Get access to the same vehicle valuation tool that dealers rely on. With Black Book, you’ll have insider data to accurately assess trade-in and purchase values—empowering you to negotiate the best possible deal.
Honda has issued several significant recalls over the course of 2024, involving components ranging from software to power steering. The most recent recall involves 1.7 million Honda and Acura models, the largest by far this year. To ensure that Honda and Acura drivers are staying safe, we’re providing this brief overview of every Honda recall so far in 2024. Click on the links for more information on specific Honda recalls.
Issue: A manufacturing defect with the steering gearbox worm wheel that swells while driving, increasing friction and steering difficulty, and heightening the likelihood of a crash.
You should never buy a car without first taking it for a test drive. If you are new to the car buying game, you may not know what to watch out for during a test drive. Here are four things to pay attention to when you test drive any vehicle.
1) Test all of the features
A modern car is loaded with screens, knobs, and buttons. You may not need them most of the time, but you should be confident that they will work if and when you do need them. Before you begin your test drive, try out all of the various tools and accessories in the vehicle, such as windshield wipers, seat adjustments, mirror adjustments, window controls, radio controls, and even the sound system.
If the car salesman tries to rush you, kindly let them know that you will need some time to review everything, and that when you are done, you will seek them out for your test drive. If everything works well, it’s a good sign; if not, you’ve got a list of things to review with them. Remember, you are likely buying the car as-is, so discovering that the defroster motor doesn’t work, after the fact, may cost you.
2) Don’t stick to predetermined routes
When you are out on a test drive, the sales associate who rides along may try to persuade you to do a quick drive around the block before heading back to the lot. However, this route most likely won’t allow you to gain a complete understanding of the car’s performance. The best way to do so is to test drive it on an unplanned route that includes both highway and city driving. This will allow you to get a better understanding of how the vehicle accelerates, how the brakes perform, and the ease with which it turns in tight corners. Drive the car the way you would drive it everyday.
3) Connect your smartphone
Smartphone connectivity has become one of the top features that potential car buyers look for. Not all cars have Apple CarPlay or Android Auto. The ease with which you can connect your phone to the vehicle can vary quite a bit from one car to the next. Depending on the car you are in, you may be able to connect your smartphone with a simple touch, or you may have to navigate through menus to accomplish the task. Test the smartphone connectivity as a part of the test drive. There’s nothing more frustrating than not being able to listen to your music when you get a new car.
One important note: don’t forget to unpair your phone when you’re done!
4) Understand the new tech
If you are upgrading your car, you may encounter a host of new tech features that weren’t there in your previous vehicle. These may include adaptive cruise control, lane-keep assist, automatic emergency braking, and even more advanced tech like Autopilot. Take the time to understand them and test them out before you make your purchasing decision.
Don’t rush through the test drive
Test driving a car is one of the most important steps in the car-buying process. By taking the time to test all the features, choosing a diverse driving route, connecting your smartphone, and understanding the new technology, you can make a more informed decision and avoid surprises later on. Remember, you’re not just test driving for a quick feel; you’re assessing how well the car fits your daily needs. The more thorough you are, the better chance you have of finding the right vehicle for you.
The term “upside down” doesn’t sound like much fun. Generally speaking, you want to be “right side up”, and that is definitely the case when it comes to an auto loan. Within the auto industry, being upside down in a car loan simply means that the balance on your loan is greater than the value of your car. Below are some helpful tips on how to make certain that you don’t find yourself in this position on your car loan.
Buying New Isn’t Always Best
If you’re thinking of buying a new car, you have to realize that it will lose value as soon as you drive it off the dealer’s lot. Once you hit the street, that car or truck technically becomes used, and it’s no longer priced like something that is brand-new. The speed at which vehicles lose value is greatest in the first year of ownership, where the average new car loses 23% of its value in just the first 12 months. If you want to avoid being upside-down on a car loan, a new car may not be the best choice for you.
Buy Vehicles With The “Best Value”, Not The “Best Price”
Buying new is nice, but financially, it can set you back. On the other hand you can buy an old clunker, but risk throwing money at repairs. So, where is the sweet spot? Our recommendation is that you should buy a vehicle that is between 2 and 4 years old, is still under its factory warranty, has plenty of useful life left in it, and still looks and drives like new. An average car or truck will decline 38% in value in the first three years, so buying one in this range offers savings of 30-40% off its price compared to new. In other words, someone else’s loss can be your savings.
It also helps to buy a car (whether new or used) that has a good resale value. Research depreciation, maintenance costs, and more with the free CarEdge Research Hub.
Don’t Be Lured Into Longer Loans
In years past, a 5-year loan was the longest loan term offered by lenders. Today, car buyers are lured into the prospect of lower monthly payment; not by getting a better price, but by just stretching out the time period to pay off the vehicle. Loans of 6, 7, and even 8 years, are now common in vehicle financing. This is a dangerous path that car buyers should try to avoid. Learn more about the serious risks of 84-month car loans.
Credit Scores And Interest Rates Drive Monthly Payments
As most are aware, lower credit scores translate into higher loan interest rates, and as a result, higher monthly car payments. As a car shopper, you’ll want to check your credit report ahead of time. Make sure that the report is accurate, and doesn’t have any errors. Importantly, the lower your interest rate, the quicker your loan balance will fall, and the less likely that you’ll be upside down.
Big Down Payments Can Avoid Big Loan Problems
If you have the financial flexibility, one of the best ways to ensure that you’re not upside down in a car loan is to make a big down payment when you buy. Another option is to make a larger down payment when you refinance your auto loan.
The more money you put down, the lower your loan balance, and the greater the chance that you won’t have an upside-down car loan. Better yet, your monthly payments will be lower with a larger down payment. Those who put down little or no money for a down payment increase their chances that they will be upside down in their loan for years to come.
Final Thoughts: You CAN Avoid Upside-Down Car Loans
Staying financially “right side up” with your car loan comes down to smart choices: avoid long loan terms, consider buying a used vehicle with solid resale value, and put down as much as possible upfront. By being aware of depreciation, improving your credit score, and securing a favorable loan, you can reduce the risk of an upside-down car loan. With the right approach, you can drive away with a deal that works in your favor.
When buying a car, most people focus on the sticker price, but the total cost of owning a car goes far beyond that initial figure. While the purchase price is a major consideration, ongoing costs like insurance, maintenance, depreciation, and financing can add up quickly. Understanding these hidden expenses is crucial for making a smart financial decision. Whether you’re buying new or used, being aware of the true cost of owning a vehicle can save you from unexpected financial strain down the road.
Depreciation
Depreciation represents the value loss of a vehicle from the moment it’s purchased. A car’s value often drops as soon as it’s driven off the lot, and this affects both new and used vehicles. While you don’t pay depreciation directly, it’s important to account for it if you plan to sell your vehicle in the future.
Luckily, calculating depreciation is straightforward. At the CarEdge Research Hub, we provide updated depreciation data to give you a clear picture of your car’s value over time. Check out depreciation rates for your car to make more informed decisions.
In rare cases, vehicles may increase in value due to high demand, such as collector cars. But for the majority of cars, depreciation is inevitable.
Insurance Premiums
When you purchase a vehicle, you will be required to purchase insurance. If you are financing a vehicle, it will be mandatory that you get full coverage insurance. If you purchase a car and pay it in full, you can choose to get liability insurance. Full coverage is going to cost more due to the comprehensive coverage that you get compared to liability insurance. Insurance policies can cost anywhere from $50 up to $300+ per month depending on the vehicle, the type of coverage you get, and your recent driving history.
For those with speeding tickets or accidents on their record, insurance costs may be higher. Always get insurance quotes before purchasing a vehicle to ensure you can afford both the car payment and the insurance premium.
Maintenance & Repairs
Maintenance and repairs are inevitable parts of car ownership, and these costs can vary depending on the make, model, and age of your vehicle. Regular maintenance like oil changes, tire rotations, and brake checks are essential for keeping your car in top condition and can help you avoid costly repairs down the road.
To reduce long-term costs, follow your vehicle’s maintenance schedule and consider setting aside an emergency fund for unexpected repairs, such as transmission or suspension work. Some repairs are unavoidable, but taking proactive steps can minimize expensive breakdowns.
When financing a car, interest can significantly increase the total cost of ownership. The longer the loan term and the higher the interest rate, the more you’ll end up paying. Let’s break it down with an example:
Imagine you finance a car for $30,000 with a 5% annual percentage rate (APR) over 60 months. Over the course of the loan, you would pay about $3,968 in interest, bringing the total cost of the car to $33,968. If you extend the loan term to 72 months, you’ll pay an additional $1,043 in interest.
To minimize the cost of interest, consider opting for a shorter loan term and shop around for the lowest APR. If possible, improve your credit score to qualify for better rates. Additionally, making a larger down payment can reduce the total loan amount, helping you save on interest over time.
There are a few other expenses that you should take into consideration when it comes to owning a car. State registration fees are a great example of a yearly fee you can count on paying each year you register your vehicle. This will vary state by state, so check with your local DMV to see what your current state registration fees are. Many states levy ‘property taxes’ on vehicles based on the value of the car. These vehicle property taxes can add up to a few thousand dollars per year for luxury vehicles and expensive trucks.
Tires are another maintenance item that can add up over the years. These days, a set of four quality tires can cost $1,000 with installation and disposal fees. Tires increase in cost with larger and more uncommon sizes.
A Car’s Total Cost of Ownership Can Vary Widely
In conclusion, the total cost of owning a car goes far beyond the initial purchase price. Key factors like depreciation, insurance, maintenance, and financing charges can significantly impact your overall expenses. Some cars depreciate faster, others come with higher maintenance costs, and interest rates on car loans can add up over time. Be sure to evaluate all these variables when determining whether a vehicle is the right financial decision for you. By understanding the true cost of ownership, you can make smarter, more informed choices.
It’s time to say goodbye to your old reliable car, but should you sell it privately or trade it in? Both options have their pros and cons, but with the right approach, you can minimize financial losses. Here are 10 tips to help you make the best decision.
10 Car-Selling Tips To Consider
1. Don’t name your price first
If a salesperson asks how much you want for your car, don’t give them a number. Let them make the first offer to avoid limiting your potential trade-in value. If asked, let them know that your primary interest is minimizing your net cost, or trade difference, after an allowance for your trade. Avoid providing any firm numbers, despite their repeated attempts to enquire, as they will be resolute in getting you to throw out the first number.
2. Tax benefits of trading in
Trading in your vehicle at the dealership can save you on sales tax. When you trade-in, you subtract the value of your car from the sales price of the new one, and you only pay sales tax on the difference in value. For example, if your trade-in is worth $20,000 and your state has a 5% tax, you could save $1,000 compared to selling it privately.
3. Don’t clean the car too early
If you’re just browsing, don’t clean out your car beforehand. A spotless trunk signals you’re ready to buy, potentially weakening your negotiation position.
4. Watch out for the higher offer trick
Dealerships may offer more for your trade-in but mark up the price of the new car. Don’t be fooled by the dealer that simply offers you the highest price for your car, as they may be getting you on the other side. Always look at the total cost.
5. Fix the obvious issues
If selling privately, get the obvious repairs fixed up front, and perform the routine service, like an oil and filter change. If your vehicle needs obvious repairs, private buyers will discount its value by at least 2X of the cost of the repair, as they will be concerned that it can’t be fixed, or that repairs will end up being more costly. Buyers don’t want to inherit a problem; they want a car that they can drive home with confidence, and is trouble-free.
6. Check your car’s history report
Run a vehicle history report before selling. Surprises on a report could deter buyers or lower your asking price. If you’re the original owner and have never had any problems or accidents, it’s possible to skip this step.
7. Organize vehicle documentation
Present your service records and manuals in an organized manner to instill buyer confidence. If you have them, make sure to include the vehicle registration, window sticker and any operating manuals that you received, so that you can present them to any possible buyer.
8. Trade where it makes sense
If your trade-in doesn’t match the dealership’s typical inventory, expect a lower offer. If you are at the BMW dealership, and you’re looking to trade in your 10 year-old Corolla with 120,000 miles, don’t expect a good offer. They won’t want your car, and will sell it straight to a wholesaler. Keep this in mind when thinking about a trade-in.
9. Meet in a public place
For safety, meet prospective buyers in public spaces like designated safe meeting zones rather than your home.
10. Pay off loans before selling
If possible, pay off any loans before selling. Having a clean title in hand, goes a long way towards resulting in a seamless transaction, versus having to get a bank involved. Sometimes banks will take weeks to send you a title that is free of liens, and that is enough to sour a lot of car deals. Similarly, make sure that you ask the private buyer how they intend to pay for the car.
Conclusion
Selling or trading your car doesn’t have to be stressful. By fixing minor issues, getting paperwork in order, and strategically timing your sale, you’ll increase your chances of getting a good offer. The more certainty you provide the buyer, the more they’ll be willing to pay. Learn more about resale values with CarEdge Research.
States eligibile for below invoice pricing and 100% free delivery:
Alabama, Arkansas, Texas, Oklahoma, Florida, Georgia, Kentucky, Louisiana, Maryland, Delaware, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
What if I don’t live in these states? If you're outside these areas, don't worry! We're committed to making sure everyone can enjoy our deals. Although the delivery fee will not be waived, you can still purchase from CarEdge and either pay for shipping or coordinate pickup at a participating dealer.
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