A world survey by Dupont, a leader in automotive coatings, reveals that silver is still the preferred colour choice of car buyers at 26 percent. Black comes in second at 24 percent, while grey and white are tied for third place at 16 percent. In North America, white/white pearl retained its lead for the fourth year in a row, with a 21-percent popularity share, followed by black and silver at 18 and 17 percent, respectively. Black/black effect leads the compact/sport and luxury/luxury SUV categories across the continent, although silver leads by just one percentage point over black/black effect when it comes to midsize/crossover utility vehicle. In just about every part of the globe, black and silver dominate the colour choices of buyers. However, in countries like Japan, India, Russia and South Africa, white is more popular, followed by silver and various shades of black.
The top 10 global vehicle colours in 2010 are as follows:
1. Silver – 26%
2. Black/Black Effect – 24%
3. White/White Pearl and Grey – 16% (tie)
5. Red – 6%
6. Blue – 5%
7. Brown/Beige – 3%
8. Green – 2%
9. Yellow/Gold – 1%
10. Others – <1%
*Source: Dupont
Keith Sills: Chevrolet Cadillac Buick GMC Fan
Currently sale Rep. at Bennett GM with past at experience from Mitsubishi Cambridge,Ford Motor Company Service Writer, Sales Rep.+ Third Year Apprentice, Canadian Tire Service Writer, Acura Sales Rep.+Used Car Manager, Hyundai Sales Rep.+used vehicle Wholesaler, Finance + Business office experince, owned my own detailing, auto restoration and glass repair shop, owned Car Connection leasing +sales for clients with credit issues, Currently OMVIC licenced.
Wednesday, December 8, 2010
Tuesday, November 9, 2010
Tires 101 inspection and value
Inspecting your pre-owned vehicle, today we are going to review tires for most bread & butter vehicles tires are not that costly to replace. So is it a make it or brake it part of the vehicle deal? No I would sooner have to replace a set of tires then service a transmission or timing belt. In fact finding a vehicle with poor tires can be an advantage as wear can give you clues of alignment, shocks,springs and chassis problems. Wear can even tell you how the last owner drove the vehicle outer edge bald could be from hard cornering one drive wheel bald from heavy acceleration as well as signs of neglect. If rotation has not been done it maybe a linked to oil changes and other service missed. Plus most seller are not going to set up the car they are planning to sell with the highest quality rubber most go for what fits and cheap just to pass the safety inspection. Remember most tire warranties are not transferable so how much value is really lost on that new set of tires the owner just added. Before you buy the car call the local dealer, tire shop or big box retailer and get some pricing. Quality tires over the basic brand can some times be only 10-25% more offer a longer tread ware warranty some time with road hazard protection that you can use as the current vehicle owner. Some big box stores and shops offer free rotation for the life of the tire. It is there way of selling you on future service work oil changes and brakes it is a fare trade off to most consumers.
Speciality tires yes it will surprise you to know that some of the top main stream vehicles now use them and can be exclusive to that vehicle. This means limited supplies limited options and higher price. So what is a speciality tire? size plays a part, features like run flat or gel filled, materials in the rubber mix, technology now with chips embedded to report to vehicle systems on ware also the way the tire mounts to the rim. So do a little research on the vehicle you are looking at before you start shopping it's easy now just Google it. To give you an idea John in our Parts Dep. kicked this number out ball park $500-18"gel filled to $300 for odd size 16-19" name brand tires each. Pre-owned vehicles traditionally with 40-60Km could be due for replacement as some manufactures are using softer rubbers for better traction and a noise reduction. This could change that great deal on a used vehicle to not so good $1200-2000 in service cost due shortly and some times a reason why the vehicle is up for sale.
So what am I saying? The tires on your car represent the biggest investment in safety with out good traction ABS, stability control, AWD, traction control plus many other key features can not offer you that additional margin of safety. The cost of good tires on a pre-owned vehicle is not that far out of line with the value they represent in long term ware. It is not the deal breaker if they are due for replacement but that cost should be factored in to the value of the vehicle or the offer presented.
Speciality tires yes it will surprise you to know that some of the top main stream vehicles now use them and can be exclusive to that vehicle. This means limited supplies limited options and higher price. So what is a speciality tire? size plays a part, features like run flat or gel filled, materials in the rubber mix, technology now with chips embedded to report to vehicle systems on ware also the way the tire mounts to the rim. So do a little research on the vehicle you are looking at before you start shopping it's easy now just Google it. To give you an idea John in our Parts Dep. kicked this number out ball park $500-18"gel filled to $300 for odd size 16-19" name brand tires each. Pre-owned vehicles traditionally with 40-60Km could be due for replacement as some manufactures are using softer rubbers for better traction and a noise reduction. This could change that great deal on a used vehicle to not so good $1200-2000 in service cost due shortly and some times a reason why the vehicle is up for sale.
So what am I saying? The tires on your car represent the biggest investment in safety with out good traction ABS, stability control, AWD, traction control plus many other key features can not offer you that additional margin of safety. The cost of good tires on a pre-owned vehicle is not that far out of line with the value they represent in long term ware. It is not the deal breaker if they are due for replacement but that cost should be factored in to the value of the vehicle or the offer presented.
Friday, October 22, 2010
Average cost of new car
1980 the average cost of new car was $7,210.00 and by 1989 was $15,400.00 today it sits around $29,217 mark. Inflation plays a part in that but our buying habits have changed over time with what was innovative new technology in the past has now becoming part of the standard equipment packages on most products. Try to find a vehicle with out Air Conditioning or just one air bag today most have two to six plus key changes with engine performance and transmission technology most new vehicles are four or five speed Automatics or are CVT driven, four wheel disk brakes ABS and EBC along with comfort with convenes features like Blue Tooth CD MP-3 power points heated seats all this is reflect in the pricing. The size of our cars have changed as well what was a compact back in the day (Civic) is now a mid size and what was a full size (Impala) has move down to what would be a compact in the 70's. Is there a market for lower price points in North America yes maybe no, I can not see many consumers lining up for Tata Motors cheapest new car in the world sold in India at a suggested retail price of $6-5000 ball park in Canada. The Nano would be a micro size like the Honda Civic of the 70's and is what built Honda's customer base but time were different with high gas cost, inflation and a recession in place. I think most looking at the ultra-cheap price tag, lack of options/features will look at the pre-owned market that is always flooded with 3-4 year old lease returns and at 1-2 years old ex-rentals would opt out of Tata offerings. Keeping pricing in mind how we buy has changed over time with the balk of new buyers going with financing where as in the 80's it was common place to pay cash rates were at 20 points. So yes today cars cost more than back in the 80's but are offering more in standard features but there is no really ultra low budget car under 10g's in the market.
Tuesday, September 28, 2010
Why A Video Walk-Around for Each Vehicle?
Today's consumer is in the drivers seat on the Internet high way with many hours spent searching for that ideal vehicle new or preowned. Long before they set foot in a dealership they have already made the decision on what they want. The current method is to read thought stats, articles and still photos all part of that Google search or your on the local service provider; CarPages.ca, AutoTrader.ca or Kijiji the list is massive.
As Sales People, we know that nothing replaces rubber to pavement with a good test drive and tour of not just the vehicle but the services that come with the purchase. Yes the cool blue tooth and flashy alloy rims are important but we all want to know if there is a problem 1-2-8 years down the road that the dealer will stand behind what they sell. As Sale People we need to realise that there is more to the sale then just the basic features because any dealership can meet the basics. K-W Mitsubishi Kitchener Mitsubishi kw Mitsubishi Cambridge Mitsubishi London Mitsubishi
So what set you apart can take a dealership from lean times to expanding market shares. Providing the best information on line is key and the push to a "Virtual Lot" adds amazing value to the average car buyer. The budget does not have to massive to make it work with a simple video camera you can get great results as most buyers are not expecting "Car & Driver" style driver reports or production levels. The goal of a video is to getting that on line client to take a tour/walk-around of the vehicle which interests them. Get a true understanding of what the vehicle represents and the level of service not just on the sales floor but though out the dealership. After all it is the very first impression and gets the customer engaged the first step to finding value in not just the vehicle but in your services.
I am still adding individual video walk around's on my You Tube Chanel both on pre-owned & new. Over the next month or so I will be adding more content "How To's" on some of the basic service points and set up vehicle features paring your cell phone or other thing that come to mind, so stay tuned for future up dates.
As Sales People, we know that nothing replaces rubber to pavement with a good test drive and tour of not just the vehicle but the services that come with the purchase. Yes the cool blue tooth and flashy alloy rims are important but we all want to know if there is a problem 1-2-8 years down the road that the dealer will stand behind what they sell. As Sale People we need to realise that there is more to the sale then just the basic features because any dealership can meet the basics. K-W Mitsubishi Kitchener Mitsubishi kw Mitsubishi Cambridge Mitsubishi London Mitsubishi
So what set you apart can take a dealership from lean times to expanding market shares. Providing the best information on line is key and the push to a "Virtual Lot" adds amazing value to the average car buyer. The budget does not have to massive to make it work with a simple video camera you can get great results as most buyers are not expecting "Car & Driver" style driver reports or production levels. The goal of a video is to getting that on line client to take a tour/walk-around of the vehicle which interests them. Get a true understanding of what the vehicle represents and the level of service not just on the sales floor but though out the dealership. After all it is the very first impression and gets the customer engaged the first step to finding value in not just the vehicle but in your services.
I am still adding individual video walk around's on my You Tube Chanel both on pre-owned & new. Over the next month or so I will be adding more content "How To's" on some of the basic service points and set up vehicle features paring your cell phone or other thing that come to mind, so stay tuned for future up dates.
Tuesday, September 14, 2010
Why the Head Rest Angles In Ward? G-5 Cobalt + others
Whiplash-reducing Seats: one of the many design features engineered in our seats is passive safety to protect occupants in the event of an accident. Some key points head rests position and angle, back arch support, lowering center of the seat position to increasing lateral support to hold the drivers + passenger in position. This helps to control and reduce head and back mitigating shock after an impact. With the addition of other safety related features like shoulder air bags, side air bags, in dash and knee air bags with new tec. for cold deployment. Our vehicles have some of the best over all safety ratings in the industry. Comfort is not lost with body forming materials plus fabrics and leather that look great and age well. NHTSA is a great resource with full rating on impacts + rollovers.
Monday, September 13, 2010
Engine Displacement & Fuel Cost
Engine displacement? A new sales member ask me what is the difference between 2L-2.4L and what is displacement. Now this is fairly basic question but it occurred to me that it must be a very common for any one with no automotive back ground to wonder about it. We tend to get caught up with "NEW TECHNOLOGY" and skip past the basics when demonstrating a vehicle. So lets talk about displacement commonly the used unit of measurement in litre. Cubic inches traditionally used when talking about older vehicle classics or performance cars and can relate the engine block size. Now what does it measure for one complete engine cycle from top dead centre (TDC) to bottom dead centre (BDC) determined from the bore and stroke of an engine's cylinders. The bore is the diameter of the circular chambers cut into the cylinder block. So it is the volume of fuel and air that an engine can hold in the simplest terms. This relates to the marketing of vehicles tyring to gage the efficiency of the engine for exsample a 6.1 litre HEMI's is not known for fuel economy but power and the 1.0 litre, 3 cylinder SMART FORTWO (COUPE) on the other end is known for economy. There is always exceptions like the Chevrolet Cruze turbocharged 1.4 L offers power and reliability four-cylinder. The Cruze Eco version is rated at 138 horsepower, offering an impressive 148-ft torque posting an impressive 4.6L/100km highway fuel rating. Using new technology, 6 speed transmission, light weight materials and the turbo to raise power so the engine is not just set up for fuel economy but performance.
Imports tend to focus in on smaller displacement engines because in there home markets taxation is by classes of displacement, plus vehicle weight. In Canada we are tax based on vehicle value. With the development of easy to find on line information some clients are now noticing that many vehicle available in other markets are not headed for Canada or the USA. My thoughts are that due to the fact that fuel is taxed plus is a large part of the pump price the motivation for better fuel economy is not in the government focus with regulations. In Japan and the UK governments wanted to influence development of fuel efficient vehicle due in part to the energy crisis starting in the 1970's to reduce dependence on foreign fuel supplies and later to address Environmental Protection. Our domestic manufactures had to play catch up to the consumer demand in the 1980-90's for smaller vehicles but with globalization and market forces many domestic manufactures go beyond their import counter parts. It shows in the length of warranty now provided at GM 5 years or 160,000KM Power-train and lower fuel grades reg- no supreme needed on many models.
The lower the displacement the better the fuel economy works to a point other factors like vehicle dimensions, mass, technology incorporated in to the design and the intended vehicle use plays a bigger part as it relates to the true cost at the pump. If performance is your driving factor on owning a vehicle there is a balance and some of the best sports cars out there use smaller displacement engines.
Imports tend to focus in on smaller displacement engines because in there home markets taxation is by classes of displacement, plus vehicle weight. In Canada we are tax based on vehicle value. With the development of easy to find on line information some clients are now noticing that many vehicle available in other markets are not headed for Canada or the USA. My thoughts are that due to the fact that fuel is taxed plus is a large part of the pump price the motivation for better fuel economy is not in the government focus with regulations. In Japan and the UK governments wanted to influence development of fuel efficient vehicle due in part to the energy crisis starting in the 1970's to reduce dependence on foreign fuel supplies and later to address Environmental Protection. Our domestic manufactures had to play catch up to the consumer demand in the 1980-90's for smaller vehicles but with globalization and market forces many domestic manufactures go beyond their import counter parts. It shows in the length of warranty now provided at GM 5 years or 160,000KM Power-train and lower fuel grades reg- no supreme needed on many models.
The lower the displacement the better the fuel economy works to a point other factors like vehicle dimensions, mass, technology incorporated in to the design and the intended vehicle use plays a bigger part as it relates to the true cost at the pump. If performance is your driving factor on owning a vehicle there is a balance and some of the best sports cars out there use smaller displacement engines.
Friday, September 10, 2010
UV & Heat Protection Glass
UV & Heat Protection Glass not only cuts down normal Ultra-Violet rays (UV), but also reduces sun exposure and strong sunshine.The newly-developed heat-protect capability cuts down mid infra-red rays by almost 100% (wavelength above 1500nm), the ones felt most intensely by humans the balk of our client base. UV & Heat Protection Glass are used for the front windshield and front door glass on almost all of our vehicles.
Tuesday, June 1, 2010
Attract Maximum Trade-in Value
OK, so you are thinking about selling your car privately and now you start to ask some very basic question. Where to advertise newspapers, magazines or the Internet what are the marketing cost? What is a fare price to ask? Do you have the time needed to make your car marketable getting the service up to date, safety certificate, E-testing, detailed/cleaned along with addressing current issues like dings, dents or chips in glass? Is you schedule flex able to meet with a appointments and are you willing to negotiate with potential buyers? What happens if the buyer finds issues after the sale, it could snow balls in to litigation's court cost / personal time? The other problems to think about; what if the buyer fails to register the car after they drive off? Other scenarios to watch for like forged certified cheques or payments that bounce. Visit OMVIC: http://www.omvic.on.ca/services/consumers/vehicle_history_report.htm you would be amazed what happen to some sellers + buyer.
To the most part dealers can see around the reconditioning costs plus they save on both service + parts making it cheaper to bring a vehicle back to marketable standards. Consumers are not taxed on the total selling price but on the difference this may represent a fare amount of money saved. If you are just a little off on the budget most dealers will step up to make a deal ex-specially in today's competitive market. Add to that vehicle manufactures offer special financing rates that can equal some big savings along with cash incentives. The dealer can point out a time line when they come in to play or may have the new car you want in a past model year at a discount. Larger dealer are marketing non-stop and may have a client already lined up just waiting on the right trade in to meet there personal budget. On vehicles ten years and older they could qualify for government programs and incentive. All this can narow the spread on selling your car privatly verse trading it in and worth reviewing.
When you bring your vehicle in to get an appraises give it a fast wash for a fast paint+ body inspection, tidy up the interior just dump the junk, bring your past work orders and ownership, if a loan is out standing have the contact information, if there are current problems or service due like bald tires or poor brakes let us know, Ontario has new full disclouser rules we now run Car Proof/Car Fax on all trades so if there was past damage repairs point it out so we can factor in the true value, also if you have assosories like bug gards, winter tires or after market rims add them in the deal we will pay more for the vehicle with them.
To the most part dealers can see around the reconditioning costs plus they save on both service + parts making it cheaper to bring a vehicle back to marketable standards. Consumers are not taxed on the total selling price but on the difference this may represent a fare amount of money saved. If you are just a little off on the budget most dealers will step up to make a deal ex-specially in today's competitive market. Add to that vehicle manufactures offer special financing rates that can equal some big savings along with cash incentives. The dealer can point out a time line when they come in to play or may have the new car you want in a past model year at a discount. Larger dealer are marketing non-stop and may have a client already lined up just waiting on the right trade in to meet there personal budget. On vehicles ten years and older they could qualify for government programs and incentive. All this can narow the spread on selling your car privatly verse trading it in and worth reviewing.
When you bring your vehicle in to get an appraises give it a fast wash for a fast paint+ body inspection, tidy up the interior just dump the junk, bring your past work orders and ownership, if a loan is out standing have the contact information, if there are current problems or service due like bald tires or poor brakes let us know, Ontario has new full disclouser rules we now run Car Proof/Car Fax on all trades so if there was past damage repairs point it out so we can factor in the true value, also if you have assosories like bug gards, winter tires or after market rims add them in the deal we will pay more for the vehicle with them.
Monday, May 31, 2010
What is a Safety Certificate?
A Safety Standards Certificate is a document issued by a repair facility that is registered with the Ontario Ministry of Transportation, which certifies the road worthiness of a vehicle at the time of inspection. First introduced in 1974 the Ontario Government developed a basic list of safety related items hopping to minimize the repair cost for a ownership change it was not intended to be a high revenue source for repair shops. The original Safety Standards Certificate checklist is periodically updated to reflect changes in vehicle design and technology.The Safety Standards Certificate (also referred to as a DOT or mechanical fitness inspection) is often confused in the market place with a vehicle guarantee of condition. A Safety Standards Certificate is for inspected items (for example, the headlights) worked on the day of inspection; it does not guarantee that the headlights will work even one day after the inspection. The list of items on the Safety Standards Certificate includes such things as bodywork, seat belts, mirrors, headlamps, reflectors, brakes, steering, tires, wheels, suspensions, horn and fuel system components. Technically, a vehicle could require major mechanical repairs and still easily pass a certification. A Safety Standards Certificate typically costs between $60 and $90, (PLUS any necessary repairs) and is valid, for transfer purposes, for 36 days (including Saturdays, Sundays and holidays) from the inspection date.
Both the repair facility that issues a Safety Standards Certificate, and the auto technician who signs it, must be registered with the Ontario Ministry of Transportation. Some rogue garages and technicians have been known to sign certificates, for a fee, without actually inspecting vehicles, or ignoring defects. Penalties of $50 to $500 can be brought against those convicted of performing sub-standard inspections. Not that common today with enforcement and the minimum list of safety items required to pass. It does not usually cost a large amount to get a vehicle with in Ontario Standards. To the most part higher costs are relate to brake work and tires both traditionally part of regular maintenance and easy to justify. How ever their are exceptions with new technology like HUD lighting as a example a bulb and ballast alone can cost over $200 dollars low profile tires and performance related brake or suspension components can be surprising expensive. Common sense should play a big factor in your purchase if your looking at higher end vehicles expect to pay more for both parts and labor. It is always a good idea to have the vehicle pre-inspected before taking delivery most repair facilities will work with you to help find other issues not related to the basic safety inspection, so you know what you are dealing with and can budget for future repairs. This can also give you the option not to buy the vehicle by making it a condition of the sale or to find a selling price that reflex's the vehicle true value.
Always remember as a potential used car purchaser just because a vehicle has been certified it does not mean that it is a guaranty of the over all condition. A legitimate Safety Standards Certificate means that a vehicle has met a minimum standard. The vehicle may still require significant mechanical work that could be costly to repair related to basic operating systems like engine, transmission, accessories or air conditioning.
If you are looking for a guaranty most franchised dealer already offer some form of coverage for the first 30-90 days, always ask for details. Review the option of an extended warranty the cost can very from vehicle to vehicle depending on make and model and can be very reasonable. Newer vehicle may carry the balance of a manufactures warranty in some cases up to 5 years or 160000KM from the date of the new vehicle delivery. You should confirm the conditions and terms of the warranty usually in the glove box or talk to the service department so if there is a problem you know you are covered. K-W Mitsubishi Kitchener Mitsubishi
Both the repair facility that issues a Safety Standards Certificate, and the auto technician who signs it, must be registered with the Ontario Ministry of Transportation. Some rogue garages and technicians have been known to sign certificates, for a fee, without actually inspecting vehicles, or ignoring defects. Penalties of $50 to $500 can be brought against those convicted of performing sub-standard inspections. Not that common today with enforcement and the minimum list of safety items required to pass. It does not usually cost a large amount to get a vehicle with in Ontario Standards. To the most part higher costs are relate to brake work and tires both traditionally part of regular maintenance and easy to justify. How ever their are exceptions with new technology like HUD lighting as a example a bulb and ballast alone can cost over $200 dollars low profile tires and performance related brake or suspension components can be surprising expensive. Common sense should play a big factor in your purchase if your looking at higher end vehicles expect to pay more for both parts and labor. It is always a good idea to have the vehicle pre-inspected before taking delivery most repair facilities will work with you to help find other issues not related to the basic safety inspection, so you know what you are dealing with and can budget for future repairs. This can also give you the option not to buy the vehicle by making it a condition of the sale or to find a selling price that reflex's the vehicle true value.
Always remember as a potential used car purchaser just because a vehicle has been certified it does not mean that it is a guaranty of the over all condition. A legitimate Safety Standards Certificate means that a vehicle has met a minimum standard. The vehicle may still require significant mechanical work that could be costly to repair related to basic operating systems like engine, transmission, accessories or air conditioning.
If you are looking for a guaranty most franchised dealer already offer some form of coverage for the first 30-90 days, always ask for details. Review the option of an extended warranty the cost can very from vehicle to vehicle depending on make and model and can be very reasonable. Newer vehicle may carry the balance of a manufactures warranty in some cases up to 5 years or 160000KM from the date of the new vehicle delivery. You should confirm the conditions and terms of the warranty usually in the glove box or talk to the service department so if there is a problem you know you are covered. K-W Mitsubishi Kitchener Mitsubishi
Tuesday, May 11, 2010
Easy Financing YES NO MAY-BE?
The types of consumer loans available in the auto motive market are incredibly diverse. The options available today can be confusing from the prime to sub-prime plus with new vehicle dealer offering manufacture incentives from low rates, flexible terms, packages and cash incentives. The question if often ask what is the best way to pay for a vehicle? Lets review some of the options as it relates to traditional options out there on the market today. If you would like to begin your credit process our team of experience Credit Manager we will work hard to find a program that offers the best value. Hope to see you in the future and if you find this information helpful or have any questions feel free to contact me (Keith Sills) via G-mail:
Why Fiance a new vehicle over used?
Lets take a look at to days market, the vehicle purchasing costs have become very competitive and the spread between that one year old used vehicle over new has become increasingly smaller especially with imports. Incentives provided by the manufacture like flexible term easy of approval and lower than posted bank rates traditionally 3-4% point advantage as low as O% with conditions to review. If you can keep the new vehicle cost with in reason as most used vehicle finance rates range from 9-12% for clients with reasonable credit history to mid twenties for sub-prime and the traditional purchase of extended warranty added to the over all purchase price. Ideal for reduce risks associated with potential mechanical issues or the true cost ownership could be much higher than that of a new vehicle. The ability to build or select an affordable new vehicle platform add in finance terms, incentive and factory warranties (Mitsubishi 10year-160,000km) included all leading to a monthly or bi-wkly payment that can be very close if not lower compared that used vehicle overall cost of ownership. Buy with confidence as the new vehicle will have a clean history as you are starting fresh no past issues to watch for like hidden liens, branding from theft recovery, salvage, rebuild, weather damage like flood or hail, past care and service of the vehicle will never be in question. Sometimes financing can be easier as the Leander understand the value of the product, no debate over the condition and understanding of oprational costs.
Why buy a used vehicle
Yes the use car market can be the answers to many buyers needs and lets face it we all can not justify a new car purchase. But the level of risk can be higher for potential problem finding that balancing with the rewards of a pre-loved vehicle can be tough. First things first understand the affordability of what you want to spend sit down with a credit & finance specialist to find out the true cost of ownership. You may need to find out some basic details to help you shop for the best buy as most lenders have requirements relating to your vehicle selection. To give you an idea some lenders have a rang of years and Kilometer's that reflect in rate changes, terms and conditions of the loan, some also have preferences on vehicle brands, all based on market trends and past experience. The group of lenders out there to day work together using a credit reporting service so credit shopping can reflect in higher rates or loan approval hurtles that may not truly reflect your personal financial out look. Good example of that is a client dealing with past credit issues, fresh to the market or work related like self employment, seasonal or limited history and tyring to buy that vehicle that will not meet a lenders requirements will still be listed as a credit decline. I have seen this in the industry many times a client will select a product off the sales floor not factoring in there personal credit scores. Then being approved at terms that will not work for them or decline leaving the deal in credit limo effecting there ability to work a deal any-ware else. That why most vehicle dealer prefer the Pre-application process mimicking the mortgage industry. When was the last time a person bought a house with out first addressing the basic issues related to personal finances.
High Rate+Low Price? Look closer
In House Financing, Credit Services or buy here and pay here are other areas of the finance market place that you will see at some of the dealer lots. Usually geared to older vehicles and captive clients that can't qualify for traditional lenders & is it bad? Well no, maybe, sort of, sometimes it's depends on the deal and the position you are in. You may just need a car today with no questions asked but be prepared to pay a higher interest (up to 29.9%), the loan maybe closed, and the vehicle is usually priced higher than market value. This style of buying and selling is getting more common with the changing economical climate it is not that out of the ordinary to find older trades with financing owing as it is the clients credit starting point. The key is not to get in to deep financially and find the vehicle that will just cover you until your credit is improved a year or two and keep your payment schedule so you can qualify for a standard loan down the road.
Why Fiance a new vehicle over used?
Lets take a look at to days market, the vehicle purchasing costs have become very competitive and the spread between that one year old used vehicle over new has become increasingly smaller especially with imports. Incentives provided by the manufacture like flexible term easy of approval and lower than posted bank rates traditionally 3-4% point advantage as low as O% with conditions to review. If you can keep the new vehicle cost with in reason as most used vehicle finance rates range from 9-12% for clients with reasonable credit history to mid twenties for sub-prime and the traditional purchase of extended warranty added to the over all purchase price. Ideal for reduce risks associated with potential mechanical issues or the true cost ownership could be much higher than that of a new vehicle. The ability to build or select an affordable new vehicle platform add in finance terms, incentive and factory warranties (Mitsubishi 10year-160,000km) included all leading to a monthly or bi-wkly payment that can be very close if not lower compared that used vehicle overall cost of ownership. Buy with confidence as the new vehicle will have a clean history as you are starting fresh no past issues to watch for like hidden liens, branding from theft recovery, salvage, rebuild, weather damage like flood or hail, past care and service of the vehicle will never be in question. Sometimes financing can be easier as the Leander understand the value of the product, no debate over the condition and understanding of oprational costs.
Why buy a used vehicle
Yes the use car market can be the answers to many buyers needs and lets face it we all can not justify a new car purchase. But the level of risk can be higher for potential problem finding that balancing with the rewards of a pre-loved vehicle can be tough. First things first understand the affordability of what you want to spend sit down with a credit & finance specialist to find out the true cost of ownership. You may need to find out some basic details to help you shop for the best buy as most lenders have requirements relating to your vehicle selection. To give you an idea some lenders have a rang of years and Kilometer's that reflect in rate changes, terms and conditions of the loan, some also have preferences on vehicle brands, all based on market trends and past experience. The group of lenders out there to day work together using a credit reporting service so credit shopping can reflect in higher rates or loan approval hurtles that may not truly reflect your personal financial out look. Good example of that is a client dealing with past credit issues, fresh to the market or work related like self employment, seasonal or limited history and tyring to buy that vehicle that will not meet a lenders requirements will still be listed as a credit decline. I have seen this in the industry many times a client will select a product off the sales floor not factoring in there personal credit scores. Then being approved at terms that will not work for them or decline leaving the deal in credit limo effecting there ability to work a deal any-ware else. That why most vehicle dealer prefer the Pre-application process mimicking the mortgage industry. When was the last time a person bought a house with out first addressing the basic issues related to personal finances.
High Rate+Low Price? Look closer
In House Financing, Credit Services or buy here and pay here are other areas of the finance market place that you will see at some of the dealer lots. Usually geared to older vehicles and captive clients that can't qualify for traditional lenders & is it bad? Well no, maybe, sort of, sometimes it's depends on the deal and the position you are in. You may just need a car today with no questions asked but be prepared to pay a higher interest (up to 29.9%), the loan maybe closed, and the vehicle is usually priced higher than market value. This style of buying and selling is getting more common with the changing economical climate it is not that out of the ordinary to find older trades with financing owing as it is the clients credit starting point. The key is not to get in to deep financially and find the vehicle that will just cover you until your credit is improved a year or two and keep your payment schedule so you can qualify for a standard loan down the road.
Saturday, May 8, 2010
Universal Subtitles means universal translator soon to come...
Open standard that lets any video client find matching subtitles in a multitude of languages, as well as open source tools that makes subtitles and translations easy. this extension displays corresponding subtitles, as well as a community (universal) subtitle database offering translation a mix of languages. It can make the web more accessible in turn increasing potential client base into communities that could never be reached. I look forward to adding this to my video content offering Chinese, Mandarin, Spanish, English, Hindi, Portuguese, Bengali, Russian, Japanese, German & Chinese Wu. Mozilla, Miro and the Participatory Culture Foundation are asking for help to create this amazing open source tool and I look forward to the Bata/test soft ware. This could change the way we acquire and develop knowledge not just a simple sales tool.
Thursday, January 28, 2010
Confused? Which Car Loan is right for you?
The types of consumer loans available in the auto motive market are incredibly diverse. The options available today can be confusing from the prime to sub-prime lenders and with new vehicle dealer offering manufacture incentives from low rates, flexible terms and packages. The question if often ask what is the best way to buy a vehicle?
Why Fiance a new vehicle over used?
Lets take a look at to days market, the vehicle purchasing costs have become very competitive and the spread between that one year old used vehicle over new has become increasingly smaller especially with imports. Incentives provided by the manufacture like flexible term easy of approval and lower than posted bank rates traditionally 3-4% point advantage as low as O% with conditions to review. If you can keep the new vehicle cost with in reason as most used vehicle finance rates range from 9-12% for clients with reasonable credit history to mid twenties for sub-prime and the traditional purchase of extended warranty added to the over all purchase price. Ideal for reduce risks associated with potential mechanical issues or the true cost ownership could be much higher than that of a new vehicle. The ability to build or select an affordable new vehicle platform add in finance terms, incentive and factory warranties (Mitsubishi 10year-160,000km) included all leading to a monthly or bi-wkly payment that can be very close if not lower compared that used vehicle overall cost of ownership. Buy with confidence as the new vehicle will have a clean history as you are starting fresh no past issues to watch for like hidden liens, branding from theft recovery, salvage, rebuild, weather damage like flood or hail, past care and service of the vehicle will never be in question. Sometimes financing can be easier as the Leander understand the value of the product, no debate over the condition and understanding of oprational costs.
Why buy a used vehicle
Yes the use car market can be the answers to many buyers needs and lets face it we all can not justify a new car purchase. But the level of risk can be higher for potential problem finding that balancing with the rewards of a pre-loved vehicle can be tough. First things first understand the affordability of what you want to spend sit down with a credit & finance specialist to find out the true cost of ownership. You may need to find out some basic details to help you shop for the best buy as most lenders have requirements relating to your vehicle selection effect your vehicle selection. To give you an idea some lenders have a rang of years and Kilometer's that reflect in rate changes, terms and conditions of the loan, some also have preferences on vehicle selection, all based on market trends and past experience. The group of lenders out there to day work together using a credit reporting service so credit shopping can reflect in higher rates or loan approval hurtles that may not truly reflect your personal financial out look. Good example of that is a client dealing with past credit issues, fresh to the market or work related like self employment, seasonal or limited history and tyring to buy that vehicle that will not meet a lenders requirements will still be listed as a credit decline. I have seen this in the industry many times a client will select a product off the sales floor not factoring in there personal credit scores. Then being approved at terms that will not work for them or decline leaving the deal in credit limo effecting there ability to work a deal any-ware else. That why most vehicle dealer prefer the Pre-application process mimicking the mortgage industry. When was the last time a person bought a house with out first addressing the basic issues related to personal finances.
High Rate+Low Price? Look closer
In House Financing, Credit Services or buy here and pay here are other areas of the finance market place that you will see at some of the dealer lots. Usually geared to older vehicles and captive clients that can't qualify for traditional lenders & is it bad? Well no, maybe, sort of, sometimes it's depends on the deal and the position you are in. You may just need a car today with no questions asked but be prepared to pay a higher interest (up to 29.9%), the loan maybe closed, and the vehicle is usually priced higher than market value. This style of buying and selling is getting more common with the changing economical climate it is not that out of the ordinary to find older trades with financing owing as it is the clients credit starting point. The key is not to get in to deep financially and find the vehicle that will just cover you until your credit is improved a year or two and keep your payment schedule so you can qualify for a standard loan down the road. K-W Mitsubishi kw Mitsubishi
Why Fiance a new vehicle over used?
Lets take a look at to days market, the vehicle purchasing costs have become very competitive and the spread between that one year old used vehicle over new has become increasingly smaller especially with imports. Incentives provided by the manufacture like flexible term easy of approval and lower than posted bank rates traditionally 3-4% point advantage as low as O% with conditions to review. If you can keep the new vehicle cost with in reason as most used vehicle finance rates range from 9-12% for clients with reasonable credit history to mid twenties for sub-prime and the traditional purchase of extended warranty added to the over all purchase price. Ideal for reduce risks associated with potential mechanical issues or the true cost ownership could be much higher than that of a new vehicle. The ability to build or select an affordable new vehicle platform add in finance terms, incentive and factory warranties (Mitsubishi 10year-160,000km) included all leading to a monthly or bi-wkly payment that can be very close if not lower compared that used vehicle overall cost of ownership. Buy with confidence as the new vehicle will have a clean history as you are starting fresh no past issues to watch for like hidden liens, branding from theft recovery, salvage, rebuild, weather damage like flood or hail, past care and service of the vehicle will never be in question. Sometimes financing can be easier as the Leander understand the value of the product, no debate over the condition and understanding of oprational costs.
Why buy a used vehicle
Yes the use car market can be the answers to many buyers needs and lets face it we all can not justify a new car purchase. But the level of risk can be higher for potential problem finding that balancing with the rewards of a pre-loved vehicle can be tough. First things first understand the affordability of what you want to spend sit down with a credit & finance specialist to find out the true cost of ownership. You may need to find out some basic details to help you shop for the best buy as most lenders have requirements relating to your vehicle selection effect your vehicle selection. To give you an idea some lenders have a rang of years and Kilometer's that reflect in rate changes, terms and conditions of the loan, some also have preferences on vehicle selection, all based on market trends and past experience. The group of lenders out there to day work together using a credit reporting service so credit shopping can reflect in higher rates or loan approval hurtles that may not truly reflect your personal financial out look. Good example of that is a client dealing with past credit issues, fresh to the market or work related like self employment, seasonal or limited history and tyring to buy that vehicle that will not meet a lenders requirements will still be listed as a credit decline. I have seen this in the industry many times a client will select a product off the sales floor not factoring in there personal credit scores. Then being approved at terms that will not work for them or decline leaving the deal in credit limo effecting there ability to work a deal any-ware else. That why most vehicle dealer prefer the Pre-application process mimicking the mortgage industry. When was the last time a person bought a house with out first addressing the basic issues related to personal finances.
High Rate+Low Price? Look closer
In House Financing, Credit Services or buy here and pay here are other areas of the finance market place that you will see at some of the dealer lots. Usually geared to older vehicles and captive clients that can't qualify for traditional lenders & is it bad? Well no, maybe, sort of, sometimes it's depends on the deal and the position you are in. You may just need a car today with no questions asked but be prepared to pay a higher interest (up to 29.9%), the loan maybe closed, and the vehicle is usually priced higher than market value. This style of buying and selling is getting more common with the changing economical climate it is not that out of the ordinary to find older trades with financing owing as it is the clients credit starting point. The key is not to get in to deep financially and find the vehicle that will just cover you until your credit is improved a year or two and keep your payment schedule so you can qualify for a standard loan down the road. K-W Mitsubishi kw Mitsubishi
Thursday, January 7, 2010
Changes in the Motor Vehicle Dealers Act (Jan.1ST/2010)
Over the last few months dealer have been getting ready for changes in the Motor Vehicle Dealers Act that are in effect as of January 1st 2010. Well the amendments are not a light read and I am just going to cover the broad stocks to the new changes as there may impact consumers.
The dealer have far more to cover in the back end of there daily operations plus new details to address the marketing / advertising of pre-own vehicle. I am not going to cover that here as Ontario Motor Vehicle Industry Council (OMVIC http://www.omvic.on.ca/omvic/contact_us/contact_us.htm) has been send News Letters and information for the past year direct to the dealers/managers. How ever if you are a dealer and have some questions send me an E-mail I'm happy to help you work thought the details.
Here are some of key points of interest
-Disclose the total cost of repairs for any single incident related to the vehicle that exceeds $3000.oo
includes body repair and other major components
-Dealer must disclose Material Facts that may influence a reasonable person in the decision to purchase or lease the vehicle.
-Declared a total loss by an insurer must be disclosed even if the vehicle was not branded
-Vehicle that are recovered from theft or criminal activity
-Negative branding classes Irreparable, Salvage or Rebuilt must be disclosed
-If the vehicle has any out side of Ontario registration over the past 7years
-Daily rental,emergency vehicle, taxi/limo or other service (School Bus/Tow truck) even if not branded as such on the ownership
-Fire, Flood or Structural damage to the vehicle
-Current or immediate preceding model year dealer must disclose if any panels have been repainted.
Vehicles older then 2 model years if more adjacent panels Not including bumper panels have been
replaced.
-Safety related if the dealer is aware that the air bags or ABS is not functional consumers must be made aware.
-Must inform purchasers of pending repairs to major components(including A/C).
-Sales contracts must accurately report odometer reflect the true distance a vehicle has travelled along with exact Make, Model, Trim Level, Model Year, Disclose inaccurate badges or marking. As well if the vehicle has been modified and how it related to the manufactures warranty.
-Buyers specific disclosures example; Question- Has this vehicle ever been used as a tow vehicle?
If the dealer can confirm that it has not been used must be added to the contract.
Rescission: Cancelling a contract
So you bought a vehicle and found that the dealer did not disclose the past history, what is the process? As a purchaser you have 90 days to cancel the contract of the sale along with attachments to the deal such as extended warranties, financing, and other agreements on the contract like trade value as stated on the contract must be paid back to the consumer. No dealer as of January 1st 2010 is not going to want the hasel attached to cancelling a contract and should provide one the vehicle history reports available with the sale of a vehicle: Car Proof, Car fax, Auto Check or UVIP-Ministry of Transportation all industry standards. By doing this along with some very basic business practices most consumers will never have to deal with the Rescission process. In Ontario, there is no "cooling-off" period after you have signed a contract; however, there are certain conditions that can trigger a consumer's right to cancel a contract with a dealer. Here is a great link to cover more details: http://www.omvic.on.ca/info/public_awareness/car_shopping_info.htm
The dealer have far more to cover in the back end of there daily operations plus new details to address the marketing / advertising of pre-own vehicle. I am not going to cover that here as Ontario Motor Vehicle Industry Council (OMVIC http://www.omvic.on.ca/omvic/contact_us/contact_us.htm) has been send News Letters and information for the past year direct to the dealers/managers. How ever if you are a dealer and have some questions send me an E-mail I'm happy to help you work thought the details.
Here are some of key points of interest
-Disclose the total cost of repairs for any single incident related to the vehicle that exceeds $3000.oo
includes body repair and other major components
-Dealer must disclose Material Facts that may influence a reasonable person in the decision to purchase or lease the vehicle.
-Declared a total loss by an insurer must be disclosed even if the vehicle was not branded
-Vehicle that are recovered from theft or criminal activity
-Negative branding classes Irreparable, Salvage or Rebuilt must be disclosed
-If the vehicle has any out side of Ontario registration over the past 7years
-Daily rental,emergency vehicle, taxi/limo or other service (School Bus/Tow truck) even if not branded as such on the ownership
-Fire, Flood or Structural damage to the vehicle
-Current or immediate preceding model year dealer must disclose if any panels have been repainted.
Vehicles older then 2 model years if more adjacent panels Not including bumper panels have been
replaced.
-Safety related if the dealer is aware that the air bags or ABS is not functional consumers must be made aware.
-Must inform purchasers of pending repairs to major components(including A/C).
-Sales contracts must accurately report odometer reflect the true distance a vehicle has travelled along with exact Make, Model, Trim Level, Model Year, Disclose inaccurate badges or marking. As well if the vehicle has been modified and how it related to the manufactures warranty.
-Buyers specific disclosures example; Question- Has this vehicle ever been used as a tow vehicle?
If the dealer can confirm that it has not been used must be added to the contract.
Rescission: Cancelling a contract
So you bought a vehicle and found that the dealer did not disclose the past history, what is the process? As a purchaser you have 90 days to cancel the contract of the sale along with attachments to the deal such as extended warranties, financing, and other agreements on the contract like trade value as stated on the contract must be paid back to the consumer. No dealer as of January 1st 2010 is not going to want the hasel attached to cancelling a contract and should provide one the vehicle history reports available with the sale of a vehicle: Car Proof, Car fax, Auto Check or UVIP-Ministry of Transportation all industry standards. By doing this along with some very basic business practices most consumers will never have to deal with the Rescission process. In Ontario, there is no "cooling-off" period after you have signed a contract; however, there are certain conditions that can trigger a consumer's right to cancel a contract with a dealer. Here is a great link to cover more details: http://www.omvic.on.ca/info/public_awareness/car_shopping_info.htm
I try my best but do not take any personal responsibility for omissions or errors and would love feed back. For more details please contact me at Cambridge Mitsubishi (519) 650-0609
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