New Tools Help Dealers Offer Specific Incentives to Lot Customers

(Justin Stoltzfus)- So how does BeBack™ work? MediaTrac™ staffers refer to a “series of high impact communications” that they say are targeted to the individual consumer. The prospective buyers get an “incentive card” based on their feedback from previous communications. These cards generally offer discounts, rebates or special financing offers. The idea is that these little extras are often enough to get  customers to come back and sign for a new or used vehicle, based on their existing interest and the work they have already done in researching the car purchase.

These kinds of incentives can be great for buyers, but only if they truly represent the best deal that the consumer can find on the market. If your dealer utilizes this program, be sure that an incentive card will really save you the money that it promises, and that the dealer is not just using a “bait and switch” routine to make a sale. The critical items to look at are line-items on the final sale price, as well as specific financing arrangements, where financing fees and higher rates of interest can add a lot of money to your total debt over time. When it comes to your next car purchase, look at the whole package to save the money referenced by any incentives that come your way. Read more here…

Used cars drawing higher prices

(Nerissa Prest)- According to the consumer automotive experts at Edmunds.com, used car sales are doing pretty well all over the country. Edmunds.com says more people are buying pre-owned vehicles, instead of buying or leasing new ones.

"Yes, used car sales are up. The reason is we're in a down economy and people want to save some money," says Edmunds.com Consumer Advice Associate Ron Montoya.

But Montoya warns high demand can translate into high prices.

"This is definitely a seller's market, since dealers want more cars, more used cars. Since there's a shortage of used cars, they're going to give you a little more money than they would a few years ago, and you can shop that around," Montoya adds. Read more here… 

Tips on How to Buy a Used Car for Your Teen

(Sasha Bogursky)- It’s that time of year again – back to school. Your teenager has probably been bugging you all summer long for their own set of wheels. While they may be ready to put their school bus days behind them, in this economy most parents aren’t ready to fork over some serious cash for their newly licensed teen. Here are five useful tips on what to look for when buying your child a used car.

Safety

When buying a used car, the first question you must ask yourself is, “Is this car safe for my child?”  You’ll want to make sure you consider what safety features the car offers. Plenty of used cars come with a variety of safety equipment such as air bags and anti-lock brakes. Read more here…

When to sell car: a reliable guideline

(Chicago Tribune)- Q. Should I keep my clunker, or buy a new car?

A. Keep the clunker if it's paid for (or nearly paid for), and service and repairs are costing you less than new-car payments. For example, the average cost to replace a cylinder head assembly is $1,800, according to CarMD, a vehicle-repair information site. That's equal to four typical car payments. Also, because some repairs are elective, you can wait until you have the money to do them.

Buy a new car if you anticipate having to make expensive repairs that would cost close to what the vehicle is worth. For example, a failed transmission, which can cost more than $3,000 to repair, is usually a deal-breaker. Read more here…

So which is more you - a new or a used car?

(Cambridge News)- As with most businesses, car sales have been going through a tricky time lately and analysts believe that sales of new cars could have fallen by 3.5 per cent in July, so traders will be hoping that the new plate will give them a much needed boost.

However, with new cars losing a substantial chunk of their value the moment they leave the forecourt, is buying a new car such a great idea?

Would buying a second-hand model be better? This week’s Your Money investigates the pros and cons. Read more here…

New scams consumers need to watch out for

(CBS News)- Vehicle scams: And it's not just about buying. We all know you can go out, you can buy a lemon. You can buy a car that needs a lot of help. But sellers are also facing a new scam, where they try to sell a car, and all of a sudden, the person buying it, they're not honest. They give a cashier's check or a check that ultimately bounces. They already have the car in their possession. As a result, you are out the car, and you're not getting paid."

So, first of all, never hand the car over until you have the cash and you make sure the cash hits your account. Make sure you were given real, valid money. And avoid taking any personal checks. You don't want to do that in these transactions, especially if the buyer is contacting you over the Internet. Read more here…

Auto Buying Tips for the Newbie Car Shopper

(BuyingAdvice.com)- Are you in the market for a new car? It does not matter if you are considering to lease or buy a new car as every consumer will benefit from unbiased information regarding new car prices in the market.

Consider thinking about auto buying sales tactics thrown around by dealers when you are buying a new car. It is important that everyone who is considering buying or leasing a new car should gain some familiarity about the various terminologies thrown around by car dealers and sales persons.

Invoice price is the actual amount that the car dealer paid the manufacturer for a certain car. Most car buyers are looking to buy a car ‘below the invoice price’ in order to save money. Read more here…