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CARFAX COSTS CONSUMERS THOUSANDS IN LOSSES

It’s not too often we discuss or review products and services but in light of a recent experience I truly felt this article was worthy of such.

Time and time again, consumers often see this furry little guy called the Car Fox on television prompting consumers to request a Carfax report prior to purchasing their vehicle.  Many people don’t even remember the commercial and wonder why there’s a fox on TV telling them to ask for one.  The original commercial was clever and entertaining but to mascot the puppet as the flagship has become a bit annoying.  As a courtesy of a YouTube user, here’s the original commercial.

The concept of Carfax was originally a great idea.  Run a vehicle identification number and receive the history of everything that car or truck has endured.  The problem is most reports are not accurate and the reports are only as good as whats reported.  “What do you mean whats reported?” you ask.  There’s no law governing incidents be reported to Carfax as Carfax is a private company that buys information from reporting agencies.  For monetary compensation, body shops, repair shops and state agencies purchase vehicle data which is crucial to the survival of Carfax.  If a company doesnt do business with them, it will never show up on a vehicle history report. History reports are continuously updated and can update many years after an incident occured if Carfax newly acquires information from a reporting company.  In other words, say you were involved in an accident somewhere in Virginia and that state does business with Carfax, that incident will eventually show up on Carfax.  Depending on the turnaround, it may not show up for several months.  If that state doesnt do business with them they you’ll neve.  You report the accident and have a reporting agency take an accident report.  Should the state of Virginia do business with Carfax then that report will be sold to them updating the file on your vehicles history. Here’s how consumers lose money.  Once the accident history shows up on the Carfax report, the value of your vehicle begins to plummet.  God forbid it was a minor and caused an airbag to deploy, the value will drop even more.

A recent experience with a personal friend left me a bit jaded.  Our friend Nate had a 2014 Chevrolet Equinox LT.  The car was involved in a minor accident about a year ago.  Repaired were the rear deck lid and bumper cover.  Not even a meter can detect the paintwork.  When he went to a local dealer to trade the vehicle in for the purchase of a new Traverse he brought me along.  Here were the numbers, average wholesale transactions when a dealer buys the car for retail was around $19K.  The galves.com trade in was $18800.  His payoff was $16300.  He was willing to accept $17500 due to the accident.  What the dealership told him was they’d take it for $15K because of the accident.  Even our cash for cars service would pay more than that.  They said he owed them $1300 for negative depreciation.  We laughed.  The reason was because of the bad carfax report.  He got something similar from other dealerships as well.  Ultimately we purchased the vehicle from him and gave him what he needed.

The crazy thing about the above story is dealers that sell cars often look for cars that have had prior collisions that weren’t reported to carfax yet in an effort to sell the car before it hits the report.  The consumer sees a clean carfax and a few years later when they sell the car they see the updated report and are perplexed how that happened.

So ultimately who is liable for the loss of your vehicle when its involved in a collision?  The answer, you.  When the insurance company fixes your vehicle due to the collision, their job is done.  Because of that accident your car just became devalued due to the accident, even if you weren’t at fault.  Once carfax says you had an accident, the value plummets and you just dont have any recourse.

Sadly, Carfax has a successful advertising campaign that has forced dealers to buy into their services with their “Show me the Carfax” slogan.  Its almost extortionist as most reports are purchased and supplied by dealers and not individual consumers.  If you don’t subscribe to Carfax it looks like your dealership is trying to hide the histories of their inventory.  The general consumer won’t pay for the report as they feel this should be a service provided by the dealer.

The bottom line, don’t always put your faith in a vehicle history report and understand that once your vehicle has been involved in a prior collision it will definitely devalue.

If you need a free appraisal or are looking to get cash for cars, please us online at our New York websitesite www.cashforcars.nyc.

SCRAP METAL PRICING CONTINUES TO FALL

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junkcars

First and foremost, please don’t lynch the messenger it’s not our fault!

Over the past few years, scrap metal pricing on used automobiles was on a steady rise peaking at just about 18 cents per pound during the summer of 2014.  The market was driven in part of a large exportation of steel out of the United States to countries like China, India and Japan.

Unfortunately towards the end of summer 2014 we noticed a slow decline on pricing which has begun to decrease at a much faster pace.  With the uncertainty of the Chinese economy and lack of new over sea construction, this has effectively created a surplus of steel and dropped production.  Pricing alone on scrap vehicles has fallen from 7.5 cents in July to around 5.5 cents as of today.

With no signs of any significant impacts, pricing appears to have bottomed out and doesn’t look to be rising anytime soon.

So, unfortunately, get used to getting low offers on scrap cars.  It looks like this is the new norm!

For a quote on how much your car is worth, please fill out our short questionnaire…


PLEASE FILL OUT AS MUCH INFORMATION AS POSSIBLE. ONE OF OUR ASSOCIATES WILL CONTACT YOU ASAP WITH THE BEST POSSIBLE PRICE FOR YOUR CAR. IF YOU HAVE ISSUES CALL US TOLL FREE (888) 743-7620

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SELL YOUR CAR FOR CASH FAST IN QUEENS NY

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  • We buy all types of automobiles including expensive and luxury models paying up to $100K for your car or truck. We even arrange for final payoffs to the bank.
  • Crashed your car? Our network of auto buyers can help get you the money you need for your car even if we are tied up and can't make immediate arrangements.
  • We arrange for market pricing getting you the most money for your junk cars. Our network can arrange to have your car or truck towed free of cost getting you cash at the same time.
  • Cant afford to keep paying the loan on your new car? We buy all types of new, used, leased, and financed cars. Fast payment made and we can arrange for bank payments.

Getting top dollar for your car has never been easier.  At www.CashforCars.nyc we take the sting out of getting top dollar for your new, used, leased, financed, junk and collsion cars.  Think about it, it can take, weeks and even months to find a buyer will to pay cash for cars in Queens NY.  With a simple phone call to our toll free line at (888) 743-7620 we can get you a realistic price what your car may be worth.  For faster results just fill out our short online questionnaire.  With our extended car buying network, we make selling your junk and collision cars easy even with the price of metal at its lowest in years.

Stop wasting time and sell your car for cash in Queens today!

PLEASE FILL OUT AS MUCH INFORMATION AS POSSIBLE. ONE OF OUR ASSOCIATES WILL CONTACT YOU ASAP WITH THE BEST POSSIBLE PRICE FOR YOUR CAR. IF YOU HAVE ISSUES CALL US TOLL FREE (888) 743-7620

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SELL YOUR CAR FOR CASH IN BRONX NY

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  • We buy all types of automobiles including expensive and luxury models paying up to $100K for your car or truck. We even arrange for final payoffs to the bank.
  • Crashed your car? Our network of auto buyers can help get you the money you need for your car even if we are tied up and can't make immediate arrangements.
  • We arrange for market pricing getting you the most money for your junk cars. Our network can arrange to have your car or truck towed free of cost getting you cash at the same time.
  • Cant afford to keep paying the loan on your new car? We buy all types of new, used, leased, and financed cars. Fast payment made and we can arrange for bank payments.

The most difficult task besides selling a house is selling your car.  At www.CashForCars.nyc we make selling your car easy in the Bronx NY area.  Rather than taking out classified ads and fielding calls from strangers, why not call us toll free at (888) 743-7620 or fill out as much information on our request form and let us get the cash you need for your car today.

We make getting cash for cars in the Bronx easy and simple.  We buy all types of new, used and leased cars and with our extended network we get you the best possible price for your junk and collision cars.  Don’t waste time and sell your car today!

PLEASE FILL OUT AS MUCH INFORMATION AS POSSIBLE. ONE OF OUR ASSOCIATES WILL CONTACT YOU ASAP WITH THE BEST POSSIBLE PRICE FOR YOUR CAR. IF YOU HAVE ISSUES CALL US TOLL FREE (888) 743-7620

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GET CASH FOR CARS IN BROOKLYN NY

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  • We buy all types of automobiles including expensive and luxury models paying up to $100K for your car or truck. We even arrange for final payoffs to the bank.
  • Crashed your car? Our network of auto buyers can help get you the money you need for your car even if we are tied up and can't make immediate arrangements.
  • We arrange for market pricing getting you the most money for your junk cars. Our network can arrange to have your car or truck towed free of cost getting you cash at the same time.
  • Cant afford to keep paying the loan on your new car? We buy all types of new, used, leased, and financed cars. Fast payment made and we can arrange for bank payments.

At www.CASHFORCARS.nyc, we do our best at getting customers the best possible price for their new, used and lease vehicles.  With our extended network we do our best at providing top dollar for junk and wrecked cars considering the price of metal has just dipped to under 7 cents a pound in the area.  Many people drive themselves crazy trying to find a buyer for their car in brooklyn.  You owe it to yourself to simplify the process and get the cash you need today.

For a free Cash for Cars Brooklyn quote just fill out as much information as possible or call toll free (888) 743-7620

PLEASE FILL OUT AS MUCH INFORMATION AS POSSIBLE. ONE OF OUR ASSOCIATES WILL CONTACT YOU ASAP WITH THE BEST POSSIBLE PRICE FOR YOUR CAR. IF YOU HAVE ISSUES CALL US TOLL FREE (888) 743-7620

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HOW TO TRADE YOUR CAR IN FOR CASH

  • We buy all types of automobiles including expensive and luxury models paying up to $100K for your car or truck. We even arrange for final payoffs to the bank.
  • Crashed your car? Our network of auto buyers can help get you the money you need for your car even if we are tied up and can't make immediate arrangements.
  • We arrange for market pricing getting you the most money for your junk cars. Our network can arrange to have your car or truck towed free of cost getting you cash at the same time.
  • Cant afford to keep paying the loan on your new car? We buy all types of new, used, leased, and financed cars. Fast payment made and we can arrange for bank payments.

Cash for Cars NYC would love to buy your car for cash however we’d be deceiving our customers if we didnt give good information on how to utilize your vehicle for it’s maximum value when trading it in for a new car.

For starters, when trading your older vehicle for a new one you need to understand what the sales tax break is.

The sales tax break is simple. When you purchased your current vehicle a few years ago, you may have purchase it for $40K and paid sales take on that amount. Now your car is only worth around $25K on trade but you are buying a new $40K vehicle. If you are a NYC resident and the dealer is willing to give you $25K on trade, that $25K is actually worth the same as if you sold it privately as $27,218.75. How, well when you used your vehicle as a trade in you subtract the trade in value and only pay sales tax on the balance owed. In the case shown above, you would only pay sales tax on $15K rather than $40K. Wich equates to the same if you sold your car privately for $27,218.75 or traded it for $25K.

Now, how do you know if you are getting played by the new car dealer? The first questions they will ask is if you have a trade. Even if you do say no. In most cased, you will pay more for the new car and they will give you an illusion of giving a higher trade value. It’s a smoking mirror. Negotiate the best possible deal first and then introduce the trade. When doing this, you force the dealer to give you a realistic price on trade so you know your options.

This is where we come in. Now that the dealer is giving you a bottom line trade, call us and we might be able to offer a better price which is giving you more money in your pocket than the sales tax break. Another advantage is if you are shopping for a used car, you might fair better by taking the cash first so you have flexibility when shopping by having the physical cash in pocket.

Any way you look at it, it’s definitely worth contacting us for a cash quote for your car. Appraisals are always free and in may instances we might be able to come to you. Feel free to call us toll free at (888)743-7620 or visit us online at www.cashforcars.nyc.