Thursday, June 21, 2018
Business

Pros and cons of buying a new car

If you're in the market for a vehicle, it pays to know the pros and cons of buying new. When you buy new, you are responsible for the full cost of the vehicle and whatever happens after you buy it, including depreciation. Drivers have the option to pay off the entire vehicle at signing time, but most people choose to finance their purchase.

Some dealerships offer zero percent financing for five years, while others will offer an annual percentage rate on the term, which can vary in length. Be sure to ask for the lowest possible rate.

Benefits of buying a new car include:

• A full factory warranty. Buyers also have the option of adding an extended warranty.

• An abundance of available options, including color, accessories and technology, whether you're considering a Ferrari or Ford Fusion.

• The latest safety features and fuel-efficiency standards.

• Incentives, including favorable interest rates and possible rebates or dealer cash-back offers.

• The satisfaction of being the vehicle's first driver and knowing everything that has been done to it. At least early on, you should expect fewer mechanical or repair issues.

Despite all the advantages, there are reasons to consider buying used or leasing. For one thing, that new-car smell will fade long before your payments are over. Other caveats to buying new:

• Depreciation is one of the biggest negatives. Auto dealers say a new car can lose as much as 10 to 20 percent of its value as soon as it's driven off the lot.

• Because of depreciation, even a 1-year-old used car will cost thousands of dollars less than a brand-new car.

• Leasing allows drivers the option of always having newer, more updated, vehicles.

If you're set on buying new, be prepared before you walk into the dealership. Our researchers offer these tips:

• Bring a friend or family member to keep you focused and less likely to become emotionally attached to a particular vehicle.

• Know how much you can afford, as well as the trade-in value of your current vehicle. Check Kelley Blue Book at kbb.com to get an estimate.

• Research models and pricing and consider what options you really need.

• Most important, remember that you're in control. Don't let anyone pressure you, and be prepared to walk away.

Comments
WTR Pool and Grille brings ‘fun dining’ pool party scene to Tampa

WTR Pool and Grille brings ‘fun dining’ pool party scene to Tampa

Mike Piper has traveled to Las Vegas and Miami and enjoyed the fun, daytime, party pool scene that the two cities have to offer.Now he aims to bring that same atmosphere to Tampa with a new dining and hang out spot. WTR Pool & Grill opened on Sunday ...
Updated: 30 minutes ago
Grace Family Church gives thrift stores an upgrade in South Tampa

Grace Family Church gives thrift stores an upgrade in South Tampa

A new resale store has made its way to South Tampa. Grace Family Church recently opened Vintage Etc., to provide affordable, quality merchandise to the community and continue its outreach to help families in need in a loving Christian environment. "W...
Updated: 1 hour ago
2.4 million Floridians expected to travel for Fourth of July

2.4 million Floridians expected to travel for Fourth of July

Summer has officially started and so have summer travel plans. About 2.4 million Floridians are expected to travel for the Fourth of July holiday weekend, up 6.3 percent from last year, according to AAA, The Auto Club Group."We are already seeing a b...
Updated: 1 hour ago
Taylor Morrison builds in Wesley Chapel

Taylor Morrison builds in Wesley Chapel

Taylor Morrison will build a new subdivision off of Boyette Road between Wesley Chapel Boulevard and Overpass Road.The builder and developer recently broke ground on Chapel Chase, set on approximately 40 acres just north of New Tampa in Pasco County....
Updated: 1 hour ago
Armature Works developers sue Ulele and city of Tampa over use of nearby building

Armature Works developers sue Ulele and city of Tampa over use of nearby building

TAMPA — Two of the city’s hottest developers — the groups behind Ulele and the Armature Works — are heading to court over an old city building that sits between the hit eateries.Both want to redevelop the city’s former office of cable communications ...
Updated: 1 hour ago
Grain and Berry Cafe to bring its healthy menu to USF area

Grain and Berry Cafe to bring its healthy menu to USF area

Grain & Berry Cafe opened in Palm Harbor, and now the healthy eatery is rapidly expanding throughout the Tampa Bay area.The healthy eatery opened a new location on E Fowler Ave near the University of South Florida in May, just 10 months after opening...
Updated: 1 hour ago
Domain Homes: Buyers love them, some others don’t

Domain Homes: Buyers love them, some others don’t

TAMPA — When the 2008 financial crash brought down the nation’s housing market, hundreds of home builders went out of business. Among them was Sharon McSwain Homes in Atlanta, forced to liquidate in 2009.But just as developers like to develop, builde...
Updated: 1 hour ago
Supreme Court: Online shoppers can be forced to pay sales tax

Supreme Court: Online shoppers can be forced to pay sales tax

WASHINGTON — The Supreme Court says states can force online shoppers to pay sales tax.The 5-4 ruling Thursday is a win for states, who said they were losing out on billions of dollars annually under two decades-old Supreme Court decisions that impact...
Updated: 2 hours ago
Former employee sued by Tesla says he was a whistleblower

Former employee sued by Tesla says he was a whistleblower

Tesla sued a former employee Wednesday, accusing the man of hacking the automaker’s computer systems and stealing company secrets, shedding light on what chief Elon Musk had suggested was the work of a secretive internal saboteur.But the employee, Ma...
Updated: 4 hours ago
Orlando airport first to scan faces of U.S. citizens on international flights

Orlando airport first to scan faces of U.S. citizens on international flights

ORLANDO — Florida’s busiest airport is becoming the first in the nation to require a face scan of passengers on all arriving and departing international flights, including U.S. citizens, according to officials there. The expected announcement Thursda...
Updated: 4 hours ago