TIP OF THE WEEK
With graduation season and summer break upon us, many parents may be on the hunt for a new car for their graduate. Memorial Day deals offer some of the best incentives of the year, so it’s crucial to know how to navigate what can be an overwhelming and exhausting process.
Know what you can afford. The first and most important question to answer before launching into the car-buying process is “how much can I afford?” Figuring this out will help you determine whether you are in the market for a new or used vehicle. A good starting point is to use 15-18 percent of your take-home pay as a gauge for your total vehicle budget including the loan, insurance, gas and maintenance.
Next decision, how will you pay for it? There are numerous ways to manage the financial burden for purchasing a new car, including taking out a loan. If you have decided to go the loan route, determine how much you can afford in monthly payments. Banks or another financial institution might offer lower interest rates than a car dealer. Aim to pay off the loan within three to five years.
Determine the total cost of ownership. It is important to understand the total cost of ownership before surprising your graduate with the car of their dreams. Everything from gas to auto insurance will be an extra expense added on to the monthly cost for a new or used car and something everyone in the family needs to consider.
Do your research. Everyone can agree that dealerships can be overwhelming and intimidating. Research your market first. If you are looking into the used car market, always run a background check. You can get a vehicle history report, which can help verify ownership history, mileage and accident history.
Go for a test drive. After picking out a few of your top favorites, it is time to see how the car operates on the real road. Hit the highway to properly gauge a car’s performance, and inspect the car for mileage, tread, etc. If possible, run the car by a trusted mechanic for an under-the-hood inspection to forecast longevity and maintenance needs.
According to ThoroughbredRacing.com, the world’s 10 most expensive stallions for 2018 are:
1. Galileo (Ireland)
2. Deep Impact (Japan)
3. Dubawi (UK)
4. Tapit (USA)
5. Medaglia D’Oro (USA)
6. War Front (USA)
7. Frankel (UK)
8. Sea the Stars (Ireland)
9. Curlin (USA)
10. Invincible Spirit (Ireland)
NUMBER TO KNOW
57 percent: According to Bankrate.com, the average American has less than $4,000 in savings and 57 percent of American adults have less than $1,000 in savings.
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Google argues against UK privacy case
Search-engine giant Google recently argued against a lawsuit by the group Google You Owe Us in a United Kingdom court, that could cost the company $4.3 billion. Representing 4.4 million iPhone users in the UK, the group sued Google, alleging the company violated their privacy from 2011-12 through a “Safari Workaround.” The suit alleges Google bypassed Apple’s iOS device privacy settings on its Safari browser to collect browser data without the user’s consent. The affected UK iPhone users could receive almost $1,000 each.
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