Questions tagged [car]

Purchasing new or used cars, getting car loans, down payments for cars, refinancing car loans, and car insurance.

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Are third-party vehicle insurances allowed to keep the no-claims class down in Germany?

Almost one year ago, I bought my first car. It's the first and thus far only motor vehicle registered/insured to my name. The insurance company just sent me this invoice: They told me that for the ...
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  • 892
1 vote
2 answers
222 views

Can one cancel ones car insurance after a no fault crash?

Five days ago I purchased a one year third party only car insurance on the internet, which I believe gives me 14 days cooling off period during which cancel it. Today I was involved in a collision in ...
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  • 194
16 votes
9 answers
4k views

Why is the mandated minimal liability car insurance coverage so high?

All over the world, you need car insurance that covers the damages you do to others. In Austria and Germany, this insurance has to cover at least 7 790 000 € of damages. Isn't it a bit high? This ...
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4 votes
3 answers
248 views

Is considering worth of car repair by comparing repair cost against value of car a sunk cost fallacy?

Got my van checked out today from a check engine light. Long story short, part of the transmission has gone bad, and given the lower quality of this particular transmission, rather than diagnose the ...
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  • 1,262
2 votes
1 answer
276 views

Can I switch my car lease to prepaid?

My financial circumstances have recently changed, and as a result my cash flow is slightly negative. I have a car lease but I also have enough saved that I could prepay the remaining payments on the ...
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  • 713
-1 votes
1 answer
130 views

Should I buy a second car at 18 years old? [closed]

Is it smart to buy a 43k car when I have saved up 26k and make around 1000 a week as an 18 year old
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  • 11
0 votes
1 answer
82 views

Why does third party only car insurance price depend on where you live?

It is in the news that car insurance is higher in areas that have a higher proportion of people of colour. This is an analysis that is very easy for anyone to do, so I thought I would see what really ...
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  • 194
2 votes
1 answer
169 views

Possible Car Dealership Scam

I am new to purchasing vehicles and handling financial matters in general. I am trying to improve my financial literacy but still have a ways to go. My father is currently trying to purchase a vehicle ...
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  • 21
0 votes
2 answers
144 views

Lease with intent to purchase a vehicle

I am in the market for my first new vehicle ever. It will be a minivan for our growing family and we ideally plan to keep it forever. That being said, none of my vehicles have ever cost more than $15k ...
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  • 427
3 votes
2 answers
541 views

Capital gains tax on car trade in with appreciated value?

For US tax resident If car is traded in for a higher value car and the trade in value of the car is higher than the purchase price of the car, considering long term (>1yr)? Will there be any ...
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  • 141
0 votes
1 answer
119 views

Does the increased value of my used vehicle equal the increased cost of a new vehicle during the current chip shortage?

I have been researching trading in my current vehicle and purchasing a new or use model. From what I can tell used vehicles across all manufacturers are still up substantially, ~25% YoY on average. ...
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  • 1,086
1 vote
2 answers
206 views

Potential job offer where I would have to buy a car to use. How to calculate if it's worth it?

I am expecting a job offer for what is basically a delivery driver position. I would be using my own vehicle. There had been talk about getting reimbursed for mileage but now it's going to be a flat ...
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0 votes
1 answer
94 views

Taking home loan and car loan separately with some down payment or taking one loan without any down payment. which one is good?

Am from India and planning to buy a house and a car. I have ~10L in my hand. House costs around 36L (Including Registration and other charges) and car cost around 11L (on-road price). So paying down ...
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  • 101
2 votes
2 answers
126 views

What is the procedure of getting an auto loan?

I am a new international student in the US. My credit score is 702 in the Capitalone credit wise and 710 in the CreditKarma website. I am a fully funded PhD student and have an annual income around $...
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0 votes
1 answer
109 views

purchasing a car with a trial period

A stranger is selling their car for $5000 and I like it for that price. But, instead of a straight purchase, I want to arrange a deal in which I pay $5000 in full now (without any loans) but can ...
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  • 476
1 vote
0 answers
141 views

Can Salary Sacrifice be used to buy, not lease, a car in the UK?

I'm interested in buying an electric car and I'm aware that salary sacrifice can be used to lease one with tax benefits. I don't like leasing cars as I like to keep them for a long time. I can't ...
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  • 11
37 votes
8 answers
12k views

Did my insurance company scam me when they paid less for my car than I saw it selling for at a used car dealership later?

Tree fell on my car, windshield smashed. Other than that I can drive it, I can still get in and drive it around (obviously with limited visibility) had to wear extra protection so I wouldn't get cut. ...
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2 votes
3 answers
255 views

How much more do cars cost because of Covid?

I'm wanting to buy a car in the next few years. Covid caused used car prices to jump, and new car prices followed along. Prices have started to come back down, but my understanding is that they're ...
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  • 407
0 votes
1 answer
128 views

What should I take into account when deciding whether I should sell my car?

I purchased a 2016 Acura TLX in 2017 for ~$28,000 (2k down, 26 financed at 4.45%). I now owe ~$4,600 on the car. The car has a few damages to it (dented hood tip, cracked windshield, cracked taillight,...
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  • 2,778
12 votes
7 answers
14k views

Could I take my car even though my mom says no?

I have recently moved out of my mother's house. I'm 19. My mom gave me her car since she got another one. I pay the car payments but she pays the insurance, but she expects me to pay all the month’s ...
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  • 121
3 votes
1 answer
146 views

I am an IL resident and will move to MA next month. I need to buy a new car in IL for the moving. How do I pay lower sales tax?

I am current living in Illinois and will move to Massachusetts next month. I already have a valid lease with MA address but my driver license is still the IL one. My IL sales tax is 8.25% and MA sales ...
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  • 133
0 votes
1 answer
126 views

What is the typical (not chip-shortage-induced-supply-reduction) depreciation curve of a passenger vehicle? [duplicate]

I'd like to know how much of an out-of-the-ordinary increase in value I am getting for an offer on my car. To do so I'd like to know how much my car has depreciated in the timeframe since I bought it (...
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  • 2,778
2 votes
3 answers
177 views

How does the process of buying a customized new car on the brand's website work?

Interested in buying a brand new car (in the US) for the first time, I went browsing through the websites of car companies to check prices and customization features. In that process, I noticed that ...
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1 vote
1 answer
85 views

Do I need a bill of sale along with title?

Long story short, I just bought a car from a private seller in New York. I have the title and he has filled out the information necessary. Do I need to provide the bill of sale as well when I go to ...
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  • 11
13 votes
8 answers
3k views

What's the best way to quickly get a car on low budget with a poor credit score?

I am starting a new position somewhere that I'll absolutely need a car, so I have to buy one. But I have a poor credit score, so the best APR rate I can receive is about 18%. That means financing a ...
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  • 302
3 votes
2 answers
317 views

What paperwork do I need to sell a car for $30k cash in New Jersey and deposit the proceeds into my bank account?

I am selling my car to an individual who wishes to purchase the car from me for 30k in cash. I asked for a check instead but they stated they only have cash. What sort of paperwork would I need to ...
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34 votes
13 answers
14k views

Should I spend 3/4 of my savings to buy a new car that costs about a year of my annual salary?

Since I still live with my parents I've been saving money for a while. All these savings amount to around 15 months of my current salary. Now I need a car. Cars are pretty expensive. I don't want to ...
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  • 449
26 votes
7 answers
11k views

Dealer is pressuring me to return the leased car and lease another car

I leased an SUV for 3 years, 36K miles, and the lease is due in a month and I only used 10k miles. The car is "full-option" and the buyout price is visible in the portal where I make the ...
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  • 645
33 votes
7 answers
7k views

How to sell a car to a private party on payments

I am selling an old car for US$2500. A stranger offered to buy it at my asking price, but the stranger wanted to know if I would accept (installment) payments. This sounds like a very bad idea, so I ...
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  • 432
4 votes
3 answers
93 views

Investment instrument for investing money saved for a used car

I have saved money which I plan on using to purchase a used car in the coming years. The amount saved is the purchase price for a used car right now in April 2021 and I would like to make sure that I ...
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  • 272
0 votes
0 answers
102 views

Vehicle Trade-In

An ex-girlfriend and I took out a car together. After breaking up, she decided to trade in the car and get a new one. The dealership sent me a Power of Attorney form to fill out to have our car used ...
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23 votes
12 answers
13k views

How can I finance a car at 17 years old with no credit or co-signer?

I just turned 17 on March 17th. I will be graduating high school next year. However, I'm looking to purchase my first car or least drop a down payment of $20,000 on a new 2021 cla Mercedes Benz on my ...
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28 votes
5 answers
8k views

Can a used car dealership switch the price I saw online vs going in and getting a different price?

I’m looking to purchase a used vehicle today and when I finally found one I called the used car dealership to see if it was available. I showed up to the test drive, without even asking for the price (...
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1 vote
1 answer
214 views

Charged sales tax when removing deceased person from title

I purchased a vehicle with my grandma on the title. It was listed as “my name & grandmas name, last name” on the title. My grandma passed away. I refinanced my car (for a lower interest rate) and ...
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9 votes
4 answers
4k views

If I pay off a lien on a car, do I own that vehicle?

My boyfriend and I have been together for 13 years. He has been separated from his wife for 20 years. He has a lien on his car, and he did not will it to anyone. If I pay the lien, do I own it?
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0 votes
1 answer
125 views

Am I entitled to get my car deposit back?

I recently put down a $1000 deposit on a vehicle that is at a dealership out of state. The vehicle that I put the deposit down on is “in transit” and is not technically on the lot. It’s been two ...
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0 votes
1 answer
165 views

A car dealer filed an 8300 form with the IRS after I made a large cash down payment on a car. Do I need to do anything about it?

I made a $10,000 cash down payment for car I bought 2 weeks ago. The dealer send me copy of form 8300 they filled for that transaction. What happened next? *Mod Note: Form 8300 is a form to "...
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  • 1
0 votes
0 answers
39 views

is it easier to rent a car with a secured credit card over a debit card?

I've been denied car rentals using debit cards in the past, even with thousands of dollars on the card. I'm going to Hawaii as well as Tennessee this year, and will need a car. Would my odds increase ...
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0 votes
1 answer
77 views

Car Insurance cover for travelling to work

Does anyone know if travelling to work used to be included in Social Domestic and Pleasure car insurance please.
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  • 1
1 vote
2 answers
237 views

Can I afford to buy a used car?

I will be 18 in 2 weeks and I need a new car before I start college (in about 6 months). I make around $1200 a month right now and I have $1050 saved. After I start college I will have to get a new ...
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  • 11
-1 votes
8 answers
462 views

First car out of college

I am graduating college soon with a job lined up making 100K a year at an area with relatively low cost of living. I am fortunate enough to have no debt whatsoever (thanks mom and dad!). I am ...
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  • 7
2 votes
1 answer
253 views

In the United States, what is the cheapest legal way to get rid of a wrecked car?

My wreck of a car might get towed away, and is posing other financial risks to me. What is the cheapest legal way to get rid of the car? Further details: I took out a loan in order to buy a car, and ...
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0 votes
3 answers
538 views

Are there any advantages to PCP car deals beyond a low monthly payment - even though you don't own the car?

Up to now I've bought every car I've owned outright. Due to changes in my family situation I need a bigger car. I'm looking at a used (albeit low mileage) car which is priced at £11,300. I could sell ...
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  • 339
5 votes
3 answers
484 views

Auto Insurance in Michigan: What is the need for liability covereage?

I live in Michigan. Recently, state law changed such that we have "no-fault" auto insurance. We still must hold liability of $50,000 per person, $100,000 per accident. Since we are in a &...
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  • 566
2 votes
1 answer
154 views

How to negotiate a lease when residual values on used cars are so high?

Negotiating a fair lease payment is usually boiled down to considering the depreciation value and finance charge - which involves the capitalized cost, residual value, and money factor. In the past, ...
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  • 857
-2 votes
1 answer
220 views

My mother in law is trying to take a car that is under my name. What can I do?

So I went half on a down payment with my child's grandmother. I’ve been making the payments. I told her we can meet in a public place and she went crazy saying that she co-signed for the car, which ...
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2 votes
2 answers
145 views

When buying a used car, and getting an auto-loan, need the down-payment be in paper bills?

Consider the following Scenario: you are buying a used car in the United States you get an auto-loan through a used car-dealer. Do large national car dealerships in the United States require the ...
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1 vote
2 answers
81 views

What advice do you have for a first-time used car buyer in terms of paperwork and/or legal documents?

My question is about the basic legalities of buying a car in the United States, not anywhere else in the world. I have never bought a car before in my life. I was looking at some used cars for sale on ...
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1 vote
0 answers
50 views

What data is available to estimate cost of ownership and reliability for potential car purchases

I am currently shopping for a used vehicle. I am hoping to spend between $10,000 and $16,000 CAD and looking for something that will be reliable and low cost. My current vehicle is a 2009 Mazda 3. ...
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0 votes
0 answers
67 views

Using multiple credit cards for a single payment in the UK (section 75 protection)

How can someone buy a product which is over each of its credit card limits, but less than his total credit? Suppose that I want to buy a car, which is £4500, and suppose that I have three credit cards ...
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