What is the Average Down Payment on a Car?
May 20, 2022
When shopping for a new or used car, most buyers budget a certain amount for their down payment. This amount also might be added to a vehicle being used as a trade-in to further decrease the purchase price of the new vehicle. Some car dealerships might advertise that buyers can opt to put next to nothing down, and buyers might see this as a great option. What is the average down payment? Instead of focusing on an average down payment amount, Kelley Blue Book simply recommends that buyers allocate 10 percent of the purchase price for their down payment. However, Nerdwallet recommends that buyers of used cars should put 10 percent down, while those buying new cars should opt for a 20 percent down payment. Why is a down payment so important? A down payment—especially a larger down payment—could help buyers: * Secure a lower interest rate for their financing * Pay less in interest over the life of a loan * Offset the depreciation costs * Possibly opt for a shorter loan term Average Down Payment on a Car [https://blog.relaycars.com/wp-content/uploads/2022/05/Down-Payments-and-the-Budget.jpg] DOWN PAYMENTS AND THE BUDGET Some buyers might not have the budget for a 10 percent or 20 percent down payment, though. If a buyer purchased a new Mitsubishi Mirage (one of the least expensive models on the market) then allocating a 20 percent down payment on that purchase would equate to around $3,000. Even a 10 percent down payment would be about $1,500. Before buying a car, buyers should review their budget to better understand how much money they could offer for a down payment. If the buyer has a vehicle that they plan to use as a trade-in, the value of the trade-in could help with the down payment, too. Some buyers might be able to put 0 percent down. However, this isn’t always the case. In addition, buyers also could be drawn to dealerships that only require a minimal down payment—like “one dime down.” These programs or promotions could be an option for those with poor credit scores who also don’t have the financial means to make a significant down payment. Buyers should read all the details, though, to better understand loan terms, interest rates, etc. Average Down Payment on a Car [https://blog.relaycars.com/wp-content/uploads/2022/05/How-a-Down-Payment-Could-Impact-Financing.jpg] HERE’S HOW A DOWN PAYMENT COULD IMPACT FINANCING Down payments could help buyers with their financing. When buyers have the capital for a larger down payment, the lender’s stake in the loan (or the vehicle) decreases. Those who can make a larger down payment might be able to secure better interest rates. However, larger down payments don’t necessarily guarantee better interest rates. DOWN PAYMENTS HELP BUYERS PAY LESS IN INTEREST A down payment of any amount helps reduce the overall cost of the vehicle. Thus, the larger the down payment, the less financing a buyer will need. Since larger down payments decrease the cost of the car, they can help reduce the overall amount of interest paid during the life of the loan. Paying less in interest is a positive for most buyers. DOWN PAYMENTS CAN LET BUYERS OPT FOR A SHORTER LOAN TERM In addition, those who can make a significant down payment also might be able to choose a shorter loan. By decreasing the financing needs for the vehicle, they might decide to make larger payments each month and choose a three-year loan instead of a longer term. Larger down payments could give buyers more flexibility and more favorable terms and rates. Conversely, buyers who make a minimal down payment would need to have a larger portion of their vehicle financed. In order to keep monthly payments lower on a larger loan, buyers might opt for longer loan terms. While longer loans might keep payments reasonable, the interest rates could be higher. Longer loans also mean that buyers will pay more in interest over the life of the loan. THE DOWN PAYMENT CAN HELP EASE THE PAIN OF DEPRECIATION A new car depreciates quickly. In fact, once the buyer drives that new car out of the dealership, the vehicle depreciates around nine to 11 percent. With this in mind, those who opt for less than 10 percent down might be affected by depreciation immediately; the vehicle could be underwater by the time they drive home. According to KBB, vehicles drop 60 percent of the original purchase cost after five years. While car owners can help ease some value loss related to depreciation by caring for their vehicle, all cars will suffer loss in value because of age and mileage. Average Down Payment on a Car [https://blog.relaycars.com/wp-content/uploads/2022/05/Preparing-for-a-Down-Payment.jpg] PREPARING FOR A DOWN PAYMENT Some buyers might not have a significant amount of extra cash sitting in their bank account to allocate for a down payment. How can they save for a car down payment? How much should they allocate for a down payment? There are many tools online that can help buyers figure out car financing and estimate what they might expect to pay for the vehicle. These car payment calculators typically allow potential buyers to input the purchase price of the car, an amount for a down payment and potential loan terms. Buyers can use a car payment calculator to better understand their possible monthly payments, but before they start calculating, there’s also one important factor they need to know: their credit score. Car loan interest rates typically are tied to credit worthiness or credit risk. Interest rates are more favorable for those with good credit, but rates rise with credit risk. Buyers shouldn’t be in the dark about their credit score. Every year, consumers are entitled to a free credit report. Request the credit report and then review the credit scores for each credit reporting bureau. Consumers also will want to make sure there are no errors in their report. The credit scores on free reports won’t necessarily mirror the scores that lenders see; however, the scores on reports will give consumers a good understanding of their credit worthiness. When consumers understand their credit, they can use the car payment calculators more effectively. For example, the car payment calculator from Nerdwallet lets consumers input their credit score to view an estimated interest rate. Potential buyers can enter in different amounts for a down payment so better understand how this amount impacts their monthly payments. Nerdwallet’s calculator also shows consumers how much they will pay in interest over the life of the loan as well as the total cost of the vehicle. These calculators can be a visual guide for buyers who want to understand the impact of the loan terms, down payment and interest rates for financing. WHAT IS THE BEST DOWN PAYMENT AMOUNT? Every buyer has a different budget for their car, and their financial circumstances are unique, too. While KBB recommends that buyers opt for a 10 percent down payment, not all buyers will be able to save up this amount for their down payment. However, any down payment amount could be beneficial. The down payment can help lower the cost of the vehicle and decrease the overall amount of interest paid during the life of the loan. In addition, in some cases, a down payment also could help buyers obtain a better interest rate. Down payments also could help offset the pain of depreciation. Vehicles lose value once they drive out of the dealership. A 10 percent down payment, for example, could help ensure that buyers aren’t underwater in their loan. When a car is ‘underwater,’ it means that the vehicle’s loan balance exceeds the value of the vehicle. Buyers also should remember that a trade-in can help them with the down payment costs, too. A trade-in also helps lower the price of the vehicle. Before using a vehicle as a trade-in, though, car owners should research the trade-in value via KBB. This can help ensure that the owner gets a fair price for their trade-in. USE RELAYCARS TO EXPLORE VEHICLES Car buyers who are researching their vehicle options can use RelayCars to preview different makes and models and find vehicles in their budget. The RelayCars app lets buyers explore models via interactive 3D imagery or virtual reality (for those with access to Google Cardboard). Buyers also can visit the RelayCars website on their mobile device to explore vehicles in augmented reality. Use the camera on a smartphone or tablet to preview a 3D image of a vehicle in the real environment. Explore a car in the garage, the backyard or just the driveway. RelayCars also provides buyers with all the necessary specs and data for thousands of makes and models. Compare prices and features for different vehicles to find the best option for the budget and driving needs. RelayCars also has partnered with CarSaver.com. The site lets buyers find cars in their budget and their preferences. Use the site to find financing and vehicle insurance, too. Buyers can take their financing information to the dealership to complete the deal. In addition, CarSaver offers a lifetime warranty on vehicles and the site even lets buyers find insurance rates through Liberty Mutual. Use RelayCars and CarSaver to research cars and drive off in the best way!
What is the Best Looking Minivan?
May 16, 2022
The once-popular minivan started to fall out of favor when sports utility vehicles drove onto the automotive market. However, the minivan is starting to become a popular choice for families yet again; in fact, sales for minivans surged more than 80 percent for the second quarter of 2021. What is the best looking minivan? The model with the best design might be a matter of opinion, but buyers have four models from which to choose: * Chrysler Pacifica * Honda Odyssey * Toyota Sienna * Kia Carnival Two models—the Pacifica and the Sienna—are available as hybrids. While the Sienna is only available as a hybrid, consumers looking at the Pacifica could choose a standard model or a hybrid Pacifica. THE FOUR MODELS COMPARED The four minivan models remaining on the market are quite comparable in price and safety. The Pacifica, Sienna and Odyssey all received a Top Safety Pick+ rating from the Insurance Institute for Highway Safety. The Kia Carnival received a Top Safety Pick (for models built after March 2021 and equipped with specific headlights) from the IIHS. All four models also are comparable in price. The Kia Carnival is the least expensive option among the four; the Carnival has a base price of $32,300. The Chrysler Pacifica Hybrid is the most expensive minivan model, with a base price of $48,478. In addition, the Sienna and the Pacifica Hybrid offer the best fuel efficiency. The Sienna offers an estimated 36 MPG (combined). The Pacifica Hybrid can get an estimated 84 MPGe (miles per gallon equivalent). In addition, the Pacifica Hybrid is the only plug-in hybrid on the market. WHAT’S THE BEST LOOKING MINIVAN? The preference for a car’s design might be a matter of personal opinion. Gear Patrol picked the 2022 Toyota Sienna as the best looking minivan for 2022. The site noted that the choices were focused on two models: the Sienna and the Carnival. The Sienna was chosen for “its sex appeal” as it embraced the van life with a massive grille. Can a minivan really be “sexy?” Compared to the other options, the Sienna might just be the best design. Gear Patrol posited that the Carnival had a design that tried to embrace more of an SUV aesthetic. Best Looking Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/The-Best-Looking-Minivans-of-the-Past.jpg] THE BEST LOOKING MINIVANS OF THE PAST Unfortunately, buyers don’t have many new minivan models from which to choose. Through the years, the options have whittled down as many manufacturers discontinued the minivan from their lineup. What’s the coolest minivan of the past? Again, this could be a matter of opinion. However, consumers might look at the humble beginnings of the minivan. While the ‘van’ technically drove onto the scene in the ‘80s, the minivan really surged in the ‘90s. The minivan had an earlier ancestor, too: the microbus. Volkswagen’s iconic microbus eventually became synonymous with the summer of love, hippies and a nomadic lifestyle. Some consumers might consider the microbus as the coolest design for a bus or van. As more individuals have embraced the van life, the microbus and minivan might have become more intriguing options. Families convert these vehicles to include a bed and other amenities that make them conducive for life on the road. ARE THERE NEW MINIVAN MODELS? Choices for new minivan models might be limited now, but the future could hold some new models for consumers. For example, Volkswagen is set to debut an updated microbus called the VW ID. Buzz. The new bus will be an electric model with an estimated range of about 260 miles. Car and Driver notes that the new ID.Buzz should debut in 2024. While buyers might have a few years to wait for this new van option, it could be a nostalgic and popular model. Car and Driver estimates that buyers might expect to pay around $40,000 for the new bus. This price point would make the model one of the more expensive bus/van options on the market. THE DESIGN OF A MINIVAN VS. AN SUV Gear Patrol compared the design of the Carnival to an SUV, and consumers might wonder how these two vehicles differ in design. An SUV is built on a truck chassis, and this design makes the SUV heavier. Some consumers like the heft of the SUV as it makes them feel safer on the road. Minivans are not built on a truck chassis. They also typically feature sliding side doors; buyers can often opt to purchase automatic sliding doors as an option. Hit a button on the key fob, and the doors conveniently slide open. This is a great feature for parents who need to place a sleeping child into the minivan or drivers whose hands are full. While some buyers might assume that SUVs are the most spacious option, the minivan actually offers the most cargo space. Minivan models might include seats that can be removed or folded down to open up the back space. Drivers who need a vehicle for towing, though, might be better suited for an SUV. Some larger SUVs can tow more than 8,000 pounds. Most minivan models, though, have towing capacities limited to about 3,500 pounds; the Pacifica offers the highest towing capacity (3,600 pounds). Best Looking Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Used-Minivans-Present-Possibilities.jpg] USED MINIVANS PRESENT POSSIBILITIES As buyers have only a handful of minivan models from which to choose, some might decide to shop for a pre-owned or used model. Pre-owned minivans also could be more budget-friendly. When shopping for a used minivan, though, buyers also might want to have more details about the safety ratings of the older options. Buyers can visit the IIHS website to research older minivan models; the site provides a search query tool that lets buyers search by make and model. Once buyers enter the make/model, they can select the model year to review the safety scorecard of earlier models. Those who are looking at older minivans also can research the dependability of a particular model. J.D. Power releases its yearly Dependability Award winners; winners are always models from three years prior. The 2021 Dependability Award winner for the minivan category was the 2018 Toyota Sienna. For each individual category, buyers can click on a link to see the scores of all the other models. All models are reviewed from ‘verified owners,’ and J.D. Power reviewed vehicle data from more than 80,000 owners. The 2021 awards reviewed 2018 models, and there were several minivan models that have since been discontinued. For example, the 2018 Dodge Grand Caravan came in at second place (behind the Sienna). The list also included the now discontinued Kia Sedona (which ranked last among the models). Best Looking Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Research-Minivans-Using-RelayCars.jpg] RESEARCH MINIVANS USING RELAYCARS Car buyers looking for a new minivan can explore all their options by downloading the RelayCars app or using the RelayCars mobile site. The RelayCars app lets buyers preview minivan models in virtual reality (if they have access to Google Cardboard) or by using 3D imagery. The RelayCars mobile website includes explorative preview options that integrate augmented reality. However, consumers also can explore models on the screen via interactive 3D car models. With 3D imagery, app or site visitors can use their finger to interact with the photo of a selected vehicle. The immersive model can be turned around and viewed from any angle. Consumers also can explore the interior. The RelayCars mobile website also provides users with an augmented reality showroom experience. Using a camera from a smartphone or tablet, consumers can select a vehicle model that can be transported into their own environment. The car, minivan, SUV or truck appears as a 3D model and can be dropped anywhere—view the vehicle in a garage, on the front lawn or in the driveway. RelayCars also gives consumers the option to switch out the paint hue of any vehicle. For every model in the inventory, RelayCars includes all the available color options offered by the manufacturer. Preview the vehicle in every color to find the best hue. Consumers also can use RelayCars to gather more information about a particular model. The app and the website provide data on every vehicle’s base price and specs. Use RelayCars to compare multiple models or just to find out more information on a favorite model. When an individual is ready to purchase their car, the RelayCars app also provides a portal to Carsavers.com; consumers can explore a vehicle in an interactive 3D vehicle showroom. They can even explore the interior of different models and look around each vehicle. Navigating to Carsaver.com transports the buyer to a site that allows them to browse available vehicles and find the best prices on a new car. Finding a new minivan is an immersive and interactive experience with RelayCars. Buyers can use the site as their one-stop destination to explore different older and newer minivan models. Change out the paint hues, look inside the van and even preview different models in the real world with augmented reality. RelayCars links up to Carsaver.com so buyers can find the best prices for the vehicle they want after comparing and previewing their favorite options via RelayCars.
Kia vs. Hyundai: How Do the Brands Differ?
May 13, 2022
Car buyers have a long list of automobile brands from which to choose. Every brand offers an extensive lineup that features sedans, compact cars, SUVs, trucks and maybe even hybrid or electric models, too. Kia and Hyundai are affordable brands and are headquartered in Seoul, South Korea. How do the cars from these brands differ? Are they the same company? In a matchup of Kia vs. Hyundai, the most popular models for each will be compared by price, fuel efficiency and safety. The matchups are: * Hyundai Accent vs. Kia Rio * Hyundai Elantra vs. Kia Forte * Hyundai Venue vs. Kia Soul * Hyundai Palisade vs. Kia Sorento IS KIA OWNED BY HYUNDAI? Buyers might wonder if Kia is owned by Hyundai. In fact, Kia Corporation is owned by Hyundai Motor Company. While the brands are separate, Hyundai Motor Group purchased a majority share in Kia Corporation in 1998. Think of Kia and Hyundai a bit like GM and Chevrolet. General Motors has GM and Chevrolet as brands (or divisions). GM and Chevy models, though, sometimes overlap in features and specs. When comparing Kia and Hyundai, car buyers also shouldn’t be surprised if there are more similarities than differences. THE MATCHUPS: KIA VS. HYUNDAI When comparing Kia versus Honda, buyers might need to look closely to find differences. Again, buyers shouldn’t be surprised to find some similar specs. HYUNDAI ACCENT VS. KIA RIO First up, the Hyundai Accent vs. the Kia Rio. Both models are compact vehicles, and they are the most affordable models for their respective brands. The Hyundai Accent has a base price of $16,645 and the Kia Rio has a base price of $16,250. For price, the Rio has a slight edge. How do these two models compare for fuel efficiency, though? The Hyundai Accent offers an estimated 41 MPG on the highway, while the Kia Rio also offers 41 MPG on the highway. Both models are perfectly matched in this regard. Both also featured similar safety scores from the Insurance Institute for Highway Safety (IIHS). The Winner: the Rio, but only because it’s slightly less expensive. HYUNDAI ELANTRA VS. KIA FORTE While the Rio and the Accent are subcompact cars (very small), the Elantra and the Forte are considered small in size. The Hyundai Elantra is designed like a small or compact sedan and has a base price of $19,950. The Forte has a base price of $19,090. Both the Elantra and the Soul offer decent fuel efficiency. The Elantra can get up to 43 MPG on the highway, and the Forte gets 41 MPG on the highway. The Elantra has the slight edge in this category. The 2022 Hyundai Elantra received a Top Safety Pick rating (when equipped with certain headlights) from IIHS. The Winner: The Elantra for safety and fuel efficiency. However, the Forte offers the best price. HYUNDAI VENUE VS. KIA SOUL The Hyundai Venue and the Kia Soul are both smaller SUVs. However, the Soul is designed in the body type of a wagon. The Venue has a base price of $19,000, and the Kia Soul has a base price of $19,290. Both are fairly fuel efficient for SUVs. The Venue can get up to 33 MPG on the highway, and the Soul can get up to 35 MPG on the highway. Both are evenly matched in this regard. Which model is the safer choice? The Kia Soul received a Top Safety Pick (when equipped with front crash prevention and specific headlights) rating from the IIHS. The Hyundai Venue also received a Top Safety Pick rating (with specific headlights). The Winner: The Venue wins for offering a lower price. HYUNDAI PALISADE VS. KIA TELLURIDE The Hyundai Palisade and the Kia Telluride are both full-size SUVs. The Palisade has space for up to eight passengers, and the Kia Telluride has room for seven or eight (depending on the choice of the buyer). Both offer the third row that many families need. How do these models compare related to price? The Hyundai Palisade has a base price of $33,350, and the Telluride has a base price of $33,090. As both models are larger SUVs, fuel efficiency might not be as ideal as smaller vehicles. However, both the Palisade and the Telluride can get up to 26 MPG on the highway. The Hyundai Palisade also received a Top Safety Pick+ rating from IIHS, and the Kia Telluride received a Top Safety Pick rating (when equipped with specific headlights). The Winner: The Telluride offers the best price, while the Palisade has the best safety rating. KIA AND HYUNDAI: IS ONE BRAND THE BETTER BRAND? Kia and Hyundai models tend to be comparable in price and fuel efficiency. Some models score better than others related to safety ratings, and this might be a key area that buyers research when determining their best option. The two brands offer similar automobiles, and, in fact, their models are often quite similar in many ways. Kia’s reputation, though, has always been about offering budget-friendly, economical vehicles. When it comes to affordability, Kia offers some of the best prices on the market. Hyundai, though, doesn’t offer prices that are far beyond that of Kia. While Hyundai models might differ from a similar Kia model by a few hundred dollars, this is a minimal difference for automobiles. Both brands offer models with great fuel efficiency. When the similar models for Kia and Hyundai are compared, their MPG specs are often identical. Some buyers might simply prefer one brand over another brand. Again, Kia and Hyundai are a bit like GM and Chevrolet. They are very similar, but there are a few differences. A test drive could be a determining factor when buyers are trying to decide which brand is best for their needs. ARE KIA AND HYUNDAI THE SAME COMPANY? Kia and Hyundai are owned by the Hyundai Motor Company. However, in regards to Kia, Hyundai Motor Company owns the majority stake of Kia Corporation. Kia is a corporation, and it’s also a brand. Hyundai Motor Company also includes the luxury brand Genesis. While Kia and Hyundai are owned by the same company, they also function as different brands. Kia vs Hyundai [https://blog.relaycars.com/wp-content/uploads/2022/05/Do-Kia-and-Hyundai-Offer-Hybrids-or-Electric-Models.jpg] DO KIA AND HYUNDAI OFFER HYBRIDS OR ELECTRIC MODELS? Some buyers might be interested in the fuel efficiency offered by hybrid or electric models. Both Kia and Hyundai offer hybrid and electric models. Hyundai’s energy-efficient models include: * Kona Electric * Tucson Hybrid * Tucson Plug-In Hybrid * Santa Fe Hybrid * Santa Fe Plug-In Hybrid * IONIQ 5 * NEXO Fuel Cell * Elantra Hybrid * Sonata Hybrid * IONIQ Hybrid * IONIQ Plug-In Hybrid * IONIQ Electric Kia also offers a large selection of hybrid and electric models. Kia’s energy-efficient lineup includes: * Niro * Sportage Hybrid * Niro Plug-In Hybrid * Sorento Hybrid * Niro EV * EV6 * Sorento Plug-In Hybrid Kia’s most expensive fuel-efficient model is the Sorento Plug-In Hybrid, which has a base price of $45,190. The Niro (hybrid) is the most budget-friendly option, with a base price of $24,690. Hyundai’s most expensive fuel-efficient option is the hydrogen fuel cell model, the NEXO. It has a base price of $59,435. The least expensive model is the Elantra Hybrid, which has a base price of $23,850. Kia vs Hyundai [https://blog.relaycars.com/wp-content/uploads/2022/05/How-RelayCars-Helps-Buyers-Explore-Kia-and-Hyundai-Models.jpg] HOW RELAYCARS HELPS BUYERS EXPLORE KIA AND HYUNDAI MODELS Choosing between Kia and Hyundai models might not be easy for buyers. Both offer similar vehicles, so how can buyers explore their options when shopping at home? The RelayCars app and the RelayCars website provide car shoppers with immersive solutions for car exploration. The RelayCars app lets shoppers preview vehicles using 3D immersive and interactive imagery or in virtual reality (for consumers who have Google Cardboard). The RelayCars website lets shoppers use 3D imagery or augmented reality to explore different vehicles. However, the augmented reality option is only available when accessing the website via a mobile device. How do these immersive tools help buyers in their decision? With 3D imagery, car shoppers can use their fingers to turn the model of the vehicle around; they can look at the car from any vantage point. With virtual reality, shoppers are transported to a virtual showroom where they can view the vehicle of their choice. Augmented reality offers the option of previewing a car in any space. Using a camera on a smartphone or a tablet, a 3D car image can be transported into any area. View a car model in the garage or in the driveway. RelayCars also provides shoppers with specs and data for thousands of makes and models. For those comparing models from Hyundai and Kia, use RelayCars to find the MSRP and other details. If shoppers are experiencing RelayCars via the website, they can open two different browser pages for the site and explore models from different brands simultaneously. Once buyers find their ideal vehicle on RelayCars, they also can connect to a site within the app to find that car in their area. RelayCars lets buyers research and explore any car model that they want, but they also can use the app to shop for that vehicle, too. RelayCars is a one-stop shop for car research and for finding the best vehicle prices, too!
What Types of Minivans Can Buyers Choose?
May 9, 2022
Minivans were once the preferred vehicle for families. These larger vehicles offered ample passenger space plus room for sports gear and other cargo. While minivans have been eclipsed in sales by SUVs, some families still prefer the quintessential van for the comfort, space and ease of access that they offer. What types of minivans can buyers choose? The options have slimmed down as many manufacturers have discontinued the minivan from their lineup, but there are still four popular minivan models available: * Honda Odyssey * Kia Carnival * Chrysler Pacifica * Toyota Sienna THE MINIVAN WASN’T ALWAYS ‘MINI’ The minivan began its rise to popularity in the early ‘80s. Back then, they were just known as vans. Some families even opted for a larger full-size cargo van that provided a spacious interior for long trips. The way, way back seats could be dropped down to create a makeshift bed. By the ‘90s, these vans took on their standard ‘mini’ designation and had become the vehicle of choice for many families. The nostalgic site Click Americana has a page dedicated to the minivan movement and highlights all the popular models of these ‘mom-mobiles’ as the minivan was often called. The introduction of the sports utility vehicle (SUV) eventually led to the minivan falling out of favor. An Autotrader executive interviewed for a USA Today article cited the ‘soccer mom’ stereotype of the minivan. Everything old is eventually new again, though. While sales of minivans have fallen as sales of SUVs have surged, the minivan is starting to become en vogue. In fact, a press release from Autotrader noted that minivan sales increased more than 80 percent during the second quarter of 2021. Types of Minivans [https://blog.relaycars.com/wp-content/uploads/2022/05/The-Four-Different-Minivan-Models.jpg] THE FOUR DIFFERENT MINIVAN MODELS For the 2022 model year, Chrysler shed its minivan offerings for consumers to only the Pacifica. The manufacturer previously offered both the Pacifica and the Voyager, but the latter minivan is now only for ‘fleet.’ This lineup change meant that buyers now only have four minivan models from which to choose. What is the best minivan on the market? That’s up to the consumer to decide, as these models tend to be fairly similar for reliability, safety and price. Here’s what buyers need to know about each available model. Types of Minivans [https://blog.relaycars.com/wp-content/uploads/2022/05/Honda-Odyssey-1.jpg] HONDA ODYSSEY The Odyssey was introduced in 1994, and it’s been going strong since then. The 2022 model is priced at $33,040. It can tow up to 3,500 pounds and has space for up to eight (but that depends on the buyer’s choices). The Odyssey also is fairly fuel efficient for its size. The minivan can get up to 19 MPG in the city and 28 MPG on the highway. It received a Top Safety Pick+ rating from the Insurance Institute for Highway Safety (IIHS). This is the highest safety rating that a vehicle can earn. Types of Minivans [https://blog.relaycars.com/wp-content/uploads/2022/05/Kia-Carnival-1.jpg] KIA CARNIVAL The 2022 Kia Carnival is slightly less expensive than the Odyssey. The Carnival has a base price of $32,300. Like the Odyssey, the Carnival also can tow up to 1,500 pounds. The Carnival’s fuel efficiency also is similar to that of the Odyssey; the Carnival can get 19 MPG in the city and 26 MPG on the highway. The Carnival received a Top Safety Pick rating (when equipped with specific headlights and built after March 2021) from the IIHS. Types of Minivans [https://blog.relaycars.com/wp-content/uploads/2022/05/Chrysler-Pacifica.jpg] CHRYSLER PACIFICA While Chrysler dropped its Voyager minivan, it offers the Pacifica in both a standard model and a hybrid model. While the standard Pacifica has decent fuel efficiency (19 MPG in the city and 28 MPG on the highway), the hybrid model has a range of 520 miles. However, the standard Pacifica is priced at $37,095 while the hybrid has a base price of $48,478. The Chrysler Pacifica received a Top Safety Pick+ rating from IIHS. Of all the minivans on the market, the Pacifica offers the highest towing capacity; it can tow up to 3,600 pounds. Types of Minivans [https://blog.relaycars.com/wp-content/uploads/2022/05/Toyota-Sienna-1.jpg] TOYOTA SIENNA The Toyota Sienna debuted in 1998. The 2022 model is priced at $34,710 and can tow up to 3,500 pounds. It offers better fuel efficiency than its competitors because it’s also a hybrid. The Sienna can get 36 MPG combined city and highway. In addition, the Sienna also received a Top Safety Pick+ rating from IIHS. Types of Minivans [https://blog.relaycars.com/wp-content/uploads/2022/05/What-is-the-Most-Dependable-Minivan-on-the-Market.jpg] WHAT IS THE MOST DEPENDABLE MINIVAN ON THE MARKET? The minivan models that remain on the market tend to be comparable in fuel efficiency, safety in price. Which model is the most dependable, though? Each year, J.D. Power names the top winner for dependability for each different vehicle category. The winner is determined by the scores from vehicle owners; the owners have to score their vehicle in different areas based (over a 12 month period). The winners for the year are models that are three years old. The 2021 dependability award for minivans was given to the 2018 Toyota Sienna. Since the awards reviewed models from three years prior, multiple minivans that have since been discontinued were on the list. The 2018 Dodge Caravan ranked second, the Chrysler Pacifica took third place, the 2018 Honda Odyssey was fourth and the 2018 Kia Sedona ranked as the fifth and final place. The Carnival is a newer minivan model. For Quality/Reliability, here’s how each minivan scored (out of 100): * Toyota Sienna: 77 * Dodge Caravan: 75 * Chrysler Pacifica: 68 * Honda Odyssey: 64 * Kia Sedona: N/A Models were also scored for Driving Experience and Resale Value. The Honda Odyssey received nearly a perfect score for Resale Value—it scored a 97! The Toyota Sienna scored an 85 for Resale Value. The others scored in the 70s. The Chrysler Pacifica secured the best score for Driving Experience, though. It received an 80. The Dodge Caravan received the lowest score in this area—a 65. The others scored in the ‘70s. Every year, J.D. Power releases its latest winners and posts all scores. Buyers can review the winners and scores to see how each minivan stacks up for different model years. Buyers can even review scores and winners from all the way back to 2003 (for the 2000 model year). THE MINIVAN VS. THE SUV Buyers have limited choices when buying a new minivan. Is an SUV or a minivan best? Minivans might offer more cargo space, while SUVs offer a more rugged design and build. SUVs are built on a truck chassis, and some drivers feel that the SUV offers a greater sense of safety and security. The heavier construction also gives an SUV a towing advantage. While minivans are limited in their towing capacity, some SUVs could tow more than 8,000 pounds. In fact, the Ford Expedition can tow up to 9,300 pounds. Typically, minivans offer convenient features like power sliding doors and power lift gates. This means that parents who have their hands full don’t have to fumble to open the doors or the back gate. Again, minivans also offer more cargo space. Drivers can drop down the seats to maximize the space for gear or other necessities. SUVs also can be much more expensive than minivans. The most expensive minivan (the hybrid Pacifica) is less than $50,000, but the least expensive full-size SUV (the Nissan Armada) is $50,745. While smaller or even compact SUVs can be budget-friendly, they won’t offer the spacious interior of a standard minivan. Since SUVS are heavier, they might lag behind the minivan in fuel efficiency. Buyers who are concerned about gas mileage should research their SUV options to find the best option. While buyers could opt for a hybrid or electric SUV, these models will come with a higher price tag. EXPLORE MINIVAN MODELS WITH RELAYCARS Buyers researching their minivan options can explore all the models in 3D, augmented reality and even virtual reality using RelayCars. Buyers can access RelayCars by downloading the app or just by visiting the website. The RelayCars app lets buyers preview and explore thousands of models using immersive 3D models. Turn the car around and explore it from all angles. The app also lets those with Google Cardboard use virtual reality to preview vehicles. The RelayCars website offers an augmented reality showroom, or buyers can use 3D imagery to preview minivan models. With augmented reality, car buyers use their smartphone or tablet camera to drop a minivan model into their environment. RelayCars offers more than just vehicle imagery, however. While buyers can explore thousands of vehicles in augmented reality, virtual reality and in 3D, RelayCars also provides specs and data for all models in its inventory. Compare prices, features and capabilities. Then explore multiple minivans visually to better understand the unique design and style of every option. With RelayCars, buyers can immerse into the buying experience. Once buyers find the minivan they like best, they can take the next step in their buying process. RelayCars partners with CarSaver.com to provide an easy buying experience that lets car shoppers find the best prices for their perfect car. While the minivan might have fallen out of favor over the years, it’s beginning to make a comeback. Although only four models remain on the market, buyers can use RelayCars to better understand their options and even explore earlier models for those interested in buying a used or pre-owned minivan.
When Buying Back a Totaled Car Makes Sense and When it Doesn’t
May 6, 2022
An act of nature or a collision can result in damage so extensive that the vehicle is deemed a total loss or ‘totaled’ by the insurance company. When this happens, the insurance company will offer the car owner fair market value less a deductible. Then they will typically take possession of the vehicle and auction it. Can the owner ever keep their totaled vehicle? In some instances, the insurance company offers the owner the option of buying back a totaled car. However, keeping a total car only makes sense in some circumstances. Here’s what car owners need to know about buying back their car after it has been declared a total loss. Buying Back a Totaled Car [https://blog.relaycars.com/wp-content/uploads/2022/05/Types-of-Insurance-Coverage-that-Protect-a-Vehicle.jpg] TYPES OF INSURANCE COVERAGE THAT PROTECT A VEHICLE Comprehensive auto insurance covers a vehicle’s damage if the vehicle was damaged by acts of weather, vandalism, an animal in the road, etc. If the driver was at fault in an accident, collision coverage will kick in to handle the repairs. Full coverage is typically inclusive of liability, comprehensive and collision insurance. Liability insurance will settle and pay for damage to another driver’s injuries and vehicle damage sustained in a crash caused by the policyholder. Comprehensive and collision insurance could be involved when a car is damaged. As in all accidents, a police report will be filed, the car owner will contact their insurance company and discuss the nature of the accident. Fault will be determined (if it was a collision). Then an insurance estimator will examine the damage to the vehicle and determine the amount that needs to be paid for repairs. In some situations, the damage is so extensive that the price to repair the car costs more than the value of the vehicle. When this happens, the insurance company will deem the car a total loss. Every state has its own formula for how a ‘totaled’ vehicle is determined. The owner of the car receives the actual cash value (ACV) for their vehicle minus the deductible and the insurance company takes possession of the vehicle. Value Penguin explains that ACV is not the same as the value a car owner would receive via sites like Kelley Blue Book (KBB). However, car owners can ask the insurance company how ACV is determined if they are confused about their settlement. In some cases, the insurance company will offer to let a car owner buy back their vehicle. What do car owners need to know about buying back a totaled vehicle? Is it worth it? Buying Back a Totaled Car [https://blog.relaycars.com/wp-content/uploads/2022/05/How-Car-Owners-‘Buy-Back-Their-Vehicle.jpg] HOW CAR OWNERS ‘BUY BACK’ THEIR VEHICLE When a car is totaled and the insurance company prepares a settlement, the amount is ACV minus any applicable deductible. The insurance company then takes possession of the vehicle and sends it to auction. In some instances, like when a vehicle is totaled by hail damage, the insurance company might let the owner buy back the car. The price to buy back the vehicle is typically the salvage value. This value can vary. However, if the car owner agrees to buy back their car, the salvage value is deducted from the ACV settlement. The car owner also will need to deal with the title of the vehicle—as it would be a salvage vehicle. Car owners should understand that buying back a totaled vehicle isn’t always an option. States might have their own laws related to buying back a totaled vehicle. It also might not make sense. If the car is totaled, fixing it up to make it drivable could be difficult. However, cars that are totaled because of hail damage might be worthwhile to buy back. Typically, these vehicles are totaled because of cosmetic damage. Some hail can be so large that the dents the pellets leave behind cost too much to repair. Yet, the car could be mechanically sound. If the car owner is given the option to buy back the car and they don’t mind the cosmetic damage, they can talk to the insurance company to inquire about steps they need to take before it can be legally driven. A totaled vehicle will be issued a salvage title. Then the car owner needs to take all the necessary steps in their state required for the vehicle to be legally driven. Car Brain explains that in order to hit the road legally, the car needs to be inspected and certified. IS IT WORTH BUYING BACK A TOTALED CAR? Only the car owner can decide if buying back a totaled car makes financial sense. Again, in the case of a hail-damaged car, the mechanics could be fine. For a car that has seen extensive damage, car owners might just walk away, take their settlement and let the insurance company auction off the car. A car owner might want to hold on to their car for other reasons. Maybe they don’t plan to drive it. Buying back a totaled vehicle could depend on the car owner’s personal circumstances. In some cases, though, a car owner might not have the option to buy back their totaled car. WHEN A CAR OWNER DOESN’T BUY BACK THEIR CAR Many car owners will decide not to buy back their totaled car. They might accept the settlement from the insurance company and use it for a down payment for a new car or to buy a car outright. When a car is totaled, a car owner may face an issue of being paid less than what they thought their car was worth. Car owners consult sites like KBB to find the value of their car, but KBB values and ACV settlements are not the same. If a car owner feels that their settlement is inadequate, they can try to negotiate with the insurance company about the value. If the car owner made repairs or upgrades to their vehicle, they might submit receipts to show these upgrades to the insurance company. Sometimes negotiations fall flat, and the car owner has to accept their settlement. CAR OWNERS WHO ONLY HAVE LIABILITY COVERAGE Some car owners only have liability coverage on a vehicle. Perhaps they didn’t pay a high price for the car or it’s an older model. What happens if a car with liability coverage is totaled? If the car owner was involved in an accident and it was their fault, their liability coverage will compensate the other driver for damages. However, the driver’s own vehicle won’t be covered. If the car cannot be repaired or if repair costs are too high, they might opt to sell it to a salvage yard. What about if the vehicle was damaged by hail or vandalized? Cars with only liability coverage won’t be covered against hail damage or vandalism. The owner will have to drive the vehicle as is, repair it, or, if the car can’t be driven legally, think about selling it to a salvage yard. Car owners never know what could happen around the next turn. Even a car sitting in the driveway could be pummeled by a hailstorm. This is why comprehensive and collision coverage is recommended. Buying Back a Totaled Car [https://blog.relaycars.com/wp-content/uploads/2022/05/Finding-a-New-Car.jpg] FINDING A NEW CAR Car owners who have no interest in buying back a totaled car might find themselves in need of a new vehicle. Maybe they want the same model that they lost in an accident. Perhaps they’re ready for something new. When shopping for a new vehicle after a previous vehicle was totaled, buyers might need to reexamine their budget. What can they afford to pay each month? A totaled vehicle might have not had an outstanding loan. Car owners might now need to finance a new car and begin making payments again. Nerdwallet recommends that car buyers allocate less than 10 percent of their monthly take home pay for a car payment. Car buyers also should try to make a 20 percent down payment on a new vehicle. This can help offset the costs of depreciation. When buying a used car, a 10 percent down payment is recommended. If a vehicle was totaled in an accident, car buyers might focus on the safest models. The Insurance Institute for Highway Safety makes it easy for car shoppers to research the safety of any vehicle. The IIHS provides safety reports on new and older vehicles. The IIHS also showcases the safest cars on the market via its Top Safety Pick and Top Safety Pick+ awards. The full list of models that were awarded these safety ratings is released each year. The Top Safety Pick+ rating is awarded to vehicles when certain headlights come standard; models awarded a Top Safety Pick offer specific headlights as an option. USE RELAYCARS TO EXPLORE VEHICLE OPTIONS Finding the best car for the budget can be a hunt. Buyers can use sites like RelayCars to explore their different options. The RelayCars app lets car buyers research cars via 3D imagery and virtual reality (for those who have access to Google Cardboard). Those who are visiting the RelayCars website can explore cars via immersive 3D imagery and augmented reality. Using a camera on a smartphone or tablet, car buyers can drop a 3D model of a vehicle into their own environment and walk around it. RelayCars also provides buyers with MSRP data and vehicle specs to better understand each model. Those who are trying to find their perfect car can explore as many models as they wish on either the RelayCars website or the app. RelayCars is free to explore and never closes!
Here’s How to Negotiate Car Payoff Settlement
May 2, 2022
The average car loan is about six years or 70 months. However, not all car owners take the full loan term to pay off their vehicle. Some find that they have the financial means to pay off their loan early. An early payoff, though, might lead to penalties from the lender. Each loan has its own terms, and before a car owner decides to pay off the vehicle early, they need to understand what it will cost them. Here’s how to negotiate car payoff settlements to pay the loan in full and own the car outright. WHAT IS THE PAYOFF AMOUNT? The payoff amount of a car loan isn’t always the same as the loan balance. The payoff amount is the amount that is necessary to completely pay the loan and it likely includes interest and any fees (like early termination fees). When a borrower pays a loan in full before the end of the contracted term, the lender might not make as much money in interest. For this reason, paying the loan early might include termination fees. To find out the payoff amount, the borrower should contact their lender. At this time, they also can inquire if any penalties or additional fees were applied. However, the terms of the loan should include all this information. CAN BORROWERS NEGOTIATE A PAYOFF SETTLEMENT? Car owners that want to pay off their loan early might wonder if they can enter into negotiations with their lender. Lending Tree explains that borrowers can try to negotiate the payoff amount. To talk about negotiating the balance, the car owner will need to contact the lender. However, Lending Tree explains that the borrower should continue to make payments. While some lenders can be open to negotiations, others might be firm in the payoff amount. While it never hurts to try to negotiate, lenders might not budge. Even if they don’t wish to negotiate, the lender will be able to provide a payoff amount. This amount is typically a “10-day payoff quote.” Per Lending Tree, this means that the amount quoted will satisfy the loan if it is paid in the 10-day grace period. After the 10 days, Lending Tree notes that the price could bounce up or down. WHEN THE CAR IS PAID OFF Once the full payoff amount is received and credited to the account, the buyer will own the car outright. When the loan terms are satisfied, the lender will send the borrower documentation of the payoff and include a lien release for the vehicle. Buyers should keep all paperwork in a safe place. In addition, the lien release is necessary to re-title the vehicle so that the lien holder (the bank or lender) is removed from the title. Once the loan is paid off, the buyer owns the car completely. This means that any value that is left in the car represents pure equity. Car owners might wonder how paying off the car might impact their car insurance. Progressive explains that paying off a loan won’t lower the premium, but the car owner could elect to change coverage options. Before dropping comprehensive coverage to save money, car owners should understand how that can affect them if the vehicle is damaged in an accident that is their fault. If the car is still worth a decent amount of money, it might be wise to continue to pay for comprehensive coverage. OTHER WAYS TO PAY OFF A VEHICLE EARLY Not all car owners will have the financial means to pay their car loan in full before the terms of their loan are satisfied. However, car owners could elect to make a larger payment each month so that they can pay off the vehicle earlier than anticipated. Before sending a larger payment, though, borrowers should contact their lender so they know how that extra sum will be allocated. Some lenders automatically apply the overpayment towards the principal, but some lenders might require borrowers to make a separate payment when they wish to allocate the extra towards principal. Nerdwallet explains that allocating extra towards the principal is most beneficial during the beginning of the loan. This is due to the fact that higher portions of payments in the beginning of a car loan usually are allocated towards the interest of the loan. Even paying a little extra each month can help borrowers decrease the length of their loan and pay off the loan faster. Car owners can review their budget to see how much more they might be able to allocate to pay down the principal. How to Negotiate Car Payoff Settlement [https://blog.relaycars.com/wp-content/uploads/2022/05/What-About-Higher-Interest-Debt.jpg] WHAT ABOUT HIGHER-INTEREST DEBT? Every individual might have a different preference when tackling debt. Some might feel like they’ve made a greater impact when they completely pay off a debt. Others want to chip away at debts. Some want to pay down their highest interest debt first, but others want to prioritize their largest debt. Experian explains that consumers might consider prioritizing their highest-interest debts. Paying off this debt will save more money. While it might be tempting to pay off more each month on a car loan, if a credit card has double the interest rate and a high balance, it might make more sense to tackle this debt first. When the high-interest debts are paid, then perhaps consumers could begin to chip away at other debts. However, Experian also notes that paying off the highest debt could be preferred if an individual needs to decrease their credit utilization ratio. TIPS FOR FINDING THE BEST CAR LOAN Before buying a car, consumers need to research and understand their loan options. Some buyers want a longer loan term that offers lower monthly payments. Other buyers, though, want to pay off their car quickly and opt for a three-year loan. Interest rates of a loan may depend on the buyer’s credit score. Those with high scores might qualify for the most favorable interest rates, while those with less than desirable scores might see higher rates. Sometimes credit scores improve over time. Refinancing a car loan can be an option for those with higher-interest car loans to find lower rates or perhaps better loan terms. Before signing on the dotted line of a loan, buyers need to understand all the terms outlined in the loan. What is the monthly payment? What is the interest rate? Buyers also can ask about any early termination fees. Shopping around for a car loan can help buyers find the best interest rates available to them. There are many sites that consumers can use to find different loan options; they can compare monthly payments, interest rates, etc. Some sites let buyers get pre-qualified to better understand the loans for which they might qualify. However, getting pre-qualified doesn’t mean that a buyer is approved for the loan. Pre-qualification is a soft credit inquiry. In order to get approved for financing, car buyers will have to submit more extensive information (like their social security number). HOW DOWN PAYMENTS CAN AFFECT A CAR LOAN Car buyers who plan on financing their vehicle might have a trade-in to help offset the cost of their new vehicle. However, while a trade-in can apply as a down payment, Investopedia recommends researching the price of the vehicle so that buyers understand the value of their trade-in. Combining a trade-in with a down payment can be beneficial. To help offset the cost of vehicle depreciation, buyers should try to allocate 20 percent of the purchase price of a new car as their down payment. If the purchase price is $30,000, then try to make a $6,000 down payment. However, Experian explains that with a used car, a 10 percent down payment is sufficient. How to Negotiate Car Payoff Settlement [https://blog.relaycars.com/wp-content/uploads/2022/05/Weighing-the-Price-of-an-Early-Payoff.jpg] WEIGHING THE PRICE OF AN EARLY PAYOFF If a car owner has the financial means to pay off their vehicle before the end of their loan, they might be tempted to pay it in full so they own the car outright. Some lenders are open to payoff negotiations, but some might not budge on the price of the payoff. Before paying the car in full, call the lender to understand the terms of the payoff and get a quote for the payoff amount. Some loans might include early termination fees. Paying the car in full before the end of the loan might free up money each month to pay other debts, though. In addition, when the car doesn’t have a loan balance or a lien associated with the lender, the car owner could opt to restructure their insurance coverage. However, the biggest payoff of an early payoff is that the car is owned outright. The value of the vehicle represents equity to the owner. They can use the vehicle as a trade-in for a new vehicle, sell it privately or just drive it until the vehicle is at the end of its life. While car owners might be surprised to learn that the payoff amount might be more than the balance on the monthly statement, saying goodbye to the loan could give the car owner a huge financial sigh of relief.
What is the Best Way to Sell a Car?
April 27, 2022
When demand is high for used cars, prices for those cars might rise, too. Car owners might see the rising prices of used cars and contemplate selling an older vehicle that they don’t need. Many car owners elect to sell their car when they’re ready to purchase a new model. What is the best way to sell a car? There are three options for car owners when they want to get rid of their old vehicle: * Sell the car to a dealership * Trade-in the vehicle to a dealership * Sell the car privately * Sell the car to an online company * Sell the car to a scrap yard HOW TO SELL MY CAR FAST Some car owners want to sell their car as quickly as possible. They might need the cash to pay off medical expenses or other personal expenses. Some car owners just don’t want that old car lingering in their garage or driveway. The quickest way to sell a car also might be the option that offers the least amount of hassle. Selling the car to a dealership might be the fastest way to sell a vehicle. Before offering up an older car to a dealership, though, car owners should: * Research the car’s value * Pay off any outstanding loan amounts on the vehicle * Locate the title * Clean their car (inside and out!) Car owners can research their vehicle’s value using Kelley Blue Book. The site offers two options for valuing a vehicle; the resale value and the trade-in value. When selling the vehicle to a dealership, car owners will want to research the trade-in value. Dealerships want to make a profit, and, while selling a car to a dealership might be the quickest option, it also might result in less money for the owner. Since car dealerships want to make money on their purchase, they need to consider their own profit margin when negotiating a price. KBB will show car owners the price they might expect to receive from a dealership for their vehicle. Car owners will then need to figure out how much money they owe on their vehicle to a lender. Before a dealership will finalize the deal, they may stipulate that the car owner pays all or a portion of the outstanding loan balance. Car owners also will need to find their car’s title. A car sale needs to include the title to the vehicle. If the owner cannot find the title, they might need to research the process of replacing the new title. This is usually done through the local Department of Motor Vehicles (DMV). When car owners are interested in selling their car to a dealership, they should thoroughly clean the vehicle inside and out. They may even consider having the car detailed. The vehicle’s condition affects the value; make the vehicle presentable. Best Way to Sell a Car [https://blog.relaycars.com/wp-content/uploads/2022/05/What-is-the-Best-Way-to-Sell-My-Car.jpg] WHAT IS THE BEST WAY TO SELL MY CAR? Selling a vehicle to the dealership is one of the quickest ways to sell a car, especially when the owner has all their paperwork in order and has paid off the vehicle. The best way to sell a vehicle to maximize profit, though, is by selling privately. A private sale, however, may take more time and effort. If there is an outstanding loan balance for the vehicle, the car owner should contact their lender to determine how they can sell the vehicle. Car owners will need to clean up their vehicle and make any necessary repairs before listing the vehicle. In addition, car owners should research the resale value of their vehicle on KBB. This is different from the trade-in value, and it’s typically higher. Car owners will need to answer questions about their vehicle’s condition. They also need to select any upgraded features for their vehicle and include data on the vehicle’s mileage. Order a vehicle report to present to buyers, too. Car owners also need to consider how they wish to advertise their vehicle. When selling privately, car owners need to be aware of potential scammers. Be safe when meeting with buyers. Only meet buyers in public places and be sure to arrange a secure payment option; meet at a bank to complete a transaction or insist on using reputable payment options like Zelle, PayPal and Venmo. Best Way to Sell a Car [https://blog.relaycars.com/wp-content/uploads/2022/05/How-to-Sell-an-Old-Car.jpg] HOW TO SELL AN OLD CAR Some cars are classic and collectible. Selling an old car might mean that the car owner needs to target a niche buyer. Other cars might simply be older with a large number on the odometer. The best way to sell an old car depends on the owner’s preferences and perhaps how fast they need to make the sale. Again, selling a vehicle to a car dealership might be the easiest option. However a private sale typically nets a higher profit for the seller. Car owners need to weigh the options. Some owners don’t want to manage a private sale, but others prefer to sell privately if it means they yield a higher profit. BEST WAY TO SELL A CAR WHEN BUYING A NEW CAR Some car owners need to sell their old car to have money for a down payment on a new option. What is the best way to sell a car when buying a new car? Many car buyers opt to use their old car for a trade-in at the dealership. This is another way to sell the vehicle to the dealership except the money for the old car is simply deducted from the sale price of the new vehicle. Before offering up an older vehicle as a trade-in, car owners should research the trade-in value of the vehicle via KBB. When buyers have an idea about the value of their vehicle, they can negotiate with the dealership if they think they are offered a low figure for their trade-in. Buyers who don’t know the trade-in value of their vehicle might be at a serious disadvantage at the dealership. SELLING A CAR TO AN ONLINE CAR COMPANY Companies like Carvana also buy cars. These companies might be another easy option for car owners who want to sell their car quickly. Selling a car to an online car company might allow car buyers to receive a sale quote quickly. The sale process also could be more simplistic. Car owners who are interested in pursuing a quick sale can get a quote from Carvana by entering their license plate or VIN information and the state in which they live. If the offer seems low, car owners could try selling through a dealership or just handling the sale privately. Best Way to Sell a Car [https://blog.relaycars.com/wp-content/uploads/2022/05/Selling-Extremely-Old-Cars-to-a-Scrap-Yard.jpg] SELLING EXTREMELY OLD CARS TO A SCRAP YARD Some cars are simply not worth much. Maybe they have been sitting idle for years. Perhaps they are broken beyond repair. In this case, a dealership might not want the vehicle and a private seller definitely would have no use for it. What are the options for a car owner when their car isn’t running? Donating the car to a charity could be an option. The donation could be tax deductible. However, before offering up a car to charity, a car owner should check to see if the car has to be in working condition. Some scrap yards could buy the car for scrap metal and/or parts. While they won’t offer much for a vehicle, this is a way for the car owner to get the vehicle off their hands. Selling a car to a junkyard will still require that the car owner sign over the title. In addition, a junk yard won’t be an option if the vehicle isn’t paid off. If car owners don’t agree with the price offered at one scrap yard, they might visit others to see if they can get a better price for their vehicle. Car owners, though, might simply just want to get rid of the vehicle for any price. How much can a car owner expect to receive when selling their old vehicle to a scrap yard or junkyard? The offer could vary, but some offer a few hundred dollars for a vehicle. Car owners might even be able to get a quote for their old car. WHAT IS THE BEST WAY TO SELL A CAR? The best way to sell a car isn’t the same for all car owners. Selling a car to a dealership, though, might be the quickest way to sell the vehicle. A private sale might ensure that the owner gets the most from that sale. Car owners who are still paying off their vehicle might have a more complicated sale. They will need to contact their lender before selling privately, and some dealerships might require them to pay off the loan in full or partially. Using the car for a trade-in also can be a low-stress way of handling a vehicle sale. When using the vehicle as a trade-in, the car owner won’t receive a payment from the dealership. Instead, the trade-in offer will be used to offset the price of the new vehicle. Car owners who have a very old car that isn’t running or that simply costs too much to fix might consider selling it to a scrap yard. This could be the best option when the car won’t be an acceptable trade-in because of its poor condition. Scrap yards might offer a few hundred dollars for a vehicle, but the price varies. The best way to sell a car might depend on the condition of the car, the needs of the car owner and how fast the car owner needs the cash.
What is the Biggest Minivan on the Market?
April 22, 2022
Through the years, vehicles have evolved as the needs of families have changed. While station wagons were a family favorite in the ‘70s, minivans quickly took preference for family travel and held their popularity into the millennium. Although the SUV is now the family car of choice, the minivan still has a solid fan base of loyal buyers. When the minivan reigned supreme, there were many different models available. While the options have dwindled over the years, the remaining models all rank well for safety and dependability. Most are comparable in design, but what is the biggest minivan on the market? Currently, there are only four minivan models available: * Chrysler Pacifica * Honda Odyssey * Kia Carnival * Toyota Sienna Each of these models is comparable when it comes to fuel efficiency, safety and price, too. How do they size up, though? Here’s a look at each minivan in detail. Biggest Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/2022-Chrysler-Pacifica.jpg] 2022 CHRYSLER PACIFICA The Pacifica has a base price of $37,095, which makes it the highest-priced minivan. It was rated as a Top Safety Pick+ from the Insurance Institute for Highway Safety (IIHS), which is the highest safety rating a vehicle can earn. The Pacifica has space for up to seven passengers. While the standard Pacifica Touring can get 19 MPG in the city and 28 MPG on the highway, the minivan also is offered in a fuel-efficient hybrid option. The hybrid has room for seven passengers but can get more than MPGe (combined for both city and highway). The Pacifica also includes more than 100 safety features (standard and options) to keep the driver and passengers safe during the drive. How big is the Pacifica? It offers a maximum interior cargo space of 140.5 cubic feet. For passenger space, the second row features 39 inches of legroom, and the third row offers 36.5 inches. The driver and front passenger have 41.1 inches of legroom. Biggest Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Honda-Odyssey.jpg] HONDA ODYSSEY The Odyssey has a base price of $33,040. It also was rated as a Top Safety Pick+ from the IIHS. The Odyssey offers the same fuel efficiency as the standard Pacifica—19 MPG in the city and 28 MPG on the highway. The Odyssey also boasts numerous standard safety features and upgrades. However, the Odyssey offers more legroom than the Pacifica. The front seats and middle row include 40.9 inches of legroom. The third row offers 38.1 inches. Behind the first row, the Odyssey offers a maximum cargo space of 144.9 cubic feet. Behind the third row, it offers about 38 cubic feet of space. Biggest Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Kia-Carnival.jpg] KIA CARNIVAL The Kia Carnival is one of the most budget-friendly minivans available. With a base price of $32,300, the Carnival has space for up to eight passengers. The Carnival can get 19 MPG in the city and 26 MPG on the highway, which makes it slightly less fuel efficient than its competitors. It received a Top Safety Pick rating from IIHS (for models with specific headlights). However, the Carnival is noted to be best in class for cargo space. It offers a maximum cargo space of 145.1 cubic feet. While legroom space is decent, the Carnival offers the least amount of space for third row passengers. The front seat offers 41.1 inches of legroom, and the second row offers 40.5 inches. The third row is a bit tighter and only offers 35.6 inches of leg space. Biggest Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Toyota-Sienna.jpg] TOYOTA SIENNA The Toyota Sienna is the second most expensive minivan with a base price of $34,710, but it’s a hybrid. However, it offers room for eight passengers (unless buyers elect for captain’s chairs in the second row), and it boasts the best gas mileage among all the minivan models (except the hybrid Pacifica). The Sienna can get 36 MPG combined and received a Top Safety Pick+ rating from IIHS. The Sienna offers the tightest legroom space for the driver and front passenger, but it offers the most space for third row passengers. The front row has 40.3 inches, the second row has 39.9 inches, and the third row passengers have 38.7 inches of legroom. As for cargo space, the Sienna might be a bit more cramped. The Sienna has a maximum cargo space of 101 cubic feet—far below its competitors. WHAT MINIVAN HAS THE MOST SPACE? When the seats are dropped down in the second and third rows, minivans can hold quite a lot of cargo. This is handy for families who need to pack boxes for moving or haul other items. The minivan with the most cargo space is currently the Kia Carnival—but only by a very slight margin. For legroom, though, each minivan has its strengths. The Kia Carnival and Chrysler Pacifica offer the most legroom for the driver and front seat passenger. The Odyssey has the most space for second-row passengers, while the Toyota Sienna offers the most legroom in the third row. BEFORE MINIVANS WENT MINI, THEY WERE JUST VANS Minivans weren’t always the standard family car. Again, station wagons once dominated the family market. However, vans also were an option. Vans of the past weren’t always known as mini, and older vans tended to be less refined in style. Many ‘80s children slept in the back of the van during long car trips. Like newer sleeker minivans, the older vans were sized to hold plenty of passengers. For example, the Chevy Astro could seat up to eight (the same as many of today’s minivans). The older vans of the ‘80s also typically included a velvet-like interior. Now minivans commonly feature cloth seats or leather. What was the largest minivan or van ever? Older now discontinued vans like the Dodge Grand Caravan could boast more space than modern predecessors. However, there are no solid stats on what minivan offered the most cargo space. Biggest Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Are-New-Minivans-On-the-Horizon.jpg] ARE NEW MINIVANS ON THE HORIZON? One of the most iconic early relatives of the minivan was the kitschy and groovy Volkswagen Microbus. These vehicles are highly collectible and remain emblematic of the ‘60s and ‘70s. The vintage bus was extremely roomy, and these buses are still used by some modern nomads as on-the-go mobile living space. Volkswagen is set to release a new electric minibus/minivan called the ID Buzz. According to Tom’s Guide, the bus/van is expected to drive into the U.S. market in 2023 and will have an estimated range of 250 miles. The downside of the new bus/van, though, might be related to its power—it takes 8.5 seconds to accelerate from 0 to 60. Many modern electric vehicles now boast quick acceleration stats. However, minivans have never really been known for their quick speed. Stats for the Honda Odyssey, for example, note that its 0 to 60 time is around 6.5 seconds. The Sienna has similar stats. The VW ID Buzz could be a possible new electric option for those who want a more modern iteration of the old microbus or for buyers looking for a cool alternative to the standard minivan. Biggest Minivan [https://blog.relaycars.com/wp-content/uploads/2022/05/Minivans-vs.-SUVs.jpg] MINIVANS VS. SUVS Many families choose third-row SUVs for a sporty family car; some buyers might like the weight of the SUV and choose these cars because they feel safer. Others might just like the look of the SUV. The minivan, though, offers a few key features that the SUV doesn’t. For example, minivans typically include sliding doors. This makes loading the vehicle easier. Sliding doors also provide hands free convenience. Many minivans let drivers use the key fob to automatically open the sliding doors. When carrying kids, sports gear or groceries to the car, this makes accessing the vehicle a less cumbersome experience. Minivans also provide the most cargo space. The largest SUV is the Chevrolet Suburban, which offers 144.7 cubic feet of space. With a base price of $53,200, the Suburban costs about $16,000 more than the most expensive minivan. Both the Kia Carnival and the Honda Odyssey offer a little more cargo space for much less money. CHOOSING THE BEST MINIVAN Car buyers who want to find the best minivan for their needs can explore all the available models using RelayCars. The RelayCars website lets buyers explore all the most modern minivan models using 3D interactive imagery or augmented reality. Car buyers also can download the RelayCars app to explore vehicles in virtual reality (with Google Cardboard); those without Google Cardboard can explore cars on the app by exploring 3D models of vehicles on their screens. Using RelayCars interactive and immersive platforms, car buyers can use a fingertip to interact with 3D car models and explore the car from all angles. In addition, those who use a mobile device to visit the RelayCars website can explore vehicles by dropping models of their favorite models into their environment using augmented reality. Explore minivan models in the driveway, the backyard or place them into the garage. RelayCars also includes data for all newer models; compare vehicle specs and features or just research different vehicle options. Shopping for a new minivan can begin at home using the immersive tools and vehicle data offered by RelayCars. Explore all the minivans—even earlier models—and find the minivan that fits the lifestyle, the budget and, of course, the family!
Why are People Stealing Catalytic Converters?
April 18, 2022
Vehicles powered by a fuel-injected engine are equipped with a catalytic converter, which helps reduce carbon monoxide and hydrocarbon emissions from the engine. The catalytic converter, though, wasn’t always a necessary component. In 1970 Congress passed the Clean Air Act and catalytic converters became an integral part of the car’s mechanics. The Environmental Protection Agency mandated that all cars starting with the model year 1975 must be equipped with a catalytic converter. In the past few years, catalytic converters have become a prime target for theft. Why are people stealing catalytic converters, especially since all standard vehicles are equipped with these parts? Not all vehicles are prime targets for catalytic converter theft. Certain body types and models, though, are easy and valuable targets. The vehicles most at-risk for catalytic converter theft include: * Toyota Prius models (especially from the model years 2004 to 2009) * SUVs * Trucks * Vans HOW MUCH IS A CATALYTIC CONVERTER? A catalytic converter costs between $800 and $1,200. These are not inexpensive parts to replace. What makes these parts so expensive, though? Their price tag is due to their intricate mechanical function; a catalytic converter is designed to convert harmful emissions into more benign emissions. To do this, the converter engages in a bit of automotive chemistry. A catalyst is required to convert the harmful gasses into less harmful gasses. This is why the part is called a ‘catalytic converter.’ While the part typically ranges from several hundred dollars to more than a thousand dollars, J.D. Power notes that the most expensive catalytic converter—found on the Ferrari F430–is priced at more than $3,000! Why are People Stealing Catalytic Converters [https://blog.relaycars.com/wp-content/uploads/2022/04/What-are-the-Most-Stolen-Catalytic-Converters.jpg] WHAT ARE THE MOST STOLEN CATALYTIC CONVERTERS? Since the catalytic converter is such an expensive part to replace, it’s becoming a target for thieves who want to make a profit. The metals used for a catalytic converter have risen in value, and thieves are selling the parts to recycling facilities to make a quick profit. There are certain vehicles, though, that are targeted for catalytic converter theft more often. What are the most stolen catalytic converters? Prius models include high amounts of the valuable metals. In addition, vehicles that sit high off the ground also are prime targets for catalytic converter theft. High vehicles like SUVs, trucks and vans are easy for thieves to maneuver beneath the vehicle to remove the converter. TOP CARS FOR CATALYTIC CONVERTER THEFT Every car with a catalytic converter could be a target for thieves. However, SUVs, trucks and other vehicles that sit off the ground are simply more accessible for this type of theft. In addition, those who drive a 2004 to 2009 model Prius also may be targeted. Again, these vehicles have catalytic converters with higher amounts of precious metals that are valuable to thieves. According to the Highway Loss Data Institute, “Claim frequency grew from 1.4 claims per 1,000 insured vehicle years in 2016 to 58.1 claims in 2020, with the largest increase occurring between calendar years 2019 and 2020.” From 2019 to 2020, the HLDI reported that claims in the range of $2,501 to $3,000 also greatly increased. This was related to the high price of replacing the exhaust system of the Prius. WHICH CARS ARE TARGETED FOR CATALYTIC CONVERTER THEFT? Car owners with any vehicle equipped with a catalytic converter need to be aware that thefts are on the rise. Yet, those who drive an SUV, van or truck that sits high off the ground might be more susceptible to this type of theft. Prius owners—especially those who drive older models—also need to be on the lookout. Not only does this type of theft result in costly repairs, but if the theft also could result in the vehicle being declared as a total loss from an insurance company. How to Prevent Stealing Catalytic Converter [https://blog.relaycars.com/wp-content/uploads/2022/04/How-to-Prevent-Stealing-Catalytic-Converter.jpg] HOW TO PREVENT STEALING CATALYTIC CONVERTER While some cars are prime targets for catalytic converter theft, owners can take measures to protect their vehicle and make it more difficult for thieves to access this highly coveted auto part. One of the simplest ways to deter thieves is by parking over dirt or gravel. The converter is underneath the vehicle, and this means thieves have to slide under the car to remove the part. Parking somewhere messy could be a deterrent. Nerdwallet recommends painting the catalytic converter and including the VIN on the converter. This shows that the part is associated with a specific vehicle. A brightly painted converter that has been marked with the VIN might keep thieves away. There are also devices that can be installed to help protect the converter. These devices might look like a cage and make it more difficult for thieves to remove the part. Vehicle owners need to understand that if their vehicle only has liability coverage, their insurance company will not cover the cost of the theft. For vehicles that are prime targets for catalytic converter theft, car owners might double-check to ensure they are protected with comprehensive coverage. PRIUS CATALYTIC CONVERTER THEFT Prius owners might be extra diligent in protecting their car’s catalytic converters. Unfortunately, the higher amount of precious metals used in the catalytic converters for these hybrids make them susceptible to thieves. Anti-theft devices can protect the Prius’ converter. In addition, owners might also choose to paint the converter and add the VIN or license plate number on the converter. Taking multiple precautions can help further deter thieves from targeting the vehicle. WHICH CARS ARE MOST LIKELY TO HAVE CATALYTIC CONVERTERS STOLEN? While the Prius is the hottest car for catalytic converter theft, certain models of the Prius are prime targets. Specifically, Prius models from 2004 to 2009 have become the most targeted for catalytic converter theft. Owners of older Prius models might want to take precautions to protect this highly-coveted and very expensive auto part. Anti-theft devices can be an inexpensive and effective option. In addition, painting and marking the converter also could help deter thieves. HOW DO THIEVES STEAL A CATALYTIC CONVERTER? While theft of catalytic converters is on the rise, car owners might be wondering how thieves even access these parts. After all, catalytic converters are found underneath the vehicle. Removing a catalytic converter might not be the most convenient crime, but it’s also not difficult for an individual who is motivated. Thieves access the converter by sliding underneath the vehicle; they use a mechanical saw to remove the part. Kelley Blue Book (KBB) notes that the theft takes mere minutes. HOW MUCH IS A CATALYTIC CONVERTER WORTH? Catalytic converters vary in price; however, they are an expensive part for car owners to replace. Theft of a catalytic converter can cost thousands for the insurance company or the car owner. For the thieves, these parts can command about $50 to several hundred dollars at a recycling facility. As for the metals in the converter, the prices are skyrocketing. KBB reports that an ounce of Rhodium is now worth more than $17,000! WHY DO PEOPLE STEAL CATALYTIC CONVERTERS? Catalytic converters are a prime target for thieves because the metals used in the converter are highly valuable. In the older models of the Prius, a catalytic converter has higher levels of these sought-after metals. This is why older Prius’ are targeted by thieves. In addition, vehicles that sit high off the ground also provide easy access for thieves. To access the converter, a thief has to go underneath the vehicle. Higher vehicles offer convenient access. WHAT CARS ARE SAFE FROM CATALYTIC CONVERTER THIEVES? There are some vehicles that are simply not a target for catalytic converter thieves. The safest vehicles are electric models. This is due to the fact that electric vehicles don’t need a catalytic converter. The catalytic converter was required to reduce emissions that were produced from the fuel-injected engine. Electric vehicles, though, don’t use fuel to operate. Instead they require electricity to charge the batteries that power the engine. Electric vehicles don’t emit any harmful chemicals into the air, and they don’t require a catalytic converter. Electric vehicles also don’t have a tail pipe. BUYING AN AT-RISK VEHICLE? PROTECT IT! Unfortunately, car owners who purchase a truck, van or SUV that sits high off the ground might be targeted by thieves who want to make a quick buck on the catalytic converter. While some vehicles are more at-risk for catalytic converter theft, car owners can take steps to reduce their risk of theft for their new car. * Paint the catalytic converter * Mark the catalytic converter with the VIN or license plate * Install anti-theft devices * Park over gravel or in well-lit areas Catalytic converter theft results in a significant replacement cost for the car owner or an expensive claim for an insurance company. Protecting the car can help reduce the risk of theft and save owners the time, expense of dealing with the loss of this important auto part. WILL THE CATALYTIC CONVERTER BECOME ANCIENT AUTOMOTIVE HISTORY? As the price of precious metals soars, catalytic converters may continue to be a prize for thieves looking to make a quick buck. Some buyers who want a new truck or SUV might simply gravitate towards electric options. Electric vehicles don’t require catalytic converters as they don’t use fuel to power the engine. Electric trucks and SUVs can still offer the same benefits—including towing capacity—that drivers need without the concern of a thief slicing away the converter. As electric vehicles start to become the mainstream automobile on the market, catalytic converters will likely convert into an obsolete part of vehicle mechanics.
Can You Sell Your Car to a Dealership?
April 15, 2022
The used car market and the price of used cars fluctuate with supply and demand. During a time of high demand for used cars, prices will typically increase. When car owners see that their car is of higher value, they may be curious about selling it—especially if they are in the market for a new vehicle. While car owners can sell their car privately and list their vehicle on sites like Cars.com or even Craigslist, some owners simply don’t feel comfortable initiating a private sale. Can you sell your car to a dealership? Is selling to a dealership difficult? There are two few ways to sell a car to a dealership: * Use the car as a trade-in * Sell the car for cash Selling a car to a dealership is actually a fairly simple transaction, but car owners will need to be prepared to negotiate. Before offering a car to a dealership for sale or as a trade-in for a new vehicle, car owners should: * Clean their vehicle (detail it, too, if possible) * Research the trade-in or resale value via Kelley Blue Book * Check the payoff amount of the vehicle if there is still an outstanding loan * Locate the title for the vehicle Can You Sell Your Car to a Dealership [https://blog.relaycars.com/wp-content/uploads/2022/04/Do-Dealerships-Buy-Cars.jpg] DO DEALERSHIPS BUY CARS? PREPARING A VEHICLE TO SELL TO A DEALERSHIP The car’s make/model, mileage and age all affect the value of the vehicle; these factors are largely out of the car owner’s control. However, the condition of the vehicle also affects the resale or trade-in value of a vehicle and car owners can control the physical appearance of their car. Do dealerships buy cars? While selling to a dealership isn’t difficult, it does require that the seller prepares the vehicle. Before presenting a vehicle as a trade-in or for sale, car owners should make sure that the vehicle is in the best shape possible. Clean the car inside and out; detail the vehicle, too, if finances allow. In addition, repair any mechanical issues. While some dealerships might accept any car for a trade-in, they won’t want to buy a vehicle that is in poor working order. In addition, presenting a clean and well maintained car won’t ding the price of the vehicle, and it might help it. CAN I SELL MY CAR TO A DEALERSHIP? BE SURE TO RESEARCH THE TRADE-IN OR RESALE VALUE Can I sell my car to a dealership? Car owners should know the value of their vehicle before offering it up for a trade-in or when selling it to a dealership. Kelley Blue Book (KBB) is one of the most trusted sources for researching car values. KBB lets owners research both the resale value of the vehicle or the trade-in value. Owners will have to include all the details about their vehicle; check all applicable features and be honest about the condition. Car owners will notice that the trade-in value is typically lower than the resale value. This is due to the fact that the dealership will want to make a profit on the vehicle. They are buying the car as a trade-in to hopefully resell on their lot. Selling a car to a dealership is like trading in the vehicle. Remember, the dealership needs to make a profit, too. This is why a private sale commands a higher price. The buyer in a private sale is typically looking for a car to drive, not a car to resell. A dealership is looking at that car’s resale potential. CHECK THE LOAN PAYOFF AMOUNT FOR THE VEHICLE If the vehicle that a buyer wishes to sell to a dealership still has an outstanding loan, the buyer will want to check the payoff amount of the loan before selling. Compare this amount to the potential trade-in value. If the trade-in value is not higher than the payoff amount, the seller will sell the car at a loss. However, when the payoff amount is less than the potential trade-in value, the seller will profit. Selling a car to a dealership with an outstanding loan also could be easier than a private sale. The loan needs to be paid off before the car owner can sell the vehicle; any lien holders on the vehicle must be paid, as they, too, need to sign the car title when the car is sold. KBB explains that selling with an outstanding loan might mean that the dealership requires the seller to pay the dealership the outstanding loan balance or a partial amount of that balance. LOCATE THE TITLE Before selling a vehicle, the car owner should locate the title. Ideally, the title should be stored in a safe place that the car owner can easily access. However, in some cases, the lender who financed the car holds the title. Again, if a loan balance is owed, this could complicate the deal. Car owners might opt to pay off the loan before selling to a dealership so they can have a clean title or the paperwork to title the vehicle in their name only. When a loan is paid in full, the lender will send legal documents to the car owner that state that the lender no longer has a lien on the vehicle. What if the title has been stolen or lost? Car owners will need to report a stolen title to their local police. In addition, they will need to work with their local department of motor vehicles to re-title the vehicle. Every state might have different procedures for obtaining a new title. HOW TO SELL A CAR TO A DEALERSHIP AS A TRADE-IN While selling a car to a dealership will put cash in the car owner’s pocket, using the vehicle as a trade-in works a bit differently. When trading-in the vehicle, the car owner is still selling the vehicle to the dealership. However, instead of keeping the money from the sale, it is applied to offset the cost of a new vehicle purchase. A trade-in helps lower the price of a new vehicle. The value of the trade-in is deducted from the purchase price of the vehicle. A trade-in can help buyers lower their monthly payments and possibly shorten their loan term, too. Buyers also can lower the price of a new car further by applying a larger down payment. A down payment combined with a trade-in could be significant enough to allow a buyer to opt for a shorter loan term and pay off the new car quicker. Some buyers, though, just want lower monthly payments. The trade-in value is available via KBB, and even when a car owner is only using their car as a trade-in, they should still research the value to ensure that they get the best deal. Since the trade-in will help offset the cost of a new car, it is beneficial for them to negotiate for the best price possible for a trade-in. When presenting a car for a trade-in, car owners should make sure it’s in the best condition possible. Clean the car, detail it, and make any necessary repairs. Any issues could mean a lower offer from the dealership. Can You Sell Your Car to a Dealership [https://blog.relaycars.com/wp-content/uploads/2022/04/Selling-a-Car-to-Online-Car-Companies.jpg] SELLING A CAR TO ONLINE CAR COMPANIES Some car owners might not want to go through the hassle of selling their car to a local dealership. Another option is to sell the vehicle to companies like Carvana. The deal can be done virtually, although Carvana will inspect the car. However, selling to companies like Carvana can be an easy experience and most of the details can be handled online. Other companies also offer to buy cars and use a virtual process, too. For car owners who just want to handle this process at home while sitting at a computer, these sites might be worth researching. If car owners don’t agree with an offer, they might just move on and explore other selling options. THE BIGGEST TIP WHEN SELLING TO A DEALERSHIP There is one major difference between selling a car privately and selling a car to a dealership: profit margins. While a private buyer might want the car for their personal use, a dealership will be reselling the vehicle. This means that dealerships will need to build in a profit and this is why selling to a dealership might result in a lower sale price. However, not all car owners want to handle a private sale and may be willing to take less for an easier sale process. Some car owners might be concerned about potential scams when selling privately, while others just don’t want to deal with the hassle. Selling to a dealership is fairly pain free. However, car owners need to empower themselves by researching the trade-in value of their vehicle. To make the selling process easier, car owners also can ensure that the loan on their car is paid in full. Selling a car with an outstanding loan could make the sale a bit more complicated, and the seller might need to pay the dealership all or a portion of the loan balance. In addition, if a car dealership makes a low offer, car owners can begin to negotiate based on the known value of their vehicle. If the dealership and the car owner cannot come to a fair price, though, car owners can always walk away. Another dealership could offer a better price, or the owner might wish to wait to sell the vehicle. Ideally, both the dealership and the car owner should come away from the sale feeling that they scored a fair deal.