Shopping for a new car on Black Friday? Beware of this clever car-dealership trick

Planning to visit a car showroom on Black Friday? Car dealers are unlikely to let you go without a tussle, new research suggests.

Many car manufacturers are launching Black Friday deals. As Autotrader reports, “The deals will also differ from past practices. Gone are the big discounts or cashback offers, and in their place, you are likely to find more lease deals, 90-day no-payment and zero/low-interest loan offers from the manufacturers’ captive finance arms.” 

But finance deals sometimes are not quite as lucrative as they may seem. Just as IKEA store planners tactfully place cheaper items they know many people won’t want to buy near more expensive items so the latter look too good to refuse, car salespeople often advertise higher prices of cars relative to the repayment plan they offer consumers. 

That’s because consumers are much more price-sensitive to car prices than finance charges, according to research findings circulated by the National Bureau of Economic Research this week.

“If dealers have discretion to price both the loan and the car, they can tailor the bundle of prices to specific consumer types,” researchers from Massachusetts Institute of Technology, the Frankfurt School of Finance and Management, the Federal Reserve Bank of Chicago and the Consumer Financial Protection Bureau, wrote.

“This leads to high interest rates for consumers that are less responsive to loan charges and low interest rates for consumers that are more responsive to loan charges.”

‘If dealers have discretion to price both the loan and the car, they can tailor the bundle of prices to specific consumer type’

“On average, consumers behave as if they would pay a dollar more in finance charges to reduce the vehicle price by $0.86.” They also “act as if they perceive finance charges to be at least $380 less than actual finance charges.”

The researchers arrived at that conclusion based on an analysis of millions of car transactions from 2010 to 2014, the CFPB’s Consumer Credit Panel that tracks auto loan originations and Experian’s

AutoCount database which tracks “market shares of lenders and dealers for the majority of states in the U.S.”

Here are some rules of thumb you can follow to avoid getting overcharged for a new or used car:

Don’t let your emotions take over — stick to your budget

“Buying a car is a business decision, not an emotional one,” David Bennett, repair systems manager for the American Automobile Association, told MarketWatch. But it’s “easy to be wooed by the ‘new car smell’ and lose focus,” he added. 

That’s why he recommended consumers enter auto showrooms with a budget in mind and that they stick to it. You should also factor in potential increases in your car insurance payments, gasoline and auto-repair expenses when you construct your budget. 

“The biggest thing people do wrong when entering an auto showroom is falling in love with a particular car, and giving up their ability to walk away,” said Timothy Vogus, a professor at Vanderbilt University’s Owen Graduate School

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These clever gifts offer a little something for everyone

Well, 2020 has been a strange year, but I’m pretty sure Christmas is still on, and even if you’re not having the usual large gathering, you can still give and receive presents.

I’ll be featuring a different set of gifts each week for the next month or so.

This week we start with a half-dozen gift ideas that really don’t have much in common except for the fact I would really like to receive them as gifts.

WeatherFlow Tempest Weather System

What is it? This is a wireless, self-contained weather station that can be placed up to 1,000 feet from a base station in your house. It runs on solar power and has no moving parts. It beams information to your phone or computer. It will measure temperature, humidity, wind direction and speed, rain duration and accumulation, and barometric pressure.

Who is it for? Weather geeks like me. I’m usually the one people ask about upcoming forecasts because they know I pay attention to the weather.

What does it cost? $329

Where can I get it?, Amazon

Thermoworks Thermapen MK4
Thermoworks Thermapen MK4(Thermoworks)

Thermoworks Thermapen MK4

What is it? This is an instant-read probe thermometer that can show you the temperature inside a brisket in just a few seconds. The display rotates 360 degrees, and it’s also backlit. It’s accurate to 0.7 degrees, and it’s also waterproof. It will run 3,000 hours on its included AAA battery. Simply extend the probe to turn it on and fold it back into turn it off. It will also sleep if you leave the probe extended and wake up when you pick it up.

Who is it for? Anyone who is serious in the kitchen needs an accurate thermometer. The Thermapen is the gold standard.

What does it cost? $99

Where can I get it?, Meat Church BBQ Supply in Waxahachie

2020 Gift Guide iFixit Pro Tech Tool Kit
2020 Gift Guide iFixit Pro Tech Tool Kit(iFixit)

iFixit Pro Tech Toolkit

What is it? This is the tool kit you need to open and fix almost any computer, laptop, cellphone or other gadget. I’ve had this kit for several years, and I’d replace it tomorrow if I lost mine. Besides the 56 screwdriver bits, there are also all kinds of tools to help you pry open and repair your gadgets. All the tools are contained in a very slick wrap to keep everything in place.

Who is it for? If you are even remotely handy and like to fix your own stuff, iFixit makes the best tool kits.

What does it cost? $69.99

Where can I get it?

Moza MiniMX Foldable Smartphone Gimbal
Moza MiniMX Foldable Smartphone Gimbal(Moza)

Moza MiniMX Foldable Smartphone Gimbal

What is it? If you want to take your cellphone videos to the next level, you need a gimbal, which helps you hold the phone steady when it is not possible to use a tripod.

The Gimbal works with gyroscopes to keep your phone pointed in the right direction, and it has motors to smoothly pan it left, right, up

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Boost Your Fashion Image Using Clever Moves

Fashion has the power to stop people in their tracks, thus producing strong confidence and the reward of recognition. Boosting your image via clothing require creative self-expression and a passion for standing out from the crowd.

People of fashion are pathfinders for those who love looking good and showing the world the beauty of expression. If you desire to be such a person, consider the following tips designed to help you glamorize yourself in the sight of your family, friends, and strangers.

The Message

Before you go and purchase a giant wardrobe, you must know what message you want to portray in society. You must have an idea of ​​what you want people to think about you. Do you want to convey a message of sophistication, coolness, intelligence or professionalism? Whatever image you desire to portray, you must organize your wardrobe around such a message.

Zero in on Specific Places

Where do you want to start establishing your fashion message? Your goal is to dress specifically to impress the people in these areas. For example,

The Workplace

Suppose you want to portray an image of professionalism at your workplace. You may not be a boss or even a supervisor. Yet, if you want to dress like one, you can begin with a nice blue or black suit and striped tie. You never know what can occur when you convey an image of professionalism. For one thing, your confidence will soar, and you just might be promoted.

The Community

Are you a popular person in your community? If not, you can become one by portraying the message of cool, calm and collected. You can throw on a pair of cool looking sunglasses, a pair of relaxed, baggy designer jeans and Adidas tennis shoes. For an accessory, you can wear a slick looking chain around your neck or fancy earrings if you are a woman.

Restaurants, libraries, grocery stores, parks in the summer, or community festivals are fair game to establish yourself as a person of fashion.

Special Occasions

Do you want to be the life of the party on any occasion? Then you will have to dress so that you will stand out from the crowd. Wearing something semi flamboyant? You will have to try to match the magnetism of the main attraction, whoever or whatever that may be.

You might want to wear bright solid color clothing. For example, you may dress down in a red or purple blouse and skirt or evening gown or a cocktail dress with accompanying jewelry and small money purse.

The list of special occasions, including birthdays, weddings, anniversaries, festivals, annual attractions within the community.

Hang Around Fashion Minded People

You want to stay motivated to be the best-looking thing on the scene. How can you do this if you don't hang around people who love fashion, even if competition for attention is intense? The good thing about competition is that it keeps you coming up with new and creative ways to self-expression via clothing …

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