AUTONET TV

Lease or Buy?

Lease? Or buy? These are the options for Memphis drivers. It's always a tough question for auto owners, but here is some info that'll help you make an informed decision.

If you buy, you'll pay the full cost of the vehicle, maybe an initial down payment, monthly payments on the balance that pays down the loan principal, and the finance charge.

Memphis drivers who lease finance the portion of the cost of the vehicle that's used up during the term of the lease. You'll pay some money up front: fees, security deposit, first month's payment and maybe a capital reduction. The monthly payments include a depreciation cost and a finance charge. When the lease is up, you return the vehicle to your local Memphis area dealership. 

So how do Memphis drivers decide?

First, how much do you have for a down payment? A lease usually requires a smaller down payment.

How much monthly payment can you afford? Again, lease payments will be much lower for any given down payment.

A lease needs requires better credit, so that's a factor.

How long will you keep the vehicle? Memphis drivers who keep their vehicles around for a while will pay less if they buy. But just two or three years? Then leasing is the way to go.

If your car might suffer a ding or two, like a work truck would, then buying's better. The auto leasing company will want their vehicle back at the lease end in tip top shape, and if repairs are needed, you'll pay.

How far do you drive in and around the Memphis area? Important to consider because leases have a mileage limit; if you go over, you pay a hefty charge per mile/kilometer when the lease is up. So high mileage TN drivers should definitely buy.

Will the car be used in your business? Check with your accountant, but both financing options have different tax benefits, depending on your circumstances.

Over the short term, leasing is much cheaper. Medium term, leasing and buying costs are about the same. Over the long haul, leasing always costs more.

Leases may sound a bit complicated, and the typical lease decision weighs more on the monthly payment rather than price. So sometimes Memphis leasers may pay on a higher purchase price than a buyer would.

Here is a tip: If the salesman asks if you'll be leasing or buying, say you're not sure yet. Make your best deal, then look at your financing options.

Here's another: With a buy or a lease, if you total the vehicle, you'll owe the full amount of the loan, or the balance of the lease payments. Usually, it's less than the vehicle's fair market value, and that's all your TN auto insurance company will pay. But ask your Memphis agent about gap insurance, which pays the difference between fair market value and what you owe. Big consideration for a lease.

Remember, you have to return your leased vehicle in excellent condition and may need to do all the vehicle manufacturer's recommended service and maintenance or face penalties. So see your local advisor at your Memphis auto repair shop  or Madison Automotive on a regular basis, get the required work done and save the service records. It's well worth it.

Madison Automotive
2457 Covington Pike
Memphis, TN 38128
(901)386-9600
http://www.madisonautomotive.net

Saving Lives in Memphis with Tire Pressure

All new passenger vehicles on our Memphis, TN, roads now have tire pressure monitoring systems – TPMS for short. They are designed to alert you if your tires are underinflated. Since they are fairly new, a lot of people have questions about them.

First off, the most important thing is that you still need to check your tire pressure every week – or at least every time you gas up. The TPMS system alert comes in when your tire is 20 percent below the factory recommendation. So if the recommended pressure is 34 pounds per square inch, the TPMS warning won't come on until the pressure is at 28 pounds. That's significantly underinflated, enough to raise safety concerns.

The worst is tire failure. A severely underinflated tire can overheat and fail. Also, handling degrades to the point that you may not be able to steer out of trouble. Also underinflated tires wear out faster and they waste fuel. So it's costly to not stay on top of proper inflation.

What's the practical value of the TPMS system? Well, it's twofold. First, it can alert you when your tire is losing pressure due to a puncture or a bent rim. That's an important warning that you might not have gotten until next time you gassed up.

The second is that we all occasionally forget to check our tire pressure. So it's a fail-safe system to let you know there's a problem brewing.

Other things can cause your TPMS system to go off. The system also monitors itself. The sensors that are mounted in the wheels have little batteries that send a signal to the monitor. The batteries go dead over time and the TPMS system will let you know. And the sensors could break. Also road salt from our TN roads can ruin them.

There's also a hassle factor that your Memphis, TN, tire center has to contend with. For example, when you have your tires rotated in Memphis, the TPMS system has to be re-calibrated so that it knows which tire is on which corner of the car. Same is true for when you have new tires or winter tires installed. Flat repairs, as well.

That takes extra time. And it requires the right equipment and training. Special – and expensive – tire change machines need to be used with some sensors. It's all complicated by the fact that there are a number of different TPMS systems in use so the tire professionals at Madison Automotive need equipment and training for each kind. Tire centers have had to raise the price of some of these basic services to offset their increased costs.

Also if you add custom wheels on your vehicle, you need to put in new TPMS sensors if your originals won't work on the new rims. If you don't your TPMS light will be on constantly and you won't have the benefit of the warning system.

All in all, the mandated TPMS systems will save lives, so they're worth the added hassle and expense.

Madison Automotive
2457 Covington Pike
Memphis, TN 38128
(901)386-9600
http://www.madisonautomotive.net

QUIET TIME (Listening for Vehicle Problems)

Everybody's got friends like this.  You know, the kind who, the minute they get in their vehicle and turn the key, the sound system is deafening.  They just love to hear that music, sports, news… anything but the sound of the vehicle itself.

And maybe you're that person, too.  Here's something to consider: your sound system might be drowning out some valuable clues that could help you diagnose problems with your vehicle, problems that need to be dealt with. So, turn down the volume and listen for these things:

• A clicking sound when you're braking or turning—You could be missing some parts in your braking system, or it could be damaged. That sound could also signal that components are just plain worn out.
• Rattling under the hood—If it sounds like metal clanking against metal, you could have something serious going on, maybe an overheating engine or your timing needs adjusting. That knocking sound could also be as simple as you've been using lower octane gasoline than is recommended for your engine.  Time to get that checked out.
• A squealing or high-pitched sound coming from the engine compartment. Could be a belt is loose, wearing out, dried out or cracked. A pulley might be failing or a bearing might be on its last legs.  Better to have that fixed now than be stranded somewhere later.

Here’s our Madison Automotive suggestion - set a regular weekly alarm in your smartphone alerting you to listen to your vehicle once a week for five minutes.  Just five minutes without the music or the sports show or public radio… whatever your taste is. You can even use your smartphone to record any noise you might be hearing.  Between that and your description to your service advisor, a Madison Automotive technician should be able to diagnose the source of the noise and get your vehicle sounding healthy again. Do it before that noise turns into the sound of a serious problem. 

Who knew a little quiet time could be so useful?

Madison Automotive
2457 Covington Pike
Memphis, TN 38128
(901)386-9600
http://www.madisonautomotive.net

Wishy-Washy in Memphis

Perhaps you've found yourself driving when something all of a sudden splashes on your windshield, obstructing your view. You know that sinking feeling when you try to turn on the windshield washers and no fluid comes out. Now you're blinded even more. What can you do?

The best thing is to make sure your windshield washer fluid is always topped off and ready for these situations. You probably figure you'll grab a bottle of that blue stuff you see in the store. But is that really the right choice?

One thing you know isn't the right choice is plain water. It can freeze when temperatures drop. Plus, when it's close to the freezing mark outside, spraying water on your windshield can freeze, turning it literally into frosted glass and blinding you suddenly. Water freezing in your vehicle's washer lines can also damage them.

There are different types of windshield washer fluid made for different climates. Many have alcohol to prevent them from freezing; their label will usually tell you at what temperature they'll start to freeze.

Some washer fluids will have detergents in them so they can cut through contaminants and dirt. Still other washer fluids have a chemical in them to prevent streaking.

Also keep in mind some washer fluids are made to be put in your fluid reservoir as is; others are made to be diluted.

No matter what washer fluid you pick, make sure you have plenty of it in your vehicle. Our pros at Madison Automotive can top off your levels with the right kind of fluid. That's also a good reminder to have your windshield washer system working properly. Your technician can check not only the washers but the wiper blades and motor to make sure all are in top condition. The worst time you can discover it is usually when you need it most.

Madison Automotive
2457 Covington Pike
Memphis, TN 38128
(901)386-9600
http://www.madisonautomotive.net