Click above to view all FAQ's by section.
Finance FAQ More...
- Are monthly payments necessary?
Unless you're in the position to pay cash for a new or pre-owned vehicle, you'll need to establish a payment plan to obtain that vehicle. Two options exist - taking out a loan or leasing.
Insurance FAQ More...
- What are the laws regarding automobile insurance?
The laws vary by state, but most require basic liability coverage. States want to be sure that motorists have some financial backing in the event of a collision or any insurance-related incident. Most states require insurance to operate a vehicle in any circumstance, but there are a few exceptions:
Tennessee and Wisconsin do not require liability but legally expect drivers to prove adequate "financial responsibility" in the event of a collision. (Source: TN, WI DMV websites)
New Hampshire initially requires no insurance but does temporarily after a collision. (Source: NH DMV website)
Virginia is a rare exception, allowing a driver to pay a $500 Uninsured Motor Vehicle fee to legally operate without insurance at his/her own risk. However, the fee expires with the registration and must be renewed. Drivers in Virginia opting for insurance must meet the state's minimum coverage. (Source: VA DMV website; http://www.dmv.virginia.gov/webdoc/citizen/vehicles/insurance.asp)
Drivers in these four states often still carry insurance as protection.
Parts FAQ More...
- If a part on your vehicle demands replacing there are three options for replacement.
First, you can find a factory OEM part by either going through a dealer or contacting the manufacturer directly. Factory parts are built by the OEM manufacturer to the exact same specifications as the existing parts. New OEM components are generally the most expensive option but often yield the best fit, durability and overall quality. If you own your vehicle and are thinking of reselling, documenting repairs using factory parts can increase the resale value of the vehicle.
Second, you can find a new aftermarket part from a variety of parts dealers online and at shops around the country. Aftermarket parts are often exact replicas of OEM parts but are built by companies not associated with the primary auto manufacturer. While aftermarket pieces are less expensive than their OEM counterparts, they also may suffer in terms of quality, fit and finish. Aftermarket parts are great to get a car back up to speed if the budget is an issue and fit/quality do not matter. However, some aftermarket companies produce pieces that are of exceptional quality.
Third, you can find a used factory (or maybe even a used aftermarket) part at a salvage yard or from a private seller. Good used factory parts are a great way to save money and get an OEM specified piece at the same time. Obviously, used parts are subject to wear and are highly variable in their quality and usability.
Service FAQ More...
- Understand the conditions of your warranty
All new and many used vehicles arrive with a warranty covering unexpected repairs. Be sure to understand the duration and covered components of the warranty. A typical warranty might be written "48/50,000" meaning that coverage lasts either 48 months from the initial purchase or until the vehicle has 50,000 miles, whichever comes first.
Trade-in FAQ More...
Trading in your current vehicle towards another can partially offset the cost of the new vehicle. The trade-in's net value goes towards the purchase or lease of a new car. Conditions of a trade-in vary depending on who owns the vehicle.
If you own the vehicle, trading-in means that you're selling the car to the dealer for some determined price. As a result, the price of the new car goes down, only.
If you are leasing a vehicle and do not own it, trading-in means that the seller of the new car agrees to pay the outstanding costs associated with the lease. Depending on the financing of the new vehicle and the outstanding balance on the old one, trading-in can either raise or lower the new car's price.