Smart financing maximizes car buying power
New-car sales are higher than they've been in more than 15 years, and it looks like the year might close with even higher levels. Lenders are poised to guide consumers through their year-end purchases, just in time for the excitement of 2017 model year cars.
New-car sales in the U.S. drove to an all-time high of 17.47 million units in 2015, enough to surpass, by a nose, the previous watershed mark of 17.35 million units set in 2000.
National Automobile Dealers Association estimates point to an encouraging 2016 finish, possibly reaching new highs of 17.7 million. Autumn historically ushers in the new vehicle model year and many 2017s have begun trickling into area dealers.
Helping to sustain recent sales momentum here in the greater Chicago area, an Illinois law passed in January of 2015 tweaking lease financing to the consumer's benefit. This change effectively lowers upfront sales tax for the lessee resulting in substantial savings for consumers through the life of the loan.
"If you're in the market to purchase a new or used vehicle, we can help guide our Members to get the most for their money with flexible financing options," said Mike Cubelic, Director of Underwriting for Consumers Credit Union, based in Lake County, with service centers in Lake County and Northwest Cook County. "Consumers Credit Union can preapprove shoppers in minutes, providing them with additional leverage when negotiating prices."
Some models already are causing a twinge of excitement in the 2017 model year. Take a look:
2017 Chrysler Pacifica
Chrysler once again rocks the minivan segment with the Pacifica, a name not long ago gracing the brand's luxury crossover. This all-new 2017 Pacifica features exterior conveniences including hands-free operating side doors and rear hatchback. The naturally aspired V-6 delivers a class-leading 287 horsepower.
Inside, easy-tilt access seating allows seamless entry to row three while dual 10-inch, high definition second row screens allow internet surfing and portable electronic connection.
Fun facts:
• The 1984 Dodge Caravan and Plymouth Voyager ushered in the front-drive minivan era.
• The duo offered only four-cylinder powertrains in 1984.
2017 Range Rover Evoque convertible
Think Range Rover and a high-roofed, rugged off-roader strolling through thick brush with a British accent comes to mind. Think again. The compact luxury Range Rover Evoque crossover introduced in 2011 now politely takes its top down if conditions merit. A cloth-like Z-fold top powers down within 18 seconds, providing all four seating positions with no-cost air conditioning.
Fun facts:
• Ford's Mustang continues as the best-selling flip-top in the U.S.
• Chicago historically ranks in the top five metropolitan markets for convertible sales.
2017 Honda Ridgeline
Honda's sole pickup, redesigned for 2017, dances to a different beat. It opts for a carlike unibody platform while bypassing the traditional body-on-frame truck architecture thus, delivering carlike handling.
A transformers-like cargo region features a dual-action, dual hinged tailgate folding down flat or opening from the side. A popular, lockable under-bed trunk returns in this second-generation effort. New to the cargo region: an embedded audio system for ultimate tailgating.
Fun Fact:
• Ford's F-150 pickup rates as the best-selling vehicle in the U.S. for 34 straight years.
2017 Lincoln Continental
Lincoln Motor Company's all-new luxury flagship sedan sports a heralded name from its storied past. The 2017 full-size Lincoln Continental's smooth side panels are sans traditional pull straps or handles. Instead, an E-latch door release discreetly blends within the character line framing side windows. Elegant ambient lighting gently glows once driver's approach with the key fob in hand.
Front bucket seats offer 30 adjustment tweaks for optimal support. Rear passengers also enjoy optional massaging and reclining seats.
Fun fact:
• The Lincoln Continental nameplate first emerged in 1939.
2017 Chevrolet Bolt
The all-new all-electric Chevrolet Bolt (not to be confused with the plug-in/gas engine Chevy Volt) checks in promising 200 miles of driving between plug-in recharges. This represents a significant driving range boost as current mass market electric vehicles deliver about half that estimated range.
Expect pricing in the low $30,000 range after applying tax-friendly discounts/rebates. The all-electric five-door Bolt hatchback seats five and promises an 80 percent charge capacity within one hour through an available Fast Charge system.
Fun facts:
• The Department of transportation (DOT) classifies pure electric cars as "EVs" or electric vehicles when determining travel mileage estimates.
• Vehicles like the Chevrolet Volt with back up gas engines and self-sustaining electric motors classify as "PHEVs" or plug-in hybrid gas-electric vehicles.
2017 Kia Sportage
Once an afterthought to bulker behemoths, compact five-door crossovers now consistently outsell their big-brother counterparts. Kia's redesigned fourth-generation 2017 Sportage is available in front drive and winter-friendly all-wheel drive. It also ranks as the South Korean automaker's longest serving vehicle in the U.S., debuting in 1993.
Fun Fact:
• Top five selling compact SUVs in 2015:
Honda CR-V
Toyota RAV4
Ford Escape
Nissan Rouge
Chevrolet Equinox
2017 Mercedes-Benz E-Class
Wondering how an autonomous, self-driving vehicle may look or act? For those who can't wait, the future is now with the 2017 10th generation 2017 Mercedes-Benz E-Class. Arguably, this mid-size sedan pulls up as the most technically advanced vehicle outside the hermetically sealed world of autonomous research vehicles. Driver assistance systems include:
• Radar enhanced braking technology sensing cross street traffic patterns ahead, stopping on its own if the situation dictates to avoid an impending metal-bending impact.
• Active lane keeping assist helps stop the driver from unintentionally changing lanes.
This article is sponsored by Consumers Credit Union.