The Secret to Maximum Car Life & Performance?

 

Vehicle maintenance is the single most important factor in your car’s life

As far as value is concerned, the old adage rings true: A car loses value as soon as you drive it off the dealership lot—up to 15% depending on the vehicle. It doesn’t stop there; by the time it’s four years old, the typical car retains only about half of its value. After that, however, the depreciation curve is much less steep. So buying a three or four-year-old car, which should still have years of dependability, makes plenty of sense. It’s even possible to buy a car of this age, drive it for a year and resell it with little or no loss in equity. In fact, the most cost effective way to own a car is to buy a used car that’s about 3- or 4-years old and drive it until it’s no longer driveable or worth the cost to maintain. Wait… maintain? Yes, all of the above hinges on your vehicle’s maintenance history. When properly maintained, a vehicle should easily last another six to eight years without needing any major repairs… emphasis on properly maintained.  Sticking to a car maintenance schedule, and keeping good records of what you’ve done can help extend the life of your vehicle and protect you against breakdowns, expensive repairs, and other unwelcome surprises.

 

What is Your Car’s Maintenance History

 

With used cars, each has led a different life. Some may have been pampered, others abused. The best bet is often one owned by a trusted friend, family member, or original owner who can share details of the car’s history. Still, it’s smart to carefully look the car over inside and out, top to bottom and during daylight hours when paint flaws that may indicate repairs or other troubles can be readily spotted. Essentially, you’re looking to ensure the car is in the condition claimed by the seller. So what if you don’t know the owner? 

Firestone in Chesapeake Va keeps an ongoing record of your car’s service and can provide you with a detailed print out for the year anytime you need it. This is especially helpful when it’s time to sell. Firestone will also begin reporting your car’s maintenance records to Carfax in the future, making it possible for potential buyers to order it online. Carfax vehicle history reports are one of the most reliable ways to search a car’s maintenance records. Many dealerships provide them free to customers but they can also be purchased for $39.99. Not all maintenance shops report your car’s repairs and maintenance to Carfax however. Carfax Shop Locator will give you a list of Carfax affiliated shops in your area. Carfax won’t list unreported accidents and repairs but will show you a history of the items listed below.

 

  • Major Accidents

  • Multiple Owners

  • Vehicle Service

  • Structural Damage

  • Open Recalls

  • Registration History

  • Mileage Rollback

  • State Owned

  • Total Loss

  • Rebuilt

  • Warranty Information

  • Flood Damage

  • Airbag Deployment

  • Mileage Rollover

  • Not Actual Mileage

  • Salvage Titles

  • Service History

  • Hail Damage

  • Branded a Lemon

  • Junked

  • Estimated Miles Driven Per Year

  • Last Reported Mileage

  • Length of Ownership

  • Commercial or Personal Use

 

A Regular Maintenance Schedule like this one is a great way to start!  

SHORT TERM CHECK-UPS

OIL AND COOLANT LEVELS

Every month, or every few gas fill-ups and especially before any longer road trips, it’s a good idea to get under the hood of your car and inspect both the oil and coolant levels while the engine is cool. Low levels of either can lead to engine problems if left unchecked. Refer to your owner’s manual to locate both on your specific vehicle.

AIR FILTER

Your engine’s air filter is what regulates the air that flows into your engine and helps keep out debris and particulate. By making certain that your air filter is flowing properly, you can improve your fuel efficiency, decrease your emissions, and help ensure the life of your engine. This can be done easily at home, so check your owner’s manual for instructions and how often it needs to be changed.

TIRE PRESSURE AND TREAD DEPTH

Since well-maintained tires are integral to a safe, fuel-efficient ride, make it a habit to visually inspect your tires often. Check the pressure in your tires every month, and before long trips or carrying extra load.  Don’t forget the spare.  A tire pressure gauge will be needed to check your tire pressure. Also, during the colder months, note that tire pressure drops one pound with every 10 degree decrease in pressure. Your owner’s manual will tell you how much air pressure your tire needs. You can check your tread depth using the simple penny method.

HEADLIGHTS, TURN SIGNALS, BRAKE, AND PARKING LIGHTS

It’s important that the lights on your vehicle are properly functioning, but oftentimes it can be easy item to overlook. Once a month, turn on your headlights when you’re parked in front of a flat surface and check that both headlights are working properly and well-positioned. Walk around your car and visually inspect both turn signals and your parking lights. Have a friend stand behind the car while you engage the brakes to be certain that your brake lights are functional.

OIL & FILTER

The motor oil in your vehicle’s engine serves a whole slew of functions: it lubricates the moving parts, helps act as a sealant against debris, cools the engine, reduces wear and tear, and helps prevent engine corrosion. Keeping it clean is vital for good engine health. Depending on your car and what kind of oil you’re using, you may need to change both the oil & oil filter as much as every 3 months or 3000 miles. Many newer vehicles’ owners’ manuals will recommend changing your oil less frequently – often in-between 5,000 and 10,000 miles. Check your vehicle owner’s manual and consult with a professional to be certain what is appropriate for your vehicle.

ROTATE TIRES

Depending on your vehicle alignment, usage, and many other factors, the tread wear patterns on your tires may vary between the front and back tires, or even from one side of the tread to the other. Rotating your tires will help to extend the service life of your tires by more evenly balancing the tread wear, and helping prevent noise and vibration problems.

WAX VEHICLE

Making certain to wax your vehicle every six months after washing it won’t just keep it shiny, it’ll also help to keep both the paint in good shape and reduce the chance of rust. Many irritants such as dust, sand, and salt can build up and environmental factors like ozone and ultraviolet light can cause microscopic damage, but waxing can help minimize this by forming a protective seal to extend your paint’s life.

 

LONG TERM CHECK-UPS

 

TRANSMISSION FLUID

Much like the oil in your engine, transmission fluid is a lubricant that helps keep all of the moving parts inside of your transmission functioning properly. Whether you’re driving an automatic or manual transmission vehicle, it is essential that you have your transmission fluid checked and changed when needed to avoid costly transmission damage or replacement. Follow the vehicle manufacturer’s recommendations.

TRANSFER CASE FLUID

In four-wheel or all-wheel drive vehicles, the transfer case is what shifts power from the transmission to the axles. You’ll need to have the transfer case fluid checked according to the vehicle manufacturer recommendations to make certain that it is properly filled and leak-free. This will require you getting under the vehicle, so bringing it into a professional is recommended.

INSPECT SHOCKS AND STRUTS

The shocks and struts on your car function to control the impact and rebound as your vehicle passes over bumps in the road and are an essential part of your auto’s steering system. They should be inspected by a professional every 50,000 miles or bring your car to the shop if you notice a decrease in smoothness or loss of control when driving.

COOLANT FLUID EXCHANGE

The radiator in your car is a vital component that helps keep your engine cool and functioning properly. Having your coolant system flushed regularly will help get rid of contaminants that can build up inside as well as ensure that your radiator is filled to a proper level. Check your vehicle manufacturer’s recommendation to find out how often your coolant should be exchanged,

SPARK PLUGS

The spark plugs in your engine ignite the gas and air mixture that ultimately powers your vehicle . If your spark plugs aren’t functioning properly, your engine will lose power and won’t run at optimal capacity. Have a professional check and replace any faulty spark plugs depending on vehicle mfr recommendations or when you feel a decrease in your engine’s power.

SERPENTINE BELT

Although may seem like a simple piece of rubber, your vehicle’s serpentine belt is essential to keeping your car running by powering peripheral devices such as your alternator, power steering pump, and air conditioner compressor. Visually inspect the belt to ensure that it is free of cracks or other wear and tear.  Replace id damaged or according to your vehicle manufacturer’s recommendation.

FRONT AND/OR REAR DIFFERENTIAL

The differentials are devices that split the torque—or power—from the engine and allow it to send power to the tires. In front or rear-wheel drive vehicles, there is only one differential, but in 4-wheel and all-wheel drive vehicles, there is both a front and rear differential, and possibly even a center differential. Like many parts of your vehicle, the differentials need to be kept lubricated to ensure proper functionality. Have a professional check and change fluid whenever your vehicle manufacturer recommends it.

 

SEASONAL CHECK-UPS

 

The needs of your vehicle can vary by season and driving conditions. Following are a few suggestions to add to the notes section of your vehicle maintenance checklist:

REPLACE WINDSHIELD WIPERS

Windshield wipers need to be replaced about once every year, or whenever the effectiveness is compromised. In winter months, it could also be a good idea to install winter wiper blades for optimum performance. You should also pull your wipers away from the window when parked during the winter to prevent ice buildup.

BATTERY PERFORMANCE CHECK

Your car battery is one of the most important components for your vehicle to run. A car battery supplies large amounts of electrical current for the starter, engine and other electronic accessories in the vehicle. Extreme temperatures affect the performance of the battery so regular battery testing will ensure that battery will perform when you need it to.

CHANGE TIRES

Depending on where you live and the winter driving conditions you might encounter, you might want to switch your tires in cold, snowy months to a winter/snow tire. When the temperature hovers at or below freezing consistently, the tire compounds in non-winter tires hardens, decreasing traction and handling performance while increasing braking distance. Winter tires have tread patterns and compounds designed to remain soft in the cold and provide grip in snow, slush, and icy driving conditions.

CHECK COOLANT LEVELS

It’s also important to check your antifreeze levels in your radiator in winter months to keep your radiator or engine components from freezing. A 50/50 mix of antifreeze to water is generally recommended, but check your owner’s manual or with a professional to be certain.

 

Overall, car dependability has improved considerably over the past decade. A five-year-old vehicle is likely to have about a third fewer problems than one would have had a decade back. Engine, transmission and exhaust problems, which once plagued older cars, have decreased dramatically, according to automotive research groups. Do your homework when buying used and request a Carfax. It’s invaluable when it comes to confirming background information on any used car, truck, or SUV. If the dealer can’t or won’t provide a Carfax, keep looking. Once you’re in the driver’s seat, do your monthly maintenance and drive it until the wheels fall off.  

Have questions? Call or text Mike Love at (757) 560-4252, I have answers!

TM Auto Wholesalers, Chesapeake Va

 

 

Sources:

 

Staff “The Ultimate Car Maintenance Checklist” www.bridgestonetire.com Web. Retrieved from: https://www.bridgestonetire.com/tread-and-trend/drivers-ed/ultimate-car-maintenance-checklist

 

Staff “service shops” www.carfax.com Web. Retrieved from https://www.carfax.com/Service-Shops

 

The ABC’s of Buying a Used Car

Used car shopping? It’s as simple as ABC with a good plan and the right tools!

Let’s break used car shopping into three parts; finding the right automobile for your needs, researching it, and making the deal!

First, narrow the field with these three questions:

How am I planning to use this automobile?

a. Daily transportation to and from work
b. Hauling the family to sports events, school, trips
c. Work vehicle with room for tools
d. Adventure vehicle for off road
e. Heavy duty vehicle for towing a boat or toy trailer
f. Sports car with just enough room for two

 

How long do you plan to keep it?

Think about the long term… Is this an impulse buy or can I really keep this vehicle. The best scenario would be to purchase used after depreciation and drive it until the wheels fall off.

 

Am I financing or paying cash?

If you’re taking out a loan, get a quote from your bank or credit union so you can compare those numbers with what the dealer may offer in terms of financing. Remember, longer-term loans may lower your monthly payment, but you’ll end up paying more for your vehicle in the long run. Cash means zero percent financing!

 

A: THE CAR

As a rule, it’s best to set a budget first, seriously, set it and don’t forget it. This will help you decide where the funds will come from and how to pay them back. Decide what you need and want, yes they’re both part of the equation, you’ll be making those payments so you should be happy with your purchase. Remember, affording a car is more than making the monthly payment. You may be able to pay for a BMW and a Toyota Corolla but can you afford to repair the BMW? Search online; Car Gurus, CarMax, local dealers, Carvana, and Facebook Marketplace.
By now you should have a pretty good idea of what’s in your price range, time to start digging…

 

B: RESEARCH

How is the car’s safety and reliability record? Check Consumer Reports and J.D. Power collect maintenance reports from owners and rate your choice as well as other used cars. Safety first and reliability is key!
You can use a guide like Kelly Blue Book to estimate the market value of the car you’re looking at based on age, mileage and options. It’s not perfect, but it should get you in the ballpark.
Now that you’ve found a car…. What’s next?

Once you find a car you like, contact the seller to ask any questions you have and get a Vehicle History Report from CARFAX by referencing the vehicle’s identification number (VIN). This will give you the good, the bad, and the ugly on the car. A reliable dealership should provide a CARFAX report on every car in their inventory. This report is vital, it will provide you with information that cannot always be seen. Below are just some of the details you’ll get from a History Report.

a. Does this car have a clean title? If a car’s been in a serious accident, fire or flood, and was “totaled” by the insurance company (declared a total loss) it still might be drivable. However, the insurance company will issue a “salvage title” to alert future buyers. It’s best to steer clear of cars with a salvage title because it kills the resale value, and the car might still have hidden problems. NOTE, this is not always the case, especially if you plan to keep the car indefinitely and know that the damage was repaired completely.

b. Serious accidents are reported to the insurance company and will probably be on the vehicle history report.
Shady car lots might spin the odometer back to increase its selling price. The vehicle history report can alert you to this scam.

c. It’s nice to think the car you’re interested in was driven to church by a little old lady for its entire life. If you order the report, you’ll know for sure each time it changed hands.

d. Some reports show if required maintenance was done on time and where the work was performed.

A pre-purchase inspection of the car you’ve chosen can be done before making any deals. A pre-purchase inspection is an independent, third-party professional service that evaluates a vehicle’s condition before a purchase offer is made. … Unless the vehicle is unsafe to drive, the evaluator does not provide a purchase recommendation. It will include a detailed road test where components such as steering and brakes can be assessed. A thorough inspection will include checking engine compression and a computer engine analysis. A basic PPI will cost $20.00 from Firestone and the buyer typically pays for the pre-purchase inspection. This is your opportunity to test drive the vehicle to see what YOU think.

 

C: Make the Deal

Let’s make a deal! A good deal is paying less than the listed price, prepare to negotiate with the comparisons from your online research and your Kelly Blue Book numbers. Considering the seller has probably listed their car a little high, you should have some room to bargain. Start by pointing out the things you love about the car then move to your concerns and what the blue book says the car is actually worth. Play nice, be firm and you’ll do just fine.

Before taking ownership of the car, you should add it to your insurance policy. Then, you only need to pay for the car — usually with cash or a cashier’s check. Make sure you get a title and have the seller sign it correctly. When in doubt, check the state’s registry website for more information. Most states allow about 10 days to register the car in your name. If you’re buying from a private party, and there is still a loan on the car, call the lender to find out how to close the deal. If the lender is a bank, offer to meet the seller in a branch office and sign papers there.
If you’re at a dealer, It doesn’t hurt to see if they can get a better interest rate. Just make sure all the other terms of the loan are the same. Review the sales contract carefully before signing. The contract will probably include the agreed-on sales price, sales tax, documentation fee, and registration fee. Take your keys and hit the road!

Have questions? Call or text Mike Love (757) 560-4250. I have answers!
Follow TM Auto Wholesalers on Facebook to see our latest inventory.

 

 

 

Sources:
Reed, Philip “How to buy a used car” NERDWALLET.COM 3/21/2016. Web. Retrieved from

How to Buy a Used Car

Youngs, Jeff “Understanding Pre-purchase inspection (PPI) JDPOWER.COM Shopping Guides 4/19/2019 Retrieved from:
https://www.jdpower.com/cars/shopping-guides/understanding-pre-purchase-inspection-ppi

“Planning to buy a car, take these five steps” ONEMAINFINANCIAL.COM Resorces-everyday living. Web. Retrieved from:
https://www.onemainfinancial.com/resources/everyday-living/planning-to-buy-a-car-take-these-five-steps-first

Berger, Rob “6 Reasons to Pay Cash for a Car (and how to actually do it) Personal finance. DOUGHROLLER.NET 9/26/2018. Web. Retrieved from:
www.doughroller.net/personal-finance/6-reasons-to-pay-cash-for-a-car/

Buy a slightly used car for the win!

New Car Depreciation

A new car purchase is exciting, there is nothing quite like the moment you drive off in your new car! It’s the same for all of us, what is there not to love? Well, you probably won’t love the price tag or the drop in value within the first 1-5 years. In fact, that car will be worth 20-30% less within 12 months, that’s a $15’000 loss on the average luxury car! Could you have used that cash?

Look at it like this; your brand new $40,000 car will have a sticker price closer to $45,000. That’s one way to look at depreciation. Carfax data shows that cars can lose more than 10 percent of their value in depreciation during the first month after you drive off the lot. 

 

Make Depreciation Work for You

A used car that is two or three years old will already have taken a big depreciation hit, making it a better value. On average, a used car will already have lost 20 to 30 percent of its value in its first year and half its value by year three or four. If you plan to keep it for a long time, a used car may be an even better value. These days, it’s not uncommon for used cars to go well past 100,000 miles if they are properly maintained. Many can hit 200,000 miles without a major problem.

 

Fastest Depreciating Cars in 2018

If you bought one of the cars used, good job! Look at their depreciation rates after just one year of ownership to see what you may have or could have saved.

 

  • Kia Sedona 30%
  • Toyota Camry 30.7% (due to redesigned new models)
  • Infiniti Q-50 – 32.2%
  • Cadillac CTS 33.4%
  • Lincoln MKZ 33.7%
  • Mercedes Benz E-Class 34.5%
  • Jeep Compass 34.8%
  • Cadillac XTS 38.7%

 

Largest Drop

Every automobile, for specific reasons has its own rate of depreciation. It may be a particular model isn’t quite what the market expected or a high-ticket luxury model that’s at the height of popularity. In most cases, it’s simply the lure of “NEW”, and its depreciation value is your gain.  Below is a list of cars that are known for their high depreciation value. You can expect to get the best deals on these cars after 5 years off the lot. Like what you see, call me!

 

  • Chevrolet Impala 66.2 %
  • Jaguar XJL 66.4 %
  • Mercedes-Benz E-Class 67.2%
  • BMW 5-Series 67.3%
  • BMW 6-Series 68.3%
  • Ford Fusion Energi Hybrid 69.4%
  • Mercedes-Benz S-Class 69.9%
  • BMW 7-Series 71.1%
  • Chevrolet Volt 71.2%
  • Nissan Leaf 71.7%

 

Percentages will vary from car to car depending on it’s condition and MSRP but on average you can expect a sharp drop within the first five years. Consider buying slightly used when choosing your next car, it’s money in the bank!

Have questions? I have answers, call or text (757) 560-4252 and ask for Mike Love. Let TM Auto Wholesalers of Chesapeake help you get the car you want for the price you need.

Follow TM Auto on Facebook to get instant notices on new inventory.

 

Sources:

Agadoni,Laura. “Budgeting.nest: Buying a New Car Vs. a 2 or 3 Year Old Car” www.budgeting.thenest.com 4/1/2019. Web. Retreived from:  https://budgeting.thenest.com/buying-new-car-vs-2-3-year-old-car-25758.html

Stocksdale, Joel “MSN: Fastest depreciating cars in America.” www.msn.com. 4/6/2018. Web.  Retrieved 4/1/2019 from:   https://www.msn.com/en-us/autos/buying/fastest-depreciating-cars-in-america/ss-BBDY7Oa#image=9

Silvestro, Brian “Road and Track: These Are the Cars That Depreciate Most” www.roadandtrack.com. Oct 12 2018, Web. Retrieved 4/1/2019 from https://www.roadandtrack.com/car-culture/buying-maintenance/g23723032/cars-with-high-depreciation/