MDWholesale Automotive Blog

Be sure you have the appropriate level of coverage before something like this happens to you!

Unlike health insurance, car insurance is really not that expensive.  Now that’s depending upon who you ask.  The reason for this is car insurance is cheap for people that own their cars outright and don’t carry collision insurance coverage.  Then there’s the other group of people whom have to drive brand-new cars all the time and you pay through the nose for the mandatory collision coverage required by the lending company or bank that they have obtained their loan through. 

The difference between having collision coverage and not having collision coverage on the same vehicle can easily be a difference of $1500-$2500 or more.  It all depends upon the state do you live in an obviously some states like New Jersey and Texas are far more expensive than other states like Alaska and California.  In any case, the decision to buy a new or used vehicle is entirely yours unless of course you have bad credit and that reduces the amount of decisions you can make here. 

What were talking about here is whether you have appropriate coverage for your car or not.  If you do not have collision coverage obviously what that means is that if your car is wrecked and it is deemed your fault then you flip the bill to repair your car.  It’s that simple.  Now if you’re hit by someone as their fault but they don’t carry adequate or any insurance then you’re not covered also.  

This is why a lot of car insurance agencies offer what is called no-fault insurance coverage which also has similar riders to cover similar conditions where the at fault party’s coverage is not adequate.  Now all states have a certain minimum amount of insurance coverage that is required. This is different for every state.   

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Now it is recommended that you get above the minimum coverage and this is important because if your coverage is tapped out an accident and you are at fault than the other party(s) can come after you directly and sue you for any shortcomings.  And it all depends here.  Usually if you have no money and no assets they usually will not sue you, but that is not a guarantee and it has happened before. 

If you do get sued because your coverage is inadequate and you caused the accident then you will be found at fault and will have a judgment entered against you.  The judge will look into what the plaintiff’s side of this accident or case states and their costs plus they will most likely add in reasonable legal expenses of the plaintiff’s attorneys.  So, for instance, what were those eight $4500 or $5000 accident could easily swell to $20,000-$30,000 fast when you add in court costs, fees, attorney’s fees and more. 

If you do not pay what the judge decides within a certain period of time the plaintiff’s attorneys and the plaintiff or afforded the right to have the sheriff come out to your house and inventory your personal items and auction off anything deemed allowable by the judge.  A judgment will also be entered into your credit report most likely with all three credit bureaus and this will greatly affect your credit rating.  Plus they can actually, through the courts depending upon your state and local laws, ask to have your wages garnished. 

What that means is that a certain percentage of your income will be taken out before you receive your paycheck.  Depending upon the state you live in it can be any where from between 10% on up to 50% of your paycheck.  This is something you definitely don’t want to have happen to you or have to go through.  I have seen people go through it and it’s completely avoidable.  All it takes is to make a phone call to your car insurance company and go over the level of coverage as you have and determine what your agent what level of coverage is best for your situation. 

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This will help ensure that you are appropriately covered.  And the difference cost of your insurance coverage is most likely going to be minimal.  The biggest coverage expense is not liability coverage.  The biggest coverage expenses as stated before is collision coverage.  And this is just basically dependent upon what kind and year of vehicle you drive.  

This is why in the book the millionaire next door they tell you specifically that most millionaires do not drive brand-new or even recently new vehicles.  They drive vehicles that are old enough and paid off so that they both save on not having collision insurance coverage as is no longer necessary when the value of your vehicle is below $5000 and paid for, plus they also save big time on taxes on their vehicle. 

When you drive a brand-new vehicle and buy one every few years just to look like you’re keeping up with the Joneses – all you’re doing is making your car dealer, your lender, your insurance agent and of course your state wealthy by paying too much for car ownership, financing, collision coverage and of course taxes.  

Get smart and make sure you’re covered correctly and properly with your car insurance, but also make sure you’re not driving something out of your league just to impress people that in the long run don’t matter.  If someone likes you for your vehicle you drive they’re a very shallow individual.  And you know what shallow individuals do not make good friends. 

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You’ve probably seen what is called auto wraps by now.  Basically it’s a great big bumper sticker that this covers the car with advertising and it looks pretty good usually.  Apparently these are wrapped to really start to take off now as businesses are finding that it’s a great source of floor traffic and bulding brand image. 

It has been said that in a average sized city of 500,000 people that a car with a car wrap on will be seen one 20,000 to 30,000 times per day.  This equates to around 25,000 views per day.  Now what if you live in a much larger city like Philadelphia Pennsylvania, Los Angeles California or even Manhattan?  You’re one vehicle with an auto wrap on it advertising your business or someone else’s could easily get 50,000 to 200,000 views per day. 

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That’s an awful lot of attention and it really actually is not very costly.  $1000-$1500 for a car and upwards of $2000 for a van might sound like a lot of the beginning but it really isn’t because the only price you pay and then this vehicle is driven around and gets these kind of views every day for as long as you keep that wrap on that vehicle.  According to industry experts that ends up being around $.50 cpm or $.50 per thousand views.  Equivalent advertising in magazines or on TV can cost easily $10 or more per thousand views. 

So right there you can see the value of the car wrap idea.  Now if you’re not thinking of doing up your own business you might do it just to pay off or pay for your vehicle.  How’s that you might say?  Many companies will actually pay you to put in our wrap with their advertising on your vehicle.  And usually they pay you enough that basically your vehicle is free.  Now this also depends on what kind of vehicle you drive, obviously if you drive a Mercedes or Porsche that probably won’t be the case and you probably wouldn’t want to put manufacturers or a companies logo and advertising on your vehicle in those cases. 

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But for everyone else drives a normal car it is definitely something to think about.  Who couldn’t use next for $400 $800 a month in this recessionary economy to just advertise another company’s business on your vehicle?  There are numerous websites and resources you can find online to search for auto wrap on Google to easily locate them.  Now the only piece of advice I have for you is if you live in a homeowners association be sure and check first with your homeowners association to see if they allow you to park your vehicle there if you have a car wrap applied to it.  Some homeowners do not allow business vehicles in their communities and will fine you heavily if you don’t abide by their rules.

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Are you in the market for a new car or truck?  Are you thinking of replacing one of your vehicles with either a new or used vehicle?  Well there are some things that you need to know if you want to save some money and not make the dealer rich.  There is a reason why car dealers are all millionaires – they know how to get as much profit and as much money out of your pocket as possible.

Car dealers don’t just sell you a vehicle – that was the way it was back in the 60s and 70s.  Nowadays they sell you the vehicle, the financing to go with the vehicle (which most of the time makes them more money than selling the vehicle in the first place), extended warranties (which they always double the price on), and numerous other gizmos and things you’ve never heard of before to help supposedly protect your car that you’ve purchased.

Are any of these things were what you would pay for it the dealer had his way and you paid top dollar – absolutely not.  Some of the things dealers have sold in the past and that still continue to sell today are actually borderline fraud.  So don’t let your dealer befriend you because that is their whole mission and then they can fleece you blind.  So how do you best prepare to go into a car dealership and get the best deal possible?

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First, do your homework, you would be amazed what you can find in just a few minutes reading a half an hour on the Internet.  You can easily find the invoice prices, the true cost of extended warranties and even pull your credit and get preapproved for a car loan with a great rate (be sure and avoid any financing through eBay for car purchases as whatever the company was last time I checked on their they were charging flat rate to everybody regardless of how good your credit is at 16% – which is a flat-out ripoff).   So with the Internet is so available and all this information so easy to access, there is no excuse for you not to know what the dealer’s true cost is and where he should be targeting for your car purchase price.  If you take the invoice price and at a few hundred dollars to it – you can buy almost any car at this price if you stick to your guns and you have the proof to show that you know what the price and costs are.

Now some dealers and their management staff will lie to you and tell you that the invoice price does not include transportation costs or that it doesn’t include cleaning and caring for the vehicle – this is all hogwash and lies as it will tell you that on the window sticker of the car that this is all taken care of by the car manufacturer.  If you really want to have fun with the car dealer looked up dealer hold back.  This is what the car dealer is paid by the manufacturer to help with advertising and other various costs so the car dealer doesn’t even pay the invoice price.  It is true cost is the invoice price minus the dealer hold back and then minus any other rebates to the dealer or sales incentives.  So even if the car dealer sold you the vehicle at the dealer hold back price he still making a profit.  But a fair price to target and never waver from is take the invoice price and add $300 to it. 

That is a very fair price and the dealer makes a healthy profit there.  Besides if the idiot sales manager doesn’t want to take your offer you can rest assured that his competition will.  Also be sure and check out your local credit unions as many of them offer some really great used car financing rates that none of the car dealers can touch.  And you will feel much better going to the car dealer having already been approved and knowing what your rate is.  Because then the car dealer can only beat your rate.  They can’t give you a higher rate because you won’t take that.  And you’ll feel great being armed with the true cost of the extended warranties.  So when the finance manager shows your price of $2500 tell them no and that you wanted for the same price they would pay from their own car which is $1200.  Why should you pay a $1300 profit for an extended warranty?  Oh but millions do because they don’t do a little bit of simple homework on the Internet.

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Next, take your used car trade in out of the picture.  You are always better off selling it on your own.  Especially with craigslist being free and having far better results than your local newspaper classifieds you have no excuse not to try and sell your vehicle on your own. Just by selling your vehicle on your own you’ll put another, on average, $3000 in your pocket.  Is it worth it to sell your vehicle to get that extra $3000?  Well the average American family makes $42,000 a year.  If you take out both state and federal taxes because it’s not your money, and let’s assume just a 30% total tax rate (your tax rate might be hire and upwards of 35% but weare just going to use 30% here for simplicity sake), you are left with $29,400 a year.  Now the average family spends one third of their income on their housing so that leaves $19,404 a year.  The average family spends around $5000 a year on food and another $2500 on gas.  That leaves $11,904 a year.  $3000 is a little over 1/4th of the average family’s real budget!  And unless you’re in the group of people that makes well over what the average family makes then you definitely should give some serious consideration to selling your vehicle rather than trading it in!

So if you do a little homework on the Internet you can literally save yourself an easy $5,000-$10,000 on your next car purchase.  All it takes is a little bit of time on the Internet and it isn’t hard to find the invoice prices, the true cost of the extended warranties and all the other items the car dealer’s staff is going to try and sell you on.  Plus you’ll save money by having your financing already in hand and knowing what your credit score is so the car dealers finance manager can’t play games with you to make it sound like your credit is worse than it really is – and yes they really do do this every time!  It’s exactly what they’re told to do and taught to do in their classes that they have to attend a become a finance manager in the first place, plus their compensation plan requires them to do this.  

So take some time, go on the Internet and Google keywords and search terms like invoice price and true cost of extended warranty.  Stop paying for the car dealers expensive country clubs, million-dollar mansions, Ferraris and Bentleys and their private jets.  Keep your money in your own pocket you work hard for it and you and your family deserve to keep as much of it as you can!

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