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.

Benefits of Buying a New Car Over the Holidays

Are you in the market for a new car? Whether you're shopping for yourself or a loved one, December is a great time to buy. Demand tends to decline at the end of the year, making prices more attractive as dealerships aim to finish the year off strong. Additionally, car manufacturers offer better rebates at the end of the year to get rid of remaining 2016 models. Read on for more reasons to buy a car over the holidays.

Save on 2016 Models

New car models are released in the fall. Dealerships aim to have the old model sold by then, but this doesn't always happen. The 2017 models have arrived, and dealers are slashing the prices of 2016 models to clear their inventory. If you're interested in a 2016 model, then now is the perfect time to buy.

Enjoy Holiday Deals

Car dealerships are known to offer holiday promotions. From President's Day to Black Friday, dealers often offer special deals on holidays, and Christmas and New Years are no different. Manufactures usually offer special financing and cash-back deals during holidays, and dealerships often add on to these special offers. The deals are even better in December, as dealers and automakers are pushing to meet their annual sales targets. Buying during the holiday season can save you hundreds and even thousands of dollars on a new car.

Finally Get Your Convertible

While there are end-of-the-year savings to be had on all types of cars, convertibles are especially attractively priced in December. The cold weather has set in in New Jersey, and it's not very common for people to shop for convertibles in the colder months. To attract buyers in this slow season, more bargains are offered.  While you'll have to wait a few months until you can drive with the top down, you'll be extremely happy with your purchase come spring.

Autoland Toyota is offering a variety of specials on 2017 and 2016 vehicle models, including the new 2017 Jeep Grand Cherokee, 2017 Toyota Camry, 2017 Toyota Rav4, 2017 Toyota Corolla, and more. Take advantages of our low prices by visiting our NJ Toyota dealership on Route 22 East in Springfield. 

How to Boost Your Fuel Economy

While New Jersey has relatively lower gas prices than its neighbors, improving your fuel economy can help you save more money, while reducing your carbon footprint. Here are some simple ways to boost your car's fuel efficiency and get more miles to the gallon.

Change Your Driving Habits

Speeding, stomping on the brakes, and accelerating too quickly all waste fuel. Break away from these habits to improve your vehicle's fuel efficiency. According to the U.S. Department of Energy, these bad habits can lower your gas mileage by 33% at highway speeds and by 5% around town. Stick to the speed limit and stay aware of your surroundings so you can coast to a stop. Not only will these best practices help you save money, but also they'll increase your safety.  To avoid speeding on long trips, use cruise control. By maintaining a constant speed, cruise control can help you conserve gas when driving on the highway. 

Another habit to avoid is idling. Depending on your engine size and air conditioner, idling can waste a quarter to half a gallon of fuel per hour. Always turn your vehicle off when it's parked.

Know When to Roll the Window Up

On slow city streets, turning off the AC and rolling the windows down can help conserve fuel. However, when driving on the highway at faster speeds, roll your windows up. The aerodynamic drag caused by driving with the windows down at fast speeds lowers the fuel efficiency more than the AC.

Properly Maintain Your Vehicle 

 

Regular vehicle maintenance is key to healthy car. For a fuel-efficient vehicle that operates at peak performance, you need to follow the maintenance schedule provided in your owner's manual. Old engine oil, worn spark plugs, and dirty air filters can impede fuel economy, so get them changed as required.  

Also make sure your tires are properly inflated. Under-inflated tires can reduce your mileage by 0.2% for every 1 PSI drop in the average pressure of all tires. Low tire pressure can also cause premature wear and poor handling. Refer to your owner's manual for the appropriate tire pressure. Check your tires at least once a month and re-inflate as needed.  Keep in mind that the tire pressure decreases more rapidly in cold weather. 

Lighten Your Load 

Don’t drive around with dead weight, such as an empty roof rack or that pile of junk in your trunk. The heavier your load is, the harder your engine has to work, and the worse your fuel economy is. Remove things from your car that you don't use frequently. Your passengers, engine, and wallet will thank you. 

Buy the Right Fuel

Make sure you are purchasing the right octane gasoline for your vehicle. The correct fuel can be found in your owner's manual. If your vehicle takes regular fuel, premium-grade gas won't improve your fuel economy. It'll only put a bigger hole in your pocket. 

Choose a Fuel-Efficient Vehicle

When it's time to buy a new car, choose the most fuel-efficient option that suits your needs. The Department of Energy reports drivers can save up to $1,400 in fuel costs each year by simply choosing the right vehicle. A motorist who drives 15,000 miles a year at $2.15 a gallon will save nearly $2,700 with a vehicle that gets 30 MPG instead of 20 MPG.  For a fuel-efficient vehicle that meets your needs, check out our New Jersey auto sales at Autoland in Springfield.

5 Tips for a Successful Road Trip

With the lowest summer gas prices in 12 years, many American families are planning to hit the road this summer. Fifty-five percent of Americans are planning to take a road trip this year due to cheaper gas prices, according to a AAA study. At 69 percent, the road trip is the most popular vacation for families planning to travel in the next year, followed by national parks (49 percent) and theme parks (42 percent).

Road trips are popular because they promote family bonding and allow travelers to see sites they probably would not have otherwise seen.  If you're planning a road trip this year, follow these tips from Autoland in Springfield, NJ. 

Have a Plan

When it comes to road trips, you can't just get in the car and head towards your destination. Road trips require careful planning and preparation to ensure you don't miss out on must-see sites or exceed your budget. For a successful trip, you should plan your route ahead of time. Your plan should include when and where you'll stop for food, gas, attractions, and lodging. Also be aware that your trip may not go as planned. Unexpected delays, like road work or bad weather, might set you off schedule and require you to adjust your route. Expect a few minor bumps in the road when budgeting and timing your trip. 

Make Frequent Stops 

Driving for several hours on end can make you feel groggy and less alert. Even if you don’t feel tired, pull over and take a break every few hours. Stretch your legs, get some fresh air, and grab a bite to eat. If you need to, switch drivers or take a nap before hitting the road again. Also, while it may be tempting to drive through the night, it's best to get a good night's sleep to ensure you are awake and alert for the long drive ahead.

Keep Your Gas Tank Half Full 

Don't wait until your gas gauge is on empty before you refuel. Letting your gas tank sit on empty is never good for your car, but it's an especially bad choice for long-distance travel. When you're on the open road, the next gas station may not be for another 100 miles, so you should fill up when you can. Always keep your gas tank at least half full to be safe. 

Avoid Breakdowns 

Before you hit the road, ensure your car is in the best possible condition. Make sure the tires are properly inflated, all fluids, including power-steering, windshield wiper, and engine oil, are at the right levels, and the headlights, taillights and signals are working properly. Also have your vehicle professionally inspected to be sure everything is in tip-top shape. Let your mechanic know you are going on a road trip, so he/she can do a thorough inspection of your tires, brakes, battery, and so on. Many New Jersey new and used car dealers offer vehicle service and repairs. At Autoland Springfield, we have highly-trained service staff and technicians, so stop by our dealership on Route 22 to have your vehicle inspected.  

Consider Entertainment 

After spending several hours in the car around the same scenery, your family could start to get bored. Especially if you have children, come prepared with entertainment. Think of fun road trip games, such as road trip bingo and the license plate game, to keep everyone excited and entertained. Also download games, music, and movies on your smartphone or tablet ahead of time, and bring your children's favorite handheld games and toys.  

With these tips, you and your family can have a successful road trip that will be remembered and cherished forever. Happy travels!

Tips for Getting Your Car Ready for Winter

Did you know that October is Fall Car Care Month? It's very important to take care of your car now because you don't want your car to fail you when winter comes. Your car is an investment and the more proactive you are with maintenance, the more life you'll get out of it. Plus, you might save yourself a major headache or expense down the road. Here are several tips to keep in mind to make your winter driving in NJ as painless as possible:

Find a Dealer who Offers Fair Pricing on Services: One of the most important things to remember is that if you do have an issue with your car, you need to find a dealer or mechanic that will offer fair pricing on all repairs. Finding the right mechanic is crucial. This concept was even the basis of a Seinfeld episode. Autoland in Springfield, NJ provides all customers with fair pricing on all preventative services and a variety of repairs. We are even open on Sundays.

Check Your Tires for Wear: Winter can be harsh on your tires – especially if you live in an area where there is a lot of snow. If you have a lot of wear on your tires or uneven wear, this can be especially dangerous. Check and see if it's just an issue of inflation. If not, there could be a problem with alignment. It might be best to take it to an auto shop to diagnose the problem before it causes a major issue.

Keep Your Battery Corrosion-free: Wintertime can be tough on a battery. Go to an auto shop on a very cold day, and you'll plenty of people there shopping for a new battery.  Therefore, fall is a good time to take a look at your battery and check all connections for corrosion. It might be a good idea to get your battery tested as well to make sure it will be up to the challenge of winter.

Make Sure Your HVAC System Is in Good Working Order: You probably won't be using your AC anytime soon, but you will definitely need your heater and defroster. Your heater will more be for comfort, so it's not exactly necessary, but your defroster can be a life-saver, especially if you experience ice or snow. Check your HVAC system now before more extreme weather hits. Additionally, it might be a good idea to check your windshield wipers. They should be replaced approximately twice a year.

Evaluate Your Brakes: Your brakes are obviously crucial, but especially in the winter time during treacherous conditions, like snow or ice. Therefore, it might be a good idea to have a professional check your brakes to make sure all components are in working order. Getting a rotor replaced will be far less expensive than waiting and increasing the risk of your brake system failing.

As Ned Stark would say, winter is coming. Get prepared for it by getting your car checked now. Staying on top of all maintenance now may benefit you when you need your car running properly the most.