Getting financing for a used car purchase

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Posted in Auto Loans & Financing News

During this credit crunch it’s more important than ever for car buyers to know what they’re doing when financing the purchase of a used car. AOL Autos gives some tips on getting the best deal possible.

It’s important to know what you’re getting into before you even start your used car search. The website suggests applying for loans at a local bank or credit union along with some places online, this way you know what your options are before even looking at a car.

The site also suggests keeping your guard up when doing your shopping.

“The deal doesn’t conclude until you drive the vehicle off the dealership’s lot,” writes the site. “So despite how friendly the business manager may seem, remember that she’s there to make as much money as possible for herself and the dealership.”

There may be additional help for people looking to finance a car purchase with the recently passed economic stimulus plan.

As the economy has soured, many lenders have tightened their wallets, but portions of the stimulus bill are aimed at opening up lending which may make it easier for people to get the loans they need.

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Top used cars under $5,000

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Posted in Mitsubishi - DO NOT USE

Times are tough, but that doesn’t mean a good used car can’t be had without breaking the bank. According to Edmunds, there are a number of good used vehicles for under $5,000.

The website says that for under $5,000 it’s likely that the cars will have over 100,000 miles on them, but a good car can still be found with significant mileage.

One of the cars on its list is a 1990-1998 Mitsubishi Eclipse. The car, which can also be found as the Eagle Talon, has some power with a turbocharged engine and between 195 and 210 horsepower. If the options are out there, Edmunds says the first generation of the cars are less expensive with the Talons being the cheapest.

For some muscle the site recommends a 1986-2004 Ford Mustang which it says can be found in abundance across the country. Plus, after all these years a Mustang from two decades ago can still look good, according to Edmunds.

With an influx of cars on the market it is possible to find a car for less than $5,000 that would have sold for more money a few years ago. According to the National Automotive Dealers Association, used car prices fell in every category in 2008.

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Ford reintroduces Taurus SHO for 2010

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Posted in Ford

It appears that Ford feels that American car buyers are in the market for more muscle as the company has announced it will release the SHO version of the popular Ford Taurus next year.

The 365 horsepower Taurus SHO will revive the high-powered model that was sold for ten years with the last units hitting the roads in 1999.

An advanced V6 engine will give the SHO about 100 more horsepower than the traditional Taurus and some say the company is smart to look past today’s economic situation with the hope of more prosperous times ahead.

“It’s important for an automaker to look beyond the current situation and have some exciting models,” Stephanie Brinley of consultant Auto Pacific told the Detroit Free Press.

But while Fold cites a decrease in gasoline prices as a reason to bring back the SHO model, some critics say the company is quickly forgetting the recent spike in prices and more consumers looking for fuel efficient vehicles.

“It sounds like Ford’s got muscles where its brains should be,” Dan Becker, director of the safe climate campaign at the Center for Auto Safety in Washington told Reuters.

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The car is expected to get an estimated 25 miles per gallon with prices starting at $37,995.

Some classic cars under $10,000

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Posted in Chrysler - DO NOT USE

When buying a used car, sometimes it isn’t about getting better gas mileage or saving money. Sometimes you want to buy something classic. According to Jalopnik, there are a number of “classic” cars that can be had for under $10,000.

Among the list is the 1988 Chevrolet Corvette 35th anniversary edition, which the site says can be had for just under $10,000. With only 2,050 produced it makes it a classic and as Jalopnik says, “the epitome of the Eighties.”

Another American made car on the list is the 1983 Chrysler Cordoba, which featured the late Ricardo Montalban in its commercial in the 80s touting its “soft Corinthian leather.” For that reason alone it might be worth shelling out the $9,995.

Topping the website’s “Cool Factor” is the 1988 BMW E28 M5. If you’re wondering why this car made the list Jalopnik says “then the Ultimate Driving Machine is not for you.”

Granted none of these cars are at the level of the 1937 Bugatti which sold for $4.5 million at auction last week or the 1957 Ferrari Testa Rossa that is expected to fetch $10 million in May, but they are classics in their own right.

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Lindsay Lohan behind the wheel of a Mercedes SL550

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Posted in Celebrity Auto News

It seems that while much-maligned starlet Lindsay Lohan is finally back behind the wheel in California, the economic situation has hit her hard as photographers recently caught her getting behind the wheel of a Mercedes SL550 – a step down from her SL65.

After crashing her SL65 almost two years ago, Lohan has gotten her California license back, but now she’s driving a SL550, which is a significant downgrade for the Mean Girls star.

While many people would be happy to drive around in an SL550, at $98,000 Kelly Blue Book lists the car at almost half the sticker price of a $194,175 SL65.

In other Lohan news, it seems the actress is having some bad luck with her forms of transportation. Following last week’s Super Bowl, Lohan was bumped from first class on a Delta airlines flight from Tampa, Florida.

But reports say the 22-year-old actress threw a fit and eventually a first class seat was found to accommodate her.

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Car sells for $4.5 million in auction

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Posted in General Auto News

It turns out that eccentric guy on your street who says the clunker in his garage is actually worth a ton of money might be right after a car found in a UK garage sold for more than $4 million in auction.

The 1937 Bugatti Atalante 57S coupe was found in the garage of a doctor following his death in 2007. The owner reportedly used the car for a few years in the early 1960s, but the car had not even been started up for more than 50 years.

Although the car sold for about $4.5 million last week at a car auction, experts say it will cost another $500,000 to properly restore the car to its original condition.

The car was one of only 17 made in 1937 with at least four being owned by an automobile museum in France and the rest by private owners.

“This was the creme-de-la-creme of late 1930s sports cars,” Simon Kidston, a Geneva-based classic car adviser, told Bloomberg. “Of the examples that have come on the market, this had by far the best history, prettiest body style and no one has seen it for 50 years.”

According to the London Daily Mail, the garage which contained the Bugatti also held a 1,500 beer steins and a World War II spy drone.

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Cars with best residual value

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Posted in BMW

Savvy car buyers know they can probably purchase a used car that is only a few years old for a fraction of the price of the new model. With that in mind, Edmunds put together a list of the top 10 2008 models that are likely to depreciate in the next five years.

In coming up with its estimates, Edmunds assumes that the cars will have an average of 15,000 miles per year and says two Mini Coopers top the list.

In fact, BWM, the maker of Mini Cooper, takes the top three spots with the Mini Cooper, Mini Cooper Clubman and BMW M3 all retaining more than 50 percent of their original value in five years.

BMW also hold the number nine position on the list with the BMW 1 Series tied with the Volkswagen Eos in holding 47 percent of its value.

The only American car on the list was the Chevrolet Corvette which at number eight will hold slightly more value than the BMW 1 Series with 47.1 percent.

By contrast, the two cars with the worst residual value are the Kia Rio (26.3 percent) and the Kia Spectra (27 percent).

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Super Bowl car ads increase online traffic

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Posted in Audi, BMW, Hyundai, Toyota

It seems that advertising during the Super Bowl does get a lot of attention for a company. At least that’s what Kelly Blue Book says, as the website saw increases to the page views of Hyundai, Audi and Toyota following their ads in Sunday’s game.

The Hyundai Genesis, which was also recently named Cars.com’s Car of the Year, received the most interest with an 82 percent increase in page views following its ads during the game.

Audi’s commercial for the A6, featuring Jason Statham, caused a 45 percent increase and the Toyota Venzia saw a 13 percent rise.

The action-packed Audi ad received positive reviews from critics after what many say were a number of lackluster ads during the game between the Pittsburgh Steelers and the Arizona Cardinals.

In fact, people who liked the ad can even purchase the 1987 BMW 535 i that was one of the cars Statham drove. It appears that the owner is selling the car online for $2,000.

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Signs warn motorists of impending zombie attack

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Posted in General Auto News

Electronic road signs across the country, usually used to advise of traffic or weather conditions, have begun to warn motorists of some other strange problems lately – zombies.

It seems that pranksters have been hacking into the signs and changing their screens to read of warnings of the undead and raptors or other problems. Some signs have even told drivers that no one loves them.

Police in some parts of the country are worried that the signs could be problematic to passing motorists who may be laughing too hard to concentrate on the road.

“We understood it was a hoax, but at the same time those boards are there for a reason,” Joe Gasaway, an Illinois Department of Transportation supervisory field engineer told the Associated Press. “We don’t want [drivers] being distracted by a funny sign.”

Recently the auto blog Jalopnik posted a how-to guide to hacking into one of the electronic signs. However, the site did run the following warning:

“DO NOT under any circumstances run around hacking into electronic road signs using the information contained in this step-by-step guide of how to transmit hilarious messages to passing motorists.”

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Since running the guide the site has posted pictures of 20 different messages that have been hacked onto electronic signs.

Hyundai Genesis wins Car of the Year from Cars.com

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Posted in Hyundai

For the first time ever, Cars.com announced its Car of the Year which in somewhat of a shock to most in the car industry, went to the Hyundai Genesis.

As a fairly new car company, Hyundai has made some great strides in recent years. As Cars.com points out, the company went from a punchline when it was introduced to the U.S. market 10 years ago to passing Honda Nissan and Chrysler in worldwide sales.

With all those people buying the cars, Hyundai must be doing something right.

Cars.com says even it was surprised that the Hyundai Genesis was its selection as Car of the Year.

“The Genesis is surprising not simply because it’s a Hyundai, but because it gives the European stalwarts a solid run for their money – and for much less of it.”

But maybe the award for the Hyundai Genesis shouldn’t be too surprising as the car also took home the award for North American Car of the Year and the North American International Auto Show.

Also winning awards from Cars.com were:

–Toyota Prius for Eco-friendly Car of the Year
–Ford Flex for Family Car of the Year
–BMW M3 for Play Car of the Year
–Dodge Ram 1500 for Work Car of the Year

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