Category Archives: Auto Industry News

Used Luxury Crossovers, SUVs Retain Good Value In 2014

The allure of a luxury vehicle is obvious: quality, comfort, performance – these high-profile automobiles tend to have it all. Unfortunately, they usually come with a hefty price tag as well. Just because new cars are expensive, however, doesn't mean drivers have to give up the dream of owning one of these automobiles. Used cars tend to offer better value thanks to their lower starting prices, providing plenty of options for prospective buyers. 

Kelley Blue Book's January Market Report noted that luxury crossovers and SUVs appear to retain the best value. Vehicles between 1 and 3 years of age are expected to see a slight price decline in 2014, as more lease offers and an increased vehicle pool will create a greater supply of the models. 

"Luxury crossovers and SUVs continue to perform well at auction, beating the luxury average in retained value for the past three model years," said Alec Gutierrez, an analyst for Kelley Blue Book. "The strong values are being driven by models such as the BMW X5 (85 percent retention for 2013), Audi Q5 (86 percent retention for 2013) and the Lexus LX (86 percent retention for 2013)." 

While these options may still cost a bit more than their standard counterparts, many drivers may find that the extra expense is worthwhile, especially considering the improved performance that comes as a result. 

Do you want a luxury vehicle without paying the typical luxury price? You may be able to find just that at NJ State Auto Auction. There, you can browse through hundreds of Carfax-certified cars, trucks and vans, any one of which could prove to be the ideal option for your next investment. 

Subcompact Cars Have Excellent Auction Value

Investing in a pre-owned vehicle can be a smart choice for many drivers, but they must be able to find the right model – and the perfect value – before they can enjoy the open road. Luckily, there are a number of worthy options that can fit the preference and budget of a motorist. 

According to Kelley Blue Book's Market Report for January, there are a few areas where drivers will be able to find value. One of the most intriguing segments is subcompacts, as there are a number of opportunities for motorists to take advantage of low prices, high quality and excellent performance. Especially now, when more car buyers are looking to find used cars that don't cost much but still have impressive fuel efficiency, the subcompact segment is particularly appealing. 

The latest Kelley Blue Book report cited a few models that are worthy of consideration for buyers considering a used car. Among the top choices were the Fiat 500, Mazda Mazda2 and the Chevrolet Spark, which can all be found for less than $10,000. While the Ford Fiesta missed the $10,000 cutoff, it was only by a small margin, making it a good choice for drivers with a more flexible budget. 

“As long as there is strong demand for lower cost and value-focused vehicles, this group of 1- to 2-year-old vehicles with auction values that fall in the sub-$10,000 range will only continue to grow,” said Kelley Blue Book analyst Alec Gutierrez. 

Anyone in search of a subcompact car with superior value should check out the selection at New Jersey State Auto Auction. The lot is home to hundreds of Carfax-certified options, including many that fill the needs of drivers who want smaller, subcompact vehicles. It also has a wide array of automobiles under $10,000, allowing shoppers to find a car without busting a budget. 

Used Car Prices Expected To Decline In 2014

It's only a month into 2014, and some people across the country are already eager to make a change. In many instances, this is the perfect reason to begin shopping for a used car. Although the costs associated with this purchase have gone up since the recession, things finally look to be settling down for the industry, and buyers can take advantage of this slowdown. 

More people are beginning to realize the many benefits of investing in pre-owned vehicles instead of expensive new cars. Not only do these options take less of a toll on your wallet, but they still offer high-quality performance and plenty of modern features to make the driving experience a good one. 

There is more good news for buyers as well. According to the NADA Used Car Guide, the prices of these vehicles are expected to drop in the coming months, a welcome change after years of rising costs. This trend could make used cars a more attractive option for drivers who are considering a different investment, especially as motorists realize that these vehicles can provide safety and security without making a major dent in their bank account. 

"Certified pre-owned has really taken off," Tom Webb, an economist with Manheim Consulting, told CNBC. "Consumers flock to these models. People are comfortable with the guarantee. In fact, some people who used to be new-car buyers are now certified pre-owned-buyers." 

Falling prices could help some drivers find high-quality cars that fit within their budget. To see all of these offerings, head to New Jersey State Auto Auction to browse through hundreds of Carfax-certified cars, trucks and vans that are available for sale. The lot also has its own financing department, which is available to help buyers determine which loans and payment options are right for them. 

Millennials Are Ready To Start Buying Cars

Drivers on the roads may be getting younger and younger. According to a recent study from Deloitte Consulting, more members of Generation Y – people born between 1977 and 1994 – are considering investing in a car in the near future. The survey found that more than 60 percent of consumers in the age group are looking to buy or lease a car in the next three years, and they have a few specific needs and wants. 

Now that so many younger drivers are turning their attention to the roads, the types of features that they are looking for are coming into focus. For many, the items at the top of their wish list revolve around finances, with the sticker price, expected maintenance costs and fuel expenses all influencing the final decision. 

"Affordability is the mantra for Gen Y consumers who don't already own or lease a vehicle," said Craig Giffi, the vice chairman of Deloitte LLP. "When asked what purchasing criteria matter most to them, a majority cited cost-related items such as the vehicle's price tag, fuel efficiency and payment options." 

However, these younger drivers don't want to skimp on some of the top features a vehicle can offer. Aspects ranging from entertainment technologies to smartphone connectivity are popular, and the general consensus was that drivers want their vehicles to act as an extension of their personal lifestyle. 

Drivers of any age can find the right vehicle at NJ Auto Auction. There, they can browse through an expansive selection of hundreds of Carfax-certified cars, trucks and vans, many of which come with great features that can meet the needs of any motorist. It also has its own financing department, which can work within a budget that a buyer may have. 

Gas-Powered Vehicles Will Remain Popular In Coming Decades, Report Shows

When you're shopping for a used car, one of the major factors you'll have to consider is what you want powering your automobile. This may be anything from traditional gas to diesel, or even more eco-friendly sources like electricity for hybrids or plug-in vehicles. Although it may seem like these alternative vehicles are becoming more prevalent on the roads, in actuality their popularity is only increasing slightly. That trend should continue for the next several decades, at least according to one report from the U.S. Department of Energy's Energy Information Agency. 

The DOE report predicted that, by the year 2040, 78 percent of all cars on the roads will be gas-powered, down from 82 percent today. While those gas-powered vehicles will still be the dominant option, they will also be more fuel efficient. According to the report, fuel economy is expected to rise from an average of 21.5 mpg to 37.2 mpg in 2040. 

Drivers will likely need this jump in efficiency, as the price of a gallon of gas will increase with inflation. The DOE predicted that the average cost of gas will reach $3.90 per gallon. However, this is significantly better for motorists than other predictions, which expected the expenses to reach $4.40 per gallon. 

No matter what kind of vehicle you're searching for, you may be able to find it at New Jersey State Auto Auction. This lot has plenty of CARFAX-certified cars, trucks and vans available in a variety of styles. You can also choose from a number of different fuel types and brands, providing you with the flexibility you want – all while staying in a budget. 

Used Car Depreciation Slows In November

Shopping for a used car means thinking in the long term. Motorists have to consider more than just the car's appearance or how fits into their current situation: They also need to make sure the vehicle can adapt for the future, providing excellent resale value, fuel economy and more. 

One major element in this is the rate of depreciation, or a decrease in the car's value. Depreciation is normal and unavoidable, but there are certain conditions that play a role in how quickly or slowly a car loses its worth.

The NADA Used Car Guide keeps track of the average rate of depreciation in all vehicles, and the service found that there was good news to report in November. That month, the average rate decreased to 1.5 percent, which is a significant drop from the 3.5 percent rate in October. That is good news for drivers, who can retain value in their vehicles for longer periods of time. 

"November's decline in the rate of depreciation can be credited to favorable market conditions, lower unemployment, moderating gas prices and advantageous credit conditions, including the end of the federal government shutdown in October," said Jonathan Banks, executive automotive analyst of the NADA Used Car Guide. 

Depreciation can lead to lower prices for used cars, but it also limits what a driver may get for a vehicle in the future. This double-edged sword can be difficult to handle for those who are unfamiliar with the statistic, but knowing that value holds strong is good news regardless. 

For a wide selection of high-quality used cars, head to New Jersey State Auto Auction. This lot has hundreds of CARFAX-certified cars, trucks and vans, many of which offer excellent value for drivers with any type of budget. 

More Drivers Turning To All-Wheel Drive Vehicles

When drivers are shopping around for a used car, they are typically looking for an automobile that has low mileage, impressive fuel economy, great safety features and other top-notch amenities. Additionally, it seems that many motorists are searching for vehicles with attractive capabilities, including all-wheel drive. In fact, that characteristic is quickly becoming one of the most sought-after qualities in automobiles. 

According to The Detroit News, nearly one-third of all vehicles sold now have all- or four-wheel drive, which is about 5 percent more than it was five years ago. This growth is widely attributed to the rising popularity of crossovers, larger SUVs and pickup trucks. As more drivers turn to these capable options, the number of all-wheel drive vehicles on the road increases. 

All automakers are getting in on the action when it comes to all-wheel drive. Luxury vehicles like Jaguar and Audi are introducing options with this capability, while brands like Subaru, Ford and others are emphasizing this skill on all of their models. Used cars also boast this benefit, as the number of vehicles with all-wheel drive has been increasing for several years. 

For the most part, drivers are drawn to all-wheel drive vehicles because they can offer excellent control in all types of weather conditions. They are also great for recreational driving. 

"It brings this complete bundle of safety, driving performance and capability," Jeremy Acevedo of Edmunds.com told the news source. "It's a really big add for consumers." 

If you're looking for a vehicle with all-wheel drive, four-wheel drive or any other option, browse through the collection at New Jersey Auto Auction. That lot features hundreds of CARFAX-certified vehicles in a range of styles, many of which could be the perfect selection for your needs. 

Watch Out For Odometer Fraud In Used Cars

There are a lot of qualities drivers need to keep in mind when shopping around for a used car. One of the most important is its mileage which can have a major impact on the maintenance, cost, longevity and your personal safety. 

A recent CARFAX report examined the prevalence of odometer fraud among used cars. The data collected pointed to the fact that more than 190,000 vehicles have their odometers rolled back each year in an effort to appear as though they have covered fewer miles. That one action can have a major impact on drivers, even totaling more than $760 million in lost value and extra repair fees each year. 

"Odometer fraud is a calamity for car buyers," said Larry Gamache, CARFAX communications director. "There are serious problems that can arise from a rollback. Older, deteriorating parts lead to unexpected repairs while unperformed maintenance for the true mileage may compromise the safety and performance of these cars. Not to mention, each victim loses thousands of dollars because they pay much more than these cars are really worth." 

Drivers in states such as California, Nevada, New Mexico, New York and Texas need to be on high alert, as those were the regions with the most risk for odometer rollbacks. On average, cars had about 50,000 miles taken off, and the vehicles were likely to be about 14 or 15 years old. 

At New Jersey State Auto Auction, future buyers can browse through hundreds of CARFAX-certified cars, trucks and vans as they search for their next ride. Those options have a well-documented history, ensuring that you are looking at vehicles from a dealer you can trust. 

Now Is The Time To Buy Used Cars

The time is right for drivers to shop around for great deals on used cars for sale. While competition in the market has been tight for several years, resulting in extra expenses for drivers, the landscape is quickly changing – a fact that opens up many opportunities for prospective buyers. 

Numerous recent reports have found that the average used car price is dropping. This is welcome news for many, especially after several years of rising costs, and it could be just what some drivers need to get behind the wheel of the right pre-owned vehicle. According to Edmunds.com, the average cost of a used car fell by 2.8 percent in the third quarter of 2013 compared to the second, and prices were almost 1 percent less than at this time last year. 

"Buyers are no longer drawn to used cars the way they have been in recent years," said Joe Spina, the director of used car analysis for Edmunds.com. "Used car prices will likely continue to decline in the coming months simply because there will be more of these vehicles sitting on dealer lots." 

These lower prices, combined with the fact that auto loans are easier for many subprime buyers to get, and you have an excellent environment for purchasing a used car. 

You can take advantage of crowds clearing out from some used car lots. Less interest from other drivers means the conditions are perfect for finding some great deals, especially at reliable spots like New Jersey State Auto Auction. Although this lot consistently offers reliable, CARFAX-certified used cars at reasonable prices, you may be able to tweak financing offers and other details of the purchase to better fit your needs. 

Most Americans Have Not Driven Diesel-Powered Cars

In today's world, many drivers are looking for ways to save, and that includes browsing through used cars for sale that offer the best possible fuel efficiency. A lot of these vehicles may feature diesel engines instead of ones fueled by gasoline, as the alternative power source provides a money-saving, eco-friendly option that many prospective buyers will find attractive. However, not as many drivers have gotten the chance to test out these cars. 

Recently, Honeywell Turbo Technologies conducted a survey to see how much experience American drivers had with these vehicles. Results showed that 70 percent of motorists have never driven a diesel-powered car. In addition, as many as 73 percent of Millennials, or those drivers under the age of 35, had not gotten behind the vehicle of one of these vehicles. Those numbers are surprising, especially considering the fact that more than half of adults knew that diesel engines could produce more power and offer better fuel efficiency than traditional gasoline engines. 

"Turbocharged diesel engines have an opportunity to make an impact with today's younger car buyers who understand and even prioritize the fuel economy advantages of the technology, but have not yet been able to drive one," said Terrence Hahn, Honeywell's president and CEO. "Turbodiesels and downsized turbocharged gasoline engines provide both automakers and consumers a no-compromise solution of greater fuel economy and performance with the added benefit of being more environmentally friendly." 

Whether you're searching for used cars with excellent fuel efficiency, impressive power or all of the above, you may be able to find what you're looking for at NJ State Auto Auction. The lot has hundreds of CARFAX-certified cars, trucks and vans for sale, and any one them may prove to be a solid option for your next investment.