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Stop worrying…You probably didn’t pay too much for your new car

by Russ Heaps on July 28, 2014


Most of us like to tell “fish stories,” and they often include tales about the great deal we negotiated on our new car or truck.

But behind closed doors, many of us obsess that we really paid too much.

At least that’s the conclusion of the first annual TrueCar Buyer Study, which polled more than 3,000 consumers across the country.

Despite all of the pricing information at our fingertips on sites like Kelly Blue Book (kbb.com) and Edmunds.com, it seems many new-car shoppers have no real idea how much the dealer is making in any given deal.

Because of that, 26% of new-car buyers believe they overpaid for their car.

Many of those surveyed guesstimated the dealer makes about 20% profit on the sale of a $30,000 new car. That would be about $6,000.
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Be ready for insurers to ask your car what really happened in an accident

by Russ Heaps on June 30, 2014


The next time you file an accident claim don’t be surprised if your insurance company wants to download data from your car or truck to make sure you’re telling the truth.

No one knows exactly how much auto-insurance fraud goes on, but experts peg the losses at up to $30 billion.

That covers a wide range of cheating, from lying on an application to staging accidents and bogus injuries. But deliberately deceitful accounts about how a wreck occurred are part of the problem, too.

Let’s say a driver sideswipes a parked car or backs into tree.

Instead of reporting the mishap as it actually happened, he drives to the mall, parks his car and claims to be victim of a parking-lot hit and run.

A law enforcement officer will more than likely take the driver at his word, write up the report as a hit and run, and the driver will file a claim with his insurance carrier.

Although insurers know this kind of fraud happens every day, they’ve chosen to pretty much ignore it.

That’s changing however, as those companies consider making better use of the Event Data Recorder (EDR) that’s in most vehicles today and will be in all new vehicles this fall.
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