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Best Car Loans And Lenders For August 2022


Best Car Loans and Lenders for August 2022


Best Car Loans and Lenders for August 2022

Finding the best rates and terms on a car loan can help you save hundreds or even thousands in interest. With interest rates rising and the cost of car insurance premiums increasing, it's important to shop around with different lenders to find the most affordable car loan for your new or used car.

An auto loan is a secured installment loan, which means the vehicle you purchase acts as collateral and can be subject to repossession if you fail to repay the loan. But the trade-off is a lower interest rate than with unsecured borrowing, such as a personal loan. You can apply for a car loan at a car dealership, bank, credit union or through an online lender. 

We'll lay out some of the basics here. Plus, we've evaluated the major national auto loan providers and highlighted the best options for new, used and private party (purchase of a car from a private seller) loans below. We'll update this list regularly as terms change and new loan products are released. Note that all the starting APRs listed assume an "excellent" credit score of 800 or above.

Rates as of Aug. 3, 2022.

PenFed Credit Union
  • APR: Starting at 3.44% (new car loans through PenFed Car Buying Service), 4.84% (used car loans through PenFed Car Buying Service); Loans outside of this service start at 4.24% (new car loans) or 5.04% (used car loans) 
  • Loan amounts: $500 to $100,000
  • Loan terms: 36 to 84 months
  • Minimum annual income: Not specified
  • Availability: 50 states
  • Prepayment penalty: No

Pentagon Federal Credit Union is a credit union that offers low auto loan rates for both new and used cars, through the PenFed Car Buying Service. You'll need to become a credit union member to use this service, but membership is open to everyone, and requires opening a savings account with a minimum $5 deposit. If you're not interested in using PenFed's program to buy a car, you can still secure lower-than-average rates on new and used cars purchased outside of the service.

With flexible loan terms extending up to seven years, nationwide availability and no prepayment penalties, PenFed is the contender to beat in the auto loan industry.

Consumers Credit Union
  • APR: Starting at 3.49% (car loans for 2020 or newer vehicles) and 3.74% (car loans for 2016-2019 vehicles)
  • Loan amounts: $250 to $100,000
  • Loan terms: 0 to 84 months 
  • Minimum annual income: Not specified
  • Availability: Branches across Illinois, shared branches nationwide
  • Prepayment penalty: No

Consumers Credit Union is an Illinois-based credit union that has recently opened membership nationwide. Though its auto loan rates for vehicles made prior to 2020 are average for the market, their new car loan rates are a great deal. Consumers Credit Union also offers significant flexibility, with the widest range of loan terms and amounts of the providers we evaluated.

You can become a member online with a valid ID, two recent pay stubs, two tax returns from recent years, five references, two utility bills and a one-time $5 fee to the Consumers Cooperative.

Lightstream
  • APR: Starting at 3.99% (new and used car loans) and 4.99% (private party car loans) with Autopay 
  • Loan amounts: $5,000 to $100,000
  • Loan terms: 24 to 84 months
  • Minimum annual income: Not specified
  • Availability: Online
  • Prepayment penalty: No

LightStream is an online lender under Truist Financial that offers low rates for private party car loans. Though its loan amounts and terms are of average flexibility, it offers a variety of auto loan options. It places no restrictions on model year, make or mileage, making it the ideal lender if you plan to purchase an older car. LightStream's slogan, "Lending Uncomplicated®," promises a simplified lending process that includes being able to fund your loan the same day you apply, under certain conditions. 

In order to access LightStream's best terms, you'll need to sign up for AutoPay. LightStream's lowest rate loans are also unsecured -- so your car won't be repossessed if you can't make your payments, but your credit will suffer. 

Bank of America
  • APR: Starting at 4.24% (new car loans), 4.44% (used car loans), and 7.19% (private party loans)
  • Loan amounts: $7,500 ($8,000 in Minnesota) to $100,000
  • Loan terms: 48 to 72 months
  • Minimum annual income: Not specified
  • Availability: 50 states
  • Prepayment penalty: No

As one of the world's largest banks, Bank of America offers unbeatable availability and great rates. Though you don't need to be a member of Bank of America to use its auto loan services, members may qualify for special perks. For example, if you qualify for Bank of America's Preferred Rewards program -- based on your qualifying combined balances in your BOA deposit and/or Merrill® investment accounts -- you can be eligible for up to 0.50% off your APR. 

But Bank of America's loan policies can lack variety. For example, it offers one of the least flexible loan terms on this list, with the shortest loan term set at 48 months. In addition, the minimum financing amount is $7,500, which rules out Bank of America as a loan financier for more inexpensive used vehicles.

U.S. Bank
  • APR: Starting at 4.49% (for new and used car loans)
  • Loan amounts: $5,000 to $100,000
  • Loan terms: 12 to 72 months
  • Minimum annual income: Not specified
  • Availability: Branches in 26 states
  • Prepayment penalty: 1% of the original loan amount, with a minimum charge of $50 and a maximum of $100

U.S Bank offers interest rates as low as 4.89% for both new and used cars, which makes it a great lender for those purchasing preowned vehicles. If approved, the U.S Bank offers financing of up to 120% of your car's value, with no down payment required. 

However, to lock in the lowest used car rates, you'll need to meet specific criteria: Next to have excellent credit, you must have a loan-to-value ratio of 80% or less, buy a used car that's less than 1 year old, have a loan amount of at least $30,000, a loan term of 36 months or less and an automatic payment set up from a U.S. Bank account. Though these requirements are stringent, the low auto loan rates make them worth it for certain buyers. 

What are the drawbacks? U.S. Bank's availability is limited to 26 states. Plus, it charges a prepayment penalty of 1% of the original loan amount if you pay off your loan within a year's time. 

Carvana
  • APR: Starting at 3.9% (used cars only)
  • Loan amounts: Not specified
  • Loan terms: 36 to 72 months
  • Minimum annual income: $4,000
  • Availability: Not available in Alaska or Hawaii
  • Prepayment penalty: No

Though Carvana is mostly known for its online used car shopping experience, it also offers auto loans on vehicles you buy through the site. Carvana's only requirements are that you're over 18, make $4,000 annually and have no active bankruptcies, so it's a great choice for those with poor credit. Furthermore, Carvana's wholly online model combines the buying and financing experience, making the process of purchasing a used car relatively painless. 

However, though Carvana makes it possible for customers with bad credit to obtain a loan, the best auto loan rates will always be reserved for those with excellent credit – and it's important to note that it offers, by far, the highest starting APR on our list. 


Best car loan lenders, compared

Lenders PenFed CreditUnion Consumers Credit Union LightStream Bank of America U.S. Bank Carvana
Best for New car loans Used car loans Private party car loans Big bank option Short loan terms Those with poor or no credit
APR for new car loans Starting at 3.44% (through PenFed Car Buying Program) Starting at 3.49 (car loans for 2020 or newer vehicles) Starting at 3.99% Starting at 4.24% Starting at 4.49% N/A
APR for used car loans Starting at 4.84% (through PenFed Car Buying Program) Starting at 3.74 (car loans for 2016-2019 vehicles) Starting at 3.99% Starting at 4.44% Starting at 4.49% Starting at 3.9%
APR for private party loans N/A N/A Starting at 4.99% Starting at 7.19% N/A N/A
Loan amount $500 to $100,000 $250 to $100,000 $5,000 to 100,000 $7,500 ($8,000 in Minnesota) to $100,000 $5,000 to $100,000 Not specified
Repayment terms 36 to 84 months 0 to 84 months 24 to 84 months* 48 to 72 months 12 to 72 months 36 to 72 months
Credit requirement (estimate) Not specified Not specified Good to Excellent Not specified Not specified Accepts all credit, no active bankruptcies
Availability All 50 states Branches across Illinois, shared branches nationwide Online All 50 states Branches in 26 states Not available in Hawaii or Alaska

What to know when applying for an auto loan

While car loans usually have fixed interest rates and loan terms, they can often be negotiated, depending on your lender. Your loan rate will generally depend upon your credit score -- the higher your credit score, the lower your annual percentage rate. A higher credit score may also give you access to a larger loan amount or more favorable repayment terms.

Next, you should consider loan terms. Let's say you qualify for a 2.5% APR loan. You'll pay less interest over time with a shorter term loan, but your monthly payments will be higher. Similarly, you'll pay more in interest over time with a longer loan term, but your monthly payments will be lower. Consider your budget and financial goals to determine which loan term will work best for you.

As you consider lenders, find out if they offer a preapproval process. Preapproval allows you to see the rates you qualify for without a hard inquiry -- when a creditor pulls your credit history -- which can cause your credit score to slightly dip. It also allows you to review options upfront without having to commit to a particular lender.

Lenders reviewed:

  • Autopay
  • Bank of America
  • Capital One
  • Carvana
  • Chase
  • Consumers Credit Union
  • LightStream
  • MyAutoLoan
  • PenFed Credit Union
  • PNC
  • U.S. Bank

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rates range from 3.99%-10.49% APR w/AutoPay. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

© 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.


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Buy A Lenovo Smart Alarm Clock For $30, And Walmart Includes A Free Smart Bulb


Buy a Lenovo smart alarm clock for $30, and Walmart includes a free smart bulb


Buy a Lenovo smart alarm clock for $30, and Walmart includes a free smart bulb

What's better than a big discount on a smart alarm clock? How about getting that reduced price plus a free smart light bulb thrown in for good measure? That's precisely what Walmart is doing right now. Originally costing $50, the basic-looking Lenovo Smart Clock Essential now costs $30. And as part of the deal, Walmart will also include one Lenovo Smart Color Bulb.

While Lenovo has cut the price of this particular bulb, it'll still set you back $6. 

Read more:  Best alarm clock of 2021

The Smart Clock Essential is not a true smart display: Its simple LED can't showcase video or photos. That said, it does have built-in support for Google Assistant and a speaker with good sound quality. It also has a nightlight that you can use for sunrise alarms. 

"It sounds great for its size and it offers all of the features you'd expect from a Google Assistant smart speaker," said CNET's Andrew Gebhart in his Lenovo Smart Clock Essential review -- and he liked it at $50.

This is definitely a red-hot special so best get it while supplies last.

This deal was originally published earlier.


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7 Ways To Save Money On Car Insurance


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7 Ways to Save Money on Car Insurance


7 Ways to Save Money on Car Insurance

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

Car insurance is getting more expensive. The cost of car insurance has continued to climb throughout 2022, and increased another 1.3% in July, according to the Consumer Price Index, a key indicator of inflation.

Inflation aside, car insurance was already rising as of last year. Many major car insurers started receiving approval for substantial rate increases at the close of 2021, raising premiums anywhere from 3% to 12%, according to S&P Global Market Intelligence. To top it off, gas prices have also hit record highs this year, making driving more expensive overall.

If you're tired of paying high car insurance premiums, we have a few tips you can try to reduce your auto insurance costs and add some extra breathing room to your budget. 

1. Raise your deductible 

Increasing your deductible -- your out-of-pocket cost before your insurance will pick up the bill on a claim -- can lower your premium. This move might make sense if you aren't driving much right now, do not have a history of accidents on the road or if you need to reduce your monthly costs to stay insured. Doing this could cost you later if you're in an accident, though, as you'll have to dish out more money before your carrier covers damages. You should make sure you have enough money to pay the higher deductible if you do end up in an accident.

2. Consider lower coverage for older vehicles

Older cars may not deserve the same insurance attention as your shiny new Tesla or all of the bells and whistles of a Mercedes-type policy. If your car is on its last go-round, you may want to cut out collision coverage or comprehensive coverage for that vehicle, both of which cover damages to your car.

Whether you should drop either coverage depends on the value of your car and the relative cost to insure it. Experts suggest that if your car is worth less than 10 times the annual premium, buying coverage for that vehicle may not be a cost-effective option. One of the quickest ways to check the value is by scrolling through Kelley Blue Book online. For example, say your annual premium is $1,600; 10 times that would be $16,000. If your car is worth less than $16,000, then it might make sense to lower insurance coverage for that car.

3. Use public transit or carpool when you can

Carriers may offer discounts if you have a low mileage count, meaning you drive less than the average number of miles per year compared to other Americans. Typically, you'd be considered a low-mileage driver if you drive less than 7,500 miles per year, but this isn't a bright-line rule. What actually determines if you're a low-mileage driver depends on what state you live in, your age and gender.

How much you can save depends on individual factors, in addition to the car insurance company you sign a policy with. State Farm offers one of the cheapest monthly premiums at $128 for low-mileage drivers, according to one analysis. 

If there is mass transit in your area, taking a bus a few days per week (or carpooling with others), could make you eligible for low-mileage discounts. If you don't live in an area with mass transit, you might also consider carpooling to work or school to bring your mileage down.

And if you transitioned to working or studying from home since the start of the pandemic and still haven't shifted back to an in-person workplace, contact your carrier to let them know -- and take advantage of any savings.

4. Bundle your insurance policies

One of the most straightforward ways to save money on insurance is by bundling your home and auto insurance, meaning you buy multiple insurance policies from the same company.  

Allstate Liberty Mutual and GEICO each offer premium discounts for bundling -- depending on which policies and coverages you buy together. You can get discounts on your premium anywhere from 5% to 25%, depending on the provider. 

5. Shop around for car insurance rates

Maybe you're working from home permanently and need less coverage. Or perhaps you're returning to the office and need more coverage now. Whatever your situation may be, it's always a good idea to shop around to ensure you're getting the best rates, as other carriers might offer bigger discounts or lower premiums in general. 

If you aren't sure where to start, check out CNET's car insurance roundups, where you can see our picks for best overall car insurancethe cheapest car insurance, the best policies for teens and young drivers and the best options for military and veterans.

In addition to getting quotes online, you can reach out directly to some of the top insurance companies to ask about potential discounts.

6. Explore safe driving discounts

If you pride yourself on being a safe traveler, you're in luck. Carriers offer discounts for safe driving and modest claims history, and there are a number of discounts to take advantage of here. Call your carrier to ask how you can enroll in these types of programs. Once successfully enrolled, you should see your premium go down on your next bill.

State Farm, for example, offers both accident-free discounts, where you'll get a discount if you've gone at least three continuous years without an accident, and good driving discounts, which lowers your premium when you go three or more years without moving violations or at-fault accidents. 

Telematics insurance programs are also a great way to obtain safe drivers discounts, and it'll factor in low-mileage discounts, too. These programs monitor your mileage and driving behavior through a phone app or a car plug-in device. Call your carrier to enroll in the plan, and while discounts vary by carrier and state, you could be looking at savings as large as 30% off your premium. You'll start at a base rate that will be adjusted depending on the telematics report, which will include factors like your average speed and braking habits. For example, State Farm will review your telematics data every six months to determine how safe your driving has been, and based on those measurements, it'll apply a discount to your policy ranging anywhere from 5% to 50%, according to Bankrate.

7. Find a less expensive car

If you're looking to buy a new or used car, consider comparing the insurance costs among different vehicles. Auto insurance premiums are calculated through a variety of factors, and some of those factors are based on the car itself, including the car's price, repair costs and general safety record.

"This is the thing that people forget about: You can buy a Honda or a Kia, and it's less expensive, or you could buy a Mercedes or a Tesla -- it's going to be more expensive," said Janet Ruiz, a chartered property casualty underwriter and director of strategic communications at the Insurance Information Institute. 

And the difference in the cost of insurance for a Mercedes compared to a Honda is stark: The average cost to insure a Mercedes-Benz is about $4,505 annually, compared to an average of $2,151 annually for a Honda. That means you'll pay an average of $179 on a monthly basis for the Honda compared to $375 for the Mercedes. 

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.


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Are We In A Recession? Here's What You Should Know About Layoffs, Debt And Investing


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Are We in a Recession? Here's What You Should Know About Layoffs, Debt and Investing


Are We in a Recession? Here's What You Should Know About Layoffs, Debt and Investing

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

What's happening

Based on the latest numbers, the US is in a period of decline -- possibly even a recession.

Why it matters

Recessions are historically marked by a period of widespread layoffs, bankruptcies, higher borrowing costs and turbulence in the stock market.

What's next

Gather facts to protect your financial position. No one can predict the future, and it's important to move calmly and deliberately.

A recession is top of mind for many Americans. But how do we know if we're in one? Technically, the country is in a recession when gross domestic product, the value of all goods and services produced during a specific period, falls during two quarters back to back. Last week's results proved this was the case: GDP dropped by 1.6% in Q1 and 0.9% in Q2, according to the advanced estimate by the Bureau of Economic Analysis.

While all signs point to a recession, in the US, this is determined by the National Bureau of Economic Research -- and it has not called a recession yet. 

But whether we can call this period a recession or not feels like a game of semantics. 

Ultimately, everyday Americans are struggling as prices continue to soar, the cost of borrowing rises and layoffs increase across the country. Here are some recent questions I answered for my So Money podcast audience about how best to prepare, save, invest and make smart money moves in these uncertain times. 

What can we expect in a recession?

It's always helpful to go back and review recession outcomes so that we can manage our expectations. While every recession varies in terms of length, severity and consequences, we tend to see more layoffs and an uptick in unemployment during economic downturns. Accessing the market for credit may also become harder and banks could be slower to lend, because they're worried about default rates. 

Read moreThe Economy Is Scary. Here's What History Tells Us 

As the Federal Reserve continues to raise rates to try to clamp down on inflation, we'll see an even greater increase in borrowing costs -- for mortgages, car loans and business loans, for example. So, even if you qualify for a loan or credit card, the interest rate will be higher than it was in the prior year, making it harder for households to borrow or pay off debt. We're already seeing this in the housing market, where the average rate on a 30-year fixed mortgage was recently approaching nearly 6%, the highest level since 2009. 

During recessions, as rates go up and inflation cools, prices on goods and services fall and our personal savings rates could increase, but that all depends on the labor market and wages. We may also see an uptick in entrepreneurship, as we saw in 2009 with the Great Recession, as the newly unemployed often seek ways to turn a small business idea into reality.

Will layoffs become more common?

With the unemployment rate sitting at 3.6%, the job market may appear to be, at least right now, the only stable part of the economy. But that's likely to be temporary, as companies battling with the current financial headwinds -- including inflation, rising interest rates and weakening consumer demand -- have already begun to announce layoffs. According to Layoffs.fyi, a website that tracks job losses at tech startups, there were close to 37,000 layoffs from startups in the second quarter of 2022. This week, Shopify announced reducing its workforce by about 10% or roughly 1,000 layoffs. CEO Tobi Lutke said the e-commerce company's pandemic-driven growth plans "didn't pay off."

In the Great Recession, unemployment peaked at 10%, and it took an average of eight to nine months for those out of work to secure a new job. So now could be the time to review your emergency fund if you think there's a shortfall. If you won't be able to cover a minimum of six to nine months' worth of expenses, which is hard for most people, see if you can accelerate savings by cutting back on spending or generating extra money. It's also a good time to make sure your resume is up to date and to establish contact with influential individuals in your professional and personal network. If you are laid off, make sure to apply for unemployment benefits right away and secure your health insurance. 

If you're self-employed and worried about a possible downturn in your industry or a loss of clients, explore new revenue streams. Aim to bulk up your cash reserves as well. Again, if previous recessions taught us anything, it's that having cash unlocks choices and leads to more control in a challenging time.

Will interest rates on my loans and debts go up?

As the Federal Reserve continues to raise interest rates to try to curb inflation, adjustable interest rates are set to increase -- ratcheting up the APRs of credit cards and loans, and making monthly payments more expensive. Ask your lenders and card issuers about low-interest credit options. See if you can refinance or consolidate debts to a single fixed-rate loan.

In past recessions, some financial institutions were hesitant to lend as often as they did in "normal" times. This can be troubling if your business relies on credit to expand, or if you need a mortgage to buy a house. It's time to pay close attention to your credit score, which is a huge factor in a bank's decision. The higher your score, the better your chances of qualifying and getting the best rates. 

Should I stop investing in my 401(k)?

With stocks in a downward spiral, many want to know how a recession could impact their long-term investments. Should you stop investing? The short answer is no. At least, not if you can help it. Avoid panicking and cashing out just because you can't stomach the volatility or watch the down arrows during a bear market

My advice is to avoid making knee-jerk reactions. This may be a good time to review your investments to be sure that you're well-diversified. If you suddenly experience a change in your appetite for risk for whatever reason, talk it through with a financial expert to determine if your portfolio needs adjusting. Some online robo-advisor platforms offer client services and can provide guidance. 

Historically, it pays to stick with the market. Investors who cashed out their 401(k)s in the Great Recession missed out on a rebound. Despite the recent downtick, the S&P 500 has risen nearly 150% since its lows of 2009, adjusted for inflation.

The one caveat is if you desperately need the money you have in the stock market to pay for an emergency expense like a medical bill, and there's no other way to afford it. In that case, you may want to look into 401(k) loan options. If you decide to borrow against your retirement account, commit to paying it back as soon as possible.

Should I wait to buy a home?

With mortgage rates on the rise and housing prices not cooling nearly fast enough, owning could be more expensive than renting right now. A report from the John Burns Real Estate Consulting firm looked at the cost to own versus renting across the US in April and found that owning costs $839 a month more than renting. That's nearly $200 greater than at any point since the year 2000.

Fixed rates on 30-year mortgages have practically doubled since last spring, which has helped slow down offers and cool housing prices -- but competition among buyers is still stiff due to historically low inventory. All-cash offers and bidding wars continue in plenty of markets. If you've been shopping for a home in recent months or the past year to no avail, you may feel exhausted and defeated.

As I stated in my newsletter: Don't be hard on yourself. You're not doing anything wrong if you have yet to offer the top bid. While it's true that a fixed-rate mortgage can offer you more predictability and budget stability, as long as inflation continues to outpace wages, there could be some bright sides to renting right now. For one, you're not buying a home in a bubble market that some economists are saying is soon to burst. If you have to unload the home in a year or two -- during a possible recession -- you may risk selling at a loss.

Secondly, renting allows you to hold onto the cash you would have spent on a down payment and closing costs, and will help you stay more liquid during a time of great uncertainty. This allows you to pivot more quickly and secure your finances in a downturn. Remember: Cash is power.

Read more: Should You Buy a Home in 2022 or Wait? 3 Factors to Consider

My final note is that it's important to remember that recessions are a normal part of the economic cycle. Long-term financial plans will always experience some declining periods. Since World War II, the US has had about a dozen recessions and they typically end after a year or sooner. By contrast (and to give you some better news), periods of expansion and growth are more frequent and longer lasting. 


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Every EV And Its Range For Late 2021


Every EV and its range for late 2021


Every EV and its range for late 2021

If you've been thinking about putting an electric car or truck in your driveway, there's likely a defining factor: driving range. That is, how far an EV will go on a single charge before needing to be plugged in to get more juice. It's a crucial part of ensuring a battery-powered car or truck fits your lifestyle and won't be a burden. Let's face it, EVs aren't for everyone, at least not yet.

If you're looking for that information, you've come to the right place. We've rounded up every EV on sale today and listed its EPA-estimated range. You'll find all that info below, so get to scrolling.

Editors' note: This list only includes vehicles that have been certified by the EPA. More EVs might be in the news, but they will not be added to this compilation until they're about to go on sale in the US and have official range ratings.

Audi

On the surface, Audi's first purpose-built battery electric road car hasn't changed much since its 2019 debut, with only minor tweaks and a few revisions to its options. Yet a combination of software and hardware updates have helped the electric SUV squeeze a few extra miles out of its 95 kilowatt-hour battery, climbing to an EPA estimated maximum range of 222 miles. Somewhat sweetening the pot, the E-Tron's starting price (including destination) has also dropped to $66,995 for the base Premium model.

Chris Paukert/Roadshow

The E-Tron has been joined by a new Sportback variant. The underpinnings, powertrain and tech are all the same as the aforementioned electric SUV, but the E-Tron Sportback features a slightly lower roofline and a windswept and silhouette -- coupe-like, if you squint. You'd think that the more aerodynamic profile would net more range, but the Sportback's sportier tuning only returns about 218 miles per charge. It's pricier, too, starting at $70,195.

Read our 2021 Audi e-tron Sportback preview.

Audi

In 2021, Audi introduced its E-Tron GT, a high-performance grand-touring four-door sedan as a racier companion to its E-Tron SUVs. Think of the model as a battery-powered A7 with front and rear trunks, and you won't be far off. With a starting MSRP of $103,445 (including a $1,045 delivery fee), the base 2022 E-Tron GT Quattro carries 238 miles of range. The RS E-Tron GT, which starts at $143,445 delivered, offers up to 637 horsepower and 0-60 mph in 3.1 seconds. Range for the more-powerful RS unsurprisingly dips slightly, to 232 miles

BMW

BMW's i3 has always been a little weird looking and expensive at $45,445, but it does offer a few things nothing else in the class can match. The biggest of these is its carbon-fiber chassis, which increases stiffness, reduces weight and looks great on a spec sheet. The i3 is definitely meant to be a city car with a relatively short range -- up to 153miles. But it's easy to park and a nice place to spend time, so we can't fault it too much.

Steven Ewing/Roadshow

The Bolt EV was the mainstream car industry's first real, practical answer to Tesla's electric juggernauts. It's an affordable little hatchback that doesn't stick out like the i3 and today, it packs plenty of all-electric range at 259 miles -- a nice increase over its initial 236-mile range. With a starting price of just $36,620, the Bolt has positioned itself as the perfect alternative to Tesla's impossible-to-spec $35,000 Model 3.

Read our 2020 Chevrolet Bolt EV review.

Steven Ewing/Roadshow

Chevrolet Bolt EUV

247 miles

The Bolt EUV tucks the Bolt EV's battery pack and electric car platform beneath a slightly taller and longer body. The increased weight and aerodynamic profile cost the electric utility vehicle a bit of range, dropping to a still-decent 247 miles, according to the EPA. Other reasons you may want to consider the larger EUV include its increased capacity for cargo and second-row passengers and to get your hands on -- or rather, hands off -- GM's Super Cruise advanced driver assistance tech. The bigger Bolt strikes this summer starting at $38,495.

Read our 2022 Chevrolet Bolt EUV review.

Nick Miotke/Roadshow

Ford's Mach-E may be a Mustang in name alone, but it's an EV through and through. This electric SUV is offered in a variety of configurations, from the single-motor "Select" spec starting at $43,995 to the Premium AWD Extended range model at $54,400. At its best, the rear-driven California Route 1 Edition cruises for up to 305 miles with a full charge.

Later this year, high-performance Mach-E GT and GT Performance models will join the lineup, boasting up to 634 pound-feet of torque and a 0-60 sprint in just 3.5 seconds. We'll update when the EPA gets its hands on them. Until then, here's what Ford is offering:

  • Ford Mustang Mach-E AWD: 211 miles
  • Ford Mustang Mach-E AWD Extended: 270 miles
  • Ford Mustang Mach-E RWD: 230 miles
  • Ford Mustang Mach-E RWD Extended: 300 miles
  • Ford Mustang Mach-E RWD California Route 1: 305 miles

Read our 2021 Ford Mustang Mach-E preview.

Hyundai

The Kona Electric is one of the most exciting new EVs you can buy right now. It has excellent range, weird-but-fun styling, tons of standard equipment and all the other killer Hyundai stuff (including a great warranty). The Kona EV is a lot quicker and more fun to drive than you'd expect, while its range of 258 miles puts it among the upper echelon of modern battery-electrics. With a price tag starting at $36,990, you're getting a lot for your money.

Read our 2019 Hyundai Kona Electric review.

Antuan Goodwin/Roadshow

Jaguar was one of the last companies we'd have expected to release a purely electric SUV. But it did, and the decision ended up working in its favor. The I-Pace looks like nothing else, drives like a Jag and offers a real alternative to the Tesla Model X. The I-Pace is a practical beast: Having been designed from the ground up to be an EV, it has plenty of space for people and things and a substantial range of 234 miles.

Read our 2020 Jaguar I-Pace review.

Kandi

No, we're not joking. This newcomer has the distinction of being the least expensive new electric car you can buy today: The K27 costs a no-haggle, no-nonsense $19,999. And that's before the $7,500 federal tax credit, which brings the cost down to $12,499. That's cheap for any new car, but that price also only gets you a ridiculously short range of just 59 miles per charge and an… unorthodox aesthetic.

Kia

Kia's Niro EV is Kia's best effort yet at making a fully battery-electric SUV that offers good range for not a lot of money (239 miles, $38,500 to start), and it surprised us when we drove it for the first time. It's more fun than its looks or specs would suggest, and it's packed with a deep roster of standard features that make modern Kias so hard to beat for value.

Read more about the 2021 Kia Niro.

Andrew Krok/Roadshow

The Lucid Air is a top dog in the EV realm with up to 520 miles of range. The EPA confirmed Lucid's internal estimates earlier this year, though that figure is only for a special Dream Edition. Otherwise, the ranges do come in a tad lower for the first cars the startup plans to build. These figures also drop slightly when choosing larger wheel options.

  • Lucid Air Dream Edition Range: 520 miles
  • Lucid Air Dream Edition Performance: 471 miles
  • Lucid Air Grand Touring: 516 miles
Mini

You may not remember this, but Mini was actually an early pioneer of modern EVs. Back in 2009, the automaker underwent a large-scale test of electric Mini E hatchbacks, building hundreds and leasing them to hand-picked consumers and utility companies. It gave up on the tech after a couple years, and it's taken until now for the brand to offer a BEV for sale. 

The 2021 Mini Cooper SE Electric promises to be one of the most affordable EVs on the market. Priced from $29,900 plus delivery, when you factor in the full federal tax credit and potential state and local incentives, you could own one for well under $20,000. There's a catch, of course: limited range. The Mini Electric is only estimated at 110 miles of range, about as short an e-leash as you'll find today. It's not a compliance car sold only in California-emissions markets -- Mini says the SE is a 50-state model.

Read our 2020 Mini Cooper SE Electric review.

Jon Wong/Roadshow

Ah yes, the granddaddy of all affordable electric cars. There is a reason that the Leaf is the world's bestselling EV by a factor of a zillion. And if you've spent time in one recently, you'll know it's easy to see why. The Leaf is a simple, well-built and affordable electric car that offers reasonable range -- 149 miles -- but still feels like the future.

The Leaf Plus is Nissan's answer to cars like the Tesla Model 3, the Kona Electric and the Bolt. It has the Leaf line's best range yet at 226 miles, and while it's not as cheap as the standard Leaf, it offers more for your money. More what? Power and torque mostly. Some of its tech is a little old, but that means it's well-proven at this point.

Polestar

The second plug-in model from the fledgling Polestar brand is also its first to run completely on battery power. The Polestar 2 fastback -- a sort of tall, liftback sedan chimera -- hits the ground running with impressive interior appointments and gorgeous Scandinavian style. The Polestar 2 boasts a range of 233 miles per charge. We think that's more than enough range for daily driving and then some, but the 2's starting price of $61,200 puts it in the unenviable position of being cross-shopped with the much longer-ranging variants of the Tesla Model S and Y.

Read our 2021 Polestar Polestar 2 review.

Chris Paukert/Roadshow

Porsche's first battery-electric car arrives to take on the Tesla Model S. It initially went on sale in Turbo and Turbo S forms, packing 670 and 750 horsepower, respectively. The Turbo starts at $150,900 while the more powerful S comes in at $185,000. This year sees the addition of a new rear-drive Taycan base model, starting at $81,250. The EPA-estimated ranges have also been revised, improving across the board for 4S and Turbo models. That lines up somewhat with our independent testing, where we found the Turbo's previous EPA numbers to be a bit conservative.

  • Porsche Taycan Performance: 200 miles
  • Porsche Taycan Performance Battery Plus: 225 miles
  • Porsche Taycan 4S Performance: 199 miles
  • Porsche Taycan 4S Performance Battery Plus: 227 miles
  • Porsche Taycan Turbo: 212 miles
  • Porsche Taycan Turbo S: 201 miles
RJ Scaringe/Twitter

The Rivian R1T's been a long time coming, but it's finally here. The startup began production of the electric pickup truck in September and the EPA dished out a final range rating: 314 miles. That's with the truck's "Large Pack." Keep in mind, Rivian also has a "Max Pack" forthcoming, which should push the range even higher, but we don't have final estimates for that just yet. 

Tesla

This is the EV to which all other midpriced electric vehicles have to answer. The Model 3 is just that good. It's comfortable, fun to drive, has tons of cargo space and one of the best ranges in its class. For 2021, Tesla simplified the Model 3 lineup, dropping from six configurations to three optimized specs:

  • Tesla Model 3 Standard Range Plus: 263 miles
  • Tesla Model 3 Long Range AWD: 353 miles
  • Tesla Model 3 Performance AWD: 315 miles
Tesla

The Model S has been around in more or less the same form since 2012. It's gotten several updates to its hardware, styling and performance. The biggest update came with a refreshed interior for 2021. It's also $96,190 before adding things like different wheels, paint or Tesla's dubiously named Full Self-Driving feature, which feels like a lot for one of the oldest vehicles here.

The Long Range model remains the range champ at Tesla with a 405-mile estimate, while the performance-oriented Model S Plaid will do 396 miles.

  • Tesla Model S Long Range: 405 miles
  • Tesla Model S Plaid: 396 miles
Tesla

The Tesla Model X is like the Model S in that it's fast and expensive, but it's also bigger, roomier and has the craziest doors to be found on a production car this side of the Lamborghini Aventador. Thanks to a similar update to the Model S, the X also comes in just a Long Range and Plaid form. Here's how the Model X line shakes out:

  • Tesla Model X Long Range: 332 miles
  • Tesla Model X Plaid: 313 miles
Tesla

Think of the Tesla Model Y as the larger, frumpier version of the Model 3: Smaller than the Model X, the Y still offers seating for seven (somehow) and the same powerful electric powertrain. According to the EPA, it'll do an impressive 326 miles on a full charge in Long Range Spec. The Performance model offers better performance (of course), but at the cost of a few miles range versus last year. And, like the rest of Tesla's lineup, the Standard Range model is no more.

  • Tesla Model Y Long Range: 326 miles
  • Tesla Model Y Performance: 303 miles

Read our 2021 Tesla Model Y review.

Tim Stevens/Roadshow

The XC40 Recharge's $20,000 premium over the combustion-powered XC40 is a hard pill to swallow, but if you look past the sticker, the price is somewhat justified. For starters, the $54,985 EV's 486 pound-feet of performance are a class beyond the standard T5 powertrain's 258 torques, as are its all-new Android Automotive cabin tech and luxurious interior appointments. We just wish its range was equally impressive: The 208 miles it offers is a touch low for this class and price range.

Read our 2021 Volvo XC40 preview.

Antuan Goodwin/Roadshow

Taking the place of the humble E-Golf is Volkswagen's first dedicated electric vehicle in the US, the 2021 VW ID 4. The first deliveries of its electric SUV should begin later this year. The performance is fine and the styling is unobtrusive, but its promise of utility, capacity and up to 250 miles of range make the ID 4 a fairly practical choice for families looking to go electric. The Tesla Model Y offers more range and better driving dynamics, but starting at $41,190 before incentives, the VW is more budget-friendly.

Read our 2021 Volkswagen ID.4 review.

Every EV available for 2021

Make, model and trim Best range MSRP
Audi E-Tron 222 $66,995
Audi E-Tron Sportback 218 $70,195
BMW i3 153 $45,445
Chevrolet Bolt EV 259 $36,620
Chevrolet Bolt EUV 247 $38,495
Ford Mustang Mach-E California Route 1 305 $51,500
Hyundai Ioniq Electric 170 $34,250
Hyundai Kona Electric 258 $38,565
Jaguar I-Pace 234 $71,000
Kandi K27 59 $19,999
Lucid Air 520 $169,000
Kia Niro Electric 239 $40,265
Mini Cooper SE Hardtop 2 door 110 $30,750
Nissan Leaf S Plus 226 $39,220
Polestar 2 233 $61,200
Porsche Taycan 4S Performance Battery Plus 227 $110,720
Rivian R1T 314 $73,000
Tesla Model 3 Long Range 353 $53,690
Tesla Model S Long Range 412 $100,690
Tesla Model X Long Range 371 $111,690
Tesla Model Y Long Range 326 $62,190
Volvo XC40 AWD BEV 208 $55,085
Volkswagen ID 4 250 $41,190

A few truly charming electric cars have disappeared from the list this year and will be missed, but overall the list is longer than ever. That means more choices running a wider gamut of ranges, prices and body styles. That's good news for electric car enthusiasts, early adopters and regular drivers looking for flexible and reliable transportation. And there will be more to come even by the end of 2021 -- from the newly announced Ford F-150 Lightning to budget-friendly offerings like the Hyundai Ioniq 5, Kia EV6 and more. We'll be updating the list as more models are certified by the EPA, so check back often.

For a list of just our favorite electric vehicles, check out our best electric cars for 2021 roundup. There's also our list of the best kids electric cars for 2021, because it's never too early to cultivate a love of cars -- electric or otherwise.


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