article thumbnail

Negative equity in car – cover with down payment or use for newer vehicle?

Shawn Ryder

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.

article thumbnail

Is this a strange dealer discount on a new vehicle?

Shawn Ryder

Market Dynamics Influencing Dealer Discounts Several external factors influence the amount and frequency of dealer discounts: Inventory Levels: When dealerships have excess inventory, they may offer larger discounts to move vehicles off their lots. This is particularly common at the end of the model year when new models are arriving.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Smart Ways to Save Money When Buying a Used Car

Car Examer

Start by researching the car’s fair market value, so you know what’s reasonable for its make, model, and condition. What to Ask About: Check if the car has any remaining manufacturer or dealership warranty coverage. Avoid models that have been discontinued, as replacement parts can be hard to find and more expensive.

article thumbnail

Is this a good OTD price?

Shawn Ryder

Online resources can provide valuable insights into fair prices for your desired vehicle. Here are some steps to follow: Utilize Online Pricing Tools: Websites such as Kelley Blue Book or Edmunds allow consumers to check the fair market value of specific car models based on condition, mileage, and location.

article thumbnail

Step-by-Step Guide How to Negotiate a Car Price

Car Examer

Know the Market Value: Use online resources to determine the fair market value of the car you’re interested in. Knowing the car’s value helps you recognize a good deal when you see one. Check the manufacturer’s website or automotive sites to see if any current promotions apply to the vehicle you want.

Rebate 59
article thumbnail

Am I shopping for a car correctly?

Shawn Ryder

Local Market Pricing Investigate local market prices for the vehicles youre interested in: Use price comparison websites to track fair market value based on your location. Service and Maintenance: Follow the manufacturers recommended service schedules.

article thumbnail

Using a credit union and negotiating with the car dealer?

Shawn Ryder

Do Your Research Before stepping into a dealership, do comprehensive research on the type of vehicle you want: Market Value: Use platforms like Kelley Blue Book or Edmunds to understand the fair market value of the vehicle.

Finance 52