CAR WARRIORS: AUTOMAKERS ARE OFFERING CASH REBATES AND LOW INTEREST

Sunday, February 9, 2014

AUTOMAKERS ARE OFFERING CASH REBATES AND LOW INTEREST

Automotive News reports that in January, “Automakers and dealers sold 1,011,187 light vehicles for the month. The seasonally adjusted annual selling rate was 15.2 million, virtually unchanged from last January, but down slightly from December's 15.4 million SAAR.”

Though Ford sales were down in January, the Ford F-Series pickup remained the best-selling vehicle in the U.S. (Ford Motor Company)

Most analysts agree that abnormally cold weather and high snowfall kept car shoppers away from dealerships. The weather clearly affected January sales, and not just in traditionally cold areas. After the first polar vortex at the beginning of the month, we saw the market start to make up some of those lost sales. But by the time the second vortex struck last week, there wasn't enough time to make up all of January's lost sales.

A preliminary study finds that the second polar vortex affected a total of 37 states, which generally account for about 61 percent of all new car sales. We expect most - if not all - of those sales to be made up in February, assuming this cold wave doesn't continue." , according to many analysts. For February, automakers are responding with a wintry mix of cash rebates, lease deals and promotional financing incentives to get car shoppers out of the cold and back on the showroom floor. If you’ve been waiting for the right time to buy or lease, February is a great month to get into that new car, truck or SUV you’ve been considering.

Many February lease offers feature low monthly payments when you put a few thousand dollars down, but there are a number of car lease deals that don’t require a down payment. If you want to buy, automakers are offering cash rebates and interest rates as low as zero percent, as well as a wealth of low-interest financing offers of 4 percent or less this February.

Best February Purchase Deals

You can’t beat free money when you’re financing a new car, and a number of automakers will put you behind the wheel with zero percent financing on their new 2014 inventory. You’ll find interest-free financing on 2014 models like the Chevrolet Suburban, Tahoe, Traverse and Volt, the Ford Escape and Explorer, the Hyundai Sonata, the Jeep Grand Cherokee, the Mazda Mazda2, Mazda5 and CX-9, the Subaru Outback and the Toyota Camry, Prius and Sienna.

Great deals that include no-interest financing and cash back are also available on some 2014 models, including the Buick Enclave, the Ford Fiesta and Mustang, the Nissan Altima and the Nissan Titan. A number of other cars, trucks and SUVs are offered with low-interest financing this month, and in some cases, you may be able to find an enticing deal on remaining 2013 models.

If you plan to finance through your bank or credit union or pay cash, February car deals won’t leave you out in the cold. You’ll find attractive rebates and cash back offers on a number of 2014 vehicles. The Ford Taurus is available with $4,500 cash back this month, and you can also get up to $3,000 cash back on the Focus or a $2,000 rebate on the Explorer and Fusion. Nissan is offering up to $3,500 cash back on the Titan, while the Hyundai Sonata and Genesis are available with $1,500 and $1,000 rebates, respectively. Three-row SUV shoppers can slash up to $2,000 off the price of the GMC Yukon, and the GMC Acadia is available with $1,000 cash back.

Lease offers that fit nearly any budget are available in February, and you’ll even find low monthly payments on hybrids and luxury models. The 2014 Nissan Pathfinder Hybrid is available for $409 per month for 36 months with $2,399 due at signing and the Volvo S60 is offered for $299 per month for 36 months with $3,499 down. The Acura TL is available for $309 per month for 36 months with $2,499 due at signing, or for $370 per month for three years with no money down.

If you’d like to keep your monthly payments even lower, SUVs like the 2014 Buick Encore, Ford Explorer, Mazda CX-5 and Honda CR-V are available for less than $300 per month when you make a down payment. Additionally, cars like the Kia Forte, the all-wheel drive Subaru Legacy and the Volkswagen Jetta are all available for less than $200 a month when you put money down at signing.

Some of the newest cars on the market are also offered with strong lease incentives this month, including the turbodiesel 2014 BMW 328d, which is available for $399 per month for 36 months with $3,874 due at signing. The redesigned 2014 Cadillac CTS is offered this month for $439 a month for 36 months with $4,449 down, and the all-new 2014 Mercedes-Benz CLA-Class can be leased for $329 per month for 36 months with $3,623 due at signing. Lease shoppers can also get a great deal on the new 2014 Infiniti Q50, which is available for $369 a month for 39 months with $2,999 due at signing. You can also get an all-wheel drive Q50 with the same monthly payment and a slightly higher down payment of $3,399.

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KNOWING ABOUT YOUR POWER-TRAIN WARRANITY

A powertrain warranty is a form of assurance offered by the manufacturer of an automobile. When a consumer purchases a vehicle, at the time of sale, he or she will be given a powertrain warranty, which will cover all or part of the powertrain of the underlying automobile. When a mechanical problem occurs to the powertrain the costs associated with repair or replacement are covered in the powertrain warranty—the manufacturer or dealer whole sold the automobile will pay to have the car fixed. That being said, what parts are covered and the extent of the repayment associated with fixing the car will vary greatly based on the powertrain warranty offered.

Depending on the manufacturer, a powertrain warranty will provide different forms of coverage based on interpretative differences; for example, one manufacturer’s definition of an engine can be referred to as a ‘long block’, meaning the engine, as well as everything attached to it cannot be removed. Another definition of an engine can be a “short block” meaning only part of the engine—typically the piece below cylinder head—cannot be removed. As a result, the coverage abilities will vary between these two warranties if the engine proved to be faulty.

In addition to the engine, the type of automobile will necessitate different variables within the powertrain warranty. For example, if you purchased a manual transmission vehicle, the warranty may exclude repairs or replacements for important pieces, such as the clutch—an extended warranty for a manual transmission will typically only provide coverage for the driveshaft and the axles.

A powertrain warranty will last for a certain number of years or for a maximum number of miles. In most instances, the powertrain warranty will last longer than a typical car warranty; the basic powertrain warranty is offered as a 10 year or 100,000 mile warranty, or whichever comes first.

Other Warranites Usually available to car buyers:

Basic: Also known as "bumper-to-bumper" coverage, this is the general coverage that would pay to repair defects in factory-installed parts. Tires are not typically included because they're usually covered under a separate tire manufacturer warranty.

Corrosion: Covers rust that causes holes in sheet metal in parts such as the doors or side panels.

Roadside assistance: Provides help with towing and tire-changing if the car breaks down while traveling.

It's best to check with dealers for specifics, but here is a list of seven top auto companies that offer among the best car warranties, despite the fact that many are rated safe cars by independent research firms.

Car Insurance Tips

Find out what’s covered and what isn’t. Get your quote in writing and confirm the accuracy of each vehicle and driver you are insuring, as well as the coverages you requested. Ask about free, value-added features, such as emergency roadside assistance. Check to see if repairs are guaranteed for as long as you own your car, and find out what kind of payment options are available.

To see if you’re getting credit where credit is due, it's a good idea to find out all the discounts available to you. Some simple ways to save money on your auto insurance include maintaining a clean driving record, being a good student and the inclusion of certain safety features when buying a new car can save you money on your policy.

Your state sets forth the minimum liability coverage you must maintain, as mentioned above. But these are just the legal minimums and might not give you the coverage you need. You'll have to decide what you want to buy beyond these minimums. Keep in mind that you are looking to find the balance between having adequate coverage and overpaying.

According to Consumer Reports, a general guideline for adequate bodily injury liability limits is $100,000 per person and $300,000 per accident, plus $100,000 for property damage. These amounts are what your insurer will pay to someone you are in an accident with. For uninsured motorist coverage, you should get the same amount as for bodily injury liability, as this covers your medical costs when someone who is not insured hits you.

Auto insurance tip #1
Understand why you need auto insurance
In short, you need car insurance to protect your car, yourself and your passengers. You also protect any assets, like your home and savings, as well as comply with state law.

Auto insurance tip #2
Know your current coverages-but be willing to adjust
Use your current coverages and limits as a starting point; you can refer to your declarations page for this information. Then, adjust your coverages as necessary to match your lifestyle-which might be different than it was when you first bought the policy.

For example, if your teenager starts driving next month, you might consider adding him or her to your policy now. Or, if you just bought a new car, you might choose loan/lease payoff coverage, so that if your car is stolen or declared a total loss, you'll have help paying off your loan or lease.

Auto insurance tip #3
Decide what you want to protect, then choose your coverages

Auto insurance tip #4
Use deductibles to your advantage
Your deductible is what you agree to pay out of pocket when you use your car insurance. In general, the higher you set your deductible, the less you'll pay for your policy. And conversely, if you set your deductible low, you'll pay more for your policy, but less when you have a claim.

Auto insurance tip #5
Know that certain things affect your rate
Insurance companies evaluate a variety of things when they calculate your rate, from your driving record to where you live and how many miles you drive on average. Keep this in mind when you see your rate.

More alternatives:

Raise your comprehensive and collision deductibles to at least $1,000, which lowers your premiums and prevents you from filing small claims that could jeopardize a claims-free discount. Add some more money to your emergency fund so you’ll have the cash to pay the deductible if anyone in your family does have an accident.

Drop collision and comprehensive coverage entirely on older cars that are worth little more than the deductible. You may be paying more in premiums than you could ever get back from the insurer, even if the car is totaled.

Tell your insurer if your child goes away to college. If your child goes to school more than 100 miles away and does not use the car, you can usually get a big break on your premiums but still have coverage when he or she comes home for vacation.

Ask about other discounts for teenage drivers. Some insurers offer discounts for driver-safety programs, cutting costs if the kids take a special class, watch a DVD, or read a driver-safety book and take a test. Ask your insurer what your kid needs to do to qualify.

Make the most of multi-policy discounts. You’ll usually get a break on your auto insurance and your homeowners insurance if you keep both policies with the same company. You may get an additional discount if you include an umbrella policy, which provides extra liability coverage beyond your auto-insurance limits and can be particularly valuable when you have a teenage driver.

Some insurers offer much better deals than others for teenage drivers, so it’s important to compare costs. The insurance company that offered the best rate for you and your spouse may have some of the highest rates when you add a teenage boy to the policy - and it’s almost always better to add the child to your policy rather than have him get his own policy.

You can get price quotes from several online insurance companies like Progressive or AllState or get personalized service from an independent insurance agent who works with many companies. You may not want to switch from a longtime insurer just to save a few dollars, however, because your current company may be less likely to raise your rate or drop you if your child has an accident. If you stay with the insurance company you currently have there more room for forgiveness and benefits of such various programs. Also keep in mind that if you have been getting a multi-policy discount, your homeowners-insurance rate might rise if you take your auto-insurance business elsewhere.

One thing you don’t want to do in an attempt to reduce your premiums is skimp on liability coverage. recommends liability limits of at least $250,000 per person, $500,000 per accident and $100,000 for property damage or a policy with a “combined single limit” of $500,000, when available, which does not limit the coverage to $250,000 per person involved in the accident. Young drivers are more likely to have accidents, and lowering your liability limits could leave you on the hook for tens of thousands of dollars in expenses if your child does hit another car or injure someone.

CAR WARRIORS

Sunday, February 9, 2014

AUTOMAKERS ARE OFFERING CASH REBATES AND LOW INTEREST

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