It’s a well-known fact that if you trade in your car, you’ll probably get less money for it than you would by selling it privately yourself. However, the “for sale by owner” route can take a lot of time and effort, oftentimes more than people are willing to invest in the process. That’s part of why nearly half of all car purchases include a trade-in. But what can you do to get the most money for your trade-in? Here are 8 tips you can use now to do exactly that. 1. When You Trade in Your Car, Keep the Trade and Purchase Negotiations Separate It’s a common question people ask when they decide to trade in a car: How can I get the best value for my trade? One of the most important things you should do is keep the negotiations about your trade-in as separate as possible from negotiating the price of your next ride. The next question is to figure out which one happens first. Some argue for negotiating the price of your next vehicle first, then figure out … [Read more...] about How to Get the Most Money When You Trade in Your Car
About a year ago, Waymo, Google’s autonomous driving division, sued Uber for allegedly using stolen trade secrets to develop its own self-driving cars. This week, the two companies met in court to fight it out, but instead of waiting for a verdict, Uber decided to settle the case.Automotive News reports that the settlement requires Uber to pay Waymo slightly less than $245 million. While that’s quite a bit of money, Reuters reports that Waymo’s initial offer was for $500 million, significantly less than its claim of $1.9 billion in damages. The settlement will be paid in stock equity, not cash, giving Waymo a 0.34-percent stake in Uber at its most recent $72 billion valuation.Following the announcement, Waymo released a statement saying, “We are committed to working with Uber to make sure that each company develops its own technology. This includes an agreement to ensure that any Waymo confidential information is not being incorporated … [Read more...] about Waymo’s Stolen Trade Secrets Lawsuit Just Cost Uber Lots of Money
Way before the book Rich Dad, Poor Dad existed, I had my own financial angel and devil on my shoulders in the form of my grandfather and mother, respectively. Granddad retired at 54 and lived more than four decades in perfect comfort based on the investment decisions he’d made prior to retirement. My mom is… well, let’s just say she didn’t retire at 54.Mom always had champagne taste and a debutante’s contempt for anybody who did not. When my grandfather decided to buy himself a Cadillac shortly after retiring, my mother told me, in quite snippy fashion, that it was “a used Cadillac, like what a loan shark would drive.” I don’t know what I thought I was going to find in Granddad’s garage when I got there, but the six-month-old ice-blue Eldorado Biarritz that he’d actually bought wasn’t it. He took me to the grocery store in it. When we went to the register, he took out a coupon book.“Granddad,” I asked, … [Read more...] about Ask Jack: Trading in Your (Chance at a) Chevy for a Cadillac-ack-ack?
Here's a piece from 2009 about how suddenly skittish lenders didn't want to roll an old balance onto a new loan, so carmakers would offer rebates instead, helping the buyer pay off the old debt. At the time, in response to a JD Power executive saying, "There's always been negative equity," the Bankrate writer wrote, "It just hasn't always been such a big problem."It's an even bigger problem now. Buyers financed roughly 86 percent of new car purchases last year, 43.5 percent of buyers brought a trade-in, and Edmunds reports that nearly one-third of those trade-ins were underwater. The lowest recent percentage of underwater loans was 13.9 percent in 2009, when lenders were tending their mortgage burns. The highest recent number — before the last few years — was in 2006, when 29.2 percent of auto trade-ins swam with the fishes. Bloomberg found that even as auto sales contracted last year, the auto loan market grew because banks and finance companies opened the vaults to … [Read more...] about One-third of trade-ins in a new-car deal are underwater on their loans
In its consultation meeting on January 18, the GST Council revised the prevailing rates on trade of used cars, which fell in the highest 28 percent tax slab and had almost derailed the organised pre-owned car industry in the country over the past six months.With implementation of the GST regime in India since July 2017, trade of used cars had been kept in the highest 28 percent (excluding cess) tax slab, similar to the tax levied on new cars. This effectively meant exponential rise in the amount of tax payable by registered dealers on used car sales as compared to the pre-GST scenario, where the tax stood significantly low and varied between 1-5 percent for most states and in some cases like Delhi, a 12.5 percent VAT was applicable on the difference between a dealer's cost of procuring (buying price - BP) of a second hand car and the invoiced selling price (SP) to its new customer.Along with the applicable tax being low, the methodology also differed from state to state … [Read more...] about 28 percent GST on used car trade slashed to less than half