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Let’s face it: owning a car is expensive. From buying your car to insuring it and paying for gas, the price tag on owning a car is only getting higher. For the first time ever the average annual cost of owning a car broke $10,000 in 2022 according to the Bureau of Transportation Statistics. This represents nearly a 20% price increase in car ownership over the past decade. But it is more expensive to own a car in some places than others, and there are a lot of reasons for this variance.These are the most expensive states to own a car.What costs are associated with having a car?When we talk about the costs of car ownership we are talking about a lot of different factors. The car’s priceWhen we think of car ownership, the main cost we think about is the car itself. Car payments make up a large part of our monthly transportation expenses. These payments are based on the total price of the car and the interest rate that you are offered. InsuranceAuto insurance is required in almost every state. The specific requirements and the cost of insurance vary greatly depending on where you live. A big part of this difference has to do with the likelihood of accidents. Areas with high populations will have higher rates as the density makes the likelihood of accidents increase. Other factors include:Crime rateOccurrence of natural disasters, such as tornadoes and hurricanesCost of livingThe other major factor that varies by state is what coverage is required. Almost all states require liability coverage, but other coverage requirements such as uninsured/underinsured motorist (UM/UIM) coverage and personal injury protection are only required by some states. This can greatly affect the insurance premium you have to pay.Maine offers the lowest rates in the country with an average premium of $696 according to the Insurance Information Institute. Compared to Michigan, which has the highest premiums in the country at $3,785 per year, this is a huge difference.GasThe price of gas is another major variable from state to state. Gas price varies for two main reasons: different state tax rates and the proximity to oil refineries and pipelines. Gas prices change often and are one of the most variable expenses for a driver. According to AAA the average driver paid $.18 a mile for gas in 2022, totalling about $2700 per year. The cost of gas however is very dependent on the type of car you drive and how often you drive.Mississippi, Louisiana, and Tennessee have the lowest gas prices in the country in 2023 while Washington, California, and Hawaii have the highest gas prices.Maintenance and repairsMaintenance and repairs are inevitable costs of car ownership. Maintenance such as oil changes, tune ups, and new tires can add up to a lot of money every year. For a new car AAA estimates that owners spend about $121 per month on maintenance and repairs. Registration, fees, and taxesRegistration, fees, and taxes vary significantly from state to state. The average car owner spent $675 in 2022 to legally drive their car according to AAA. Registration fees are lowest in Arizona, Mississippi, and Nebraska, all of which charge less than $15 to register a car. The highest registration fees belong to North Dakota ($274), Montana ($225), and Florida ($225).Fees associated with buying a new car vary from state to state and even from dealership to dealership. These fees may include origination fees, destination charges, advertising fees, and more. On average Oregon has the lowest fees when buying a new car, with the average buyer spending about $130 in extra fees.State tax rates vary widely, with Alaska, Delaware, Montana, New Hampshire, and Oregon all boasting 0% sales tax, while California has the highest state sales tax rate at 7.25%.Are car prices different in each state?New cars have similar prices from state to state but the registration and taxes will vary significantly. The price of used cars however can vary significantly from state to state based on a number of factors such as supply and demand and registration requirements. What states is it most expensive to own a car in?So which states have the highest cost of car ownership? According to a March 2023 study from Forbes, the following states have the highest and lowest cost of car ownership. Forbes looked at gas prices, car repair costs, insurance rates and monthly auto loan payments to determine their rankings.California and Nevada have the highest cost of car ownership. California has the second highest price of gasoline ($4.76 per gallon), the third highest cost for repairs and maintenance ($415.66), and has the eleventh highest cost for full coverage insurance. Nevada has the third price of gasoline ($4.24 per gallon) and has the sixth highest cost for full coverage insurance ($3,342 annually). Colorado, Florida, and Alaska are next in line as the most expensive states for car ownership. Ohio has the lowest cost of car ownership.Ohio has the lowest cost of car ownership in the United States. With an average annual insurance premium of  $1,112, average car payments of $500, and an average gas price of $3.17 per gallon, it’s the most affordable state to own a car.  Iowa, Wisconsin, New Hampshire, and Maine round out the list of the least expensive states for car ownership. How can I reduce the cost of car ownership?If you live in a state where it is expensive to own a car, you may be wondering how you can reduce the cost of owning a car. While you could move to Ohio or Iowa, that’s probably not a realistic option for most. But the good news is there are a number of steps you can take to reduce the cost of owning a car.  Cut down on gas usage.One of the biggest things that you have control over at any given time is the amount that you drive. While you may have a commute that you cannot control, you can cut down on unnecessary trips by combining errands, carpooling when possible, and walking or riding your bike if that is an option.  Shop around for insurance.You can change your car insurance whenever you want, not just when your policy is up for renewal. It’s worth the effort to look around and see what other companies may offer competitive coverage in your area. Contacting your existing company and inquiring about discounts and promotions may also help you save some money on insurance.   Do your research when buying a new car.When you buy a new car, consider all of the costs that you will have to pay. Selecting a car that is reliable and does not need as much maintenance can save you a lot of money and hassle. A car with good gas mileage will also help you to save thousands every year if you are a high mileage driver.Negotiate fees and APR when buying a new car.When you are buying a new car you should also shop around for the best car loan possible. Comparing APRs and fees across lenders and dealerships will be more work for you but it will result in big savings. When you close, be sure to negotiate the dealer fees. Some fees can be reduced by the dealer while others are mandatory, but negotiating will help you to keep your overall car cost as low as possible.Refinance your car loan.If you already bought your car, you may be wondering how you can reduce the cost of car ownership. The good news is that you are not tied to your lender until your car is paid off. Refinancing your loan will help you to reduce the APR that you are paying, and this can result in thousands of dollars in savings every year. Refinancing is simple when you use a company that specializes in auto loan refinance. Auto Approve can help you determine which lender is right for you and help you to negotiate the best APR possible .Refinancing your car loan will be most effective when your finances are in good shape. Taking the time to work on your credit score and pay down debts will help you to secure the best car loan terms.Those are the most expensive states to own a car.Unless moving states is in the cards for you, you will have to resort to other ways to reduce the cost of car ownership. Buying a reputable and gas-conscious car, cutting back on gas use, and refinancing your car loan are a few of the most effective ways to reduce the cost of owning a car, no matter where you live.If you are paying too much on your car loan, consider refinancing your car loan with Auto Approve. It’s free to get started and couldn’t be easier. So what are you waiting for? GET A QUOTE IN 60 SECONDS

We all like to think that we are good drivers. Of course we all have the occasional lapse in judgment or close call, but we at least try to be good drivers, right? But there are some drivers out there that are breaking the rules of driving every day. So what are the most common–and most dangerous–rules that bad drivers break?Here are the ten most common driving rules that bad drivers break.#1. Not wearing a seatbelt. In today’s day and age there is no excuse to not wear a seatbelt. Seat belts have been proven time and time again to save lives and minimize bodily damage in the case of an accident. According to a study by the CDC seatbelts reduce the risk of death by 45% and reduce the risk of serious injury by 50%. In SUVs and minivans their effectiveness only increases, with seatbelts reducing the risk of a fatal injury by 60 percent and reducing critical injury by 65 percent. Experts estimate that seatbelts save nearly 15,000 lives every year.Despite all of this data, one in ten people do not wear a seatbelt when they are in the front seat of a car. While seatbelts are not failproof, they are our best chance for survival in case of an accident. By breaking this driving rule you are not only putting yourself at risk for a ticket, but you are putting yourself in actual danger.#2. Distracted driving. Distracted driving comes in all forms. Distracted driving is defined by the National Highway Traffic Safety Administration as “any activity that diverts attention from driving, including talking or texting on your phone, eating and drinking, talking to people in your vehicle, fiddling with the stereo, entertainment or navigation system — anything that takes your attention away from the task of safe driving.” While it is only second nature to do some of these things, distracted driving is incredibly dangerous and puts everyone on the road at risk, including you and your passengers. Roughly 3,000 people die every year in accidents caused by distracted driving, accounting for almost 10% of fatal motor vehicle accidents in the United States.  Talking and texting is the most common reason for distracted driving. The NHTSA estimates that cell phones are involved in 26% of all car crashes. Stowing your phone away to avoid the temptation will help ensure that you are focused while driving.#3. Not obeying the right of way laws. Right of way laws are in place to ensure that people will safely and efficiently get through an intersection. For the most part these laws are uncomplicated and rely on common sense. Yet we have all ended up at an intersection where the laws were not followed. This results in confusion, slowed traffic, and possibly even an accident. But it’s important to note that even if you have the right of way, you should still drive defensively and cautiously. A right of way does not make you immune to accidents and we should all work together on the road to stay safe.#4. Driving under the influence. Most of us know to not drive when we feel tipsy, but some ignore this rule blatantly. The legal limit for driving in most states is a blood alcohol content of .08 grams of alcohol per deciliter (g/dL). Driving with a BAC above this can carry serious penalties and is dangerous for everyone on the road. In fact 32 people are killed every day in motor vehicle accidents involving alcohol in the United States. If you ask “is it safe to have one drink and drive”, the answer is actually no. You can get a ticket even if you are under the legal limit if the police think that your judgment is impaired.  Driving under the influence doesn’t just apply to alcohol either. “Influence” can mean marijuana, illicit substances, and even prescription medication. The bottom line is that if something can alter your state of mind–intentionally or unintentionally–you need to avoid it if you are getting behind the wheel. #5. Running through yellow lights. A yellow light does not mean “speed up and get through the intersection before it turns red”. A yellow light indicates that a red light is coming and you should prepare to stop. The only time that you should not stop for yellow light is if there is not enough time to stop safely. Busy intersections that have a lot of traffic, pedestrians, and bikes can be a dangerous place when everyone is trying to make it through the intersection at the last minute. So unless you cannot stop in time, you should not race through a yellow light. #6. Not using a blinker.Blinkers are designed to alert other people on the road of your intentions while driving. More and more people are failing to use their blinkers to communicate, causing confusion and accidents. You should use a blinker in any of the following situations:Turning at an intersection.Turning into a driveway or parking lot.Changing lanes.Pulling over on the side of the road.Parking on the side of the street.Changing lanes.Passing another vehicle.Merging with traffic.Leaving a roundabout. The more people use blinkers, the safer we will all be. You should use blinkers even if no other cars are around as you should make is a habit to use them whenever you are turning.#7. Not obeying the speed limits. Speed limits are put in place for a reason. State and local authorities look at roads and use the Manual on Uniform Traffic Control Devices (MUTCD) to determine what a safe speed is for a given section of road. In general the following things are considered when determining a speed limit:Prevailing speeds as determined by traffic engineering measurements.History of accidents.Highway, traffic, and road conditions that may not be obvious to drivers.Residential density.Pedestrian and bicyclist safety. Speed limits are pretty cut and dry: if the speed limit is 50 and you are driving at 51, you are breaking the law. While most cops won’t bust you for speeding one mile an hour over the limit, they have the right to. But while you may be able to go slightly over the limit without getting into trouble, it’s important to remember that speed limits are put in place for a reason. Maybe there’s a lot of foot traffic that makes driving fast dangerous, or maybe there are twists and turns on a road that come up abruptly. No matter what the reason is, speed limits will keep you–and everyone else on the road–safe.#8. Tailgating. Of all of the irritating driving habits that bad drivers put on display, tailgating is perhaps the most annoying of them all. It is an aggressive tactic that some bad drivers use to pressure drivers in front of them to either go faster or move over. But in reality it creates a very dangerous situation where the driver in front gets distracted or feels frightened. The car that is tailgating will not have sufficient time or space to stop in the case of an accident. Accidents caused by tailgating are incredibly dangerous and can result in neck and back injuries, traumatic brain injury, and even death. #9. Rubbernecking. Rubbernecking is when a driver takes their eyes off of the road to look at something such as an accident or arrest. Rubbernecking can severely disrupt traffic patterns and cause accidents. While curiosity is human nature, rubbernecking is just another form of distracted driving and can cause serious accidents and even death. #10. Merging incorrectly. Merging is an essential part of driving. While some merges are easier than others, it is imperative that everyone safely merges with traffic to avoid accidents and traffic disruptions. Here’s how to properly merge to keep traffic moving safely:Adjust your speed to match the flow of traffic.Yield to drivers on the highway but avoid stopping if possible.Find a gap in traffic to merge. Use your turn signals early.Wait for the solid line to end before merging.  Coming to a full stop while trying to merge, hanging out in another car’s blind spot, not using turn signals, and not keeping an appropriate speed will all cause issues when you merge. Those are 10 rules that bad drivers break all the time.While everyone has lapses in judgment from time to time, we all need to do our best to keep these lapses to a minimum. In general we need to simply pay attention: pay attention to the road, to the speed limit, to the laws, and to other drivers on the road. Taking these measures can help ensure that we all get from point A to point B without a problem and without an accident. Let’s agree to not break driving rules–and to not break the bank with our car payments. If you are overpaying on your car payment every month, contact Auto Approve to see how we can help! Drivers can save hundreds of dollars a year (if not thousands) by refinancing their loan with Auto Approve. So don’t wait!GET A QUOTE IN 60 SECONDS

We drive all of the time, and we think we know the rules, right? But it turns out there are actually a lot of rules out there that not everyone knows (and that many of us break all of the time!) Here are 15 things that are illegal to do while driving (that a lot of us actually do).1 - Using your fog lights when the weather is clear.A lot of people like to keep their fog lights on at all times, but this is actually illegal to do in many states and can result in a fine if a cop chooses to pull you over. There are 26 states where this is illegal including California, Texas, and Virginia. 2 - Not moving over in an emergency situation.We’ve all seen an accident on the side of the road with emergency vehicles. The safest thing you can do is pass by one lane over to give ample space for emergency workers. If you fail to move over one lane it is illegal in 43 states under “Move Over” laws. Gawking and getting in the way can result in additional accidents.  3 - Using a cellphone.We know that it’s illegal to make calls while holding the phone up to your ear. But it’s illegal to handle your cellphone at all while driving, even if you are just looking at directions. Mounting your phone to your dash will help you avoid handling your phone and becoming distracted.  4 - Driving with your hazards on.When it’s raining many people drive with their hazards on to signal to other drivers that they are going slower. But in many states this is illegal. Think of it this way: when it’s raining you have poor visibility and you may see a car pulled over with their hazards on. You go to approach and pass them, only to find out they are actually driving. This can create a dangerous situation. Hazards are meant to signal that you are pulled over, not that you are merely driving slow. It’s illegal in many states including New York and North Carolina.5 - Driving with a cracked windshield.A cracked windshield might seem like a vanity issue. After all, if it's still intact it’s still protecting you right? But driving with a cracked windshield is incredibly dangerous. The glass is weakened significantly and any number of small incidents could cause a bigger problem. Laws vary by state, but most states agree that once it starts affecting your field of vision it is a legal matter.6- Speeding past a funeral procession.Funeral processions have the right of way in at least 15 states, which means they do not have to stop at red lights once the lead car has passed through safely. While you do not need to pull over (although it is the polite thing to do), you can absolutely not try to get around them or ride on the coattails of the procession. This law will vary state by state but if you are unsure, play it safe and hang back until the procession is over.7 - Blasting your music loud.If you are a fan of blasting your music as loud as you want, you may be considered a nuisance in the eyes of the law. There is no federal law that dictates how loud you can play your music, but in many states if your music is “clearly audible” at 25 feet from your vehicle you can be issued a fine.8 - Driving without your headlights on.If it’s getting dark and you can still see clearly, you may not feel the need to turn on your headlights–or maybe you just don’t remember sometimes. But either way driving without your headlights on can get you a fine in most states. The specific laws will vary, but in general if it is getting dark out you are required to have your headlights on.9 - Driving too slowly.There are speed limits on every road, we all know. But most roads don’t have minimums posted. It doesn’t really matter though; if you are driving slow enough that it is deemed to be disruptive you can be issued a ticket.10 - Driving while tired.Many of us have driven tired, whether it was from driving through the night to get to a vacation destination, or just driving home from work after staying late. If you are feeling sleepy or driving through the night, you may think that your tiredness only affects you. But driving while sleepy is dangerous and can lead to reckless driving. In New Jersey the famous “Maggie’s Law” was passed after a 20 year old woman was killed in a head on collision caused by a man who was up for 30 hours. The law makes it a criminal offense to drive while fatigued, and if an accident results from your actions you can be charged with vehicular homicide.11 - Driving slow in the left lane.The left lane is for driving faster and for passing (although it is NOT for speeding).  If you are cruising along in the left lane driving under the speed limit, you are most definitely creating an unsafe driving environment. If you prefer to take it slow, keep it in the right lane so the faster cars can safely get around you.12 - Wearing earbuds while driving.When you are driving you need to have all of your senses, and this includes your hearing. If you wear earbuds you will severely impact your ability to hear. Whether it's the honking of another motorist or the sound of an emergency vehicle, if you cannot hear while driving you may put yourself and others in danger. If you can’t agree on what music to listen to, make your passenger be the one to compromise and listen with earbuds.13 - Mounting a GPS on your windshield.Many are unaware that it is illegal in 28 states to mount your GPS directly on your windshield. This is because it can hinder visibility. Instead, your GPS should be mounted on the dashboard.14 - Over-tinting your windows.Window tint is not illegal, but tinting your windows too much (which means above your state’s regulation) can result in a fine. If your tint is too dark you will not be able to see properly ahead of you. It also poses a threat to police officers who may wish to approach your car but cannot see what or who is inside. 15 - Driving with a broken horn.Horns serve a very important purpose: they allow you to warn others of dangers on the road. If your horn is not functioning properly you will not be able to communicate with other drivers on the road. Those are 15 things that are illegal to do while driving.Staying safe means learning the rules, and saving money means refinancing your loan with Auto Approve. GET A QUOTE IN 60 SECONDS

Electric cars are becoming more and more popular, and with good reason. There are a lot of benefits to having an electric car and their technology is only getting more and more impressive. In twenty years it is safe to assume that most cars will be electric, so now is a great time for many people to dip their toes in the world of EV. But if these are uncharted waters for you, you might be wondering where to start. Here’s your ultimate guide to buying an electric car.What is an electric car and how is it different from a hybrid car?An electric car is exactly what it sounds like: a car that runs entirely on electricity and uses no gas. They are different from hybrid cars, which run on both electricity and gas. These hybrid vehicles run on their electric engine until they reach a certain speed, and at that point the gas engine takes over. There are a lot of benefits to hybrid cars as well, especially if you are nervous to make the jump to fully electric. But electric cars are undoubtedly the cars of the future.What are the pros of buying an electric car?It’s good for the environment.One of the biggest benefits of an electric car is that it is good for the environment. It’s no secret that fossil fuels have countless negative effects on the world we live in, from greenhouse gasses to the effects of fracking. But electric cars can help us to greatly reduce the amount of gas we are dependent on and help the environment a great deal.It’s good for your wallet.Aside from the big picture benefit, switching to electric can save you a lot of money. Not only do you save money on gas (it’s hard to say exactly how much, but in general EV owners spend about a quarter on electric charges than gas car owners spend on gas) but they also save on maintenance and repairs. Some studies have found that for every $30 a gas car owner spends on repair and maintenance, an electric vehicle owner spends $7. This number is expected to decrease as more mechanics become familiar with electric vehicles. When it comes to monthly costs, an electric car is far better for your wallet than a gas car. It’s good for your driving experience. Electric cars can offer a better driving experience than their gas counterparts. This is because gas engines need to build torque and power, while electric engines can yield more instantaneous results. With every new generation of electric vehicles the acceleration becomes more instantaneous and the experience becomes better overall. What are the cons of buying an electric car?The range can be limiting. Many electric vehicles on the market today cannot match the range capacity of a gas car  on a single tank of gas. Some EVs have very short ranges (such as the Mazda MX-30 which only has a 100 mile range) which may not be a practical option for many people. The infrastructure is not yet in place.Perhaps the biggest issue with electric cars is that our world is not yet set up for them. There are far fewer places where you can charge your car than there are gas stations, so you need to be hyper aware of the range that your electric car has. If you live in a rural part of the country that is slower to adapt to technology, your town may be totally unequipped to handle EVs and you will therefore need to rely solely on your at home charges. They are more expensive upfront. While your charges and repair costs are significantly lower than gas cars, the upfront cost of buying an electric vehicle is much higher. Many EVs cost $10,000 more than equivalent gas cars. This can be especially limiting for many people and can make electric cars a non-option. There are incentive programs in place to make this additional cost more palatable. The electric car tax credit is one of the most well known incentives. It offers:A federal income tax credit of up to $7,500 on select new EVs.A federal income tax credit of up to $4,000 on used EV purchases (cars must be less than 2 years old) .While this can help soften the price, it might not be enough for some people.What to consider when picking an electric car. If you think that an electric car might fit your lifestyle well, there are a few things to consider when selecting the perfect car for you. While ten years the options were extremely limited, today it is a different story. Most major brands have at least one electric car option, with some offering a whole fleet. So here are some questions to ask when deciding which electric car is right for you.What range do you need?A major consideration for most people is the battery range that you will need. If you generally have a short commute and only take your car out for nearby errands, this won’t matter too much for you. But if you routinely take long trips or have a longer commute, it is important to get a car that has some significant range. The 2023 Lucid Air currently has the longest range with 516 miles on a single charge. Some other great options for long ranges include the 2023 Tesla Model S (405 miles), the 2023 Hyundai Ioniq 6 (361 miles), and 2023 Mercedes EQS Sedan (350 miles).What type of charging capabilities do you have?You will also need to think about what sort of charging situation you have available. Electric charging capabilities can be broken into three categories: level 1, level 2, and DC fast charging. Level 1 charging is what most of us have in our homes: standard 120 volt charging outlets. While it is possible to charge on this level, it will take a very long time to do so. In fact an empty 250 mile range EV would take 50 hours to charge from empty on a standard 120 volt outlet. If you are considering buying an electric car you should try to have a level 2 charging option available to you, which is a 240 volt outlet. While you may be able to use an adapter and charge off of a heavy duty outlet in your home (such as what powers your clothes dryer), it might be worth it to you to have a hard wired charging station installed in your garage. This can reduce your charging time significantly.  Level 3 charging is the most powerful charge for EV. It is unlikely a residential area will have this, but your work or another nearby area may have the capabilities. Some makers offer discount clubs if you use their affiliated charging stations, so this may affect which vehicle is best for your location.What is your budget?As we mentioned before, electric vehicles are more expensive than gas cars. But there is a large range of prices in this bracket. The most affordable EV on the market right now is the 2023 Chevrolet Bolt EV with a price starting as $19,995. But after Cherovlet the next most affordable option jumps up to $29,135 with the 2023 Nissan Leaf. There are a considerable number of options in the $30,000 - $50,000 range, including the 2023 Volkswagen ID.4 with a price tag of $32,790 and the Tesla Model Y AWD at $41,630. As the price approaches six figures there are even more options. As the price increases, so does the charging range, the luxury, and the power. So it will very much be a question of what your budget is.What are your other vehicle requirements?Again, ten years ago there were very few options available for EV. But now there are electric vehicles that can fit into many different lifestyles. Do you want a small and simple car for getting from here to there? A Chevrolet Bolt or Nissan Leaf may be perfect. Do you need lots of room and extra cargo space? A Rivian R1S SUV and Ford F-150 Lightning pickup might be better options for you. Are you all about the luxury experience with all the bells and whistles? The BMW i7 or  Mercedes-Benz EQS Sedan might be better options. But with the amount of EVs on the market today you can certainly shop around and look for a car that meets all of your needs.And that’s your guide to buying an electric vehicle. Electric vehicles are the future and it's safe to say that soon we will all be making the switch. So if now is the right time for you to dive in, do your research and make sure you are making an informed decision. If you aren’t in the market for a new car but are in the market for a new car loan, contact Ayot Approve today! Our experts can help you refinance your loan and save you a lot of money.GET A QUOTE IN 60 SECONDS

Cars are expensive assets, so it only makes sense that we should keep documents that pertain to its history and its value. Service records are an important part of your car’s history, so it’s important to keep these records organized. So what exactly are service records and will they increase your car’s resale value?Here’s what you need to know about car service records and how they can affect your car’s resale value.What are service records?Car service records are similar to a person’s medical records. They give a history of your car’s “health” per se. Service records typically document the following:Information on previous owners. This may include the zip code of where the owners lived, which may give you an idea of how the car was used. If your car was in a city, you know that the miles are city miles. If the car was in the country, you will know that the miles are not stop-and-go. Car maintenance records. If the car was taken in for routine maintenance, such as oil changes and tire rotations, there should be a paper trail. If the owner performed their own maintenance, this may not be documented. This will also give the dates of when these services were performed.Car repair records. Similarly, this will make note of what repairs were performed on your car. Dates on these records are also important. Keeping these records will give any future owners some confidence in the car that they are driving. If they can see proof that the car’s oil was changed according to the manufacturer's instructions, they will feel confident that the car they are buying was maintained correctly. If you bought the car new you have the opportunity to keep great records from the start. You can keep all of the records organized either physically or digitally. If you have maintenance performed at the dealership, they will most likely keep records. But it’s a very good idea to keep them yourself so that you always have access to them.What are the benefits of keeping service records?It can help with warranty claims.If your car is under warranty, service records will help with any claims that you may make. Warranties generally require that routine maintenance is performed for any repairs to be covered. If you are unable to prove that your car has been regularly maintained, you may be out of luck when it comes to having your repairs covered by your warranty. It can help with insurance claims.If you get into an accident, proving that your car has been regularly maintained can help you negotiate a higher diminished value. Diminished value is the difference between the car’s value before the accident and the value after. Cars with detailed records and histories tend to have higher resale values (more on the later), so this can help boost an insurance claim to be more accurate and more beneficial to you.It can remind you that it’s time to get your car serviced.Service records can also help you to remember when you need to take your car in for maintenance. If you have all of the records organized you can see that the time has come for an oil change or tune up. It can help a mechanic to pinpoint a problem.If you have records of the repair history, it may help a mechanic to determine what the problem is. If there are a number of different possible culprits, mechanics can look at the records to see what has already been replaced or repaired. It could also help a mechanic determine if a culprit is actually a mistake that a previous mechanic may have made. The more information you have to give a mechanic, the better chance you have of finding the underlying issue.Does keeping service records increase resale value?But of all of the benefits of keeping organized service records, an increased resale value is probably top of the list.Buying a used car can be nerve-racking. There are so many unknowns as compared to buying a new car. Service records provide more peace of mind for a buyer. Instead of taking someone’s word for it that maintenance was regularly performed and that the car was well taken care of, you have physical proof of that. Service records do not prove or guarantee that a car will be problem free, but they can show a potential buyer that you are the type of person who takes care of their car and is diligent about keeping records. That can mean a lot to a potential buyer, and that can translate to an increased resale value.Resale value is dependent on a number of factors. Brand reliability, model popularity, color, and trim level all contribute to the resale value. But the most important factors that you can control post-purchase are the mileage, vehicle history, and the condition of the car. By keeping your service records you can assure the future buyer that the car is in great condition and doesn’t have a shady past without documented maintenance and repairs.How should you store service records?You can store your records either physically or digitally, whichever is more natural or easier for you. Ideally you can keep a physical folder as well as a digital folder so that you have back ups of the information. Many people choose to keep their information in the glove box, but this can be a problem if your car is involved in an accident and is taken away. If the records are stored digitally you will always have access to them no matter where your car is.Are there privacy concerns when keeping service records? If you are concerned about your privacy, which is a valid concern, there are steps you can take to protect yourself. After all, you don’t necessarily want to show strangers your exact address and contact information.  Go through each document to ensure that your name, full address, phone number, and email address are covered completely. Using a marker or pen may not sufficiently cover your information, so instead get an identity theft protection roller stamp that will ensure your information is fully covered. It is very important to look through all of your documents thoroughly to ensure that you haven’t missed any important information that needs to be covered. That’s everything you need to know about service records and why they are so important.  If you are looking to sell your car, organizing your service records will help tremendously. If you are looking to buy a used car, asking for service records can give you peace of mind.  Already have a car? Consider refinancing your loan with Auto Approve! Get in touch to find out just how much you could be saving!GET A QUOTE IN 60 SECONDS

Selling–or buying–a car from a stranger may be nerve wracking for both the seller and the buyer. When you don’t know someone there is a lot of risk involved on both ends. So what is the best and safest way to exchange funds during a private car sale?Here’s how you can exchange money during a private sale.How can I exchange money during a private car sale? There are six main ways that you can exchange money during a private sale. Some are faster than others, but others are safer (even if they take much longer). CashCash is king, as they say. On one hand cash is a very safe way to exchange money. The seller is guaranteed to get the full amount and there is no need to get another entity involved. But carrying around a fistful of cash can pose an inherent risk.  Top Tip: If you want to exchange funds using cash, bring a friend or loved one along for added protection and consider meeting at a public spot such as a park. Digital PlatformNowadays more and more people prefer using digital payment platforms such as Venmo, PayPal, or ApplePay. These platforms have great benefits, as they are quick and secure. Because of this there is little risk of fraud. But the downside is that there are often transfer fees and there can be limits to how much you transfer. Top Tip: If you want to exchange funds using a digital payment platform, determine what fees you will be responsible for and whether or not there is a transfer limit.Certified CheckA certified check is a personal check that is verified by a bank to ensure that sufficient funds are in the account. When a check is certified those funds are frozen and allocated to that specific check. This guarantees that the check will cover the price of the car. Some banks treat these checks as cash more or less, so the funds may be immediately available once you cash the check. But other banks have a delay in this process which means that the money may not be available immediately. Fraud is still possible even with a certified check, as the certification itself may be forged. Top Tip: If you want to exchange funds using a certified check, meet at the buyer’s bank to make the exchange. If the buyer wants to use a personal check, insist that they certify it first. These measures will reduce the risk of fraud.Cashier’s CheckA cashier’s check is similar to a certified check but the funds will come directly from the bank. A buyer will essentially buy a cashier’s check from a bank. There isn’t the risk of inadequate funds, but as with any type of check there is the potential for fraud. An unscrupulous buyer could simply forge the check.  Top Tip: If you want to exchange funds using a cashier’s check, meet at the buyer’s bank to make the exchange (just like with the certified check). This will reduce the risk of fraud. Bank TransferAnother option for exchanging money is to do a bank transfer of the funds. You will not need to worry about checks or certification, the funds will simply move from one account to the other. This is much safer than using a check, but the downside is that it can take up to 24 hours to make the transfer. Top Tip: If you want to exchange funds using a bank transfer, double and triple check that all of the banking information is correct on both ends. EscrowA less used option for transferring money in a private car sale is to put the funds in escrow. When we think of escrow we typically think of buying a home, but the same idea can be applied to buying a car. An escrow service is a third party who holds the funds until the vehicle transfer is complete. This protects both parties as it ensures that the transaction is complete before releasing money and releasing the title. There is a paper trail which makes it even more secure for both parties. But the downside is that this can take some time to complete and comes with an added fee, typically around 2%. Top Tip: If you want to exchange funds using an escrow service, do your research to find a reputable company that charges a fair fee. Make sure that the other party signs off on the company as well.How can I safely buy a car from a private seller?Buying a car from a private seller can be daunting. After all, you are the one with the money, and they are the one with the car you don’t really know that much about. But there are steps you can take to help protect yourself when you are buying. Do your research. You should not only do your research on the make and model in general, but also on the VIN number. Ask if the seller will pay for a CARFAX report to be sure that the car hasn’t had any major damage and that there aren’t any recalls out on the car.Ask for maintenance records. If the seller has any maintenance records that they can share that will help you be sure that the car has been properly maintained. Have the car inspected by a mechanic. If you want to be extra sure that the car is in great shape, have it inspected by a mechanic before you complete the sale.How can I safely sell a car to a private buyer?There are risks when looking to sell your car as well. You don’t want to end up with no car and no money, which can happen if you get duped by a scammer. But again, there are steps you can take to help protect yourself.Avoid checks if possible. Checks have a high likelihood of being fraudulent, so you are better off with one of the other payment methods we outlined above.Walk away if something feels wrong. After all of that work to advertise and sell your car you are probably anxious to have it all be over. But if something feels wrong, it most likely is. Don’t be afraid to walk away if you get a bad feeling about the buyer–or the circumstances. That’s how you can safely exchange money during a private car sale.Selling and buying a car privately are inherently riskier than selling or buying a car from a dealer. But being smart and doing your research can help protect you, whether you are the seller or the buyer. If you are overpaying every month on your car payments, Auto Approve can help! Contact us today to find out how much you can save! GET A QUOTE IN 60 SECONDS

When you buy a used car, there are endless amounts of questions and unknowns. Were there regular oil changes? Was the car ever in an accident? Did the last owner drive carelessly? And while some of these questions will never have certain answers, there is one thing that you can check relatively easily: if there has ever been a recall. Here’s how you can check for a recall when buying a used car.What is a car recall?In a nutshell, a recall is issued by a car manufacturer when there is a defect on one of their cars. Recalls can be divided into two categories: safety recalls and non-safety recalls. Safety recalls are mandated by the government to ensure that consumers are protected when there is a known problem with a car. Manufacturers usually issue these recalls voluntarily, but the National Highway Traffic Safety Administration can also issue them if they feel that there is a safety risk. Safety recalls can include anything that can potentially cause injury to a passenger. Some safety recalls may include:Airbag issuesBrake pad stickingProblems with steeringWiring defectsDysfunctional wipersAnything else that can cause a safety problem Non-safety recalls are issued voluntarily by manufacturers to address cosmetic or function defects in the manufacturing process. These defects however do not pose any safety threat to the passengers inside. These recalls may include:Stereo issuesBroken air conditionerRustPoor paint job If a recall is for safety reasons it is very important to get the issue fixed for the safety of you, your passengers, and others on the road. If a recall is non-safety related, it is not imperative for you to address the issue, but it’s still a good idea.How do car manufacturers decide to issue a car recall? A manufacturer will typically issue a recall after they notice a pattern of complaints and issues. If consumer complaints start rolling in and warranty claims increase, they will investigate to determine the exact issue. They will then determine how the problem can be fixed in the future and how they can conduct a recall that will address the issue.  If the issue is safety-related and the manufacturer does not issue a recall for some reason, the NHTSA will step in and issue one.Is it safe to drive a car with an open recall?Recalls are issued for all different reasons, so your car may be perfectly safe to drive even if there is a recall. If a recall is particularly dangerous, your recall will be issued with a “Do Not Drive” warning. But in general it is safe to assume that a car is relatively safe to drive if there is no explicit warning. What happens when you bring your car in for a recall?Dealerships are required to perform the necessary repairs in order to fix a recall. The manufacturer is responsible for paying the associated costs for the repair, so you should not have to pay for any car recall. There are a number of different ways that recalls can be addressed. It depends largely on what the specific issue is and how it can be resolved.  Most of the time you will be able to schedule a recall repair at the dealership. Many recall repairs can be done by dropping your car off for a few hours and picking it up later that day. If there is a large recall that affects a lot of people you may end up waiting for an appointment, but it can and will eventually be fixed at the dealership. Parts may take additional time to make it to the dealership, so this may further delay your repair.  In some instances if the recall is very intensive and requires a complicated fix, you may have to have your car shipped back to the factory for repairs. This can be hugely inconvenient, but if a recall is this involved it is safe to assume that it’s important enough to have fixed. Are car recalls common?Car recalls are relatively common, although some are more serious than others. And some brands have more recalls than others. In 2022 there were over 300 recalls issued for cars in the United States. According to a study published by Automotive News, the following makers had the most recalls in 2022.Ford Motors. Total of 67 recalls affecting 8,636,265 vehicles.Volkswagen Group of America. 46 recalls affecting 1,078,443 vehicles.Daimler Trucks North America (medium-and heavy-duty commercial truck maker). 42 recalls affecting 273,286 vehicles.Chrysler. 38 recalls affecting 3,041,431 vehicles.Forest River (recreational and commercial vehicle maker). 35 recalls affecting 203,694 vehicles. Rounding out the top ten list are Mercedes-Benz USA (34 recalls), General Motors (32 recalls, Kia America (24 recalls), Navistar (22 recalls), Hyundai Motor America (22 recalls). It is important to note however that many of these recalls were not safety related. When new technology is introduced there is usually an uptick in recalls as they work out the bugs. But it’s important to keep an eye out for recalls regardless.How can you check if there is an open recall on the car you want?When you buy a new car at a dealership it is standard for the dealership to alert you to any recalls. They will usually call you or send you a letter that will outline what steps you should take to get the issue resolved. But when you buy a new car, this is not the case.When buying a used car you need to be a little more savvy and do the research yourself. The National Highway Transportation Safety Administration keeps an up to date list of all recalls that have ever been issued for just this reason. You can search safercar.gov by the make, model, and year on the NHTSA website to determine if (and what recalls) have been issued for the car you are interested in. This will help you determine what makes, models, and years should be avoided due to severe safety issues.If you have a specific car that you are interested in you can look up the car’s VIN on the NHTSA website to see what recalls have been issued AND if the recalls have been addressed. You can see quickly and easily whether or not the car is still in need of a fix.What should I do if there is an open recall? If there is an open recall on the car that you are interested in, it’s not an automatic dealbreaker. After all, if the recall fix was performed then the car is good to go. But if the problem was not fixed you still have some options. You are buying a used car from a dealership.If you are buying a used car from a dealer you may be able to request that the recall is addressed (at no cost to you) before you accept the car. If a dealer is able to do this quickly and easily this may work out in your favor. But if the dealer is unwilling to do this you will need to decide if you want to purchase the car and have it fixed at your own expense. If it is not a safety issue, you may not care if the recall is addressed. You are buying a used car from a private seller. If you are looking to purchase a car from a private seller, you can similarly ask that they have the recall issue addressed before you buy the car. This is less likely to be an option for most private sellers, but you can always ask. Again, if the recall is not a safety issue you may choose to forego having it fixed. But be cautious: if a car has open recalls it may indicate that the owner did not take the best care of the car. You should have it inspected by a mechanic to determine if the car is in good shape overall before purchasing it. When you are buying a used car it’s important to check if there was a recall on your car and whether or not it has been fixed. Recalls can vary greatly in their importance so it will ultimately be up to you to decide how you want to handle any recalls that are issued for cars you are interested in. But either way you need to do your research so that you can make an informed decision about the car you want. Many cars that have recalls issued are good, safe, and reliable cars–but it’s up to you to do this legwork.  If you are looking to refinance your existing car loan, Auto Approve can help! Our experts can help match you to the loan that is right for you and guide you through the refinancing process. It’s fast, easy, and can save you a lot of money. So what are you waiting for? Contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

When talking about how much your car is worth, there are actually few different values to keep in mind. There is the trade-in value of your car, there is the retail value of your car, and there is the charitable value of your car. So what’s the difference between these numbers, and what options do you have when you choose to get rid of your car?Here’s the difference between trade-in value, retail value, and charitable value.How is trade-in value determined? Your trade-in value is determined for the most part by the condition and desirability of your car. The following factors will drive the value of your car either higher or lower.The age of your carThe mileage of your carThe maintenance history of your carThe current market demand, both for used cars and your particular make and modelThe overall condition of your car The biggest factor overall will be the market demand for your car. After all, supply and demand is the most important thing in sales. The more in demand your car is, the higher the trade-in value will be. When you shop for a new car you should always consider the average resale value of the car make and model you are considering. The trade-in value of your car will always be lower than the retail value of your car. This is because the car dealership ultimately is the middleman in this sale. You want to get rid of your car with minimum hassle, and the dealer wants to make money by doing the extra legwork of selling it. It is a win-win situation that means you do not have to advertise and find a person who wants to buy your car. But the flip side of that is simple: you will not get as much money for your car.  Another reason for this difference in value is the conditioning that goes into selling a car. A dealership will never sell a used car as-is to a customer. They will wash, vacuum, detail, and make any repairs necessary to get the highest price for your car. In other words they are making an investment to increase the sale price of your car. They make up for this cost by offering you less money. Trading in your car is a great option if you are buying a car from a dealership and want to knock a significant amount off of your financing amount. You do not need to deal with the headache of selling your car privately and the dealer can handle all of the paperwork at the same time. How is retail value determined? Retail value is determined by many of the same factors as the trade-in value: age, mileage, maintenance, market demand, and overall condition. But retail value will depend on how you choose to sell your car.  The classic way to sell your car is by privately selling it to another individual. There are a number of ways you can go about this, from advertising online to simply putting your car on your lawn with a for sale sign. But private sales will garner a higher value than a trade-in value because you are not paying for a middle man to make the sale. But there is now a new way to sell your car: the instant cash offer. There are many sites online that will offer you an instant cash offer for your used car. You simply fill out your car’s information and they will make you a fixed offer on your car. There is no room to negotiate or haggle, it’s merely a straightforward way to get your used car off of your hands. If you accept the instant cash offer you will drop your car off at a participating dealership and receive your payment.  There are a number of companies that now offer instant cash offers. These companies include:Kelley Blue BookEdmundsCarMaxTrueCarCarMaxAnd many more Instant cash offers are becoming more and more popular and many people feel that they are very worthwhile. The amount of money they will give you vs. how quick it is seems to be a great trade off for many. But it is still important to note that you can make more money by selling your car privately. When you sell privately you are able to negotiate, hold out, and angle your advertising appropriately. The power is yours, but so is the headache and time commitment. Ultimately retail value is determined by your car’s condition, the market demand, and your savviness for sales.How is the charitable value of a car determined? When you want to get rid of your car you can trade it in or you can sell it privately as we discussed. But there is also a third option–donating it to charity. Donating your car to charity can be beneficial for both you and the charity. Typically a charity will either give or sell the car to someone in need or they will use it for their own purposes. Determine which organization you should contact.The most important step is finding a charity that is able to accept a car as a donation. The organization must be IRS tax-exempt. It may be a religious organization, charity, or other organization that promotes literacy, education, or humanitarianism. Determine your car’s fair value.The fair market value of your car is a major consideration of the charitable value. A Kelley Blue Book search can give you a good idea of how much your car is worth for its mileage and current condition. You need to be honest about the condition of your car to avoid any issue with your deduction. In other words, if your car has visible damage be sure to not mark it as being in “excellent condition”.Determine the organization’s plan of usage.You can deduct a different amount from your taxes based on what the organization plans to do with your car.  If they sell your car: The IRS limits your deduction amount to the sale price of your car even if that number is below the market value. If your car is sold for less than $500 you can deduct either $500 or its fair market value, whichever is less. If they sell your car you must complete Form 1098-C within 30 days of the sale to make the deduction eligible.  If they keep your car for their own use: You can deduct the determined fair value of your car. If this value is over $5,000 you will need to have your car appraised in order to claim the deduction. Complete the paperwork.Whatever the deduction value ends up being, be sure to get an official document from the organization stating that you donated your vehicle. This document should include your name, social security number, the VIN, and the date of donation. If you received anything as compensation, even if it is something small, it must be noted on this document and the value of that must be subtracted from the amount you want to deduct. The donation is not complete until the title is transferred out of your name, so be sure to follow through until all paperwork is complete. What should I do when I want to get rid of my car?If you are trying to decide the best way to get rid of your car, here’s how you can quickly decide the best option for you.Trade it in. Trade your car in if you are planning on getting a new car from a dealership and do not want to deal with the hassle of a private sale. Sell it privately. Selling privately is the best option if you have the time to prepare your car and advertise the sale. If you are in a rush to get cash you can try an instant cash offer from one of the many companies that offer this service.Donate it. Donating your car is a great thing to do if you care about an organization and want to do something meaningful to help. It is not a good idea if you are strapped for cash, as the deduction will pale in comparison to the benefit of a cash sale. But the satisfaction of donating a car to a worthy cause is hard to beat. Weighing all of your options is important when making a financial decision such as this. Ultimately the choice will depend on your financial situation, the condition of your car, and how much time you want to spend getting rid of your car. That’s the difference between trade-in value, retail value, and charitable value. While these values differ slightly, they are all based on what the market dictates. If a car is desirable, it will have a higher value across the board. If you’re not ready to say goodbye to your car yet but are ready to say goodbye to your car loan, Auto Approve can help! Contact us today to find out how much money you can save by refinancing your car loan.GET A QUOTE IN 60 SECONDS

Chances are you’ve had a scammer contact you at one time or another. Whether it’s an email that congratulates you for winning a million dollars or a prince from a foreign country begging you for a short term loan, there are various scams that are designed to grab your attention–and your money. Car warranty scams are nothing new, but they are more rampant now than ever before. But learning how these scams work can help you protect yourself and your money.Here’s everything you need to know about car warranty scams and how you can protect yourself. What is a car warranty scam?Car warranty scams are designed to pressure you into making a rash decision about purchasing a car warranty over the phone. The scammers usually pretend to be someone from either the dealership, manufacturer, or insurer, who tells you that your warranty has expired and you need to renew it. They will often pressure you by telling you how expensive repairs will be if you do not renew immediately. Scammers hope that you will feel enough pressure that you will give out your personal information so that they can “write a contract” and ultimately use that information to defraud you.Scam callers often call you over the phone. They will have some of your vehicle information which may make them seem more legitimate or reputable. But they most likely know your name and vehicle information because they found it in public records or bought it from a data collection company. Scammers may contact you in other ways, sometimes emailing, texting, or even sending you physical letters. But the end goal is always the same: to get your personal information. How did a scam caller get your phone number?Americans receive more than 50 billion robocalls every year, and that trend only seems to be increasing. You may wonder how they even got your number in the first place. There are many ways that scammers can get your personal information, both legitimate and illegitimate.  A very common legal way to obtain your information is by buying it directly from a state DMV. Many states participate in this and will sell driver's license numbers, vehicle information, and other personal information on your driver's license.  Scammers can also purchase personal information from data collection companies. If you ever check “I agree” on a terms and conditions box for a contest or promotion, there is a good chance that they will sell your information to a third party.  But the most common way that scammers get your information is through data breaches. In 2022 there were reports of over 4100 publicly recorded data breaches. This resulted in about 22 billion records being exposed. While you can do your best to never give out your email, phone number, and personal information, there is little you can do to protect your information from a data breach. Some of the biggest and most secure companies in the world have breaches, and there’s little you can do to combat it. How do you spot a scam number? There are a number of warning signs you can look for if you are trying to determine if a call is a scam. They ask for personal information over the phone. If you receive a call that is asking for information such as your social security number, banking information, or credit card information, that is a major sign that it is a scam. You should never give this information out over the phone.The call is vague. Scam calls tend to use language that is very general and sweeping. They will have little to no information on the product or contract that they are trying to sell, and instead will push constantly to get your information.The call is very urgent. If the caller is trying to rush you and convey a sense of urgency, that’s a big sign that there is a problem. Again, they are trying to scare you into taking action so that you do not have time to think about it or be dissuaded.The caller is threatening. Sometimes scammers will use scare tactics to push you into giving information. They may tell you that they will take legal action or that you will have to pay fees if you do not extend your warranty. If this happens, hang up immediately. What should I do to prevent scam calls? If you are worried about scam calls (or have been a victim to one) there are ways to protect yourself and your information. One of the easiest ways to do this is to not pick up unknown numbers. If the phone call is legitimate, the caller will leave you a message. If not, they will move on to the next caller on their list.  You can also try installing a Robocall app that will detect and warn you if a scam is likely. Built-in features on iPhones and Androids are starting to label if something is likely spam, but another app may be necessary if you feel there are a lot of calls coming through.  You also want to avoid giving out your personal information as much as possible. Many companies lure you with coupons or incentives to sign you up on their email list, but try to resist the temptation. This is a very common way that people get your information.  Signing up for the do not call list is another step you can take to limit the amount you are contacted. The Do Not Call Registry is a free list designed by the Federal Trade Commission to reduce the number of telemarketing calls. Unfortunately scammers are not going to follow these guidelines, so you will need to take other measures as well.What should you do if you get scammed?If you fall victim to one of these scams, the best thing to do is report it to the FCC. On the consumer complaints page you can file a complaint. If you end up signing a contract you can contact the Better Business Bureau to report it.  In many cases there is no way to undo a scam. If they get your information you may be stuck with the financial repercussions. Contacting the credit bureaus to keep an eye on your credit is incredibly important. If any accounts are opened in your name be sure to report it immediately.  That’s how car warranty scams work and how you can protect yourself.Warranties can save you a lot of headaches, but only when they are, well, real. If you refinance your loan with Auto Approve you can add on a Vehicle Protection Plan that will actually protect you. Contact Auto Approve today to find out more!GET A QUOTE IN 60 SECONDS

When you are thinking about getting a new car, it’s important to think about your long term plans for your new set of wheels. Is this the type of car you plan on driving until the wheels fall off? Is it a car you might want to pass down to your kid one day? Or will you, more than likely, want to sell it in the future to help pay for a new car? For many, this last option is best. Selling your car allows you to get an upgrade while also giving you some cash to do so. And because of this, resale value is very important. Here are the car brands that have the best resale value.What affects car value the most? When it comes to resale value, the brand and model are incredibly important. After all, the bones of the car are what people truly look at. If it’s not a very dependable car in the first place, not many people are going to want it (even if it is in pristine shape). A car’s reliability ranking, popularity image, and brand popularity are three of the most important factors that affect resale value. But it’s important to note that it’s not the only important factor. There are many other factors that will affect the resale value of your car, such as your mileage, condition, and accident history. Additionally, there are factors that are outside of your control that affect resale value, like market conditions and the price of fuel. Which car brands keep their value best? Certain car brands hold their values better than others. And by that, we mean that they depreciate at a slower rate than other brands. Broadly speaking trucks and SUVs tend to hold their value the most, while luxury sedans tend to lose their value the most. Every year Kelley Blue Book ranks which cars have the best resale values. They look at the resale value over a 5 year period, where the average new car will be worth 45% of its original sticker price. But the following 10 cars have all depreciated by less than 40%, which is really notable in today’s car market. Here is the Kelley Blue Book Best Resale Value list for 2023: #1: 2023 Toyota Tundra, 73.3% 5 year resale value#2: 2023 Toyota Tacoma, tied, 66.0% 5 year resale value#2: 2023 Tesla Model X, tied, 66.0% 5 year resale value#4: 2023 Ford Bronco, 65.4% 5 year resale value#5: 2023 Chevrolet Corvette, 65.3% 5 year resale value#6: 2023 Toyota 4Runner, 64.4% 5 year resale value#7. 2023 Honda Civic, 62.5% 5 year resale value#8. 2023 Ford Maverick, 61.7% 5 year resale value#9. 2023 Subaru Crosstrek, tied, 61.0% 5 year resale value#9. 2023 Jeep Wrangler (tie) 61.0% 5 year resale value Brand reliability is one of the biggest considerations for resale, and Toyota, Honda, Ford, and Subaru are all very consistently ranked high on this list. While BMW and Lexus are also considered to be near the top of the list in terms of reliability, luxury cars do not have high resale values, as we mentioned before, so they are not considered to be contenders in terms of resale value. In fact, when an iSeeCars study looked at which cars lose their value the most, eight out of ten cars on the list were luxury sedans. The BMW 7 Series sedan had the highest depreciation, losing 72.6% of its value in just five years (which is a whopping $73,686). Ultimately resale is dependent primarily on brand reliability and model practicality. An SUV is usually a more practical option than a high end luxury car. What adds resale value to a car?Whatever brand car you have, whether it is considered reliable or not, there are steps you can take to bump the resale value even higher. A little attention to detail and a few upgrades can make a huge difference in how fast you can sell your car and how much money you can get. Give it a thorough cleaning.It may seem obvious, but giving your car a good cleaning is a great first step to increasing its resale value. And we don’t just mean vacuum the seats (although you should do that too)! But giving each panel a polish and paying attention to door jams and every nook and cranny will help your car to look its best. It will also help to neutralize any odors that may be lingering. A bad smell can seriously tank your resale value. Touch up paint where you can.After a thorough exterior cleaning you will be able to tell if there are little scratches and dings that could use some touch up paint. Most auto body shops will be able to do this, but if you want to do it yourself you can pick up paint that matches and test in an inconspicuous area to ensure that it will blend. Polishing your headlights and mirrors can also make a huge difference. Pay attention to your tires.If your tires are in good shape, a good cleaning and polish can substantially increase your resale value. If your tires are worn, it’s a good idea to replace them which will increase your resale value considerably.  Have a mechanic give it a once over.It’s a good idea to have your car looked at by a mechanic as well (unless you are mechanically inclined yourself). This will help give you confidence when negotiating, as you will know exactly what type of shape your car is in. Someone may be able to convince you there is something wrong with your car even if there isn’t, so being armed with knowledge will help you. If you need any quick fixes, your mechanic can make them or schedule them.  Those are the brands that have the highest resale value (and how you can increase the resale value of your car no matter what the brand is). Resale value is an important consideration when buying a new car. Brand reliability is one aspect of this (and a big aspect at that) but it is not the only thing that affects resale value. Taking good care of your car, avoiding accidents, and keeping it well maintained will help you to increase the value.  If you have a car that is financed there is a good chance you are overpaying every month. But Auto Approve can help. Contact us today to see how much money you could be saving! GET A QUOTE IN 60 SECONDS