Overhaulin'

What I have to pay for buying new car in New York?

My wife and I have lived in New York few months and we are thinking about buying a new car. We wanna know if we buy a small car like Hyundai Accent, what we have to know about owning?Which kind of tax we have to pay on the car? How much is the tax for the car we have to pay each year? We just know about the price of the car, but we have no idea about other expense for owning the car!

Public Comments

1. There are a lot of options out there auto loans Just don't get suckered into the scams. A Tip For On-line Applications : 1. If there is no phone number to call to find out more information don't fill anything out. 2.Find out as much information as you can on how the process works. 3.Try to do a background on the company your applying with(Example the Better Business Bureau) . Application services, predominately found on the Internet, involve automatic multiple submission of financial information to potential lenders. In this case, the potential borrower fills out some in depth financial information. The coordinator of the network then forwards the information to lending sources that may be willing to make the loan. When all works correctly, the borrower hears from four lenders who then fight for the loan by competing against each other to offer the best rates and amortization. For bad credit auto loan candidates it may be more a case of one or two lenders coming forward without much fighting, but where not many sources exist this can be a great time saver. In most of these cases, either the car dealers or lenders may contact the borrowers directly. If you don't have a car in mind already the dealer networks may be quite helpful in directing you to someone who has an inventory of vehicles and the experience and capability of securing a loan on the vehicle you wish to purchase. If you already have a vehicle in mind and are having trouble finding a financing source the multiple submission networks may be helpful. Even with all of these opportunities which will allow "almost" anyone to obtain vehicle financing some borrowers will fall into the category that can not. People with no down payment whatsoever and bad credit may find it very difficult getting car financing. Debtors in the middle of bankruptcy proceedings may find that financing is not available until their bankruptcy case has concluded. Others may be pleasantly surprised to find financing only to realize payments on these loans beyond their means. Don't be discouraged if your first few attempts at financing fail or if you have to settle for your second or third choices of vehicles. With perseverance, and if needed a little polishing up of your tarnished credit, you should be able to obtain safe and reliable transportation despite a previous bout of bad credit or bankruptcy. The question of whether to lease or buy your next car can always be a little tricky. Of course, most experts on the subject will advise you that it depends on your financial circumstances and goals, and to “run the numbers” with a Lease vs. Buy Calculator, suggestions that you should definitely heed. But here’s a slightly different spin on the matter, a little something extra that you may want to add to the mix. If your main purpose in leasing is to drive a new or nearly-new car year after year, then this probably won’t apply to you. But if you’re looking to own a somewhat more expensive car than you might normally be able to purchase, consider this: because of the general oversupply of cars of all kinds, from all manufacturers, it’s likely that rebates and discounts will continue to be offered for the foreseeable future. And although sticker prices continue to rise (just like prices on everything else), carmakers are offering lease deals that can’t be beaten. At the end of the lease the company financing the transaction will likely sell the vehicle on the open market if you don’t purchase it. However, it will probably sell at a loss to the company because they’ve initially inflated the car’s residual value (the amount that the car is worth at the end of the lease) unrealistically. So instead of someone else getting a great deal, why not buy the car yourself and transfer their loss into your bank account as money saved? Lease deals usually reflect discounts by being “subsidized”. To do this, at the beginning of the lease the financing company increases the estimated residual value of the car. Calculating lease payments using a higher residual value makes the lease price more attractive than those of competitors, thus lowering the monthly lease payment. Because of the abundance of cars available, and due to the fact that labor contracts are a huge expense for car manufacturers in the U.S., it is imperative for the car industry that they move vehicles. Increasing residual value to lower lease costs is a strategy that’s been used for years to lease (or “sell”) more cars, and it’s likely to continue. However, the market value of the off-lease vehicle has almost always been less than the contracted residual value and the vehicle was sold in the wholesale market, many times at a loss of several thousand dollars. A number of major lease financiers, including Chrysler, some New York banks, and others have each lost several million dollars in recent years due to this fact. The labor contracts of automakers include major financial benefits, health and welfare compensation, and pension obligations for current and retired employees. Added to that is the fact that there are many more manufacturing plants worldwide that are making cars. And if China’s automobile industry enters the U.S. market in the near future, (as has been proposed) with a vehicle built using Chinese wages, the situation is likely to only get worse. At least, for the automakers; this continued trend is an advantage to the car-buying public. The glut of new cars will likely persist and subsidized leases will continue to be offered for the next few years at least. So if you want to ultimately own your dream car, minimize its cost by leasing it first. Let the finance companies subsidize your monthly payment. Several months before the lease is up, check the used car lots and find out what your car is being offered for. Then at lease end, buy the car and save yourself several thousand dollars. ~~~~~~~~~~~~~~~~~ Buying a used car from a dealer is in many ways similar to buying a new car. You have the option of paying in full or financing over time. You have comprehensive vehicle information. And – you have lots of pitfalls to avoid. First, be well versed on the loan options and payment schedules available to you. Pay close attention to the loan details – the exact price, the amount you’re repaying, the finance charge, the APR, and the down payment required. Dealers are required by the Federal Trade Commission to post a Buyers Guide in every used car for sale. The Buyers Guide will tell you: •Whether the vehicle is being sold “as is” or with a warranty •What percentage of the repair costs a dealer will pay under the warranty •The major mechanical and electrical systems on the car, including any major problems to watch out for •To get all promises in writing •To keep the guide for reference after the sale •To ask an independent mechanic to inspect the car before purchase The Buyers Guide acts as law for the sales contract, and overrides any contrary provisions. If the Guide says the car comes with a warranty but the contract says the car is sold “as is,” the dealer must provide the warranty described in the Guide. Several types of warranties can govern your used car: •As-is. For all intents and purposes, this car has no warranty. •Implied Warranty. State laws hold dealers responsible if cars don’t meet reasonable quality standards. Usually this applies to the basic functions of a car. A “warranty of merchantability” promises that the car will do what it’s supposed to – run. Watch in the contract or other written notices if dealers eliminate this implied warranty with “as is” or “with all faults” notations. •Unexpired Manufacturer’s Warranties. With these, your car is still covered under the original manufacturer warranty. Ensure you have all the information on what’s covered, expiration date and miles, and necessary paperwork. •Service Contracts. Providing repair and maintenance for a set time, service contracts are like warranties, but are not included in the price of the car. Consider these carefully, including the service offered and price. ~Hope that Helps ~
2. An easy place to start will be the local dealership, since most if not all of them also process the paperwork (title, plates, registration, inspection, etc) at the same time. You also should get a few quotes from insurance companies, depending on where you live (NYC versus somewhere upstate), as well as any extras, like parking garages, etc.