Manheim Reports Rise in Used <b>Car Prices</b> | Auto Credit Express Blog |
- Manheim Reports Rise in Used <b>Car Prices</b> | Auto Credit Express Blog
- Union Budget 2014 Live: Will <b>car prices</b> decrease with excise relief <b>...</b>
- Michigan Gas Station Offers Classic <b>Prices</b> For Classic <b>Cars</b>
- Saudi Arabia Plans To Raise Fuel Economy--But Not Gas <b>Prices</b>
- NY reaches <b>price</b> limit deal with <b>car</b> service Uber | Business <b>...</b>
| Manheim Reports Rise in Used <b>Car Prices</b> | Auto Credit Express Blog Posted: 10 Jul 2014 12:51 PM PDT The rise in wholesale used car prices could affect buyers with less than perfect credit.
The fact is that most buyers with problem credit will end up financing a used vehicle. Because of this, at Auto Credit Express we believe that current market trends could affect the budgets of many looking to buy a used car, especially many of the credit-challenged car buyers we work with. Manheim Used Vehicle Value ReportIn its most recent report, Manheim noted that consumer demand for used vehicles, in particular the price range most attractive to problem credit buyers, drove up the values for used vehicles during the second quarter of 2014. The press released noted that "the Manheim Used Vehicle Value Index, a measure of wholesale prices adjusted for mix, mileage and season, increased 1 percent compared to the first quarter and rose 3.6 percent on a year-over-year basis." It attributed this rise to the"readily available auto financing at attractive terms has made it possible for more consumers to buy a vehicle and afford slightly higher-priced models." Car Buyers with Credit IssuesThe report also pointed out that "The sweet spot in the market has also moved upward in terms of price. In June, the strongest pricing and lowest relative supply of vehicles in the wholesale market was in the $12,000 to $15,000 price range. In 2013 and early 2014, the strongest pricing was often found in the $8,000 to $10,000 price range." In particular, this means the pricing of two vehicle segments most attractive to people looking to buy a car with bad credit where affected:
None of this is particularly good news for families with poor credit or people in need of bad credit car loans, since higher vehicle prices translate to higher monthly payments and increased interest charges. There was, however, also some good news. The report stated that car loan delinquencies have remained low, while an expected increase in the number of vehicles coming off lease should ease prices, although modestly, later on this year. The Bottom LineLacking a crystal ball, it's difficult to determine the right time to buy a used car. And while used car prices may moderate this fall, there's always the chance that, despite the availability of loans, interest rates could rise. In other words, the money saved in holding off for a better price could be offset by paying more in increased in interest rates. One thing we do know: Auto Credit Express helps buyers with damaged credit find those dealers that can offer them their best chances for a car loan approval. So if you're ready, you can begin the process now by filling out our online auto loan application.  |
| Union Budget 2014 Live: Will <b>car prices</b> decrease with excise relief <b>...</b> Posted: 09 Jul 2014 11:00 PM PDT
The Union Budget has always been crucial to the economy. In simple words, it involves the government's ideas and schemes to boost the economy. After an interim budget, which had made very few changes to the existing scenario, the Narendra Modi government is all set to present its first budget. After the phenomenal victory of the BJP, it is now time to see the government in action and there are huge expectations to boost the economy. The Railway Budget left many people surprised, and with the introduction of many schemes and a few projects, the NDA government seems to have taken a difficult path. Budget 2014 has high hopes for the economy and the market. While the stock market broke down and is currently lying flat, the Budget can either boost the economy immensely or bring one of the biggest downfalls. One sector in India that has seen great increase in investments has been the automobile sector. The interim budget helped boost this sector by bringing down the prices of automobiles. This was a result of the reduction in excise duty until 30th June 2014. For commercial vehicles, small cars and bikes, excise duty goes from 12% to 8%. SUVs get a huge cut as excise goes from 30% to 24%. For mid-segment cars, it's down from 24% down to 20%. It would be interesting to see how the Modi government molds this scheme. The topic of excise and octroi has played a vital role in shaping the economy and there are high hopes that the government will reduce this burden that has been put upon the common man. Modified Date: July 10, 2014 11:30 AM |
| Michigan Gas Station Offers Classic <b>Prices</b> For Classic <b>Cars</b> Posted: 11 Jul 2014 03:08 AM PDT Detroit isn't just where new of cars are dreamed up, it's also a place where classic cars are cherished. A Mobile gas station in Birmingham, Mich., in the heart of classic car country, offered up gas at classic prices for car owners in honor of National Collector Car Appreciation Day. Enthusiasts paid per gallon the going rate of gas in the year their classic car was built. For many enthusiasts, that meant filling up for pennies on the dollar. "They look up the price of gas for whatever year your car is," Russ Vorpagel told The Detroit News as he topped off his 1957 Chevrolet Bel Air for $3.00. "It was 30 cents a gallon in 1957." A line of classic cars formed down the street in the early hours as classic car owners waited to take advantage of the retro prices and atmosphere. The cheap gas was organized by Hagerty Insurance, a company which specializes in insurance for classic and collectible cars, motorcycles and boats. Staff was on hand to service the cars like grease monkeys from a bygone era. There was even a waitress on roller skates offering free doughnuts to motorists. Every August, a 16-mile stretch of the Detroit area's main drag, Woodward Ave, hosts the largest single day gathering of classic cars in the world. |
| Saudi Arabia Plans To Raise Fuel Economy--But Not Gas <b>Prices</b> Posted: 09 Jul 2014 07:30 AM PDT Whether you call them fuel-economy standards or carbon-emission limits, new vehicles sold in North America, Europe, China, and elsewhere are subject to regulations that will require them to get more energy-efficient. Now, another country is discussing new regulations that would require both new and imported used vehicles to meet minimum gas mileage standards. That country is the Kingdom of Saudi Arabia. Energy use exceeds growth The reason for the proposed rules is simple: Energy demand in the kingdom has risen steadily by 4 to 5 percent a year due to economic growth, but the increase in energy use is exceeding the growth rate of the economy. The Saudi Energy Efficiency Center (SEEC) was established in 2010 to coordinate and consolidate efforts between government and industry to rationalize energy use and boost efficiency. Out of that work came the 2012 Saudi Energy Efficiency Program, which included initiatives applying to industry, buildings, and transportation--which together represent more than 90 percent of total energy use in the kingdom. DON'T MISS: 2014 BMW i3: What A Tesla Driver Thinks Of New Electric BMW In a briefing on the program presented in the May 2014 issue of Oxford Energy Forum (page 4), Prince Abdulaziz Bin Salman Al-Saud offered more details of the program, and its provisions for improving the fuel economy of road vehicles. Fleet MPG rules On the transportation front, the program focuses on light-duty vehicles (passenger cars and light trucks), with two main thrusts: improve new-vehicle efficiency and cut fuel consumption by the entire fleet. ALSO SEE: Saudi Arabia Uses Your Gas Dollars To Fund...Solar Energy Starting next month, a fuel-economy label will be required on all new vehicles offered for sale. The mix of vehicles sold in Saudi Arabia is similar to that of the U.S., with a significant proportion of full-size pickup trucks and sport-utility vehicles. Starting in the second half of next year or early in 2016, the draft regulations will require all new vehicles sold to comply with new fleet-average fuel-economy regulations. The proposed levels for 2020 don't raise efficiency as high as North American or European standards: The fleet-average target for that year is 12 kilometers per liter, or roughly 28.2 miles per gallon. The North American fleet average for 2020 is 40 mpg--or in the low 30s on the fuel-economy window stickers. China is higher, at 49.4 mpg, and the European carbon restriction translates to the highest level, 61 mpg. Cash for clunkers? Saudi regulators are also assessing the potential of financial incentives to vehicle owners to replace older, inefficient vehicles with newer, more fuel-efficient ones--similar to the 2009 "Cash for Clunkers" program in the U.S. The program is also collaborating with various agencies to set up temporary mass-transit solutions in the period before a number of planned large public-transportation projects open for passengers. As for heavy-duty vehicles, the regulators are assessing the impact of various initiatives for cutting their fuel use as well. Those include aerodynamic add-ons, regulations against idling, and incentive programs to retire the oldest and least-efficient heavy-duty vehicles as well. Gas price untouched It's worth noting, however, that the efficiency program has no plans to raise the cost of vehicle fuel in the kingdom. One gallon of gasoline costs roughly 45 U.S. cents in Saudi Arabia today. In that respect, the Saudi approach is similar to that of the United States, in which the burden is placed on automakers to boost efficiency while fuel remains (by world terms) relatively cheap. European and Asian regulators, on the other hand, have levied significant taxes on both gasoline and diesel fuel to incentivize consumers to select more efficient vehicles. The draft standard for the new Saudi vehicle-efficiency regulations, first published last year, can be viewed online. _______________________________________________ Follow GreenCarReports on Facebook, Twitter, and Google+. |
| NY reaches <b>price</b> limit deal with <b>car</b> service Uber | Business <b>...</b> Posted: 09 Jul 2014 06:47 AM PDT Originally published July 9, 2014 at 6:47 AM | Page modified July 10, 2014 at 2:56 AM ALBANY, N.Y. — The car service Uber has agreed to limit prices during emergencies, natural disasters or other unusual market disruptions consistent with New York's law against price gouging, the company and state attorney general said Tuesday. Uber, which uses a mobile application to connect riders with vehicles for hire, has its rates rise and fall with demand, but it has been criticized for "surge pricing" that's sometimes exponentially higher than base fares. Prices usually increase weekdays during rush hour in New York City, on Saturday nights, special occasions like New Year's Eve and during bad weather. Under the agreement signed Tuesday, Uber will set a cap during "abnormal disruptions of the market," limited to the range of prices charged in the preceding 60 days and excluding the three highest prices. Attorney General Eric Schneiderman said the agreement between his office and Uber Technologies Inc. and Uber NYC will apply to UberX, Uber Black and Uber SUV statewide. "This agreement represents the thoughtful application of long-established law to new technology," Schneiderman said. "It provides consumers with critical protections to which they are entitled under the law, and it provides Uber with clarity from government about how the law will be applied to its innovative pricing model." Uber chief executive Travis Kalanick said the policy "intends to strike the careful balance between the goal of transportation availability with community expectations of affordability during disasters." The San Francisco-based company said it is instituting the same cap policy for its services for each market nationally. Meanwhile, Uber said that during disasters and states of emergency that it will also donate commissions on surge trips, or 20 percent of the total fare on trips with elevated pricing, to the American Red Cross. On Monday, Uber said it is temporarily cutting New York City prices in a bid to compete with taxis. The New York law against price gouging, passed almost 36 years ago in response to escalating heating oil prices, defines abnormal market disruptions as "any change in the market, whether actual or imminently threatened, resulting from stress of weather, convulsion of nature, failure or shortage of electric power or other source of energy, strike, civil disorder, war, military action, national or local emergency, or other cause ... which results in the declaration of a state of emergency by the governor." During those times, businesses are prohibited from charging "unconscionably excessive prices" for essential consumer goods or services.  Want unlimited access to seattletimes.com? Subscribe now! |
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