Buying or Leasing a Car? 6 Terms You Should Know

Like with any industry, car dealerships have their own jargon. When you walk into a dealership, you may hear the salespeople using terms like "invoice price," "MSRP," and "residual value," but do you really know what they mean? It's important for consumers to understand these terms so that they can make an informed purchasing decision. Read on to understand the key terms you may hear at the dealership. 

Invoice price: The invoice price is the original amount the car dealership pays the car manufacturer for each vehicle. This price does not always reflect the dealer's final cost due to rebates, discounts or incentives. 

MSPR: MSPR stands for Manufacturer's Suggested Retail Price. Also referred to as the sticker price, this is the figure that's most visible on the car's window sticker. It's also the price listed in advertisements for the vehicle. Dealerships often begin negotiations at the sticker price. Unless the vehicle is brand new or the model is in high demand, cars can sometimes be bought for less than the sticker price.

Residual Value: Residual value refers to how much the car will be worth at the end of its lease. Dealers use residual value to calculate the lessee's monthly payments. Generally, the longer the lease period, the lower its residual value is.

Realized Value: This is the actual market value of a leased vehicle at the end of the lease. 

APR: Annual Percentage Rate (APR) is the total amount you pay for your auto loan, including the interest rate and other fees. It is expressed as an annual percentage of the amount financed. With fixed-rated financing, the APR stays the same over the course of the contract. With variable-rate financing, the APR increases after a specific time period. 

GAP: Guaranteed Asset Protection (GAP) is an optional coverage for car buyers. It protects you in the event that your car is stolen or totaled in an accident. GAP covers the difference between what is owed on the car loan and what is covered by insurance. 

If you come across other terms you don't understand during your visit to Springfield Toyota, don't be afraid to ask the salesperson to explain them to you. You want to ensure you understand the terminology and the terms of the sale before moving forward.

Top Tech Features to Consider for Your New Car

If you're on the hunt for a new car, then you've likely noticed all the high-tech features that these new models are equipped with. While some features can be done without, others can really improve the safety and driving experience of your vehicle. Here are the top tech features to consider for your new car: 

Cameras & Sensors

While backup cameras and rear radars aren't new, 2017 models offer more advanced systems for increased safety and convenience. In addition to the basic backup camera that detects objects directly behind you, vehicles are now able to detect approaching cross traffic. Radar technology identifies approaching traffic when you're backing up and immediately alerts you by sounding an alarm. Additionally, vehicles are featuring multiple cameras with enlarged fields of view and clear LED display screens. Other safety features like auto-braking, engaged steering, and lane departure warnings are being integrated to help drivers avoid collisions. 

Onboard WiFi  

Many car models are equipped with Bluetooth technology, but the future is onboard Wifi. This is the ultimate feature for those who prefer to stay connected or have to work on the go. Using your phone as a hot spot, you can stream your favorite music, park and check your messages, and more from the comfort and convenience of your car. 

Parental Controls

For parents who fear their teen driver might text and drive, speed or get distracted jamming out to their favorite tunes, parental controls can give you peace of mind. Many new vehicles can incorporate parental controls that allow you to limit the speed and audio volume, sound an alarm when seat belts aren't fastened, and even block your child's texts and calls when they're driving. 

To shop new cars with the latest security and entertainment features, visit Autoland, a leading car dealer in NJ. We have the newest models from Toyota, Chrysler, Scion, Dodge, Jeep and Ram. View our inventory online, or stop by our dealership located at Route 22 in Springfield today.

4 Must-Dos before Buying a Pre-Owned Toyota in NJ

Are you in the market for a pre-owned Toyota? Toyotas are prized for their reliability, efficiency, safety and value, making them a good brand whether you're buying new or used. To ensure you get a good deal on your used Toyota, you need to be well-informed before you go shopping. Here are some tips you should follow when buying a pre-owned Toyota in NJ.

Know what "certified pre-owned" means 

Not all used cars are certified. A certified pre-owned vehicle has been inspected, repaired and certified by the manufacturer. Certified pre-owned Toyotas also often come with additional benefits, such as an extended warranty, roadside assistance, or special financing. Buying a certified Toyota gives you peace of mind knowing the car was inspected and refurbished.

Review the inspection report 

While Toyotas are well-known for their reliability, the condition of a particular vehicle depends on its history. Before making a purchase, review the vehicle's inspection report. All certified pre-owned Toyotas are inspected prior to certification. Verify that the vehicle identification number (VIN) is the same as the one listed on the report.  If you aren't buying a certified Toyota and there is no report, then arrange for a vehicle inspection so that you know the car's history. 

Take it for a spin

You should always take a vehicle for a test drive before making a purchase. The test drive gives you a better idea of the car's condition and how it operates and rides. View our top test drive tips here.

Negotiate a good deal

Before sealing the deal, you should know the vehicle's market value. Websites like Kelly Blue Book, Edmunds and Nada Guides can tell you the value of a used Toyota. Research the car's value and come to the dealership armed with this information to negotiate the best price.

By following these tips, you can get a good deal on a used Toyota. At our Autoland dealership in Springfield, we have a great selection of pre-owned Toyotas of various years and models. Visit us online or at the dealership to find the perfect pre-owned Toyota in NJ today.