Latest news with #AllisonWorldwide
Miami Herald
6 days ago
- Automotive
- Miami Herald
Spring survey: Consumers plan to buy cars despite costs
Spring survey: Consumers plan to buy cars despite costs If current events have made you question whether you should buy a vehicle right now, you're not alone. Recent surveys suggest potential price increases are on everyone's minds. The auto market has had a lot of ups and downs since 2020, and now a hard-to-predict tariff policy is adding even more uncertainty. Surveys show some consumers have canceled their plans to buy or lease a vehicle this year. However, not everyone is scared off buying: Around 17% of consumers say they are very likely to buy in the next year, according to a 2025 survey by HarrisX in coordination with Allison Worldwide. Maybe those 17% of consumers know you can still find ways to save money on your next vehicle, even in an uncertain market. Vehicle selection, comparison shopping, and finding the right auto loan can all make a big difference in your monthly payment. Key Takeaways: Surveys show many consumers plan to buy or lease a car in 2025, despite worries about price increases and could still minimize costs on your next vehicle, even if prices go the right model, shopping around, and qualifying for a lower interest rate can all make purchasing a vehicle cheaper. Freedom Debt Relief provides some simple steps to follow while car shopping to help you save the most money. Step 1: Make a plan (and stick to it) Most people don't want to impulse-buy a vehicle, so it's important to have a plan in place. The sooner you start planning, in fact, the better off you'll be, since you'll have more time to save for your purchase and shop around. Not sure where to start? Consider these points: How much can you afford? If you plan to pay cash, don't deplete your savings or derail your retirement planning. If you're financing with an auto loan, budget for an affordable monthly payment. One popular rule is to spend no more than 20% of your annual gross income on a kind of loan do you need? A longer loan makes your budget stretch, but it costs you more in the long run, thanks to interest fees. Find the sweet spot between what you can afford monthly and what will cost you less will insurance cost? Purchasing the vehicle is only a part of the cost. You also need to insure it. Factor the cost of insurance into your budget and plan. You can get quotes before you buy the do you really need from your vehicle? Remember that the main purpose of your vehicle is transportation, and they are available at many price points. Don't go over your budget trying to impress people, or for bells and whistles you don't really need. Step 2: Choosing a car Once you know what you can safely spend, choose a make and model that fits both your budget and your needs. This may take some time given all of the options, but it's a vital step. Here's some advice for choosing the right vehicle: Research price, features, safety, mileage, and reliability. You can find a lot of good data online through reliable auto reporting sites like Car and sure the vehicle fits your lifestyle, because early depreciation and trading-in can cost you a lot. You might yearn for a tiny sports car, but your family probably won't love it if you sardine them on every road all ownership costs when comparing cars: repairs, maintenance, gas, and insurance. Check out the cost of car ownership calculator to compare the annual expenses of different makes and costs of new vs. used for your desired model. In some markets, the cost difference may not be as much as you expect, making a new vehicle roughly as affordable as a used used cars, get a CarFax, VINCheck, or AutoCheck report to see the vehicle's history before recommend a pre-purchase inspection from a licensed mechanic, even if a used car is "certified." Expect to pay around $85 to $150, but it could save you thousands in repair bills. Step 3: Shopping for the best price The cost of a given make, model, and year can vary by thousands from one dealer to another. Dealer fees can also add a lot onto the cost of your vehicle, so you always want to shop around for the best overall price. Use these tips to find the best car prices: Be flexible about make, model, and color. Have a list of cars you'd accept, and be ready to compromise on anything that isn't a your search. Consider big and small dealers, rental agencies, out-of-town (or out-of-state) dealers, and (for used cars) private the internet. View more cars in less time, and set up alerts or notifications on the sites you prepared to move fast. Once you find the right deal, having pre-approved financing can help a lot. If a dealership or individual needs to unload a car quickly, the price will likely be a little lower. But they won't sell to you if you can't close the deal and pay a trade-in. You can offset some of today's hefty price increases if you have a trade-in, because their prices are also higher. Also look into selling your old car versus trading it in, because you may get quite a bit more from a private buyer than the for extras. Dealers may not be willing to drop their prices, but you may be able to negotiate some high-margin freebies like extended warranties, cheaper financing, or free oil focus only on monthly payments. Instead, have a firm budget for the total price of the vehicle. Lowering your monthly payment tends to make your overall cost much higher. Step 4: Borrowing for less Other than vehicle price, the main factor impacting your car payments is the interest on your auto loan. The lower your interest rate, the lower your costs will be, both for your monthly payment and overall. Consider this when shopping for an auto loan: Check your credit reportand FICO score before shopping. You won't know what interest rate is fair unless you understand your credit profile. The higher your credit scores, the lower your interest rates tend to credit report errors. If your credit report contains score-reducing errors, clear them before shopping for a car. You can dispute errors with each credit bureau your score is low, work on raising it. If you don't need to buy immediately, you may have time to improve your credit score. Even a few points can make a big difference, according to FICO's Loan Savings Calculator. For example, increasing from the 660-689 range to the 690-719 range can save you over $2,000 during the life of a $30,000 five-year up financing in advance. Get quotes from several competing lenders, including credit unions and banks, auto financing companies, and secured personal loan up total costs. There are several moving parts in auto financing: vehicle price (minus any rebates), interest rate, and loan charges. When comparing offers, add up the total cost over the entire life of the car-down payment, plus loan fees and anything else you pay upfront, plus the total of all payments over the loan term. The lowest amount wins. Step 5: Play the waiting game The used and new auto markets are in a bit of a murky situation right now, but that won't always be the case. Sometimes, when you're not sure of the right move, the best thing you can do is wait. If your vehicle is still safe and reliable, it might be best to hang on to it for a little while as the market settles. This also gives you more time to save money for the down payment and/or boost your credit score-moves that can make your new car more affordable in the long run. In the end, the best car for you isn't the one with the most bells and whistles; it's the one you can best afford. FAQs What is the lowest credit score to buy a car? Unlike with mortgages, there is no minimum credit score for auto loans. You may find a dealer that will finance a loan even if you're in "deep subprime" territory, which is a score in the 300-500 range. However, Experian reckons that only 1.79% of all auto loans originated in 2021 were deep subprime loans. So you may have to seek out someone willing to play ball. And you can be pretty sure you'll be paying a very high interest rate on such a loan. What Is the difference between secured and unsecured debt? Secured debt is guaranteed by something valuable (collateral) that you agree to give up if you can't repay the debt. Car loans and mortgages are secured debts. If you default on the loan, the lender could sell the collateral to get the money you owe. Unsecured debt is a loan that you qualify for based on your creditworthiness. The risk to the lender is that if you don't repay the debt, the lender is stuck with the loss. That's why unsecured loans tend to cost more than secured loans. Can a budget app help me save money? Yes, budget apps could help you save money by helping you create a budget and track your spending and income. Popular budget apps include Goodbudget, PocketGuard, EveryDollar, MoLO, and YNAB. This story was produced by Freedom Debt Relief and reviewed and distributed by Stacker. © Stacker Media, LLC.
Campaign ME
20-05-2025
- Business
- Campaign ME
Seven Media announces senior management appointments
Seven Media has announced a series of senior-level promotions and appointments across its integrated management team, who will report to the agency's leadership. The promotions were announced as the independent PR and communications agency marks 15 years of operations in the MENA region. It also aims to strengthen the agency's structure in an effort to boost its 360-degree turnkey offering for a range of blue-chip clients across multiple sectors. 'As we celebrate this incredible milestone of 15 successful years, Seven Media is future-proofing the agency as we look forward to the next decade and beyond,' said Gregg Fray, Co-Founder of Seven Media. Susie Hughes, formerly Executive Vice President at Seven's global partner, Allison Worldwide, has relocated to the UAE and joined Seven as Executive Director to oversee its international offering and strategic-level counsel for major clients. Additionally, in a move to provide enhanced internal support during a period of major expansion, five members of staff have been appointed as section heads. Reham Bakry has been promoted to Head of Corporate PR, while Jessica Little has been appointed Head of Consumer and Lifestyle PR. Ziwar Nakhesh, who has been at the agency since it was founded in 2010, is taking on a wider remit as Head of Arabic. Following four years as a key member of Seven's social team, Rebecca Gill has been appointed Head of Social Media, while the agency's Abu Dhabi headquarters will be overseen by Gabrena Grewal, who will leverage her extensive experience in the emirate's government and consumer sectors in her new role as Head of Abu Dhabi. These appointments follow the recent launch of Seven Digital, led by Rahul Sharma as Managing Partner. Across the wider structure, Nick Cooper remains Head of English Content and Janty Nakhesh will continue his longstanding role of Head of Arabic Content, ensuring the same high standards of bilingual output the agency has always delivered. Michael McClements, Commercial Director will continue in his role. The newly appointed section heads will play a key role in executing the vision of the agency's leadership team, who will focus on the expansion of the agency across markets, sectors and services, with recent announcements including a partnership with events agency, Joe Lewis Company, and appointments in KSA. 'Each promotion and appointment not only affirms the exceptional breadth of talent here at the agency, but is a commitment to continue our investment in tomorrow's leaders in an ever-evolving and dynamic communications landscape,' said Fray. 'Our world-class team perfectly positions us to offer best-in-class, multi-platform solutions to our diverse roster of public and private sector clients across the region well into the future.' Seven's management team will report into the agency's leadership team, which is comprised of agency Founders, Matt Slater and Gregg Fray; Sharan Sunner, Managing Director of Seven Media; Kelly McClements, COO of Seven Media; Amina Chowdhury, Managing Director of Seven Studios; and Sara Raffaghello, Creative Managing Director of Seven Studios.
Yahoo
12-04-2025
- Automotive
- Yahoo
Buying a car before tariffs hit prices? What you need to know.
Americans in the market for a new or used car may want to visit the auto lot before prices rise due to auto tariffs. In the video above, Allison Worldwide managing director Rebecca Lindland explains what buyers need to know. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Sign in to access your portfolio
Bloomberg
06-02-2025
- Automotive
- Bloomberg
Bloomberg Businessweek: Ford and Flowers
Watch Carol and Tim LIVE every day on YouTube: Rebecca Lindland, Managing Director at Allison Worldwide, shares her thoughts on Ford and electric vehicles. Paula Davis, Founder and CEO of the Stress & Resilience Institute, discusses her book Lead Well: 5 Mindsets to Engage, Retain, and Inspire Your Team. Christina Stembel, Founder of Farmgirl Flowers, talks about her bootstrapped floral business ahead of Valentine's Day. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.
