Cadillacs Most Stolen Vehicle for a Decade Running
We’ve previously covered the issue of car theft, but we’re going to do it again because one out of every one hundred car owners will lose their car courtesy of theft. The Insurance Institute for Highway Safety (IIHS) recently released a list of the most stolen vehicles and models for 2011 and industry experts weren’t surprised by thieves’ top pick. Why? Because the Cadillac Escalade (2008-2010) has topped the list for over a decade.
The IIHS determined that this luxe SUV was the most stolen by analyzing the size and frequency of insurance claims. Escalades scored the dubious honor of being stolen at a rate of six time more than other vehicles.
The remainder of IIHS’ list was composed primarily of high-dollar pickup trucks. Take a peek at the list below:
- Cadillac Escalade
- Ford F-250 crew 4WD
- Chevrolet Silverado 1500 crew
- Ford F-450 crew 4WD
- GMC Sierra 1500 crew
- Chrysler 300
- Ford F-350 crew 4WD
- Chevrolet Avalanche 1500
- GMC Yukon
- Chrysler 300 HEMI
- Audi A6 4WD
- Mercury Mariner (2009-10)
- Chevrolet Equinox (2010)
- Volkswagen CC (2009-10)
- Chevrolet Equinox 4WD (2010)
- Lexus RX 350 (2010)
- Saturn Vue
- Chevrolet Aveo (2009-10
- BMW 5 series 4WD
- Mini Cooper Clubman
Does It Make Sense to Buy a New Car?
Signing your name on the dotted line for a new car is one of those wonderfully cliche adult experiences. However, before you mosey on down to your local dealership you may want to take a moment and consider why it would be far more beneficial to purchase a pre-owned vehicle. Curious as to why? Keep reading.
Pre-owned vehicles make financial sense, especially for certain populations. For example, military personnel would benefit from purchasing a pre-owned vehicle in lieu of a new vehicle because it’s less costly. This is doubly helpful because active duty members may find themselves overseas for an extended period of time and as such, won’t have the opportunity to take their new wheels for a spin. This means that their car’s value is steadily depreciating and they aren’t even driving it around town.
Yet another group who should seriously consider purchasing a pre-owned vehicle is the recently graduated set. We all know that college students are exiting school with more debt than ever before and consequently, it makes sense to save a few bucks by buying a slightly older model of your dream car in order to not saddle yourself with additional debt.
Was the last car you purchased new or pre-owned? Do you have a preference?
Will Low Interest Rates Encourage People to Purchase Pre-Owned Vehicles?
The powers that be have attempted to implement a multitude of strategies meant to encourage Americans to spend money in order to stimulate the economy. However, the one you’re probably most familiar with is the Federal Reserve’s decision to maintain low interest rates as a means to encourage consumers to spend, spend, spend. How does this work? The vast majority of individuals finance their vehicle purchases via a loan. If loan rates are relatively low traditional economic thought suggests that people will be more inclined to buy. Yet, the question remains, Do low interest rates cause an increase in car sales?
Maybe.
New auto loans have increased by 16% from this time last year which is reassuring to economists and car dealers. This is undoubtedly good news, but analysts caution that a sluggish economy means that consumer confidence is at an all time low and consequently, consumers aren’t rushing out to buy a new vehicle.
Consumers with excellent credit may find that it’s easier to get a loan to purchase a vehicle, but somewhat surprisingly those with not so perfect scores can also qualify for loans. While high-risk borrowers may have difficulties securing a loan, the fact remains that dealerships are far more likely to offer loans than they were a few years ago during the crash.
Have low interest rates influenced your purchases in the past year? How so? Let us know in the comments.
Motor City’s Past and Future Celebrated With Annual Festival
It wasn’t too long ago that American auto manufacturers, including General Motors and Chrysler, were hemorrhaging money and cutting thousands of jobs. However, domestic manufacturers have recovered nicely in the intervening years, as is evidenced by the annual Woodward Dream Cruise. 1.5 million people attended an event determined to celebrate Motor City and the numerous companies which have produced such classics as the Camaro and the Challenger.
The Woodward Dream Cruise is paradise for car enthusiasts due to the 40,000-plus classic cars on display. Sure, newbies from Chevy were presented, but it’s the wheels of the past which truly draw the crowd. Museum-worthy models such as Oldsmobiles, Plymouths, Mercuries, Packards, Hudsons,
Studebakers, Crosleys, Nashes, LaSalles, and Kaisers were seen by fans. Moreover, classic cars that have managed to stay relevant, including Mustangs and Lincolns, were paraded out for the masses.
For those who prefer foreign automobiles don’t worry- Volkswagens, BMWs, and Mercedes-Benzes all had a prominent role in the event. In addition, a few Saabs, Jaguars, and Volvos made a guest appearance, much to the delight of appreciative consumers.
The event is held on the third Saturday of every August and consequently, August 20, 2011 marks the seventeenth anniversary of this exiting event.
Will you be attending? Which vehicle would you most like to see?
Planet of the Cars
As you sit in traffic on the 60W at rush hour you may find yourself grumbling over the sheer number of people clogging the road. In fact, you may end up snarling some very specific numbers, perhaps something along the lines of, “There must be a billion people driving!” Yet, such a statement is no longer confined to hyperbolic rhetoric because there are now officially over one billion vehicles on the road.
Wards Auto noted that 2010 marked the first year that the worldwide vehicle populated surpassed the magic billion-unit mark. However, it’s important to keep in mind that Wards Auto ”looked at government-reported registrations and historical vehicle-population trends” in order to reach that impressive figure. Furthermore, the approximate figures reached by Wards Auto do not include off-road, heavy-duty vehicles.
It’s not particularly surprising that we have managed to reach this number given the exponential economic growth of China and India. China’s number of registered vehicles soared by 27.5% and the country now has just over 78 million cars. While the steep rise of vehicles in China was enough to push Japan aside the fact remains that America has the largest vehicle population in the world. Ready for the number? 239.8 million units currently roam our freeways, highways, and one-way side streets. Granted, we’ve known that we’re climbing towards the one billion mark, but estimates as late as 2008 suggested that the world wouldn’t get to one billion until 2020.
What is your reaction to the one billion milestone?
How Will Your Insurance Rates Be Impacted by the Purchase of a Pre-Owned Vehicle?
Thinking about your future insurance rates isn’t nearly as much fun as daydreaming about your sweet sound system or the luxe leather seats you’re going to get when you buy your car. However, as mundane as they are, it’s crucial to think about how your insurance rates will change if you decide to buy a new car in lieu of a pre-owned vehicle. Why? New cars cost more to insure and consequently, you could quickly find yourself shelling out far more than you expected for the privilege of driving a spanking new BMW.
Keep in mind that a new car has a higher value than it’s used counterpart. Therefore, it’s necessary for insurance companies to increase rates in order to cover the car. Ultimately, it’s more of a financial risk to insure a 2012 Audi A4 2.0T (beginning at $38,300) than an older model valued at $15,999.
Furthermore, laws are in place which require new car buyers to purchase collision coverage in addition to liability insurance. The reason for this is simple: lenders want to protect themselves in case of a car accident. Conversely, pre-owned vehicles do not typically require collision insurance as a result of their declining value.
What experiences have you had with insurance when purchasing new or pre-owned vehicles? Let us know.
What is the Best Pre-Owned Vehicle to Purchase?
Consumers may find themselves uncomfortable with the idea of purchasing a pre-owned vehicle due to concerns about reliability. However, Consumer Reports has come to the rescue and released a list of the best and worst used cars to purchase. Curious? Continue reading.
Best Upscale Vehicles
- Lexus ES
- Lexus IS sedan
- Toyota Avalon
- Volvo S60 (FWD)
- Lincoln MKZ, Zephyr (FWD)
- Lexus LS
- Lexus GS (RWD)
- Mercedes-Benz E-Class sedan (V6, RWD)
- Mazda MX-5 Miata
- Lexus SC Acura RSX
- Honda S2000
- Honda Civic Si
- BMW Z3, Z4
- Toyota Celica
- Porsche Boxster
- Volvo C70
- Mercedes-Benz SLK
What Do Car Buyers Look for When Researching Potential Vehicles Online?
The advent of online shopping has pervaded popular culture and it no longer appears odd to spend hours researching and perhaps purchasing a variety of products. However, difficulties arise in attempting to figure out what vehicle buyers are looking for when they’re browsing websites and eventually, a dealership. Why? Generational differences.
Youngsters are far more likely to appreciate pictures and videos of new wheels. Blame the fact that they grew up in an era where technology is not only easily accessible, but expected. Conversely, older individuals have expressed apathy towards video clips demonstrating the capabilities of a new car. Furthermore, the geriatric set tends to have browsers and computers less likely to support lots of media.
Yet, it’s not simply graphic that customers are evaluating. In fact, anecdotal evidence suggests that user reviews are often utilized when making decisions. It’s often easier for buyers, young and old alike, to determine what kind of car they will purchase based on advice from their peers. Ultimately, great reviews from Car and Driver or Edmunds will lead buyers in a particular direction, but often consumers find themselves swayed into test driving and even purchasing after they’ve determined what everyone else is saying.
What kind of research do you do prior to buying a car? Any tips we neglected to mention?