We’re paying too much for new cars

Hey, Gang, we’re spending WAY too much on new cars. 

Put down your pitchforks, I’m not suggesting we STOP buying new cars. The opposite, in fact. Well, I guess technically I am saying we should stop BUYING cars. But, not in the way it sounds. Allow me to remind you kind folks about the LEASE. A renewed focus on lease penetration is the solution. 

With the average transaction price for new cars at an all-time high at over $37,000, a reported increase of $6,598 from December 2010, Americans are driving into debt with longer loan terms to afford the elevated monthly payments. 

While the easiest solution is obviously, “buy a cheaper car,” let’s get real. We’re always going to want the next big thing… which is typically a large family SUV with room for 8+ and cargo space galore. 

“So, buy a used car.” 

“How ‘bout no. Because, VROOM!” 

The mystical, magical lease is the answer we seek. We are long passed the days of the evil, scary rent-a-car lease scenario. If a driver plans to purchase a new car every three years or so, leasing is definitely the way to go. So, why don’t dealers lead with lease payments FIRST in their presentations?

Perhaps because leases can be a bit trickier to pencil on the fly. Typically a manager must get involved to work out an accurate lease payment and, heaven forbid, they switch cars. The major roadblock to increased lease penetration is the lack of a pencil tool that instantly and accurately calculates true lease payments which can be adjusted, real time, to show change in payment based on term, downpayment, credit, and other factors. 

The answer is illumiQUOTE. The interactive price and payment presentation solution from FRIKINtech pencils all vehicles in inventory instantly and adjusts automatically to changes. Internet managers, desk managers, and even shoppers can interact with the presentation and see all available options – accurate payments – and structure a profitable deal which meets the car shoppers needs. 

Check it out: illumiQUOTE

Written on March 7, 2019

Written by Christine Plunkett

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