Car lease trading — a way for drivers to cut their auto lease payments — is becoming more popular in the midst of the current economic uncertainty. People don’t know what’s happening tomorrow with their jobs, homes or finances, so they’re opting to get into a shorter leases with less commitment, and lease trading is a great way to do it.

Cincinnati-based Swapalease.com expects nationwide growth to be up 30 percent from last year, projecting 100,000 transactions for 2009.

Miami-based Leasetrader.com is projecting 60,000 nationwide lease transfers for 2009, up 24 percent from last year.

John Sternal, vice president of marketing and communications for Leasetrader.com, said they have a waiting list of people interested in picking up short-term leases.

“In this economy, people are really hesitant to sign up for a long-term financial commitment,” he said.

Lease trading allows a lease holder to get out of an auto lease if they can find someone to take over the monthly payments. The new owner is only responsible for the remainder of the lease contract — not a down payment like the original lessee — and can choose to purchase the car at the end of the lease.

Reprinted with permission from the original author, Steve Haas

A few years ago it seemed that cheap lease programs were available from every car manufacturer. These days, the loss of captive finance arms (like GMAC for GM which is now owned by Cerberus) and the credit crunch brought about by the financial crisis may have reduced the availability of great new-car leasing programs, but they aren’t gone completely. As an example, my local paper had an ad for a 2009 Mazda3 5-door (with automatic) for a lease payment of $219 per month for three years. This sounds like a very affordable payment for a new car, especially one as universally acclaimed as the Mazda.

I believe that there is still quite a bit of mystery surrounding auto leasing and a bit of education can go a long way. The small print in the ads is often intimidating and full of unusual terminology. Additionally, unlike traditional car loans the detailed financial terms of an auto lease don’t have to be disclosed so they usually aren’t. In order to decide whether a lease is a good deal for you or not, let’s review some basics.

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Well here’s one from “No kidding” file: As new car sales tank, used car sales are on the upswing. Even in January, when some automakers experience more than a 50 percent drop off in new car sales, used car sales were up a remarkable 10 percent. Naturally, the hop in used car sales is directly connected to the faltering economy. It makes sense, since used cars are usually thousands of dollars cheaper than their newer counterparts. And that leads many buyers to skip the new car showroom in favor of used car lots.

One of the downsides though, is that as more people frequent used cars dealerships, prices increase, in spite of the down economy. Steve Jardine, a dealership owner in New York, remarked to Newsweek that a 2006 Toyota 4Runner was selling for about $14K in November, can now easily fetch $19K. And since there are fewer new cars being sold, that means fewer used cars on the market, which caused Jardine to predict that used car prices “will go even higher”.

Naturally, if you happen to own a late-model, low-mileage car, you could profit from this recent market shift, since dealers are doing everything they can to secure quality used cars. Some dealers are even going as far as offering owners a new car without increasing payments.

Source: LeftLaneNews

By Harmon Leon

Trading in your vehicle can be a very emotional experience. It’ s like saying goodbye to an old friend (or an old enemy if the car has been a bothersome a piece of crap). Despite the obvious, car owners have more of a sentimental value (“This is the first place I lost my virginity!”) to their vehicle compared to its actual worth when it comes to trading it in.

So here’s a little auto trade-in pop quiz to help you can do it right. Hopefully this will make the experience less painful than a nerve-exposed tooth pulled with rusty pliers.

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By Edsel Rollin

Several few years ago, satellite-based navigation systems were available only as expensive, built-in options on new vehicles. Nowadays, portable GPS devices that can be hooked up and fully operable in minutes have become accessible and affordable to every driver, not just those with cash to spare. I was amazed at how quickly the portable GPS technology has progressed.

I have a built-in GPS in my Infiniti that I rely on more than a day to tell me where to go. I used to have problems finding places. I would get lost all the time and it ended up being a real issue. Getting directions from people is time-consuming and MapQuest isn’t always 100% accurate, so having a reliable GPS has undoubtedly saved me tons of time and gas money.

There are a few things to seriously consider prior to purchasing a portable GPS. Read the rest of this entry �

By Harmon Leon

Donate your car, fool! Why go through the hassle of trying to make a little extra scratch trying to sell that old clunker when you can be a doer of good? That’s right, by being a doer-of- good you can also get a good size tax reduction while at the same time helping out a charitable cause. It’s fast! It’s easy. There’s no muss! There’s no fuss! There’s no unsightly panty lines!

So, which of the following are good reasons to donate?

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By Harmon Leon

I can think of nothing more nerve-racking and less enjoyable than shopping for a used car. Ok, maybe dental surgery with rusty pliers. You take a big spin of the wheel hoping it doesn’t’ roll up lemons, putting blind trust into a commission-hungry salesman or random private owner. How can you really know the car’s true history? Will it break down the first time you back it out of your driveway? Is the car haunted? Was there a dead body in the trunk? These thoughts and more race through used-car-shoppers’ heads as they try to find new used wheels.

So here are a few tips to help you get on the road (no pun intended), so you don’t make the 10 most crucial used car-buying mistakes.

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People are wary of buying a new car during this shaky economy and who can really blame them? There are many questions out there and very few answers. For instance, will GM, Ford or Chrysler be around in three to five years? How tough is it to secure an auto loan right now? How will buyers be able to cover their car payments if they suddenly lose their job? And are there any advantages to buying a new car now?

Our first bit of advice to you is this—take a deep breath and relax. Getting caught up in all the gloom and doom and letting negative thoughts about purchasing a new vehicle creep into your psyche will only stress you out.

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By Holly R.

Driver education and skill has a lot of room for improvement in this country. How many times in a day do we complain that driver’s licenses are as easy to get as pulling a prize out of a box of Cap’n Crunch Berries after watching some clown pull a Bozo move on the road? Even if we do consider ourselves above average drivers. How often do we practice ultra-safe driving skills and know how to react if a dangerous situation catches us while we sing-a-long happily to our favorite song on the radio? Or we get caught on a road slicker than Leisure Suit Larry picking up women at O’Leary’s Bar and the rear-end unexpectedly breaks loose and comes around. Do you know how to stay calm, instinctively countersteer and brake smoothly or do you snap into hyper-panic mode, scream like Fay Wray, and then drive your feet through the floor attempting to stop the car as you envision your life flashing in front of you?

Unless you spend a lot of time at the local raceway or kart track, your everyday driving skills could use some improvement. By the way, playing Gran Turismo 3 is a poor substitute for real seat time behind the steering wheel. Fortunately, Mary-Ellen and I had the opportunity to attend the driving school taught by Sia and Jeff at the Driving Safety Foundation (http://www.dsf-usa.com). Jeff was our instructor for the afternoon and introduced us to the Skid Monster.

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Although numerous consumers are now shopping for vehicles online, many still prefer to personally inspect their prospective purchases before buying. If you happen to share this disposition, several additional costs should certainly be factored in before signing any deals. On top of the vehicle shipping rates, you must also budget for travel, a professional inspection and shipping insurance.

Airfare and hotel accommodations will probably compose the majority of travel expenses and for the sake of this article all costs must be estimated. While rates fluctuate widely and date, distance and carrier all come into play; we will take the average round-trip flight to be $350. Similar variables affect the cost of a night’s stay, so we will settle on two nights at $75/night. Throw in $150 for car rental, food and everything else, and the trip comes in at somewhere in the neighborhood of $650.

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The internet has given shoppers a great new landscape for finding a vehicle, and with so many options at the touch of a button, chances are good that the right car at the right price is only a click away. Unfortunately, odds are also strong that the car you want is in another state and you are now faced with the reality of contracting a shipper to deliver it. What now? Well, when faced with this issue you should consider several options. Depending on your budget, time frame and desired level of service, you can choose between terminal-to-terminal shipping and door-to-door delivery.

Terminal-to-terminal shipping involves transporting your vehicle, along with many others, to the shipping company’s regional storage facility. By consolidating your vehicle in a bulk shipment you will be able to save money. Read the rest of this entry �