Automoblog

Top 6 Tips That Will Help You in Buying an Electric Car

Thu, 02 Feb 2023 09:20:00 GMT

Check The Range of The Car

The range is very important in an electric vehicle because the range decides how many kilometers you can travel on a single charge of your car, and if the range is very low, don’t go for that car, choose another electric vehicle. If you don’t want a car for long trips, then you can purchase a car whose range is not that good. And if you want to go on a long trip then you definitely have to choose a car with a good range.

Check The Material of The Battery

The battery is the most important component in an electric car, without batteries the electric car is a waste. And the material from which the battery is made is also important because if the material is good then the product will also be good. Lithium-ion batteries are the best batteries for electric vehicles. And Tesla is one of those companies that provides lithium-ion batteries in their electric cars. So make sure you check the material from which the batteries are made of.

Price

Electric vehicles are very expensive, and electric vehicles are environment-friendly, but they are not pocket-friendly. Electric vehicles are expensive because the battery and technology are new to the market, and it will take some time to be optimized and get cheaper.

Charging Specification

It is not only the battery that matters in electric vehicles, but the time taken to charge the vehicle is also very important. In electric vehicles, there are two types of charging, 1st standard charging, and 2nd fast charging. You can install a fast-charging station in your home itself, but it will cost you very much and the standard charging takes approximately 7 to 10 hours to charge an electric vehicle. But in fast charging, it can charge your car in just a few hours.

Acceleration

The acceleration of electric vehicles is very instant, all the torque is delivered instantly when you push the pedal. Because of electric motors, the car gives instant torque right from the first RPM, unlike petrol or diesel engine where the engine has to be accelerated to a few thousand RPM and then the engine gives that punch-that torque. Make sure to check the power and torque of the car you are going to purchase and check the top speed and horsepower generated by the car as well.

Maintenance Cost

As the electric vehicle has only a few moving parts, so that’s why electric vehicles required very little maintenance and the maintenance cost is also very less. When it comes to the battery, the companies claim around 7 to 9 years of warranty for batteries. That is pretty awesome. But if you are purchasing a hybrid car then the maintenance cost will be very high because hybrid cars have the functionality of an electric car combined with a petrol or diesel engine . So make sure that you have to pay a high amount of money in buying the car as well as for the maintenance of the car.

How to Maintain the Value of Your Car

Thu, 17 Nov 2022 20:54:00 GMT

Vehicles are one of the most quickly depreciating assets you can own. Depending on the type of car, depreciation can range from 30 to 60% over five years. Buying a ca r is not a small investment, so you want to make sure that you maintain the value of your car as much as possible. From purchasing a BMW extended warranty to simply being a good driver, here are a few things you can do to help maintain the value of your new car to ensure a good resale price.

Purchase Extended Warranty

When you purchase a car, most dealerships offer an extended warranty for a small additional cost. An extended warranty can help cover the cost of repairs or replacement if certain parts or systems fail over time. Many drivers opt for this so that they can have peace of mind if something goes wrong with their car. It will be easier to sell your car if it is still covered under an extended warranty. Furthermore, your car and its parts are more likely to be kept in good condition if you have extended warranty coverage as any parts that are not working well can be quickly replaced or fixed.

Follow Maintenance Schedules

A well-maintained vehicle will always retain its value better than a poorly maintained one. Follow the maintenance schedule that is included with your owner’s manual to make sure that your vehicle gets serviced at the correct intervals and that all the necessary repairs get taken care of in a timely fashion. You should also make sure that all service records are kept in detail. This is so that when the time comes to sell the car, you will have all the documentation you need to prove that maintenance was performed as recommended by the manufacturer.

Stay Clean

Keeping a clean car is not only good for your health and safety, but it can also help to preserve the value of the vehicle as well. You should clean the interior and the outside of the car regularly to get rid of any dirt or debris that might damage the paint or other components of the car. If you notice any scratches or dents on the exterior, you should get them repaired right away to avoid further damage to the car’s appearance. Similarly, mud or debris that is stuck to your tires should be promptly removed to prevent them from wearing the tires down prematurely and causing damage to the wheels or other parts of the suspension system.

Park It Inside

Leaving your car exposed to the elements can result in damage. For instance, falling branches can break window glass and bird droppings can stain the paintwork. Even something as simple as exposure to the sun can cause the upholstery to crack and the dashboard to fade over time. Parking your vehicle in a covered or enclosed space can help to protect it from the elements as well as from theft or damage by vandals. Should you only have access to outdoor parking, try to keep your car covered with a tarp. If your car will not be used for a long time, be sure to move it to a secure location that will prevent unwanted people or animals from gaining access to it.

Drive Responsibly

Bad driving habits can greatly decrease the value of your vehicle and make it more vulnerable to theft or damage. Things like aggressive driving, speeding, and hard braking can quickly wear out your vehicle parts and cause expensive repairs that take a toll on your budget. It can also put you at risk of getting into a serious accident that can cause extensive damage to the car and even result in personal injury. Likewise, leaving your car unlocked or running the engine unattended can allow thieves to gain access to the vehicle. They may steal your valuables or, even worse, take your car for a joyride and damage it.

Avoid Modifications

Modifications may increase the value of your vehicle to a certain audience, but make your car less attractive to the majority of buyers who are looking for a car that is close to stock or showroom condition. In addition, modifications such as tinted windows or custom body kits can increase the risk of vandalism and make the bodywork more difficult to repair in the future. In some cases, modifications can also void the manufacturer’s warranty and make it harder for you to sell the car in future. Most insurance companies do not cover damages caused by modifications unless you add a modification endorsement to your policy.

Cars are an important part of our everyday lives and one of the most expensive items that we will ever buy. As a result, it is important to take good care of our cars to ensure that they run efficiently and retain their value. By extending the warranty, scheduling regular cleaning and maintenance , and being careful when parking and driving, we can keep our cars in top shape and recoup some of our investment when it comes time to trade in or sell.

Daily Car News and Reviews | AutomobileGator

How Does The Inventory Shortage Impact Car Maintenance And Repair?

Wed, 31 Aug 2022 10:47:00 GMT

How Does The Inventory Shortage Impact Car Maintenance And Repair?

The global shortage of electronic chips and motherboards has significantly impacted car maintenance and repair, along with every other industry relying on technology to manufacture their goods. Plus, the shortage of available cars to purchase new has made an even more significant impact on the industry, which is good news for some, but bad news for others.

The inventory shortage of computer chips and vehicles has impacted the car maintenance and repair industries in several ways.

The shortage of computer chips affects everything in the supply chain, which spirals down to used car lots and the repair shops that fix them. Which all circles back around to the lack of needed parts.

What it all boils down to is supply and demand. New car makers lack the supply to meet the consumers’ demand, which trickles down to used car lots that are booming. This means car maintenance and repair shops struggle to keep up with the considerable increase of used cars needing to be fixed.

Let’s dig deeper into this to better understand why inventory shortages have impacted the car repair industry.

Increase In Demand For Car Maintenance And Repair

Trying to buy a new car today can be rough at times, if not impossible if you want something particular. If you have the patience to wait, you can order the vehicle you want and receive it in the order that the manufacturer received the request. This can take some time and, as you would expect, some serious amounts of money. If you have ever ordered a Corvette, you will understand.

This means that consumers are opting to purchase used vehicles close to what they want that are available right now. Used cars that need maintenance and repairs, especially if the previous owner did not take care of the vehicle. Even if they were cared for, the older a car gets, the more it will require maintenance to keep it in good running condition.

Car repair shops are finding themselves slammed with work, which increases their need for certified mechanics to get through the piles of repairs that need to be completed. Unfortunately, the lack of qualified workers has also plagued the car repair industry, so it takes longer to complete any type of work on a vehicle because the owner must wait in a long line of customers before them.

Increase In Wait Times For Car Repairs And Maintenance

In the past, a good repair shop would be booked out for several days, which meant that you might have to wait a week or so to get any work done. That wait is a little longer now because of two very different reasons.

When consumers see the trend happening, they will try and shift over to something else that will satisfy their needs, which in this case is used cars. More used cars on the roads mean more repairs need to be done, so every shop open for business will get flooded with new work daily. This means that you will wait longer for your repairs.

Technicians that they cannot find. Without the extra help, the shops cannot keep up with the demand, increasing the wait time people encounter when needing repairs.

When you find a good shop, like Easton Motors Auto Service in Wisconsin, you must take advantage of it. When you need repairs, schedule it as quickly as possible so you will not have to wait long to get it back, all fixed up and ready to go.

Conclusion

The shortage of computer chips worldwide has caused a landslide of problems for many industries, including car maintenance and repair. Even when things get caught up and the new car industry catches up with the demand, the shops that complete the repairs will still be swamped with work, especially those that can work on hybrid and electric cars.

Until things get caught up, though, the industry will continue to scramble to keep up. It is a good idea to keep in mind that these problems are outside of the control of the repair shops, so be patient because they are doing the best they can with the resources they have.

The post How Does The Inventory Shortage Impact Car Maintenance And Repair? appeared first on Ride Mission .

The Cost of Unexpected Repairs

website@sitemodify.com (Website Editor) — Wed, 25 May 2022 16:18:47 GMT

What can you do to better prepare yourself?

When your vehicle breaks down, the average cost of vehicle repairs can range anywhere from $500 to $4,000 and up. How can you prepare yourself for these unexpected expenses? The answer is simple. An Extended Service Agreement from NVP Warranty will prepare you for what life throws at you (or your car).

2023 Lexus RZ: Automaker’s First Battey EV Features AWD, Steer by Wire System, New Body Design & More

Mon, 23 May 2022 13:49:00 GMT

The 2023 Lexus RZ is the luxury automaker’s first-ever pure electric vehicle. Toyota’s premium subsidiary wants to attain 100 percent battery electric vehicle (BEV) sales globally by 2035, and it plans to offer a full lineup of new and exciting electric cars across its portfolio by 2030. The RZ is the dawn of a new age for Lexus.

“We believe that Lexus, an established luxury automaker, should continue pursuing the creation of exciting cars while respecting nature and the global environment to achieve a carbon-neutral society,” said Takashi Watanabe, Chief Engineer, Lexus International. “We will continue to take on the challenge of providing customers with new experiences and a uniquely Lexus BEV driving experience.”

Setting The Stage

Lexus and parent company Toyota have been at the forefront of hybrid technology. The Honda Insight is the first mass-produced hybrid vehicle sold in the USA, but the Toyota Prius kick-opened the door for commercial acceptance of hybrid cars back in 2000. Lexus sold its first hybrid car, the RX400h, in 2005. Toyota and Lexus had a lot of practice before fully-electric cars became mainstream, but we still can’t get over why they were so late to introduce a mass-market EV.

It finally caved in with the bZ4X and Subaru Solterra , both underpinned by Toyota’s e-TNGA platform, the same architecture hiding beneath the Lexus RZ’s funky styling. Competitors like BMW, Mercedes-Benz, Audi, and even Genesis may have gotten a head start. But according to Geoffrey Chaucer’s The Yeoman’s Tale of 1386, “For better than never is late; never to succeed would be too long a period.”

2023 Lexus RZ: BEV Spindle Body

We all know Lexus by its spindle grille, a design idiom we grew to love over the years. The Lexus RZ has a new face to differentiate it from its non-premium Toyota and Subaru peers, and it’s evident Lexus designers went the extra mile to give the RZ a unique mug. Affectionately called “BEV Spindle Body” by Lexus, the entire RZ’s face is like a prominent spindle grille (for lack of better words), and we like it a lot.

Lexus claims the front bumper design “focuses on aerodynamic efficiencies and optimized proportions,” while an LED light strip and sloping hatch are the most prominent design features in the rear. The execution is cleaner than in the bZ4X yet more polished than the Subaru Solterra.

DIRECT4 All-Wheel Drive

Lexus failed to mention the specific powertrain details of the 2023 RZ. Still, it did say something about DIRECT4 AWD and a new high-output electronic axle (eAxle) motor to precisely control the driving force between the front and rear wheels, referring to the RZ450e with dual-electric motors, AWD, and about 308 horsepower.

Lexus claims DIRECT4 feeds between 60:40 and 40:60 front and rear when accelerating to minimize pitch while mimicking the shove of a sporty rear-wheel drive car. In addition, the system shifts more power to the front wheels when turning (between 75:25 and 50:50 front and rear, respectively) to sharpen the steering feel. But as you exit the corner, DIRECT4 shifts between a 50:50 and 20:80 split to improve traction while minimizing unwanted pitch.

Available Steer By Wire System

The 2023 Lexus RZ will have an available Steer by Wire system that negates the mechanical linkages between the tiller and front wheels. The result is a 150-degree steering angle that reduces workload and makes mincemeat of three-point turns and parking maneuvers. And if you envy the yoke steering wheel in a Tesla, Lexus will fulfill your whims in the new RZ.

We first saw Toyota’s attempt at a half-wheel in the bZ4X, and it will most likely make an appearance in the new Lexus RZ (fingers crossed). We don’t mind a yoke-styled tiller if the steering angle is 150 degrees, and the kid inside us is all giddy at the mere thought of a spaceship-like steering wheel in a production car.

2023 Lexus RZ: Battery, Range & Charging

Lexus did not mention the battery and charging specs of its newest RZ electric crossover. The press release said the RZ will achieve an estimated 225 miles of driving range with 18-inch wheels and about 200 miles with the optional 20-inch rollers. Those figures raised our eyebrows to the sky, considering the RZ’s closest competitors like the Ford Mustang Mach-E and Hyundai Ioniq 5 can go an average of 300 miles on a single full charge.

The 2023 Lexus RZ will likely have the same 65.6 kWh battery pack as the bZ4X, but the press release states it will have a 71.4 kWh battery like the Solterra. It could also come with the same 6.6 kW onboard charger, although we’re betting the RZ is compatible with up to 150 kW DC fast-chargers for quicker charging times.

Luxurious Interior & Advanced Safety Features

The 2023 Lexus RZ has a low-positioned instrument panel and dashboard with a 14-inch infotainment touchscreen. Three interior color options are available (Orage, Palomino, and Dapple Gray/Black), while a panoramic roof with a dimming function is standard fare. The door trim has “shadowy illumination” that changes the shade of light hitting the inside of the doors when opening or closing. It may sound like a gimmick, but we can’t wait to see how the whole thing works.

Meanwhile, the newest RZ comes standard with the Lexus Safety System+ 3.0, an advanced driving assist package that includes dynamic radar cruise control, a pre-collision system, lane departure alert, and an emergency driving stop system, to name a few.

Lexus Warranty

The 2023 Lexus RZ leaves the factory with a four-year/50,000-mile bumper-to-bumper warranty, a six-year/70,000-mile powertrain warranty, an eight-year/100,000-mile hybrid-electric warranty, and one-year/10,000-miles worth of complimentary maintenance. An extended warranty could prove beneficial if you drive more miles than the average person. This comprehensive guide will help you discern whether a Lexus extended warranty is worth considering.

2023 Lexus RZ: Pricing & Availability

The 2023 Lexus RZ will arrive at dealerships near the end of 2022. Pricing and other related information remain forthcoming, but we reckon base prices to start above $55,000. Our free and easy search tools * show which Lexus dealerships have the best deals in your area. Those search tools will also help you obtain the invoice price to negotiate the best possible out-the-door pricing on a Lexus RZ.

Alvin Reyes is an Automoblog feature columnist and an expert in sports and performance cars. He studied civil aviation, aeronautics, and accountancy in his younger years and is still very much smitten to his former Lancer GSR and Galant SS. He also likes fried chicken, music, and herbal medicine.

Photos & Source: Lexus.

*Although always free for you, Automoblog and its partners may receive a commission when you use the services provided through that link. MSRP figures are subject to change.

Original article: 2023 Lexus RZ: Automaker’s First Battey EV Features AWD, Steer by Wire System, New Body Design & More

What the Federal Interest Rate Hike Could Mean for the Auto Loan Industry

Thu, 19 May 2022 19:16:00 GMT

By: David Straughan and Jennifer Chonillo

Affiliate disclosure: Automoblog and its partners may be compensated when you purchase the products below.

On March 16, Chairman Jerome Powell announced that, for the first time since 2018, the Federal Reserve would be raising the interest rate: from 0% – 0.25% to 0.25% – 0.5%. The Fed raised the rate again on May 4 – this time to 0.75% – 1%. These increases will impact many industries in the U.S. and around the world, especially lending and finance.

Those effects also have the potential to reverberate through industries that depend on financing, such as the automotive industry. But what those effects could be and to what extent they’ll affect the industry remain to be seen.

The Difference Between Interest Rates and “The Interest Rate”

When people talk about interest rates, they’re typically referring to the rates consumers pay to borrow money from financial institutions. When people talk about “the interest rate,” they’re usually referring to the rate set by the Federal Reserve, also known as the federal funds rate. These two are related, but the difference between them is critical.

The federal funds rate refers to the rate financial institutions pay to borrow money from one another overnight. This rate affects the rates at which those institutions can invest or lend money to businesses and individuals.

How the Interest Rate Increase Could Impact the Auto Industry

Nearly every industry will be affected by the interest rate hike in some way. But in categories like the automobile industry, which depend on both a business and a consumer’s ability to borrow money, the effects could be especially significant.

Auto Lending Rates Will Likely Go Up

One of the most immediately noticeable effects of a rate increase is the increase in consumer borrowing rates. Like the federal funds rate, auto loan rates have been historically low in recent years. According to data from Statista , the average rate for a 60-month auto loan on a new car fell to 3.85% in December 2021. By April, it had reached 4.47%.

As it becomes more expensive for larger financial institutions to borrow money, they’ll need to charge more to make up the difference.

“In 2022, I could see [auto] lending rates climbing as high as 8% – 9% for people with less-than-ideal credit, and as high as 4% – 5% for those with average or even good credit,” said Jake Hill, CEO of DebtHammer, a company specializing in consolidating payday loans.

The data in the chart below reveals a strong relationship between the federal funds rate and the average auto loan rate. Given these historical trends, consumers should expect rates on financial products such as auto loans, personal loans, small business loans, and mortgages to come with higher interest rates.

Lower Demand Could Result in Lower Prices

The historically low interest rates over the last few years have made borrowing money to buy a car more attractive, but rising interest rates could cool consumer demand.

Cars effectively become more expensive as rates increase. Unlike improvements in vehicle technology, that extra expense doesn’t add value to the vehicle. As a result, consumers may be more reluctant to buy new vehicles, reducing demand.

That decrease in demand could lead to lower prices on new cars and perhaps even used cars as dealers look to respond.

The Rate Increase’s Effects on Auto Loans May Not Be Significant Yet

While a 0.5% rate increase may be significant enough to disrupt the market, the effect wouldn’t necessarily be enormous for a potential car buyer.

The table below uses March’s rounded average new car price of $46,000 and a 72-month auto loan (currently the most common loan term) to show how a 0.5% rate difference would affect the cost of buying a car. Taxes and fees aren’t included in the calculations.

Though a difference of less than $800 in total interest isn’t insignificant, the resulting difference of about $10 per month probably won’t mean much to most buyers.

That’s not to say lenders won’t increase their rates by more than 0.5% to account for the increase. But when it comes to the end consumer, it’s worth keeping the effects of these rate increases in context.

Demand and Prices for New Vehicles Are High

Semiconductor shortages and other supply chain issues have led to a lower supply of new vehicles since the start of the COVID-19 pandemic. This shortage has prompted a dramatic rise in the price of new and used cars – a trend that appears to be continuing. Kelley Blue Book reports that the average price for a new car exceeded $47,000 for the first time in history in December 2021 and sat just under $46,000 in March 2022.

Here are the increases in the average price of a new car over the last three years, according to a report from Kelley Blue Book :

Some manufacturers have taken issue with these increases. For example, Thomas J. Doll, president and CEO of Subaru of America Inc., issued a warning to dealerships about selling cars over manufacturer suggested retail price. The company said consumers had been reporting dealerships that sold over MSRP to the corporate headquarters.

Three Reasons Why the Fed Is Raising the Interest Rate

The Federal Reserve derives its authority from Congress and receives monetary goals from the federal government, but it acts independently to set interest rates, and its decisions are ultimately up to its board of governors.

When it comes to recent decisions to raise the interest rate, a few factors played a role:

The Interest Rate Has Been Historically Low for a Long Time

One reason the interest rate is going up is that it doesn’t have anywhere else to go. Before the rate hike in March, the interest rate at the Federal Reserve was between 0% and 0.25% – a low first seen during the 2008 financial crisis.

The Labor Market Appears to Be in Good Shape

After a dramatic increase in the unemployment rate in 2020 due to the COVID-19 pandemic, the U.S. labor market has made a strong recovery. The unemployment rate was 3.6% in April, according to the U.S. Bureau of Labor Statistics .

Such a low rate of unemployment indicates a healthy economy. This gives decision makers at the Fed confidence that the country could withstand a gradual slowdown of economic activity brought on by an increase in the interest rate.

Inflation Has Been on the Rise

A strong economy and a long period of low interest rates have led to an uptick in inflation in recent months. According to the Federal Reserve , current monetary policy aims for keeping inflation near 2%. However, between April 2021 and April 2022, the Consumer Price Index (CPI) which measures inflation, rose by 8.3% (not seasonally adjusted).

Raising the interest rate is one of the first tools the Federal Reserve uses to try to temper inflation. By increasing the rate, the Fed hopes to slow economic growth and, in turn, the rise in the cost of goods and services.

The Interest Rate Likely Won’t Go Down any Time Soon

It’s true that with the two recent increases in the federal funds rate, the difference is currently minimal for most consumers. Even after those increases, the rate is still lower than at most points in the history of the Federal Reserve. As of now, businesses and individuals generally still have access to low borrowing rates.

However, the Federal Reserve has indicated that there are still five more interest rate increases to come in 2022. That means consumers should expect more increases in their own interest rates, auto loans included.

Hill, of DebtHammer, says it’s hard to anticipate where rates will go in 2023.

“Every aspect of the economy is volatile right now, and during times like these, unprecedented changes can happen on a whim,” he says. “Because there isn’t a solid, consistent pattern, predicting 2023 interest rates at the moment is very difficult.”

Whatever impacts the most recent increase has had on the auto industry and others may be exacerbated by future rate hikes. The Federal Open Market Committee will meet again on June 14 and 15, where they’re expected to once again raise the federal interest rate.

Original article: What the Federal Interest Rate Hike Could Mean for the Auto Loan Industry