less used cars are available as well.
The used car market was a frequent source of automobiles for consumers who wished to or could not incur the larger pricing and debt of a new car. Even on the small scale, the credit freeze imapcts these consumers and decreases the available opportunities while the decrease in new car purchasing decreases the selections of used cars as well.
The National Automobile Dealers Association’s chairman Annette Sykora responded to the bailout announcement: “This is the first step toward restoring consumer confidence,” Sykora said in a written statement.
“When you have the government declaring its confidence and commitment to U.S. auto manufacturers, it helps reassure the American public that domestic automakers will be around for the long term,” Sykora said. “This sends a clear message: Consumers can now consider any car from any manufacturer with confidence.”
We will have to wait and see if that really trickles down as well.
