Posts Tagged ‘New York’

TAKE THE FAST CASH?

HANDSHAKE

In the automotive world selling a car is by far one of the most difficult tasks one may have to endure.  It’s easy to look at a pricing guide to get a price on what your car may be worth however getting that amount is another challenge.  For starters, when selling a car privately you will most likely be dealing with private buyers looking for a bargain not to deal with dealer pricing.  Think about it, most banks will not provide a loan to you when dealing with a private buyer.  The risk of issues becomes too great with no recourse on the seller for misrepresenting the vehicle.  The mere fact that dealers have the opportunity at providing financing already kicked to back a bit.  If you own a newer vehicle or luxury automobile, not everyone is walking around with $20, $40 or $60 thousand to purchase a car outright.  Financing is imperative.  When you’re selling an older car, cash deals are possible but they are just that, looking for deals and most people are tire kickers and will ultimately waste your time.

Like we said, selling a car privately is no bargain.   This is why we recommend taking the fast cash!  At Cash for Cars we offer you the opportunity to sell your vehicle quickly for the best possible wholesale price.  There’s no recourse and no headaches.  You wont have to worry about giving a warranty and once the car is sold you’re all done.  In most cases selling a car for cash will take you less than 15 minutes and we handle all the paperwork.  Even if your vehicle is old or inoperable we may still be able to make you an offer for your vehicle.  If you’re stuck in a loan or lease we can still work with you in an effort to get rid of that annoying monthly payment.

If you are one of those who have a car, truck or van and need to get rid of it, let us get you a free no hassle quote on what we can get you for your vehicle.  Just visit us online at www.cashforcars.nyc or call toll free 888-743-7620 and get the fast cash you need and eliminate that headache today!

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.

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.