What Cities in Wyoming Overpay for Automobiles Plus Financing?
The American Automobile Industry, which was on life support a few years back, has enjoyed another record breaking year in 2016.
Dealers are poised on shaky ground in 2017, as indicators point to the prospective new car buyer having better negotiating power in the new year.
Some people have a knack for getting great deals on automobiles, however the masses seems to overpay for the ride of their choice. According to wallethub if you purchased in Cheyenne or Rock Springs, you probably overpaid for the choice you made.
Here are some key findings from the latest study.
- Interest rates for new cars are at their lowest point in the past three years. However, the average new-car loan now charges 16 percent less interest than the average used-car loan.
- Now is the time for people with excellent credit to buy used cars. The average interest rate for such buyers has fallen nearly 28 percent since the beginning of 2014.
- Overall, buyers who have fair credit will end up spending about six times more to finance a vehicle than someone with excellent credit, which equates to $6,403 in additional interest payments over the life of a $20K, five-year loan.
- People in the market for a new car should start their search for financing with car manufacturers (rates 43 percent below average) and credit unions (25 percent below average). National banks (2 percent above average), and regional banks (29 percent above average) should be secondary options.
- Car manufacturers continue to lack transparency when it comes to leasing offers, with the average one receiving a WalletHub Transparency Score of 4.68/10. The most transparent manufacturers are currently Mazda, Infiniti, Mini, BMW, Acura, Mercedes, Honda, Volkswagen, Kia, Toyota, Nissan, Audi and Hyundai and even they registered only a 6-point rating.
- Toyota, Hyundai, Kia, Mazda, Subaru, Ford, Fiat and Chrysler offer the lowest financing rates out of the major car manufacturers we surveyed. Chrysler, Mazda, Hyundai, Chevrolet, Honda, Jaguar, Toyota and Subaru have the best leasing offers.
If you're looking for a new automobile, a few things to remember and be aware of as you navigate the automobile jungle. Educate yourself and make sure the automobile suits your needs. Know your credit score as you begin the buying process as fair credit will cost you in the long run.