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2015 Chevy Colorado to start at $20,100*, GMC Canyon at $20,995**

08/06/2014   [Original: Autoblog]
Category: Car Buying, Trucks/Pickups, Chevrolet, GM

Chevy Colorado

General Motors has just announced pricing for its new midsize pickup trucks, the 2015 Chevrolet Colorado and GMC Canyon. Chevy's truck starts at $20,100, *not including $895 for destination, and the GMC starts at $20,995, **not including $925 for destination. These prices are for the base, extended cab models with the 200-horsepower, 2.5-liter inline four-cylinder engine.

Comparatively, these prices fit nicely with the $18,125 starting MSRP of the Toyota Tacoma and the $21,510 of the Nissan Frontier. Compared to the Colorado, the Canyon's extra $895 gets you niceties like LED running lamps, 16-inch alloy wheels, and a four-way power driver's seat.

Both trucks come standard with the 2.5-liter engine, and a more powerful, 305-hp 3.6-liter V6 will also be available. Pricing has not been announced for the upcoming diesel model, which is expected to launch for the 2016 model year.

Chevrolet has confirmed that the Colorado LT Crew Cab 2WD with a five-foot box will start at $27,090, and the more upscale Colorado Z70 Crew Cab 4x4 with a five-foot box comes in at $34,095. On the GMC front, the Canyon SLE Extended Cab 2WD will start at $$26,595, and the SLT Crew Cab 4x4 arrives at $36,950, including the aforementioned V6.

Optional features on the trucks include GM's new 4G LTE connectivity with a built-in wifi hotspot, forward collision alert, lane departure warning, and the GearOn accessory system. Specific option pricing has not been released as of this writing.

Scroll down for the full details in the pair of press releases.

Continue reading 2015 Chevy Colorado to start at $20,100*, GMC Canyon at $20,995**

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GM financing arm investigated over subprime loans

08/06/2014   [Original: Autoblog]
Category: Car Buying, Government/Legal, GM, Earnings/Financials

General Motors Investigation

General Motors just can't seem to avoid controversy in 2014. Of course, there has been a continual run of recalls throughout the year, and now, its GM Financial division is under investigation for possibly violating the Financial Institutions Reform, Recovery and Enforcement Act, according to Reuters. FIRREA gives the DoJ the power to examine and potentially sue companies that are found to be acting fraudulently. In this case, the feds want to know the division's criteria when securitizing subprime loans.

GM bought the company previously known as AmeriCredit in 2010 for $3.5 billion and renamed it GM Financial. It allowed the automaker to have an in-house division to offer finance and lease options through dealers, since it sold off GMAC, now Ally Financial. According to Reuters, GM Financial has issued $2.15 billion in subprime-auto-loan-backed securities in the first six months of the year.

Subprime auto loans have been on the upswing this year, despite the recent financial crisis. According to a recent study from credit reporting company Equifax looking at data as of April 2014, $46.2 billion in auto loans have been extended to subprime buyers. That's an eight-year high and about 28 percent of the auto loan balance.

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It's been 5 years since Cash For Clunkers, was it a success? [w/poll]

08/04/2014   [Original: Autoblog]
Category: Car Buying, Government/Legal, Earnings/Financials

Cash For Clunkers Program Yielded Nearly 700,000 Sales

CARS set out to kill two birds with one stone: jumpstart slow automobile sales and get a large number of older cars off the road.

A lot has happened since 2009. President Obama was re-elected. The Arab Spring saw popular uprisings overthrow dictators across the Middle East and North Africa. General Motors declared and subsequently emerged from bankruptcy. Fiat bought Chrysler. And the Cash for Clunkers program came and went.

That's right, it's been five years since the federal government launched the Car Allowance Rebate System - known as CARS for short, or more popularly as Cash for Clunkers. The program set out to kill two birds with one proverbial stone: jumpstart slow automobile sales across the country on the one hand, and get a large number of older (and less environmentally friendly) cars off the road. Identifying both problems and a single way to solve them, the government offered financial incentives (cash) for drivers to trade-in their old cars (clunkers) in favor of new ones, following the lead set by similar scrappage programs that had taken place in other countries around the world.

Even with a moribund economy, buyers jumped at the opportunity, and in less than a month, the entire $1 billion allotted by Congress to the program had been used up. So legislators approved an additional $2 billion, which ran out before the end of August 2009 - two months ahead of schedule.

The question that lingers five years later is whether the program was actually a success. Proponents point to the rapid rate at which customers took advantage of the program as a sign of its success, providing a boost in sales to automakers and dealers across the country. The Department of Transportation also reported that the new vehicles acquired averaged over 60-percent better fuel economy than the ones that were traded in, all the while giving a shot of adrenaline to Detroit's automakers.

Critics, however, debate the veracity of those claims and paint a different picture. The program's detractors claim that the increased sales promoted by the program were not created out of nowhere, they merely pulled ahead future sales that would've taken place anyhow, resulting in a zero net gain at the cost of $3 billion to the taxpayer. Implementing the program also required the National Highway Traffic Safety Administration to take on thousands of additional employees to process the applications for reimbursement and necessitated the government setting up the National Motor Vehicle Title Information System just to keep track of it all.

Meanwhile, detractors point out, it was not American automakers but Japanese ones like Toyota, Honda and Nissan that brought in the lion's share of new car sales from the program (while American cars were ineligible under Japan's own scrappage program). The initiative is also said to have had the unfortunate side-effect of raising prices on used cars (which only made things harder on those who couldn't afford new ones during difficult financial times), and reduced the number of old cars being donated to charities that depended on them.

As for the improvement in fuel economy, critics claim that drivers are likely to drive their newly fuel-efficient cars more (canceling out any environmental benefit of their improved economy), also arguing that the environmental impact of manufacturing and shipping the new cars bought hadn't been taken into account. Further, they note that many large SUVs and crossovers qualified for the program even though they didn't meet the 20-mpg threshold for eligibility.

Whether the program, now five years in hindsight, could ultimately be viewed as a success or not, one thing's for sure: it was certainly expensive.

View Poll

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Gen Y car shoppers overtake Gen X buyers, still trail boomers

08/02/2014   [Original: Autoblog]
Category: Car Buying

LA Car Dealers

Generation Y has overtaken Generation X among car shoppers, according to a new report on US retail vehicle sales from J.D. Power.

Through 2014, Generation Y, or those born between 1977 and 1994, make up 26 percent of new retail sales compared to 24 percent of Gen X, or those born between 1965 and 1976. For full-year sales, we need to look back to 2013, where Gen X maintained its 24-percent share to Gen Y's 23-percent stake.

Of course, the large, powerful Baby Boomer generation (1946 to 1964) is still dominant, retaining 38 percent of sales through 2014, which is actually down from its 2013 total of 39 percent.

Meanwhile, Gen X, which has the disadvantage of representing a mere 12-year span compared to Gen Y's 18-year spread, will continue to see its influence decline relative to the youths. Sales are expected to grow a mere six percent for X, compared to 16 percent for Y.

Scroll down for the full press release on the study from J.D. Power.

Continue reading Gen Y car shoppers overtake Gen X buyers, still trail boomers

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Limited-edition Volvo S60 Polestar priced at $59,300*, V60 at $60,900*

08/02/2014   [Original: Autoblog]
Category: Car Buying, Sedans/Saloons, Sports/GTs, Hatchbacks, Volvo, Luxury

2015 Volvo V60 and S60 Polestar

2015 Volvo V60 Polestar BrochureYou saw their US reveal at this year's Chicago Auto Show and read our driving impressions from Sweden. Now, if you act fast, you can actually own one of the very limited 2015.5 Volvo S60 and V60 Polestar models coming to the United States. The order page for these slick Swedes is now online, but the slots are filling up about as quickly as these cars accelerate.

Volvo plans to build a combined 750 of these Polestar models for the world, but the US is being allocated just 120 of them. Prices start at $59,300 for the S60 or $60,900 for the V60 (*plus a $925 destination charge). The only option is color - either Black Sapphire or Rebel Blue. If rarity is playing a part in your decision, you might want to pick the S60. According to the reservation site, only 20 of the sedans in each color are making it over here; the rest are V60s.

As the top versions of their respective models, both Polestars are packed with features. They share a turbocharged, 3.0-liter inline six-cylinder engine rated at 345 horsepower and 369 pound-feet of torque with a six-speed automatic transmission and a rear-biased all-wheel-drive system. Acceleration to 60 miles per hour is claimed to take 4.7 seconds for the S60 or a tenth more for the V60 with a top speed of 155 mph. They are about more than just a hotter engine, though, with Öhlins shocks, six-piston brake calipers and 20-inch Polestar wheels with Michelin Pilot Super Sport tires. Check out the gallery for the full, official specs, and get to the order page soon, if you decide you need one of these limited Swedish sportsters.

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2015 Ford F-150 appearance guide takes the truck from mild to wild with options

08/01/2014   [Original: Autoblog]
Category: Car Buying, Trucks/Pickups, Ford, Design/Style

2015 Ford F-150

2015 Ford F-150 Trim GuideWe already know that the 2015 Ford F-150 has a base price coming in at just $395 more than the 2014 model, despite all of the new standard tech and aluminum-intensive construction in the upcoming version. Now the Blue Oval is finally giving us an idea of what that extra money actually buys customers, with the release of the appearance guide for its latest pickup.

The guide basically explains everything you could want to know about what changes occur among the multitude of trims on the 2015 F-150. There are five levels for the new truck. Although, that is something of a misnomer because most of them are also available with either Sport or Chrome packages, plus the FX4 Off-Road option with Hill Descent Control, an electronic-locking rear axle, off-road shocks and skid plates. With 13 available colors, including 4 new ones, and 14 wheel designs in various sizes, pickup buyers should have no problem specing one to fit their style.

The lineup starts out with the base XL with a black grille and fascia and 17-inch wheels. However, across most of the range the Sport and Chrome packages are also available to add either body-color or chrome accents, respectively. Next up is the XLT with a standard chrome grille but also available with a black, billet-style one with a body-color surround. Things really start getting plush with the Lariat model with leather trim, a three-bar front end and 18-inch wheels. The King Ranch sticks with that look but adds power running boards, 20-inch wheels and two-tone paint. Finally, the top-dog Platinum is all about bling with yet another frontal design, chrome door handles and mirror caps, a big logo running across the tailgate and more.

All of the options are certainly a lot to take in, and Ford clearly doesn't want any potential customers to fall through the cracks in terms getting exactly what they want from their F-150. Check out the gallery to see all of the differences between the trims for yourself.

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Honda asking used-car buyers to sign liability document [w/poll]

07/31/2014   [Original: Autoblog]
Category: Car Buying, Government/Legal, Recalls/TSBs, Safety, Honda

AUTO SALES OUTLOOK

New cars under recall must be repaired before a dealer can sell them but used cars are under no such mandate.

When it comes to informing the car-buying public about potential safety hazards on used vehicles, there are two emerging schools of thought among used-car dealers.

In one camp: those who disclose as little as possible. Used-car giant CarMax leaves it to customers to check to see whether a car is under recall. Consumer groups filed a petition with the Federal Trade Commission last month, because they believe the lack of information amounts to deceptive advertising.

In the other: Honda, which has gone in the opposite direction. The company recently started disclosing possible recalls related to airbag malfunctions in certain vehicles. Honda is asking customers buying those used cars to sign a document that acknowledges they've been made aware of the issue. Buyers may be better informed, but such a signature could also shift liability away from the automaker.

It's a vexing issue on several fronts.

New cars under recall must be repaired before a dealer can sell them, under rules imposed by the National Highway Traffic Safety Administration. But used-car sellers are under no such mandate. Honda's disclosure helps consumers understand their new purchase may contain a potentially lethal defect, but some are worried that it could frighten customers away or expose dealerships to greater liability.

Continue reading Honda asking used-car buyers to sign liability document [w/poll]

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Outstanding auto loans total higher than ever

07/31/2014   [Original: Autoblog]
Category: Car Buying, Earnings/Financials

Massive Ignition Switch Recall Weighs Heavy On GM's Profits

It looks like Americans are feeling more confident about borrowing money again, at least when it comes to their cars. Credit reporting giant Equifax has released its latest National Consumer Credit Trends Report, and the data suggests that auto lending is booming in 2014.

The total amount of outstanding auto loans in the US amounted to $902.2 billion in the company's analysis. Not only was that a new record, it was also a 10-percent increase from a year ago. "Auto lending continues to thrive, accounting for more than fifty percent of all new non-mortgage lending through April of 2014," said Dennis Carlson, Deputy Chief Economist at Equifax, in the study.

The results mixed some bright spots with some seemingly worrying trends following the recent subprime credit crisis, though. According to the report, year-to-date new auto loans as of April 2014 reached $163.5 billion, the highest amount since 2005, and the number of them in that period was also at record levels. According to Carlson, the amount of delinquencies was at near-record lows of less than 1 percent of that $902 billion.

"Subprime lending has grown across all sectors in 2014. This is good news as a fully functioning second-chance market is essential for a healthy economy," said Carlson in the study. Auto loans to these buyers reached $46.2 billion year-to-date, an eight-year high, which made them about 28 percent of the total loan balance from this year.

The rest of the report indicated a strong credit market elsewhere too. Banks issued more credit cards, and overdue accounts were at a five-year low. The total amount in mortgages was actually down from last year, but delinquencies were lower as well. Want to know more? Scroll down.

Continue reading Outstanding auto loans total higher than ever

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1962 Ferrari 250 GTO for sale in Germany at $64 million [UPDATE]

07/30/2014   [Original: Autoblog]
Category: Car Buying, Time Warp, Coupes, Ferrari, Racing

Ferrari 250 GTOs at Pebble Beach in 2011

UPDATE: A previous version of this article incorrectly listed the production period for the 250 GTO. The text below has been updated with the correct information.

Prices keep climbing for the Ferrari 250 GTO with virtually no end in sight. In 1969 one sold for just $2,500, but by the 1980s they were trading for hundreds of thousands, then millions, then tens of millions to the point that the last last year, one was reported to have changed hands at $52 million. But now there's a GTO for sale in Germany that could eclipse even that gargantuan price tag.

Ferrari made 39 examples of the 250 GTO between 1962 and 1964, and the item listing on mobile.de doesn't give much in the way of specifics as to which exactly we're looking at. But last we checked, there were only two GTOs in Germany, and the other one was silver. That leaves chassis number 3809GT, which was delivered new in '62 to Switzerland and participated in numerous endurance races and hillclimb events throughout the early 60s. 3809GT has been owned until now by one Hartmut Ibing, who bought it in 1976 when values were in the tens of thousands, not tens of millions. Given how his asset has appreciated so dramatically, and with less than 10,000 miles on the odometers over 52 years, we could understand how Ibing would want to cash out.

Of course we could be mistaken and we could be looking at an entirely different example - the vast majority were, after all, painted red and fitted with blue upholstery just like this one - but either way, we're looking at a price tag of 47.6 million euros. That's nearly $64 million at today's rates, inclusive of Germany's 19 percent VAT rate that adds a staggering $10 million in taxes to the pre-tax price of 40 million euros, which comes in under $54 million but would still be the most ever paid for a GTO (or really, just about any car ever made).

If that's too rich for your blood but you're still in the market, you could try your luck with the one which Bonhams will auction off at The Quail next month. Who knows, with no reserve price, maybe you'll do better. But more likely, the bidding will have driven the sale price up even higher and Ibing will rush to increase his asking price before a rejected bidder snaps his up.

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2015 Audi Q3 pricing leaked, starts at $32,500*

07/30/2014   [Original: Autoblog]
Category: Car Buying, Crossovers/CUVs, Audi, Luxury

Audi Q3

Audi Q3 Pricing leakAudi only debuted the 2015 Q3 compact crossover for the US market at the 2014 Detroit Motor Show in January, yet that feels like a lifetime ago. However, the little luxury CUV is finally getting close to reaching these shores, and alleged pricing for it is leaking out.

According to leaked documents from Audi Q3 Forum (right), the premium compact crossover has a starting price of $32,500 (*plus an additional destination charge of $925), for an actual cost of $33,425. That covers the front-wheel drive model with a 200-horsepower 2.0 TFSI turbocharged four-cylinder engine and a six-speed automatic transmission. Upgrading to a version with Quattro that spins all four wheels brings the bill to $34,600 - $35,525 after destination charges. In case you wanted further proof, Audi's new Q3 teaser site confirms the starting price of $32,500.

The documents list two trim levels - Premium Plus and Prestige. Premium Plus includes standard features like a panoramic sunroof, heated seats, Xenon headlights with LED running lights and dual-zone climate control and more. Paying $3,900 more for Prestige adds MMI Navigation Plus, Bose surround sound, a power tailgate and other goodies.

German luxury cars often offer a mile-long list of options, but the Q3 appears to be surprisingly sparse, according to this leak. Premium Plus is available with MMI Navigation Plus for $1,900, a driver assistance package for $1,400 and power tailgate for $400. Both trims are offered with a sport package for $550, 19-inch wheels for $800, wood inlays for $350 and a black headliner is listed as a no-cost option.

It's the perfect time for the Q3's price leak too because the competing 2015 Mercedes-Benz GLA-Class with 208 horsepower is now confirmed with a price of $32,225 after its destination fee, while the all-wheel drive model goes for $34,225. Comparatively, the 240-hp BMW X1 sDrive28i asks $31,850 in rear-wheel drive spec or $33,650 to drive all four wheels, after their $950 destination charge. That makes the Q3 the most expensive of the German luxury CUVs by a surprising amount, though it looks like its standard equipment list will also be rather generous by comparison. Check out the gallery for all of the details.

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