Would you let a stranger drive your car to make some extra cash? Rudolf Gumba / Flickr
This post is brought to you by hearing aids.
This is a post by BargainBabe.com writer Yazmin Cruz.
While listening to NPR yesterday, I learned more and more people are making extra money by letting complete strangers (Yikes!) drive their cars for a fee. The people who are renting out their cars are doing so through car-sharing start-ups.
A college age woman told NPR she makes an extra $150 a month. That’s $1,800 a year. Nice! Before you start making money off your ride, here are some things you need to know to protect yourself and your wheels.
KB35/Flickr
This post is brought to you by AmeriLoanSearch offering no credit check loans with instant approval.
There are 11 common mistakes people make when buying or selling a used car, according to the October 2011 issue of ShopSmart, published by Consumer Reports. All of them add up to lost money. Summarized below. About to buy a new car? Here’s how to negotiate a good price and the three steps of haggling. Did you know you can save a lot of money buying car parts from a junk yard? Make sure to check this car recall site before you pay for any repairs.
Seller mistakes
1. Settling on price. Trading in your car is quicker and easier than selling it yourself, but the dealer price will be lower than if you sell it on AutoTrader.com, Cars.com, or Ebay.
2. Risking your privacy. Don’t list your address or full name or you may attract unwanted visitors. It’s a good idea to meet potential buyers in a public place, instead of your driveway.
3. Combining buying and selling. Trading in your car and buying one at the dealer is a super
© Pavel Losevsky - Fotolia.com
A list from the used car listing site web2carz of the best used cars costing less than $10,000 intrigued me. The used car market is hot right now because so few people are willing to shell out cash for a brand new one. I’m a big fan of used cars, and my husband and I are toying with the idea of getting rid of our two cars for one family car. Convincing him to buy used is not a given but would save us thousands. I summarized the web2carz list below.
Fuel Efficient – 2004 Toyota Prius
Used fuel-efficient cars are in growing demand. Even the newest hybrid technologies can be found used. A 2004 Toyota Prius is a great buy if you are looking to save money at the pump, but you will certainly pay for it in the pedal. A used 2004 Prius will average you 48mpg-city/45mpg-hwy.
Luxury Cars – 2003 Lexus ES300
Used luxury cars retain their value more than their
By Bobbi Burger Brunoehler of BobbisBargains.
digitizedchaos/flickr
A couple years ago, I knew NOTHING about cars. They appeared in my life (from my parents) when I needed them. This lovely, but unsustainable situation, disappeared with the passing of my folks. I had to learn about a subject that interested me as much as fantasy football.
Two years later, I am a used car buying guru. As a follow up to my post about free car repair via recalls, here are ten key websites that I have found necessary to educate myself prior to buying an “out of warranty” vehicle.
Don’t forget to check out Who Can Fix My Car, the UK’s specialist in Car Repairs, which brought you this post.
By Bobbi Burger Brunoehler of BobbisBargains.
Robert Couse-Baker/flickr
Several years ago I had a minivan that I LOVED. It was the first car that I had ever purchased myself. Unfortunately, one part kept breaking. I must have fixed it four times. I finally just gave the car away. A few months later, I was talking to a mechanic and mentioned how many times I had fixed that part. “Oh yes,” he said, “that part was a factory recall.”
“A factory recall?” What is that?
Turns out that every car has a list of problems that so many people have had with that particular year, make and model, that the factory agrees it screwed up and will replace it FOR FREE!
Instead of paying to fix a part four times, I could have
Beep beep! Avoid these gas wasting pitfalls. Credit: ollesvensson/Flickr
The April 2011 issue of AAA’s Horizons newsletter has an article by “The Car Doctor” John Paul that outlined six pitfalls that reduce your fuel efficiency and gas mileage. How many are you guilty of?
- Old spark plugs and filters can reduce your gas efficiency by 5 percent.
- A lit check engine or service engine light means you are wasting gas. Modern cars have computers to monitor engine efficiency, so trust them.
- A faulty (more…)
UPDATE: This deal is valid at any Kia dealer nationwide, not just in California. Ends today!
PREVIOUSLY: If you live in Orange County or are willing to drive to Irvine, CA, a reader who goes by 4sales4u sent in this tip:
I just received $25 in the mail! Â :) Â And there is still three days left for you to get yours, too! Get your FREE $25 Prepaid Visa gift card for test driving a Kia! Print the certificate, and bring it to a Kia dealer before the end of March. http://2011optimatestdriveoffer.cloudapp.net/
Thanks for sending in this tip! Sounds like a fun way to make a little extra spending cash. This deal ends Mar. 31, 2011. Before you head down to the dealer, make sure you fit these requirements:
- You must be 18 years or older with a valid driver’s license
- One $25 gift card per household
- After the test drive, you must mail in a completed e-certificate (available through the link above) with an original dealer signature and unique customer ID by Apr. 15, 2011 to get your $25 gift card
- Valid in the continental U.S. only
Use the card within six months, otherwise a monthly fee of $3 is deducted from the balance. Got a hot tip? Email me.
To rent or not to rent? Credit: dennis/Flickr
Perhaps as a sign that going car-less for Lent is a good idea, yesterday for the first time I saw a bus go by my house. I can’t pretend to need a car when there is a bus route at my doorstep, can I?
Didn’t think so. Where I was in doubt about this sacrifice, you had none. Other than Linda O., commenters unanimously want me to ditch my car keys.
Final answer? I’m going car-less for Lent, which starts Wednesday, Mar. 9 and ends on Easter Sunday, Apr. 24, 2011. (The end of Lent is debated, but I’m sticking to Easter). During my auto fast, I’m allowed to drive my car on Sundays, which is another issue hotly debated among Catholics. I’m not religious, so instead of giving up a sin for Lent, my twist is that I’m giving up a financial sin.
Owning a car is a financial sin? One calculation shows that driving takes $7,095 out of my community each year. Not only is that a lot of money leaving my pocket, it is a lot of money leaving my community. By riding my bike, I’m improving my health and reducing my pollution output. By taking the bus, I’m supporting local economy. By taking a taxi, I’m really supporting the local economy.
Just one problem. During my auto fast I have a business trip to Los Angeles. I no longer have a functioning bicycle in Los Angeles, so I may have to rely on buses. Or, I could exclude business needs from my fast, just like I did during my no-spend month, which means I could rent a car in Los Angeles.
Would renting a car on a business trip during my auto fast be cheating?
DaLee_pl/Flickr
A provocative ad in my Feb. 14, 2011 issue of Time magazine charges that every car you own extracts $7,095 per year from your local economy. The total includes gas, insurance, the purchase price, and finance charges. A measly $1,390 per year stays in your community, including the cost of your license, taxes, repair, tires, registration, and maintenance. The total yearly car spending – $8,485 – is based on a AAA stat. The ad is paid for by Intelligent Cities, a project from National Building Museum, was created by an act of Congress in 1980 and is devoted to studying the built environment and its impact on people’s lives.
Give up your wheels, start walking, and spend more money in your hometown, is the message. If 15,000 people in one community gave up their cars, that would be an extra 127 million dollars to spend. How many jobs would that create? How much (more…)
ricketyus/Flickr
Are you getting ripped off? Coupon clippers are angry at Target for automatically de-valuing coupons.(Common Sense With Money)
Coupon Cookin’ shares three very frugal ways to host a birthday party. With pictures from the parties!
It’s Your Money has a fun post on what retailer workers hate about shoppers.
Reasons to walk away from your car dealer, aka signs you are getting ripped off. (Valuing Today)
Here is a touching story about how $.99 hot dogs united one family for a final summer picnic. (Balancing Beauty and Bedlam)
thehume/Flickr
Readers responded to my post on how I saved $3,100 using tips I received from BargainBabe.com readers with requests for help. Please leave a comment if you have ideas for them.
Cindy in San Jose wrote:
I am looking for someone to repair my dryer. Thank you, Cindy
Yazmin in Los Angeles wrote:
Hi, I am purchasing a foreclosure home in Los Angeles. We hired an inspector and told us that whole house needs to be rewired. Our agent recommended her electrician (licensed). He went to see the house and he estimated (just labor) $1900 and we can buy material estimated $850. I am trying to stick with a licensed person. We did not expect this expense when we considered purchasing the house. We still need to buy paint and carpet/tile. I need you help please!! Yazmin
Lisa in Studio City/Sherman Oaks wrote:
Hi Julia- In reference to your article today about the Mini repairs, I’m looking for a reliable alternative to the dealer for my ’05 Honda Pilot with 66,000 miles. Needs service YESTERDAY (that crazy “maintence required” light keeps coming on!!), so any help would be appreciated
thanks, Lisa
Related posts:
Upholstery, Landscaping, and Auto Body Repair at a deep discount
MSVG/Flickr
I took my Mini Cooper in for service knowing it needed repairs, but was overwhelmed when the dealer estimate came in at $4,500. I bought the car used with a 50,000 mile warranty and this was the first time anything – and everything, it seems – needed fixing. With coupons I negotiated 10% off my total bill, wiping out $450. I considered asking for 20% off if I paid in cash, but even then my bill would be $3,600. The car is only worth $9,300!
Then I remembered a super old post from February 2009 titled, 15 things we overpay for. At the end of the post I confessed to overpaying for five of the things on the list, including car maintenance at the dealer. Two readers, Lisa and Tyrone, recommended mechanics who work on Minis. I dug up the post, called both mechanics and got two estimates within 15 minutes.
How much would repairs cost? $1,900 at one, $1,400 at the other. That’s 43% and 31% of the dealer estimate, respectively. Wow!
So what is the difference between the Mini dealer and a regular mechanic?
BargainBabe.com
Long story short, I picked up my Mini from the dealer, paid $82 for the inspection and dropped it off at a regular mechanic’s shop. I was leaning towards the mechanic who quoted me $1,900, but his first opening was July 14 so I took it to the cheaper guy. My final bill may be higher, but so far I’m on track to save $3,100 thanks to BargainBabe.com readers!
Here is the work I am having done on my car (no DIY repairs for me):
- replace front brakes and rotors, flush brake system
- clean the throttle body and fuel injection system
- flush the cooling system and replace fluids
- replace lower controlling rubber bushings, which are cracked
- replace power steering fluid hoses, which are leaking
- replace two engine mounts, which are cracked
- install two new back tires
- align wheels
The experience made me realize that the collective saving power of BargainBabe.com readers really is amazing. If you are trying to save money on something, email me and I’ll share it on the blog. Who knows? Maybe another reader will help you save thousands of dollars.
boulter/Flickr
By Bobbi Burger Brunoehler of BobbisBargains.
The day I got my driver’s license my mother bought me an Automobile Club of America (AAA) membership. She continued to gift me the renewal fee on that membership for many years. Her gift, thankfully, kept me from being stranded on the road many times.
Every time I whipped out my AAA card and called for a service truck, I always thought of my mother. I would call and thank her while I waited for the tow truck to arrive. I think she planned it that way.
I have used my membership privileges (this link opens a word document) to get help:
- jump starting my battery in the dead of winter
- changing a flat tire in the blazing sun
- opening a locked car door when the keys were still in the car and I was not
- towing my car to a mechanic when I broke down in the middle of nowhere
- registering my car with the DMV without having to GO to the DMV (priceless)
A basic AAA membership averages a $1 a week. (Prices vary in different parts of the country.) Any one of the above services would have cost more than I paid for my yearly membership. Upgrades to the membership give you additional benefits including a much larger free towing radius. Check to see if there are current coupon codes available before signing up.
You can even use your card to get roadside help if you are just the passenger in the car. This is the biggest difference between AAA and other roadside assistance programs. A gift of an AAA membership is a great way to help out a low income friend.
Without a doubt, I have gotten my money’s worth from this company. Besides the roadside services, you can also get discounts on phone service, amusement park tickets, air fares, free maps and atlas’, hotel and food discounts, discounted car rentals, free reviews of auto repair shops, passport services, and international driving permits. Check out the discounts in your area.
I never fully appreciated the value of my AAA membership until the day that my son got his driver’s license. I realized that he was about to hit the road and I wouldn’t be there to watch over him. On that day, I purchased his AAA membership. Maybe someday he’ll call me and say “Thanks Mom.”
When it comes to car finance no one wants to end up with an upside down loan, the dreaded situation where you owe more on your car loan than the vehicle is worth. Savvy consumers will do their research and look for vehicles that best retain their value.
Generally, depreciation is based on market demand for a vehicle Ferrari, for instance, is known for carefully selecting its buyers and then producing a limited number of its models to keep demand in the marketplace high. Popular extras will often help boost a car’s resale value while positive press (such as good safety ratings) and endorsements can also have an impact. Outside of these influences, there are a few overarching tips to consider so you can actually “get what you pay for”.
When it comes to vehicles, which cars tend to depreciate the quickest?
New vs used
The saying is true, a new car depreciate the second it is driven off the lot. Generally, new cars depreciate the most in their first year losing about 20 percent of its value in those first 12 months. Thus, many buyers will purchase “near new” vehicles and last year’s model as they tend to have hit the brunt of their first year’s devaluation.
Fuel Economy
These days, fuel economy is one of the most desired traits and many petrol guzzlers will find the values of their cars plummeting faster than they can refill their thirsty tanks. Recently, diesel cars have been in higher demand for their fuel economy and small efficient vehicles have also retained much of their value.
Bargain Basement Prices
Wonder why certain models seem like such a great value at the end of the year? Many dealers do their best to push through less popular stock at the end of the year to help clear out their inventory. If a model is nearing the end of its production line with many unsold vehicles on the lots, chances are they’ll experience some falling price figures in the next year.
Top Depreciating Cars
Meanwhile, Australia’s CarsGuide has released its list of fastest depreciating vehicles, with the Ford Falcon topping this list retaining just 47.9 percent of its value after two years. As noted above, large cars have been hit the hardest in the resale due to higher petrol consumption. Meanwhile, the Honda Civic Hybrid performed the best when it comes to depreciation, losing just over 12 percent of its value after two years. For more information on vehicle financing for a used or new vehicle, visit GetApproved.com.au for expert advice and competitive financing options.
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