Here’s an interesting profile of John Elkann in Fortune. Elkann is the grandson of the legendary Gianni Agnelli and he now leads the family’s business interests. The Agnelli family essentially controls Exor, a public company that controls Fiat. Elkann was responsible for putting Sergio Marchionne in charge of Fiat which was critical to turning the company around.
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There’s a lot more to test driving a car than just taking it out for a spin. You have to really get to know a car, maybe even fall in love with it, before you commit to buying. When you test drive a car, here’s are four tips that’ll ensure you make the most of your time:
1. Make an Exterior Inspection Checklist
Before you even get behind the wheel, you’ll want to inspect the exterior of a used car. Be sure to take this quick list:
Tires. Check if for worn tires or cracked, and check if the wear is even on all four tires.
Rust and Dents. Check doors and hinges for rust. Look along the side of the car for ripples that could signal past repairs.
Lights. Operate the headlights, brights, brake lights, and turning signals to make sure they all work.
2. Make an Interior Inspection Checklist
Once in the car, remember to check that the seats and controls are up to your standards. The smell and condition of the seats is certainly something to consider, but don’t forget to check these things:
Stereo. Operate the stereo, including the auxiliary option or CD player if available.
Seats. Try adjusting your seat and the passenger seat.
A/C and Heat. Work the air conditioning at all fan levels and temperatures.
Cruise Control. Make sure the cruise control works, even when you use the turn signal.
As you inspect the car, keep an open mind and take notes for future decision-making.
3. Look for Value-Adding Features
Do you know what makes a car a good resell? You can enjoy the luxury of these features and still get some money for it if you decide to sell again:
Hands-Free Option. With many states forbidding drivers from using their cellphones while on the road, newer cars are offering hands-free or blue-tooth options. These laws aren’t likely to change, so the value of these systems will stay intact.
Leather Interiors. Leather has long been appreciated as a high value in cars. It is still preferred today, so go ahead and spend the extra on leather if you love it. You aren’t likely to lose the money on it when you sell.
4. Ignore Value-Diminishing Features
While great features like cruise control and intelligent keys can add to your car’s resell value, too much customization wastes money when it comes time to get rid of the vehicle. Here are two things that a sales rep might highlight but that you shouldn’t consider as an addition to your car’s value:
Flashy Colors. Something unusually bold or bright like gold or lime green may seem cool at the time, but it can make resell difficult. Traditional colors like black and white are a surer way to go.
Flashy Rims. It’s not that you can’t buy nice and new rims for a car you buy used in Richmond, but something especially flamboyant or expensive may put off some buyers. Instead, choose moderately sized rims.
Did you take a checklist to your test drive? What tips do you have? Share your thoughts in the comments below.
Hyundai Motor America announced pricing today for the refreshed 2014 Hyundai Equus during a media event at its Ann Arbor, Michigan facility. The Equus comes in two model options – the Signature and the Ultimate. The Equus Signature has an MSRP with freight of $61,920, and the Equus Ultimate has an MSRP with freight of $68,920. Hyundai expects a sales breakdown of 70/30 between the Signature and the Ultimate.
Hyundai has positioned Equus as a competitor in the high end luxury segment, with vehicles like the Lexus LS460 and Mercedes S550 seen as the primary competitors, and the BMW 750i, Audi A8 and Cadillac XTS seen as secondary competitors. Hyundai’s strategy has emphasized packing the Equus with safety and technology features buyers are looking for in luxury vehicles and then making them standard in the Equus, while offering a price point that is roughly $30,000 less than comparably equipped target competitors. The emphasis on buyer experience has also helped Equus, with features like a dedicated Equus premium ownership champion at each dealership, at-home vehicle demonstrations branded under “Your Time, Your Place,” a valet service program with pickup and delivery on a flat bed truck with service loaner vehicle dropoff and a 3-year/36,000 mile no-cost maintenance.
John Krafcik, president and chief executive officer of Hyundai Motor America, said he’s been very pleased with Equus sales since the launch of the vehicle, noting that many auto analysts were skeptical that Hyundai could even compete in this space. Krafcik pointed to the 2013 year-to-date market segment numbers for Equus of 5.5%, which is greater than Hyundai’s overall brand share. He also pointed out that Equus scored highest among the luxury brands in the 2013 J.D. Power Customer Service Index Study.
Like other Hyundai brands, Equus sales are being held back by Hyundai’s capacity issues. When asked whether Hyundai would be adding production capacity, Krafcik declined to comment, though it should be noted that in the past he was quick to squelch any notion of new production facilities. With the American car market rapidly bouncing back near pre-recession levels, Hyundai is likely reconsidering its ultra-cautious approach to production capacity in order to take advantage of increased demand. Krafcik noted that Hyundai’s overall market share in the US has contracted a bit to 4.7% in 2013 due to those production constraints. Demand is not the problem, as Hyundai has among the lowest inventory and days supply levels in the industry. Hyundai’s incentive spend remains among the lowest in the industry second only to Subaru. With these statistics, it appears that Hyundai can easily absorb more capacity, though auto executives have to look years ahead, and the volatility of the past seven years has to be taken into account.
Let’s face it-new teen drivers’ need cars with excellent safety features and crash-test results, but teens aren’t looking for the safest car like their parents. They want something cool and sporty that they can personalize and show off to their friends. Car safety technology has improved drastically over the past few years, so it’s now an ideal time to trust teens on the road. Luckily, there are cars that fulfill both requirements for teens themselves and their parents. Check out these great options for your teen driver.
The all new, 2014 Corvette Stingray has generated a ton of buzz with the new C7 body style, and now it’s making headlines for . . . gas mileage! That’s right. GM announced that the 2014 Corvette Stingray will deliver up to an EPA-estimated 17 miles per gallon in the city, and 29 mpg on the highway, when equipped with an all-new, seven-speed manual transmission. The estimate reflects an average of fuel economy in both the default “Tour” mode, which delivers 28 mpg highway, and driver-selectable “Eco” mode, which delivers 30 mpg highway.
So you’ll get some serious power with 455 horsepower, incredible new styling, and now some decent gas mileage as well. It looks like a hit.
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