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    PURCHASING or leasing a defective vehicle is one of the biggest fears that car consumers have. Luckily, auto salesman and TikTok creator Keshawn posted a video explaining what models to steer clear of when shopping for your next ride. 2TikTok user @lifewithkey (pictured above) is a professional car salesman with advice on what vehicles to avoidCredit: TikTok/lifewithkey_ Keshawn says the first car you should stay away from is Chevrolet’s Cruz sedan. This auto salesman noted that Cruz models have a reputation for regularly breaking down and are widely available at used dealerships for a reason. Up next on Keshawn’s list of vehicles to avoid is another Chevrolet — the Equinox SUV. Keshawn highlights that electrical issues and other mechanical problems like transmission failings often plague Chevrolet’s Equinox. READ MORE ON CAR SHOPPINGORDER UP I’m a car expert - the biggest car dealer scams to avoid when vehicle shoppingRULE OF THREES I’m an auto salesman - Three principles that lead to a successful purchase Dodge’s Dart is another vehicle that Keshawn said experiences transmission problems. After this TikTok creator listed his first...
    The Organization for Security and Cooperation in Europe (OSCE) said it does not have a presence in the contested Ukrainian region known as the Donbas following reports of vehicles with their insignia in the area. OSCE, which is a regional security-oriented intergovernmental organization with observer status at the United Nations, said on social media Monday that they are not present in the region and that, "Should you see any vehicles with OSCE markings in Donbas, know that they are not used for OSCE purposes." IRAN COULD BE 'CONTRIBUTING' TO WAR CRIMES IN UKRAINE, WHITE HOUSE ALLEGES The response comes after Ukrainian military reporter Andrii Tsaplienko shared a photo the day before of OSCE-marked vehicles being transported near the Izvaryne border checkpoint in occupied Luhansk Oblast close to the Russian border. Russian forces have frequently been accused of violating international law and committing war crimes throughout the war. Should Russia use the vehicles for nefarious purposes, it would violate international law. Tsaplienko speculated that Russia could use the OSCE-marked vehicles in a provocation to blame Ukraine for an alleged attack against...
    A salesman walks past used Toyota Motor vehicles at the Brent Brown Toyota dealership in Orem, Utah, on Monday, April 6, 2020.George Frey | Bloomberg via Getty Images DETROIT – Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according to Cox Automotive. The automotive data firm expects wholesale prices on its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, to end the year down 4.3% from December 2022. "New supply remains tight, but it is improving rapidly. As supply in new improves demand for us is declining," Cox Automotive chief economist Jonathan Smoke said Monday. The decline is expected to follow a whopping 14.9% fall last year from inflated prices during the coronavirus pandemic, as the availability of new vehicles reached record lows due to supply chain and parts problems that interrupted vehicle production. The declining rates are good news for the Biden administration, which a year ago blamed much of the rising inflation rates in...
    It's not just late-model luxury cars that auto thieves are coveting: One crew just swiped six older vehicles from two neighboring used-car lots in Hasbrouck Heights, authorities said.  The burglars broke into dealerships across from one another on Railroad Avenue sometime after dark Sunday, Dec. 11, and before mid-morning on Monday, Police Chief Joseph Rinke said. Taken were five four-door vehicles: 2009 Mercedes Benz C30 (black); 2011 Infinity G2A (gray); 2012 Audi A4 (white); 2012 Hyundai Sonata (white); 2013 BMW 5S (black); 2013 Hyundai Sonata 4dr silver.
    It's not just late-model luxury cars that auto thieves are coveting: One crew just swiped five older vehicles from two neighboring used-car lots in Hasbrouck Heights, authorities said. The burglars broke into dealerships across from one another on Railroad Avenue sometime after dark Sunday, Dec. 11, and before mid-morning on Monday, Police Chief Joseph Rinke said. Taken were five four-door vehicles: 2009 Mercedes Benz C30 (black); 2012 Audi A4 (white); 2012 Hyundai Sonata (white); 2013 BMW 5S (black); 2013 Hyundai Sonata 4dr silver.
    A pedestrian walks past a certified pre-owned car sales lot in Alhambra, California on January 12, 2022.Frederic J. Brown | AFP | Getty Images DETROIT – Wholesale prices of used vehicles reached their lowest level in more than a year last month, as retail sales decline amid interest rate hikes, rising new vehicle availability and recessionary fears. Cox Automotive said Wednesday that its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, has declined 15.6% from record levels in January through November. The index dropped to 199.4 last month, below 200 for the first time since August 2021, and is down 14.2% from the same month a year ago. It marks the sixth-consecutive month of declines. The falling prices come as the availability of new vehicles steadily rises from historic lows, providing additional options for consumers and potentially better loan options from automaker's financing arms. "New inventory is finally starting to build, and that's producing momentum in new retail sales, but that momentum appears to be at the expense of used retail....
    In this article APOFollow your favorite stocksCREATE FREE ACCOUNTErnest Garcia III, CEO of Carvana, speaks to CNBC on the floor of the New York Stock Exchange, March 7, 2019.Brendan McDermid | ReutersShares of Carvana plummeted by more than 30% in pre-market trading after the embattled online used car retailer's largest creditors reportedly signed a deal binding them to act together in negotiations with the company. The pact, reported by Bloomberg, includes creditors such as Apollo Global Management Inc. and Pacific Investment Management Co. that hold around $4 billion of Carvana's unsecured debt, or around 70% of the total outstanding. The news outlet, citing people with knowledge of the deal, said the agreement will last at least three months. Such creditor agreements are viewed as a way to streamline negotiations around new financing or a debt restructuring. On Wednesday, Wedbush analyst Seth Basham said bankruptcy is becoming more likely for Carvana and downgraded its stock to underperform from neutral and slashed his price target to $1 from $9 per share. Carvana did not immediately respond for comment. Representatives for Apollo and...
    A fire near Nantucket Memorial Airport set at least five vehicles ablaze that were used by the Secret Service during President Joe Biden's Thanksgiving vacation on the wealthy Massachusetts island. The vehicles are owned by Hertz and were just recently returned to the rental car company by USSS, according to sources who spoke with the Nantucket Current. The fire involving the rental cars occurred Monday – one day after Biden left Nantucket to return to the White House. There were no injuries but at least four cars sustained significant damage in the fire, which occurred just 40 feet from the airport's 25,000-gallon jet fuel tanks. Five vehicles went up in flames that were rented by the U.S. Secret Service during President Joe Biden's Thanksgiving vacation to Nantucket. The fire was just 40 feet from the airport's 25,000-gallon jet fuel tanks The vehicles, rented from Hertz, were destroyed from a yet-to-be-explained fire on Monday in the parking lot of the Nantucket Memorial Airport – just one day after the president left the island to return to Washington, D.C.  One of the vehicles...
    In this article CVNAFollow your favorite stocksCREATE FREE ACCOUNTErnie Garcia, CEO, CarvanaScott Mlyn | CNBCDETROIT – Last year, Carvana CEO and cofounder Ernie Garcia went on a victory lap. He touted the company's "landmark" second-quarter results on Aug. 5, 2021 that included the used car retailer's first-ever quarterly net profit. He then reminisced about the rapid growth of "a bunch of ambitious kids with a shocking amount to learn" into a Fortune 500 company. It's now apparent the company's executives still have more to learn. Carvana's fairytale rise has since turned into a nightmare for investors amid rising interest rates, inflation and self-inflicted wounds. Since Garcia's comments last year, shares of the company have fallen from an all-time high of nearly $377 per share, notched in August of last year after that standout quarter, to as little as $6.50 per share this week – a 98% decline. Carvana has plummeted from a market cap of $60 billion to $2.2 billion after a small rally to end this week. The stock gained more than 30% on Thursday, followed by a 19%...
    In this article CVNAFollow your favorite stocksCREATE FREE ACCOUNTSource: NYSEShares of Carvana were on pace for their worst day on record Friday after the company missed Wall Street's top- and bottom-line expectations for the third quarter as the outlook for used cars falls from record demand, pricing and profits during the coronavirus pandemic. The stock cratered roughly 40% in midday trading. Shares of the online used car retailer have plummeted by more than 95% this year, after hitting an all-time intraday high of $376.83 per share on Aug. 10, 2021. Carvana's current worst day of trading was a 26.4% decline on March 18, 2020. The stock is close to its all-time low of $8.14 a share, which occurred less than a week after the stock started trading publicly on April 28, 2017. Morgan Stanley on Friday pulled its rating and price target on Carvana. Analyst Adam Jonas cited deterioration in the used car market and a volatile funding environment for the change. "While the company is continuing to pursue cost cutting actions, we believe a deterioration in the used car...
    A CAR buyer has slammed an online auto retailer after she discovered that the vehicle she purchased through the site was undrivable, warning others to steer clear of the company. Christy Smith told Action News Jax that it was only after she paid $22,999 plus taxes and fees for a used 2017 Ford Escape in December that she learned there was a lien on it. 2Smith could not register her car and had it replaced with a Sante FeCredit: Fox30 2Smith also got a $100 car wash gift card for their troublesCredit: Fox30 The lien meant that Smith, who lives in Jacksonville, Florida, couldn't transfer the title to her name, rendering her new car useless. Vroom is a website that allows you to buy, sell, or trade your car. Smith only found out that Vroom doesn’t have a clear title for her Escape after she took procession, she said. This meant she could not register the car. Read More on Used CarsFINANCING FACT How to lease a used carSHOPPING SECRETS 7 tips for spotting hidden issues when buying...
    In this article AN LAD GPI ABG Follow your favorite stocksCREATE FREE ACCOUNTVehicles are displayed for sale at an AutoNation car dealership on April 21, 2022 in Valencia, California.Mario Tama | Getty ImagesDETROIT – Shares of AutoNation, Group 1 Automotive and other automotive dealers rallied Thursday following strong third-quarter earnings and optimistic outlooks regarding consumer demand for new vehicles. The results and comments followed concerns by some Wall Street analysts that the industry could soon shift from an inventory supply problem to a lack of demand, or "demand destruction," situation with interest rates rising, inflation at record highs and recession fears looming. "Clearly, there is some normalization that's going to occur and has occurred," Group 1 CEO Earl Hesterberg told investors after the company beat Wall Street's expectations on Wednesday. "But we don't have any big trepidation about next year … our core businesses such as aftersales and new vehicle sales are moving to remain strong in the near-term." Shares of AutoNation were up by as much as 8.2% after the company beat Wall Street's estimates on Thursday. Stocks...
    The US Department of Justice is leading a criminal investigation into Tesla after the company's self-driving feature led to more than a dozen crashes - some of which were fatal. Elon Musk stated in 2016 that the vehicle's 'Autopilot' system was 'probably better' than a human driver, despite recent tests indicating cars failed to detect mannequin children multiple times. A probe into more than 830,000 of the company's vehicles and its complementary advertising leads investigators wondering whether Tesla misled consumers, investors and regulators over unsupported claims regarding the feature. Should the department find any evidence to support its claims, criminal charges against the company or individual executives could be filed. Former US attorney Barbara McQuade, who has prosecuted automotive companies in the past, told Reuters that investigators would need to find internal communications within the company indicating misleading statements. The investigation follows a 2021 fatal crash in which a Tesla Model S, operating on 'Autopilot,' led its driver into a parked vehicle killing a 22-year-old college student. The US Department of Justice is heading a criminal investigation into Tesla, which...
    AUTO dealers are ripping off and endangering drivers by selling used vehicles with open recalls that haven’t been fixed. Dealers can sell these defective vehicles since they aren’t required to tell consumers about open safety recalls within pre-owned models. 2Used car buyers may be unaware that a vehicle they’re considering has an open recallCredit: Getty The law only forbids auto dealers from selling new cars with open safety recalls. This auto dealer loophole is especially painful now, given the market’s current inflated prices driven by the industry’s parts shortage. Consumers brunt the markups on pre-owned vehicles and may have to spend more on repairs if an open recall isn’t addressed. Even if a driver’s proactive about scheduling an appointment to fix their used car open recall, the auto supply shortage can make repairs unavailable for months. READ MORE ON CAR RECALLSRECALL RECAP What should you do when your car is recalled?TOTAL RECALL The car companies with the most recalls in 2022 - is your car on the list? One of the most common open recalls within pre-owned vehicles relates...
    SHOCKING footage has revealed how Hurricane Ian created a car graveyard full of luxury whips. We see the video’s cameraman walk around a parking lot of totaled vehicles covered in debris like seaweed and sand. 2Porsche Cayenne totaled after incurring heavy flood damage from Hurricane IanCredit: Instagram/@gisringhausen Seaweed and sand trapped in a car are telltale signs of heavy flood damage. A couple of the cars first shown include a $158,000 Audi R8 and a $72,000 Porsche Cayenne SUV. Adding to the lot’s mind-blowing cumulative insurance claim is an orange McLaren and handfuls of Mercedes and BMW models. Viewers of this jaw-dropping Instagram video were shocked by what they were seeing. READ MORE ON CAR FLOODINGSHOPPING SECRETS 7 tips for spotting hidden issues when buying a used carSTRIFE IN THE FAST LANE Watch as $1million McLaren hypercar is washed away by Hurricane Ian One Instagram user commented: “All of these fu**ers intentionally left these vehicles, so they would be totaled.” Another account wrote: “This is disgusting. Wastefulness to no end. Obviously, it is a different category compared to the loss of...
    Attorney General Chris Carr is advising consumers who are buying used cars to be wary of vehicles that might have suffered flood damage as a result of Hurricane Ian.  “With flood-damaged vehicles likely entering the marketplace in the wake of Hurricane Ian, consumers should take extra precautions when shopping for a used car,” said Carr. “We encourage Georgians to have a trusted mechanic inspect any used vehicle they are thinking of buying before they sign a contract or pay any money.” Flood-damaged vehicles are often sold at auction and then wind up on used car lots. Generally, a flood-damaged vehicle is declared a total loss by an auto insurer and titled as a “salvage vehicle.” However, bad actors may try to conceal the damage by engaging in a practice known as “title washing,” whereby they move the vehicle to another state where branding a title as damaged is not required, and then sell the vehicle back in the original state or elsewhere so that the title looks clean. There may...
    Police on Long Island are seeking the public's help to identify and locate a man who allegedly used stolen credit cards last month. The cards were stolen in Ronkonkoma on Tuesday, Aug. 9 and later used by a man to make purchases at the Home Depot in Hempstead. The suspect fled in a dark-colored pickup truck, said the Suffolk County Police. Suffolk County Crime Stoppers is offering a cash reward for information that leads to an arrest.  Anyone with information about these incidents can contact Suffolk County Crime Stoppers to submit an anonymous tip by calling 1-800-220-TIPS. All calls will be kept confidential.
    Newsday Llc | Newsday | Getty Images In pre-pandemic years, Labor Day sales events offered generous discounts on new cars as dealerships aimed to clear out current-year models and start selling the next year's versions. These days? Not so much. The average new-car discount offered by manufacturers is down an estimated 47.1% from a year ago to $969, according to a recent forecast from J.D. Power and LMC Automotive. August marked the fourth consecutive month of incentives trending below $1,000. More from Personal Finance:Here's how to combat inflation with Labor Day deals50% of employers expect job cuts, survey findsAmericans spend $314 a month on impulse purchases At the same time, the average transaction price for a new car reached an estimated $46,259 in August — 11.5% higher than a year ago and the highest on record, according to the J.D. Power/LMC forecast. "Shoppers waiting for Labor Day sales events with substantial discounts on outgoing model-year vehicles will be frustrated by the lack of markdowns and choice of vehicles," said Thomas King, president of the data and analytics division at J.D....
    By Ramishah Maruf | CNN Tesla’s autopilot and self-driving claims are under fire again, this time from the California Department of Motor Vehicles in a complaint it filed on July 28. The complaint alleges that the company made “untrue or misleading” statements in advertisements on its website by claiming that Tesla vehicles were, or could be, equipped with advanced driver assistance system features. The Tesla advertisements ran in marketing materials on the company’s website “on at least five dates” between May 2021 and July 2022, the complaint said. They included descriptions such as “Autopilot” and “Full Self-Driving Capability” and used such wording as “All you will need to do is get in and tell your car where to go…Your Tesla will figure out the optimal route, navigating urban streets, complex intersections and freeways,” the suit said. Another claim that the California DMV alleged was misleading said, “The system is designed to be able to conduct short and long-distance trips with no action required by the person in the driver’s seat.” “These advertisements are a deceptive practice” under California’s Civil Code,...
    New York (CNN)Tesla's autopilot and self-driving claims are under fire again, this time from the California Department of Motor Vehicles in a complaint it filed on July 28. The complaint alleges that the company made "untrue or misleading" statements in advertisements on its website by claiming that Tesla vehicles were, or could be, equipped with advanced driver assistance system features. Teslas using driver-assist systems were involved in 273 crashes over the past 9 months, according to NHTSAThe Tesla (TSLA) advertisements ran in marketing materials on the company's website "on at least five dates" between May 2021 and July 2022, the complaint said. They included descriptions such as "Autopilot" and "Full Self-Driving Capability" and used such wording as "All you will need to do is get in and tell your car where to go...Your Tesla will figure out the optimal route, navigating urban streets, complex intersections and freeways," the suit said. Another claim that the California DMV alleged was misleading said, "The system is designed to be able to conduct short and long-distance trips with no action required by the person...
    DETROIT (AP) — The surprise deal by Senate Democrats on a slimmed-down bill to support families, boost infrastructure and fight climate change also is likely to jump-start sales of electric vehicles. The measure agreed to by Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin of West Virginia would give EV buyers a $7,500 tax credit starting next year, through the end of 2032. There’s also a new $4,000 credit for those buying used EVs, a move to help the middle class go electric. But as things often go in Washington, there are a bunch of strings and asterisks. To be eligible, the electric vehicle has to be assembled in North America, and there are limits on annual income for buyers. There also are caps on the sticker prices of new EVs — $80,000 for pickups, SUVs and vans, and $55,000 for other vehicles — and a $25,000 limit on the price of used electric vehicles. Still, even with the restrictions, the credits should help stimulate electric vehicle sales, which already are rising as automakers introduce more models...
    Some detainees in the Czech Republic will be riding in style after the country's national police force added a seized Ferrari to its fleet of police vehicles. Czech police repurposed a 2011 Ferrari F 142-458 Italia that was seized due to criminal activity, adding a fresh coat of paint before it hit the roads as a patrol car on Friday. CINCINNATI POLICE OFFICER RECORDED USING RACIAL SLUR AFTER STUDENT FLIPS THE BIRD The cost of refitting the vehicle with police markings and equipment was approximately 340,000 Czech koruna, or $14,000, less than the price of the Skoda Scala station wagons that the police force typically uses, Capt. Jakub Vincalek said in a statement. The car will be used for police activities such as chasing stolen vehicles passing through the country, patrolling highways, and scouting out illegal street racing, which typically involves high-performance vehicles. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER The Ferrari is one of many valuable cars that Czech police have seized. In the past year, almost 900 vehicles were taken...
    Gokcen and Yasin Ceran have a teenage son who just started driving, so the Morgan Hill couple spent Thursday in the South Bay looking to buy a car — amid record prices for new and used vehicles. “It’s terrible timing,” said Gokcen, 47, a principal at a San Jose elementary school. Yasin, 47, a San Jose State University business professor, added, “It’s expensive.” With the COVID pandemic creating a severe computer chip shortage, new vehicles are pricey and scarce, pushing many buyers toward used cars, which is driving up prices for those, too. Around the Bay Area, where prices for new and used cars top the national average, and new cars are selling at the second-highest prices in the U.S., would-be buyers suffer unprecedented sticker shock and salespeople keep lonely vigils over lots that before the viral outbreak overflowed with factory-fresh cars. “In over 22 years in this business, I’ve never seen anything like this,” said Dmitriy Shamilov, senior sales manager at Envision Honda in Milpitas. “We usually have more than 700 new cars on this lot and now I...
    Jim Watson | AFP | Getty Images It's no secret that used-car prices have skyrocketed over the last two years amid an industry turned upside down by supply-chain issues and reduced new-car inventory. But how much extra are consumers paying? An average of $10,046 more — 43% — than if typical depreciation expectations were in play, according to a June 30 snapshot of prices in the "Return to Normal" index released by CoPilot, a car shopping app. The average price tag for a used vehicle is $33,341, a 0.5% increase from May and just $172 below the peak in March, the CoPilot research shows. If depreciation forecasts had held true, the average price would be $23,295, according to CoPilot's index. More from Personal Finance:6 strategies to recession-proof your finances at any ageBefore you 'chase dividends,' here's what to knowFocus on your ‘personal economy,’ not a possible recession "Despite signs of a slowing economy, rising interest rates and high fuel prices, the used-car market is holding firm," said CoPilot CEO and founder Pat Ryan. Consumer buying remains strong at least partly...
    HAVANA (AP) — Dany Pérez had spent four days in a line of vehicles waiting to fill his truck with diesel he needs for the 900-kilometers (560-mile) trip from Havana to his home in eastern Cuba. Taxi driver Jhojan Rodríguez had been waiting at another station even longer — it was nearing two weeks — but he was finally near the head of the line of hundreds of vehicles in the Playa district of the capital. Such lines have become increasingly common in Cuba, where officials apparently have been sending scarce diesel fuel to power generation plants rather than fuel stations for vehicles. It’s not the first time the island has suffered fuel shortages, but it’s one of worst. “I have seen pretty bad situations, but not like now,” said the 46-year-old Pérez, who was eating and sleeping in his 1950s-era Chevrolet truck, which he had outfitted to haul some 40 passengers. Drivers in the lines have tried to organize themselves by creating lists of those waiting and updating them daily as they wait for tanker trucks to...
    FRESNO, Calif. -- Just as the price of household items is rising, car shopping might give you true sticker shock.Experts say the average payment has surpassed $700 a month, with the cost of a new set of wheels reaching record highs.The average purchase price on a new car sold for a record of just over $48,000 in the month of June - that's nearly a 13% jump from last year."It's a combination of things and you just never know who's to blame for it," said Hedrick's Chevrolet co-owner Brett Hedrick.Hedrick says consumer demand is at an all-time high as dealerships continue to tackle a microchip shortage and supply chain issues brought on by the pandemic.That means there just aren't as many cars as there used to be and the ones they do get don't last long.According to Hedrick, his lot would typically carry an inventory of around 300 new vehicles but those numbers have dropped significantly since the start of COVID.The trend has moved toward more high-end car purchases with luxury vehicles making up 18% of all new car sales...
    by Bruce Walker   Buying a used car in the Midwest got a little more affordable in May over the previous month. The good news is that year-over-year price increases in used vehicles in May dropped seven percentage points from the year-over-year April price increases, from April’s 23.9% to May’s 16.9%. The bad news is a used car and truck in May 2022 still cost 16.9% more than a comparable used vehicle cost in May 2021. Major cities in the Midwest are among those hardest hit by increased used car prices between May 2021 and May 2022. Ranked in the iSeeCars Top 50 cities are: Minneapolis/St. Paul, ranked seventh with a 18.7% increase, or average $5,443 May year-over-year increase. Grand Rapids/Kalamazoo, ranked 27th with a 15.8% increase, or average $4,466 May year-over-year increase. Milwaukee, ranked 39th with a 12.7% increase, or average $3,659 May year-over-year increase. Detroit, ranked 48th with a 8.8% increase, or average $2,632 May year-over-year increase. According to iSeeCars’ analysts, San Antonio had the smallest price increase at 5.4%, while New York had the greatest used car price increase...
    Shopping for a new or used car over the last couple of years has become a more challenging endeavor. Because of the COVID-19 pandemic and its after-effects, we’ve had to deal with factory closures, supply chain issues, a worldwide shortage of semiconductor chips, vehicle shortages, price hikes on dealer lots and fewer discounts. Throw in sky-high fuel prices and rising interest rates, and it’s enough to make people throw their hands up in resignation. “Consumers in need of a new ride this summer need to break old habits and relearn how to smartly navigate today’s market,” said Ivan Drury, Edmunds’ senior manager of insights. “You can’t simply walk into the dealership expecting to find bargains, incentives or even the vehicle you want.” With this in mind, here are a few issues you need to know about the current car-buying climate, plus tips on best managing them. WAITING IT OUT MAY BE TOUGHER THAN EXPECTED Many people who were on the fence about buying a new car likely decided to wait out the chip shortage. In a recent interview, however,...
    Buying your first car is already an intimidating experience; in the midst of historic supply shortages, it’s easy to feel overwhelmed. In March of this year, the average price of a used car was $27,246, according to Cox Automotive — an automotive marketplace and data company — or 28% higher than it was a year ago. With those price increases, monthly payments have also swelled. Average payments for used cars reached $488 in the last quarter of 2021, according to Experian. On top of that, the average loan term for used vehicles was just over 67 months, or more than five years. For many, cars are a necessity. If you have little or no credit, no co-signer or just a limited budget, it can be easy to accept a loan that pushes your budget or binds you to a car for six, even seven years. Not being ready before stepping onto a car lot can open the door to making a purchase you’ll later regret. Set your limits before you ever stop at a dealership; with the right preparation, you...
    FOOTAGE has emerged for the first time of the Wolfhound heavy tactical support vehicles given to Ukraine by Britain. They are designed to protect the crew from roadside bombs and were used in Afghanistan. 3Footage has emerged for the first time of the Wolfhound heavy tactical support vehicles given to Ukraine by Britain 3They are designed to protect the crew from roadside bombs and were used in Afghanistan In the footage, Ukrainian soldiers can be seen training with the vehicles — which have Browning M2HB .50 calibre heavy machine guns. Britain has agreed to send at least 120 armoured cars to Ukraine for the war effort. Eighty of them are the Mastiff, Husky and Wolfhound protected mobility vehicles. The other 40 are for combat reconnaissance. Read more on UkrainePUTIN CORNERED Putin is 'delusional' and could launch nuclear attack out of DESPERATION They include the Spartan vehicle, which can carry four soldiers plus a crew of three. Also included in the vital shipment to Ukraine are Samaritan ambulances, Sultan armoured command vehicles and Samson armoured recovery vehicles. Yesterday defence ­sources said...
    By Danielle Chavira DENVER (CBS4) – The Denver District Attorney’s Office announced it will prosecute 11 people accused of stealing at least 130 vehicles including camping trailers as well as firearms. The group was part of an organized crime ring. Authorities are still looking for one outstanding suspect – Esequiel Gomez, 33. The group victimized across the Denver-metro area, prosecutors say, amounting to $3 million in stolen property between Feb. 4 and May 11. The district attorney’s office says they used the money to buy methamphetamine, heroin and fentanyl. The defendants allegedly used electronic key programmers to bypass key fobs for new and luxury vehicles. The suspects are also accused of burglarizing dealerships and repair shops to get keys to the vehicles. “The individuals are accused of conducting countersurveillance by driving unpredictably and dangerously to flesh out undercover law enforcement officers. If confronted by law enforcement, they would allegedly ram vehicles, drive over obstacles, flee at high-speed and enter on-coming lanes of traffic. In addition, they are alleged to have used social media platforms including Facebook to coordinate their activities,...
    The short supply of new vehicles continues to drive demand, and prices, for used vehicles higher, and buying used can now cost almost as much as buying new. In some cases, more. New and used vehicle search site iSeeCars reports in April, the average slightly used model — based on sales of 2020 and 2021 models — was just 1% less than its new model counterpart. In April, the average sale price of a Chevrolet Camaro coupe in the D.C. area was 16.9% more than a new version, or nearly $7,400 more. More Business News More Local News The Camaro ranks No. 1 in the D.C. market for used over new. The Kia Telluride ranks No. 2, with a one- to two-year old model selling for an average 14.5% more than new. That’s followed by the Dodge Charger, at 10% more; the Toyota Tacoma, at 9.8% more; and the Toyota RAV44 Hybrid at an average 7% more than new. The main reason buyers are willing to pay more for a slightly used vehicle is because it’s an in-demand...
    A sign advertises cash paid for used cars in Alhambra, California on January 12, 2022.Frederic J. Brown | AFP | Getty Images DETROIT – Wholesale used-vehicle prices have notably fallen from a record high, set in January, signaling the worst of sky-high prices related to higher inflation in the U.S. may be behind us. Cox Automotive said on Friday that its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, declined 1% in April from March – marking the third straight month of declines from the first month of the year. "We clearly have returned to vehicles depreciating again. That's a good news story for both inflation and for consumers looking to buy a vehicle," Jonathan Smoke, chief economist at Cox Automotive told CNBC. Wholesale vehicle prices have dropped 6.4% since the January record. However, prices are still extremely high, and the index remains up 14% from a year ago. The drop-off in pricing comes as Manheim estimates used retail sales declined 13% in April from March, suggesting demand is easing amid...
    HERO Ukrainians are using tiny Mad Max style buggies to obliterate monster Russian tanks - and even take down planes. Mounted with Stugna-P anti-tank guided missile systems on their roofs, the nippy two-seater vehicles are wreaking havoc for Vladimir Putin's forces as they are wielded by Ukrainian defenders. 2Ukrainian defenders are using mini buggies to blast Russian tanks and even planesCredit: @@AbraxasSpa/Twitter 2The all-terrain vehicles are mounted with missile systemsCredit: @CalibreObscura/Twitter Russian troops have suffered severe losses since the war began in February with Ukraine claiming it has killed more than 23,000 of Moscow's soldiers. The wrecks of Putin’s war machines also litter the land he ordered his forces to invade as Ukraine also claims it has destroyed more than 1,000 tanks, 2,400 armoured vehicles and 345 aircraft. The brave defenders have been using inexpensive battle buggies amid their display of defiance that has stunned the world. In a David versus Goliath style battle, Ukrainian hit and run raid teams have been fielding the Ranger UTVs against some of Russia's most terrifying and lethal armoured vehicles. Read more on UkraineLAST...
    Pittsburg will soon have new rules for the buying, acquiring and using military equipment for its police department. The City Council on Tuesday approved an ordinance establishing a military equipment use policy that requires the police department to get approval from the council before acquiring or purchasing such equipment. The ordinance passed unanimously, with council members Merl Craft and Shanelle Scales-Preston absent. The new ordinance, which will return for adoption in two weeks, stems from Assembly Bill 481, which Gov. Gavin Newsom signed on Sept. 30, 2021, along with six other police reform laws. The bill requires law enforcement agencies to establish policies and obtain approvals from their governing bodies for military equipment. Authored by Assemblyman David Chiu, D-San Francisco, AB 481 aims to address the concerns about transparency, accountability and oversight surrounding law enforcement’s acquisition and use of military equipment. Under the ordinance, Pittsburg police will be able to continue to use the military equipment it already owns. The term “military equipment,” as used in the bill, however, does not necessarily refer to equipment the military uses. “Military equipment”...
    by Jon Miltimore   The last time I purchased a used car it didn’t turn out well. A number of years ago, I bought a used 2005 Mazda Tribute for what I thought was a screaming deal: $5,900. The mileage was low, and the vehicle was in pretty meticulous shape—or so I thought. Unfortunately, the engine had a small oil leak that turned into a large leak, and resulted in a blown engine. Six months after I bought it, the car was shot. I was out $5900, and was forced to downgrade to a Saturn as my commuter car. For me, the experience was a lesson learned. Don’t invest too much money in used cars, especially of the older variety. A new report, however, suggests Americans are turning to used vehicles in droves—likely out of necessity. Al Root, a senior writer at Barron’s, notes that surveys show many users are paying more for used cars than newer versions of the same model. Needless to say, Root says, this isn’t how things typically work. “New cars are supposed to cost...
    A customer is shown a 2022 Toyota Prius at Longo Toyota in El Monte, CA on Wednesday, March 23, 2022.Medianews Group | Orange County Register via Getty Images People spend a lot of money on their cars and trucks. In fact, about 16% of the average American's total budget goes to transportation, including vehicle costs and fuel. That makes it the second-biggest expenditure after housing but before incidentals like food, education, and saving for retirement. The scale of the expense can make shopping for a vehicle stressful – especially for younger, first-time buyers who tend to have less-established credit histories and lower savings. And today's market makes it even worse. According to Kelley Blue Book, the average cost of a new vehicle (including cars, crossovers, vans, pickup trucks and SUVs) exceeded $47,000 at the end of 2021 – up more than 25% in just two years. Average used vehicle prices saw an even steeper rise, going up 42% from under $20,000 at the end of 2019 to over $28,000 two years later. These price increases exceed overall inflation over the...
    Anyone who lives in Virginia knows it’s the only state in the region to charge an annual property tax on vehicles. The recent spike in used car prices, based on pandemic-related low supply and high demand, has threatened to hurt Virginia taxpayers, even if they’re not in the market for a new set of wheels. Some Northern Virginians could get relief. More Virginia News Virginia’s personal property tax on vehicles, commonly known as the car tax, is calculated by each locality. In Arlington County, the 2021 tax rate for most vehicles was 5%, so the owner would pay approximately $500 for a vehicle valued at $10,000. Fairfax County’s rate was $4.57 per $100 of assessed value, and Loudoun County’s was $4.20. Last month, Virginia Gov. Glenn Youngkin signed a law that allows each localities to choose whether it wants — or can afford to — cut car tax rates, since used car values are so high. HB1239 gives jurisdictions that latitude, since the state constitutionally mandates 100% fair market value in property tax assessments. Loudoun County became the...
    DETROIT (AP) — BMW has halted production at two German factories. Mercedes is slowing work at its assembly plants. Volkswagen, warning of production stoppages, is looking for alternative sources for parts. For more than a year, the global auto industry has struggled with a disastrous shortage of computer chips and other vital parts that has shrunk production, slowed deliveries and sent prices for new and used cars soaring beyond reach for millions of consumers. READ MORE: Jury Deliberations Underway In Michigan Gov. Whitmer PlotNow, a new factor — Russia’s war against Ukraine — has thrown up yet another obstacle. Critically important electrical wiring, made in Ukraine, is suddenly out of reach. With buyer demand high, materials scarce and the war causing new disruptions, vehicle prices are expected to head even higher well into next year. The war’s damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals — from palladium for catalytic converters to nickel for electric vehicle batteries — are cut off. “You only need to...
    by Bruce Walker   Michigan consumers considering the purchase of a new or used car or truck may be wise to put off replacing their current vehicle, according to University of Michigan-Flint Economics Professor Christopher Douglas. An iSeeCars analysis of 1.8 million car sales in February 2022 concluded prices for used cars are up 35% nationally. In Detroit, used car prices were up 31%, or $7,442.77 over last year. This spike in prices is in part due to a scarcity in new cars caused by the microchip shortage. However, Douglas told The Center Square the current rate of inflation in the United States and the Russian invasion of Ukraine are also contributing factors. “Six months ago, I thought waiting until the chip shortage was resolved was the smart way to go,” Douglas said. “I think I have changed my mind,” he continued. Douglas said the current rate of U.S. inflation – currently edging just under 8% –is proving a significant factor in the price of new and used vehicles. “The chip shortage doesn’t appear to be ending anytime soon due to...
    CHICAGO -- BMW has halted production at two German factories. Mercedes is slowing work at its assembly plants. Volkswagen, warning of production stoppages, is looking for alternative sources for parts.The video featured is from a previous report. For more than a year, the global auto industry has struggled with a disastrous shortage of computer chips and other vital parts that has shrunk production, slowed deliveries and sent prices for new and used cars soaring beyond reach for millions of consumers.Now, a new factor - Russia's war against Ukraine - has thrown up yet another obstacle. Critically important electrical wiring, made in Ukraine, is suddenly out of reach. With buyer demand high, materials scarce and the war causing new disruptions, vehicle prices are expected to head even higher well into next year.The war's damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals - from palladium for catalytic converters to nickel for electric vehicle batteries - are cut off."You only need to miss one part not to be...
    DETROIT (AP) — BMW has halted production at two German factories. Mercedes is slowing work at its assembly plants. Volkswagen, warning of production stoppages, is looking for alternative sources for parts. For more than a year, the global auto industry has struggled with a disastrous shortage of computer chips and other vital parts that has shrunk production, slowed deliveries and sent prices for new and used cars soaring beyond reach for millions of consumers. Now, a new factor — Russia’s war against Ukraine — has thrown up yet another obstacle. Critically important electrical wiring, made in Ukraine, is suddenly out of reach. With buyer demand high, materials scarce and the war causing new disruptions, vehicle prices are expected to head even higher well into next year. The war’s damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals — from palladium for catalytic converters to nickel for electric vehicle batteries — are cut off. “You only need to miss one part not to...
    As workers continue to return to commuting, the price of vehicles and auto parts is soaring. The price of new and used cars and trucks has skyrocketed over the past year, according to data released by the Department of Labor on Thursday. The cost of new cars and trucks in February increased 12.4 percent compared with 12 months ago. The price has risen 0.3 percent since January. The cost of used vehicles is still in the fast lane, increasing 41.2 percent since last year despite a 0.2 decrease from the prior month. It will not help much to just try to keep the old car running. Car parts prices are up 11.3 percent compared with a year ago. Tires are up 15.4 percent. Bodywork is up 11.9 percent, and repairs are up 6.7 percent. And, of course, gas prices are at record highs. Overall, the prices rose 7.9 percent compared with a year ago, a 40-year-high record high.
    A pedestrian walks past a certified pre-owned car sales lot in Alhambra, California on January 12, 2022.Frederic J. Brown | AFP | Getty Images Wholesale used-vehicle prices fell in February from January, a sign that while prices remain near record levels, the surge in U.S. used-car prices may be easing. Cox Automotive said on Monday that its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at Manheim's U.S. wholesale auctions, declined 2.1% in February from January. Still, on average, used vehicles are historically expensive. The index is down from its record high in January, but it's still up 36.7% from a year ago. Covid-related supply-chain disruptions – in particular, an ongoing global shortage of the kinds of semiconductor chips used in cars, trucks and SUVs – have forced automakers to limit their production of new vehicles. That in turn has triggered a surge in used-vehicle demand, and in used-vehicle prices, over the last year. While nearly all used vehicles are more expensive than they were a year ago, the increases haven't hit all categories of...
    ORANGE (CBSLA) – Gas prices are hitting record highs and so are used car prices, and while customers are struggling to find good deals, so are the dealers themselves. “That price range between $5,000 to $10,000 is really competitive,” said Taylor Ogden, who owns Drive Smart Motors. READ MORE: LAPD Arrests Man Suspected Of Attempted Rape In FairfaxAccording to the U. S. Bureau of Labor Statistics, the consumer price index for used cars and trucks jumped by nearly 41% from January 2021 to January 2022. Ogden, an independent used car dealer in Orange, just returned from a trip to Oceanside where he snapped up an older model truck from a private party to resell on his lot. “I wasn’t comfortable with the price I had to pay for this truck. Two years ago, I would have never been anywhere near the price that I just paid, but that’s the world we live,” he said. READ MORE: One Dead After Driver Of Stolen Amazon Prime Truck Crashes Into BuildingExperts said the ongoing computer chip shortage has automakers focused on selling...
    The price of used cars has soared over the past year by an average of 40%, though some have even gone up as high as 69% in value, according to a new report.  The value of a three-year-old Dodge Grand Caravan, Nissan Versa and Toyota Prius have all risen by over 60% compared to their prices a year ago, finds a study from auto market research firm Edmunds that lists the top 10 used cars that surged in price. Prices of used cars are soaring so high because of a slowdown in production of new cars due to ongoing supply chain issues, inflation and a semiconductor microchip shortage. The drop in new car production has, in turn, created a high demand for used cars. All 10 used cars listed by Edmunds have risen by over 50% in value, with Dodge Grand Caravan topping the chart by jumping a whopping 69% from $15,227 in January 2021 to $25,789 this past January. Nissan Versa trails behind with a 66% surge from $9,842 last year to $16,366 this year. Toyota Prius is next...
    Both the new and used vehicle markets are wacky right now, with double-digit year-over-year increases in prices and popular vehicles that are in short supply. The newest twist is that certain, gently owned used vehicles are selling for more than their brand new counterparts. The reason is supply and demand, especially for buyers who are set on trading in for a sought-after model. More Business News “If you’ve got a new vehicle that you are interested in, and you go to your dealer and there is no time frame that he can give you honestly on when that new car is going to come in, but the same model, one or two years old, is sitting on the lot, ready to go, people are buying them, just to have the vehicle today versus waiting an indefinite amount of time,” said Karl Brauer at new and used vehicle search site iSeeCars. Used-more-than-new certainly does not apply across the board, but is a phenomenon that is happening with models that are in extremely high demand, and extremely low supply. The...