The transition from gas powered vehicles to electric and hybrid vehicles is sweeping the nation. Although the change is good for environmental sustainability, it’s less clear whether EV or hybrid vehicle purchases are a good financial investment for vehicle owners. There is much debate surrounding whether an electric vehicle is a good purchase in comparison to a traditional gas-powered vehicle, as well as uncertainty surrounding future resale value of EV and hybrid vehicles.
Advancement in Batteries Makes New Electric Battery Models More Affordable
As it stands, current owners of older model electric vehicle are in a sticky situation. As improvements in battery technology in EVs and hybrids are being made, the price of the batteries are dropping. Since batteries in these vehicles make up more than 50 percent of the vehicle’s value, the overall price of electric-powered cars is coming down.
With the advancement of EV batteries in new and future models also comes a
Buying anything with cash is cheaper unless you’re getting some type of zero-APR financing and you pay off the loan before interest kicks in. However, interest accrual is rarely the only concern people who are financing a purchase have when making their decision.
Buying a vehicle is a financial commitment that you need to be prepared for, whether you pay cash or finance the purchase. Saving money on big expenditures is a goal for most people, but how you go about doing it really depends on your circumstances.
How Paying for a Car in Cash Can Save You Money
When you pay for a car out of pocket you avoid a potentially large sum of interest that accrues when you take out an auto loan. Depending on your loan’s APR, you could end up paying hundreds of dollars more in interest each month.
With a high interest rate and long term, they could end up
Buying and selling cars has drastically changed over the past decade. The worldwide pressure of going green has incentivized the auto industry to invest more heavily in electric vehicle (EV) manufacturing. With some manufacturers moving to all EV production, and some EV makers taking a new approach to selling their vehicles, traditional car dealerships are facing new challenges.
Which Manufacturers Are Going Green?
A handful of vehicle manufacturers have made it a goal to change production to only Electric Vehicles within the next decade or two. General Motors is one of them. They plan to be all EV by the year 2035. Volvo also made the commitment to go fully green by 2030. Other companies, like Ford, do not expect to be rid of gas-powered vehicles in their lines until 2040. These industry changes don’t just affect vehicle manufacturers. Companies like FedEx and Uber are also having internal discussions about how quickly to adopt EV technology and
Your credit score significantly affects your ability to finance major purchases. The credit scoring system is attended to assign risk to borrowers and predict their ability to pay their debts. In general, the more credit that you have, like loans or a credit card debt, the lower your credit score will be – at least if you have a history of not paying it back. On the other hand, having debt and making payments on time can help improve your credit score.
Credit scores are a complex topic, and a bad one can prevent or complicate the process of buying things like homes, renting apartments or even buying a car. You can purchase a vehicle with a low credit score, but the annual percentage rate (APR) of the loan you get might be high.
APR is the yearly interest you will be accruing on the money you borrow. You can determine your monthly interest rate
Shopping online is preferred by many. You don’t even have to leave your couch to buy anything from clothing to cleaning products. Online car buying has also been increasing in popularity. You can browse millions of cars online from all around the world, but unlike clothing, books or gadgets, cars are big, expensive investments.
Car shopping can be challenging. You might want a reliable, budget-friendly model, or maybe even a vehicle that’s sporty and filled with the latest features. Finding the right one is frequently easier said than done.
The internet allows you to browse a wide variety of models without having to drive anywhere or spend any time in a dealership. Browsing online can save time and reduce the effort normally required for such a big purchase. You might even enjoy looking at several cars without the hassle of a car salesman.
Even people who aren’t going to purchase a vehicle online tend to
We’ve been using the tagline “Where Your Job Is Your Credit” since 1988, when it was first incorporated into our jingle. The slogan has both literal meaning and a lot of additional implications built in.
To understand the importance our slogan, it’s first necessary to understand how most auto dealerships and financing companies determine whether you qualify for an auto loan.
Generally, most dealerships will use your credit score to determine whether you qualify for vehicle financing. Your credit score will also be the main factor influencing the interest rates you’re eligible to receive.
There are a lot of people who simply don’t qualify for an auto loan under that system. People with less than perfect credit might technically qualify for some loans, but they will be charged extraordinarily high interest rates.
Under that system, a lot of people in Baltimore, Washington D.C. and throughout Maryland simply can’t get a pre-owned vehicle.
There are several reasons why selling your vehicle to a local dealership is a better, more convenient option for most car sellers in Baltimore, Washington D.C. and Maryland:
It’s straightforward and nearby
You might have an existing relationship with the dealership
You don’t have to deal with the logistics of selling a car online
You’ll be working with a registered business that use properly secured transactions
Trust and Reputation
It’s not in any dealership’s interest to take advantage of people selling their cars. Local dealerships have a reputation to uphold, and they want you to come back to them the next time you want to buy or sell a vehicle.
If a dealership takes advantage of you, treats you poorly or gives you a bad deal, they are essentially losing a customer forever. That customer could also tell their friends about a dealership’s bad behavior or vent about their treatment online. Any dealership that wants to maintain a
Yes – at least at Easterns Automotive Group. You can sell us your car for cash without buying a different one from our lot. Whether a dealership will buy your vehicle outright – and what they’re willing to pay – is highly dependent on the dealership.
Some dealerships may be less likely to take some vehicles. A dealership that just sells sports cars or luxury brands may not be at all interested in purchasing a 2005 Toyota Camry or a 2003 Jeep, even if your vehicle still has a lot of miles left in it.
At Easterns Automotive, we’re not brand, year or model elitists. Even if your car has problems, we may still be able to work something out so you can at least get some cash or at the very least credit towards a new vehicle.
Car owners in Baltimore, Washington D.C. or anywhere in Maryland that want to sell their car, truck
When seriously considering purchasing a vehicle, there are a lot more factors to consider than just the model, make and color that you want. What drives the automotive industry is value.
It’s a good idea to consider depreciation when shopping a used car dealership for a pre-owned vehicle. Most Americans want a car that is going to last and hold its value. The pursuit of long-lasting value has resulted in a shift towards reliability in the auto industry in recent years.
iSeeCars.com regularly tracks vehicle resales to determine which best retain their value. Sports utility vehicles and trucks are currently holding their value best. That’s not a huge surprise considering big trucks and SUVs have long been associated with the American way of life. Many drivers have traded in their four-door sedans for midsize and large SUVs.
The main type of vehicle missing from most of the top 10 lowest depreciation lists are hybrid vehicles