Monthly Archives: June 2014

Know your options at the end of your lease

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Posted in Auto Loans & Financing News

For many motorists, leasing a car is an attractive alternative to buying. Leases run for fixed periods of time, and drivers don't have to worry about depreciation and negotiating trade-in value. Best of all, you're left with a variety of options when your lease is up, giving you the flexibility to decide what will best fit your current lifestyle and circumstances. Understanding what choices you have as the end of your lease approaches is important to make sure you can make an informed decision about what to do with your car.

Preparations
Getting ready for the end of a lease is something of a process. You'll need to start thinking about it a couple of months ahead of time, as almost all dealers require cars to undergo a lease inspection. Any damage, maintenance needs or in some cases mileage overages may affect what your options are and how much you end up paying. Edmunds suggested having your car washed, cleaned and even detailed. It won't cover up any major flaws, but it may help demonstrate that you've been taking good care of the car.

Also make sure to have all the administrative odds and ends in order, such as extra sets of keys, which are a commonly forgotten item. 

Decisions
The big question is: Are you going to extend your lease, return the car or purchase it from the dealer? There is no hard and fast answer as to what the best course of action is. LeaseGuide recommended taking a few factors into account, such as the car's value in comparison to how much it would cost to buy it outright – if it's depreciated too much over the course of the lease, buying it may just be setting you up to lose out on later trade-in.

Early termination
Sometimes circumstances arise and you may find yourself needing to get out of your lease early. While not impossible, it's also not simple and should not be undertaken lightly, as it can have implications on your credit score, according to LeaseGuide. Most lease contracts will include a clause covering such an occasion, but it's a good idea to sit down with your dealer anyway to find the most amicable solution. 

In your hunt for a used car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team to help you make owning or leasing a used car, truck or van affordable. 

What to do when it’s time to sell

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Posted in How To

It's an inevitable fact of life that all good things must come to an end, and your relationship with your car is no different. Whether due to age, maintenance, cost or an infinite host of other factors, eventually it's time for you and your car to part ways. Of course, you're going to want to do everything you can to make sure that you get the most out of your car when it comes time to see it off, either by trading it in or opting to sell it yourself. Here are a few things to keep in mind.

What can you sell?
There are lots of theories on when it's OK to sell a used car and when it isn't. Depending on whom you ask, you'll get different age and mileage limits that may differ wildly. Edmunds breaks out the general lifecycle of most cars into a few mileage-based landmarks, and while not a golden rule, such information can help you get a sense of what you may be in for when it's time to sell. For example, selling at or around 30,000 miles is preferable, as most cars will still be covered by a manufacturer's warranty and will likely have yet to see their first major service visit. Even at 100,000 miles, which Edmunds bills as the third landmark in a car's life, your car may still be in great shape, though you may have some extra work to do to fight the old perception that a well-traveled a car isn't worth buying.

Getting it ready
Once you've established that you're going to sell your car, it's time to take a couple steps to help your cause. If you're listing the car yourself, you'll definitely want to take pictures that are flattering to your vehicle, but also honest. Edmunds recommends photographing your car during what is called the golden hour – the time just before the sun rises or sets – to create a warm backdrop and really bring out your car's colors.

You'll also need to have some sort of idea what your car is worth, especially if you're planning on selling it yourself. This can be like trying to hit a moving target, but fortunately there are tools that can help. Kelley Blue Book provides an excellent online resource for estimating the value of a used car based on year, make, model, mileage, features and more.

Whether you're looking to trade in for another vehicle or just offload your current one, head to NJ State Auto Auction. There are hundreds of Carfax-certified cars on the lot, and an in-house finance team ready to help you get approved for a loan.

How to maximize your gas mileage from behind the wheel

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Posted in How To

One of the biggest ways motorists try and cut back on car spending is to make the most of their gas mileage. Those trips to the pump can really add up, especially with fuel prices on the rise in recent years. Fortunately, you don't have to have a hybrid or an electric car to stretch your ride's gas usage. In fact, there are a few tips you can look to that can end up saving you in the long run when it comes to your gas budget.

Slow it down, speed racer
We all find ourselves in a hurry sometimes, rushing to get to the doctor's office or to work or to soccer practice on time. Many drivers may try and compensate by making up the lost time on their speedometer. But not only is edging over the speed limit in the name of haste unsafe, it's also taking money right out of your gas tank. According to Edmunds, drivers can expect that on average, every 5 mph they go over 60 mpg is adding around 31 cents to the cost of every gallon they pump. In contrast, keeping your speed under control can save you anywhere from 25 to 89 cents per gallon. These amounts may not seem like much on their own, but considering how many miles your car covers on a single tank of gas, it can add up very quickly. 

Ease up, lead-foot
Not only does driving fast take a toll on your fuel economy, but so does driving erratically. Drivers who are anxious, stressed, angry or even just running late tend to accelerate quickly only to end up having to slam on the brakes after a few short feet, and this behavior can really eat into your gas tank. Especially if you find yourself on the highway more often than not, this type of driving can reduce your fuel efficiency by up to a full 33 percent, meaning you'll find yourself heading back to the pump that much more often and, ultimately, spending that much more money. 

If you're looking for a used car, consider heading to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team dedicated to helping you make sure you can afford the used car, truck or van that's right for you.

Sticking with it: Dispelling the myths surrounding manual transmissions

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Posted in General Auto News

One criterion for purchasing a car that may get overlooked until it comes time to sit down for the test drive is whether the car in question has an automatic or a manual transmission. While far more widespread in previous years, manual transmissions have been admittedly phased out somewhat in the majority of the consumer car market. However, especially when looking at used cars, being prepared to encounter a manual transmission and knowing how to drive stick can still be very valuable.

Sticking with the stick?
You may be asking yourself if you really need to learn how to drive stick. After all, cars with manual transmissions are much less common today than they were even a decade ago. In fact, according to CNN, roughly 82 percent of cars made in the U.S. featured automatic transmissions as far back as the '50s. That said, stick shifts have never really gone away, and have in fact seen something of a minor jump recently. In 2012, 7 percent of auto sales were attributed to manual transmissions, up from 4 percent the previous year.

Even if you're not planning on buying a car with a manual transmission yourself, knowing how to drive stick should still be a skill you at least get the basics of. After all, you never know when you may encounter a manual rental car, or even need to take over for an incapacitated driver in an emergency situation.

Stay in the know
If you're seriously considering going down the manual transmission route, make sure you arm yourself with information on some of the more common myths. According to Edmunds, some of the biggest draws for drivers of stick-shift cars are the perception that they save on gas or are generally less expensive up front than their automatic counterparts. Bad news for those looking to bump a couple bucks off their final bill, those misconceptions simply aren't true. A skilled stick driver can save gas with deft shifting, but those just starting out will likely see better fuel efficiency from an automatic or a hybrid. Similarly, while manual transmission cars tend to cost less than the automatic version of the same model, this isn't always the case and certainly shouldn't be the deciding factor in your purchase decision.

When shopping for a used car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and a dedicated finance team ready to help make your dream used vehicle an affordable reality.

Money is tight – can I still finance a car?

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Posted in General Auto News

With the economy being in something of a state of flux the past few years, it's understandable that money may be tight for a lot of people looking to make a car purchase. Especially for those who have had issues with credit or even bankruptcy in the past, it's easy for the trip to the dealership to be a source of anxiety rather than one of excitement. Fortunately, buying a car doesn't have to be as impossible as your financial situation may make it out to be. As long as you keep a few key points in mind, car ownership can be a very real part of your future.

Master your loan
At the core of the car buying experience is the car loan, and if you're coming from a position of less-than-stellar credit, this is sure to be a source of stress for you. Fortunately, bad credit doesn't have to tank your chances at financing a car. According to Edmunds, it's possible to get approved for a loan with bad credit, but it may impact your interest rate.

In general, it's a good idea to get your loan paid off as quickly as possible. Longer-term loans may result in reduced monthly payments, but typically also go hand-in-hand with higher interest rates, meaning you're actually paying more overall in the long run. Also, the longer you hold on to your car, the less it will be worth when it comes time to trade it in for another one.

Don't fret the default
It happens sometimes. Tight economic times can leave even the most fastidious of us on a shoestring budget, and occasionally the worst can happen and loan repayments may be missed. Though these instances may seem like catastrophes, it's important to keep them in perspective and understand that it's not the end of the world.

AutoTrader was quick to counsel that missed payments aren't synonymous with instant repossession. In fact, dealers want to avoid having to repossess a car almost as much as you do, since that represents a significant forfeiture of their potential money from your car. In fact, many lenders are more than willing to work with drivers to establish a solution to the missed payment problem. Whether adjusting the due date of the payment, refinancing the loan or another more creative solution, as long as you keep the lines of communication open, you should be all right.

If you're looking to buy a used car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team ready to help get you approved for a loan.

How to become a warranty pro

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Posted in How To

Once people set their heart on a car they want to buy, the last thing they want to think about is more paperwork, especially if it can lead to more money being spent. However, while warranties may seem like "yet another expense" when you sign your contract, they're an essential part of saving yourself some serious cash down the road. Before you drive off the lot, make sure you understand some warranty basics so you can shop prepared.

The warranty decision
Perhaps the first and most basic question to ask when considering warranties is, simply, if you need one at all. While in general a good idea, there are a few considerations that should receive special attention before making your decision. Warranties may add expense, but they also offer peace of mind, and with a huge investment like a car that may more than justify the cost. Edmunds suggested considering your own repair history with cars; if you tend to be a hard driver or find yourself in shops often, a warranty may be a no-brainer. 

Something else to consider is which type of coverage you need. A basic warranty will cover different things than a powertrain warranty, for example. Research can help you here; knowing what your car model's most common maintenance pitfalls are can help you decide which warranty coverage you'll need and what you can save money on.

Avoid the void
Once you've made the decision to purchase a warranty for your car, you'll need to make sure that you don't do anything that could inadvertently void your warranty, rendering it useless and you that much poorer. As a general rule, tinkering with your car in any way that is not related to direct maintenance is a giant no-no. According to Edmunds, fiddling with the odometer to change the displayed mileage or adding in after-market modifications are actions that can end a warranty. In a similar vein, any misuse of your car – the most popular one being street racing – is grounds to nix your coverage.

Another thing to be mindful of is keeping up with your car's scheduled maintenance. In many cases, repairs that could have been prevented through regular maintenance fall outside the realm of your warranty's coverage, so spend a bit more today to get your oil changed and save a lot later on costly engine repairs.

If your car needs repairs, make an appointment with the NJ State Auto Auction Total Car Care Center. The knowledgeable team of mechanics on hand will work to keep your vehicle running smoothly. 

Top trinkets to tote in your trunk

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Posted in General Auto News

Go outside and pop your trunk. It's all right, I'll wait. Was it filled with old camping equipment? A distressing number of old shoes? A single glove? Those chairs that come in bags – you know the ones? Unfortunately, all the space being taken up by junk in your trunk is space that isn't being used to store more useful items. With all the time you spend in your car, and all the stress it goes through, you need to make sure you're prepared to deal with a variety of potential emergency situations, so make sure your trunk is packed with some basic essentials.

Maintenance quick fixes
Just because you may not be an auto mechanic that doesn't mean you shouldn't have some basic tools on hand for whatever minor maintenance challenges crop up. Even if the world of auto repair is a mysterious black box of fear and complicated machinery, you can still benefit from being prepared. A spare tire and jumper cables are a must, according to MSN Autos. Even if you don't know how to use these tools, having them on hand will enable others to help you more effectively in an emergency. A tire repair kit consisting of an inflater and sealer are good things to keep on hand even with a spare tire. A pressure gauge is a good idea for making sure your tires don't get too deflated and compromise performance and safety. And of course, what DIY maintenance kit would be complete without the ubiquitous duct tape?

Safety first
In the unlikely and unfortunate event of a medical emergency or accident, having the right tools on hand is essential. Nobody's expecting you to turn your car into St. John's Ambulance but a basic first-aid kit can provide you with the resources to contain a potentially disastrous situation until professional help arrives. A flashlight should be a car kit mainstay, as well as orange traffic pylons or flares so that you can keep a safety zone around yourself if you need to pull off to the side of the road. 

If you're in the market for a car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, a knowledgeable and helpful sales staff and an in-house finance team ready to help you finance the used vehicle of your dreams.

Drop your distracted driving habits

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Posted in General Auto News

You're driving home from work and you feel the familiar buzz of your phone in your pocket. At this point reaching for your phone has become almost an instinctive reaction. But you should think twice before you text your friends to catch you up on the latest "Game of Thrones" spoilers while you wait at a red light. Distracted driving is becoming a serious epidemic. Not not only is it dangerous to you and the drivers you share the road with, but with several states cracking down on the practice lately, it can also lead to financial and legal trouble for you as well.

Texting context
In the age of smartphones, texting has become more common for a lot of people than tying their shoes. Unfortunately, this often translates into drivers sending and receiving texts while they're behind the wheel. According to TextingAndDrivingSafety.com, sending a text, tweeting or updating a Facebook post while you're in the driver's seat is one of the most dangerous things you can do. In fact, texting while driving is six times more likely to cause an accident than driving while drunk, according to the data. Picking up your phone to text makes you 23 times as likely to crash than not texting at all.

Many states are starting to beef up their no-texting policies. In New Jersey, for example, a third offense nets you three demerit points on your license. Not only are you looking at a costly ticket and possible license suspension, but according to Cars.com, such penalties can also hike up your insurance premiums.

Hands-free isn't off the hook
It's a common misconception that hands-free and automated phone systems are safer than their manual counterparts because you're able to keep your hands at 10-and-2. 

"While many drivers honestly believe they are making the safe choice by using a hands-free device, it's just not true," David Teater of the National Safety Council told the source. 

Your hands may be free, but the real issue is your attention. Attention you're giving to the conversation is focus that you're taking away from driving, watching the road, paying attention to cars around you and looking out for potential hazards.

When the time comes to purchase a car, head to NJ State Auto Auction. There are hundreds of Carfax-certified cars on the lot, and the in-house finance team is on hand to help you finance your favorite used car, truck or van.

Tips to help you ace your test drive

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Posted in How To

The famous test drive is many motorists' favorite part of the car-buying process. After spending several hours or possibly even days trying to find and negotiate the perfect car, finally settling in behind the wheel of one that's caught your eye can be a great feeling. But test drives are about more than just taking a victory lap. There are a few things you'll want to keep in mind before signing on the dotted line to make sure you make the most of your test drive.

Don't forget the little things
It may not be as exciting as listening to the engine purr the first time you step on the accelerator, but taking time to do a quick visual inspection before you get into the car and again before you turn the ignition is just as important. Bankrate.com suggested a series of things to inspect on the car's exterior, such as seeing that the tires have sufficient tread and checking to see if there are any fluid leaks. It's important that your potential car is as comfortable as it is convenient, so make sure you check all the doors and windows, and pop the trunk a few times just to confirm everything works well.

Once you get inside, Edmunds suggested taking time to check the car fits you well. You'll be spending a lot of time behind the wheel, so time spent verifying you've got ample headroom and legroom, and making sure the seat and steering wheel adjust to your liking is time well spent.

Curb your expectations
Test driving is an important part of the car-buying process, but it's important to note that it does come with restrictions. According to Car and Driver, the rules of which cars can be tested and by whom vary from lot to lot. Some dealerships restrict the time or distance you can take a car, or require a salesperson to ride along or drive with you. Typically, the more obvious you make it that you're an honest, serious buyer, the more likely it will be that you'll find yourself in the driver's seat going for a test spin.

When the time comes for you to buy a car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified used cars on the lot, and an in-house finance department ready to help you afford the used car, truck or van that's right for you.