Shawn Ryder
JANUARY 17, 2025
Understanding Negative Equity Negative equity, also referred to as being “upside down” on your loan, occurs when the amount you owe on your vehicle exceeds its current fair market value. This often arises from: Rapid Depreciation: Vehicles typically lose value quickly, especially in the first few years of ownership.
Market Doctors
FEBRUARY 21, 2024
Once you have narrowed down your choices, it’s essential to establish a realistic budget that accounts for the purchase price, taxes, insurance, and any potential repair or maintenance costs. Tailor your search to your specific needs, whether you prioritize cargo space, comfort, or towing capability.
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Car Examer
NOVEMBER 5, 2024
And remember, it’s not just about the car price—consider things like taxes, insurance, registration, and any initial repairs you might need. How to Get Started: Decide on an overall budget, including the extras like insurance and tax. Compare insurance rates for different models before you buy—some are much cheaper to insure.
Car Examer
JANUARY 25, 2024
Budget Considerations: Establish a realistic budget, considering not just the purchase price but also potential ongoing costs such as insurance, maintenance, and fuel. Negotiation Strategies: Know the Market Value: Research the fair market value of the specific make and model to negotiate from an informed position.
Carcloud Auto Group
DECEMBER 9, 2024
Another advantage is the lower insurance premiums associated with used cars. Typically, insurance costs are based on the car’s value, so a less expensive vehicle will often come with lower rates. Start by researching the fair market value of the vehicle using online resources, such as Kelley Blue Book or Edmunds.
Carcloud Auto Group
JANUARY 29, 2024
Additionally, used cars have already undergone the majority of their depreciation, meaning you won’t experience the same rapid decrease in value as with a new car. Another advantage is that insurance costs for used cars tend to be lower. These costs include insurance, maintenance, fuel, and repairs.
Your Car Buying Advocate
JULY 31, 2023
Your budget should clearly reflect what you can afford to spend, keeping in mind both the initial cost of the car and ongoing expenses like fuel, insurance, and maintenance. What to Do After Agreeing On a Price (Financing, Insurance, Etc.) Let’s discuss what to do next, focusing on Financing, insurance, and other crucial steps.
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