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More technology startups open Detroit offices
Companies want to capitalize on Detroit’s strengths: its automotive dominance and entrepreneurial resurgence       
-1 points by The Detroit News | Ford Motor Company Automotive industry Detroit General Motors Ford Field Startup company Tata Motors Renault
Millennials changing views on car payments: The rise of car leases
"There is a greater percentage of people who view car ownership as a monthly payment like their cell phone or cable or Wi-Fi," says Jessica Caldwell, executive director of strategic analytics at Edmunds.com. Car payments have morphed from a temporary nuisance into a permanent part of many people's budgets.  Whether that's a bad thing depends on what you do with the rest of your money. One-third of millennial car buyers chose a lease last year, which helped push auto lease volume to a record of 4.3 million and 31% of all new auto purchases, according to market research by Edmunds.com. "There is a greater percentage of people who view car ownership as a monthly payment like their cell phone or cable or Wi-Fi," says Jessica Caldwell, executive director of strategic analytics at Edmunds.com. "It's just the way we live our lives." Lease payments are typically lower than monthly loan payments for the same car, and leasing is less expensive than buying new cars every two or three years. But leasing is far from frugal, especially compared with paying off a car within five years and owning it for a few more. People who lease don't get a break from payments or build equity toward the next purchase. But younger buyers in particular are more likely to view cars as technology that needs to be continually upgraded, Caldwell says. "It used to be cars didn't change that much in five years. Now they do," she says. (Even Consumer Reports, which typically recommends buying over leasing, suggests leasing electric cars because the technology is changing so fast.) The upsides of leasing Fear of repair bills contributes to the leasing trend as well. Many people would rather have constant payments and continually drive newer cars than be surprised by repair costs -- especially in an era when 46% of households don't have $400 in savings to cover an emergency, according to the Federal Reserve. "Your costs with a lease, while higher, are also more predictable," says Alex Klein, vice president for data science for Autolist, a new and used car search engine. Younger buyers also are less convinced they'll need a car five years from now, Klein says. "There's more flexibility about the idea of car ownership," Klein says. "In two or three years, I may get around in an autonomous Uber." Millennial car owners plan to own their cars for less time than their Generation X predecessors, an Autolist study of 3,383 vehicle owners found. Forty-seven percent of those aged 25 to 39 in 2016 said they'd keep their cars five years or less, compared with 41% of those 40 to 54. One-third of the older crowd intended to keep their vehicles for 10 years or more, compared with just one-quarter of millennials. Leasing certainly can be a better financial choice than some other financing options. Auto loans that stretch six years or more mean buyers often face big repair bills while they're still making payments. Buyers often owe more on the loan than the car is worth for most of the loan term, and interest rates tend to be higher than for shorter loans. Too many of these buyers wind up trading in their cars before they've paid off their loans, rolling their negative equity into their next vehicle at even higher interest rates. Among car buyers who traded in a vehicle last year, 29.9% rolled an average of $5,193.79 in unpaid debt into their new loans, Edmunds.com found. A decade earlier, the comparable figures were 26.4% and $3,997.36 of negative equity. If you're leaning toward leasing, here's what you need to keep in mind: Don't overspend. Any car payment, whether on a loan or a lease, needs to fit in with more important financial priorities such as saving for retirement and paying off debt. If your payment pushes your "must-have" expenses -- such as shelter, transportation, food, utilities, insurance and other minimum loan payments -- to over 50% of your after-tax income, you probably can't afford it. Consider buying a less expensive new car or a reliable older model instead. Have a cushion. Car repairs are typically covered under warranty when you lease, but you may face extra charges at the end for excessive mileage, bald tires or wear and tear, especially if you are not leasing another vehicle of the same make. If you've modified the vehicle in any way, those alterations have to be removed. Negotiate hard. Experts recommend that you negotiate the purchase price of the car as if you plan to buy it, and discuss leasing only after you get a firm price. Down payment, mileage allowance and after-lease purchase price can be haggled, as well. Liz Weston is a certified financial planner and columnist at NerdWallet, a personal finance website, and author of "Your Credit Score." Email: [email protected] Twitter: @lizweston. This article was written by NerdWallet and was originally published by The Associated Press. The article The Never-Ending Car Payment originally appeared on NerdWallet. More from NerdWallet Here's How to Raise Your Credit Score 100 Points How to Pay Off Debt How to Build a Budget
11 points by The Plain Dealer | Automobile Electric vehicle Vehicle Vehicles Automobiles Walking Transport Renault
Ford to build $200M testing complex in Allen Park
Ford’s wind tunnel complex will be complete by the end of 2019        
-2 points by The Detroit News | Ford Motor Company Dearborn Michigan Automobile Volvo Cars Henry Ford Automotive industry Detroit Renault
Peugeot owner exploring acquisition of GM’s Opel
PSA Group said it is in talks with Opel to expand existing cooperation projects        
-2 points by The Detroit News | General Motors Automotive industry European Union Vauxhall Motors Opel Renault Chief executive officer Citroën
GM weighs sale of money-losing European division to French automaker
General Motors is considering a sale of its perpetually money-losing European division to a French automaker.        
-2 points by Detroit Free Press | Renault General Motors Automotive industry Opel Peugeot Automobile Cabernet Sauvignon Chardonnay
Peugeot owner said to explore acquisition of GM’s Opel
PSA Group said it was in talks with Opel to expand existing cooperation projects        
-2 points by The Detroit News | General Motors Automotive industry Opel European Union Chief executive officer Renault Volkswagen Group Citroën
Ford bets $1 billion on self-driving car start-up
Ford to invest $1 billion over next five years in artificial intelligence start-up Argo AI to develop driverless cars        
-2 points by Detroit Free Press | Automotive industry Ford Motor Company Carnegie Mellon University General Motors Renault Volvo Cars Driverless car Artificial intelligence
Ford invests $1B into Argo AI for virtual driver system
Dearborn automaker has said it plans in 2017 to invest in electrification, self-driving technology and mobility        
-2 points by The Detroit News | Automobile Ford Motor Company Investment Artificial intelligence Assembly line Automotive industry Computer vision Renault
Ford to make announcement on ‘emerging opportunities’
Dearborn automaker has said it plans in 2017 to invest in electrification, self-driving technology and mobility        
-2 points by The Detroit News | Ford Motor Company Automobile Automotive industry Renault Volvo Cars Tata Motors General Motors Dearborn Michigan
Three trends kick into gear at the 2017 Chicago Auto Show
It’s go time. The 2017 Chicago Auto Show revs up at Chicago’s McCormick Place February 11 – 20, with more than one million square feet of exhibit space featuring prototypes, hot sellers and interactive displays from today’s leading automakers. It’s the largest version of the show since it debuted in 1901 — and the most progressive. Of […]
37 points by Chicago Sun-Times | Automobile Electric vehicle Electric car Renault Battery electric vehicle Vehicle General Motors Chevrolet
Howes: Car sales slide colors rosy auto outlook
Credit falling gas prices, dramatically expanded offerings of all sizes in the SUV space and the popularity of leasing        
-2 points by The Detroit News | General Motors Ford Motor Company Automotive industry Renault Chevrolet Tata Motors Pickup truck Automobile
GM to pay UAW members $12K in record profit sharing
Payout comes as automaker had record pre-tax earnings in North America        
-2 points by The Detroit News | General Motors Automotive industry Ford Motor Company Chrysler United Auto Workers Renault Fiat Tata Motors
Is it time to stop the never-ending car payment?
One-third of millennial car buyers chose a lease last year. Many don't think they'll need a personal vehicle in a few years (think autonomous Ubers) and see vehicles as pieces of technology that require regular updates. Does a lease make financial sense?
4 points by The Denver Post | Automobile Electric vehicle Vehicle Vehicles Walking Automobiles Transport Renault
Driver dies as Tesla slams into tree in central Dutch town
THE HAGUE, Netherlands (AP) - Police and firefighters say the 53-year-old driver of a Tesla electric car died when the vehicle smashed into a tree in the central Dutch town of Baarn and burst into flames. Police are investigating the cause of the accident Wednesday morning and Tesla says in ...
4 points by The Washington Times | Netherlands English-language films Emergency service Automobile Nikola Tesla Public safety Renault Emergency management
Volkswagen to slash 30,000 jobs by 2020
German carmaker Volkswagen has unveiled plans to cut tens of thousands jobs worldwide. It is part of a restructuring plan to boost profitability and fund a shift to electric and self-driving cars following the emissions scandal. Read Full Article at RT.com
381 points by Russia Today | Renault Porsche Audi Automotive industry Germany Volkswagen Volkswagen Group SEAT
Volvo experiments with app to deliver fuel, car washes, rides to the dealer
L.A. Auto Show 2016 live updates: The Chevy Bolt EV wins Green Car of the Year Nov. 17, 2016, 9:40 a.m. The Los Angeles Auto Show opens to the public Friday and ends Nov. 27. Take a look through our coverage from the four days of press previews and keynotes, known as AutoMobility L.A., to see photos...
10 points by Los Angeles Times | English-language films Automobile Gasoline Alternative fuel Renault Peugeot California
Ford trims 2017 profit forecast over credit arm
Dearborn automaker says Ford Credit pre-tax profit expected to be $300 million less than previous forecast        
-2 points by The Detroit News | Ford Motor Company Volvo Cars Automotive industry Ford Motor Credit Company Tata Motors General Motors Renault Monte Carlo Rally
Howes: Carmakers see opportunity in Trump
Trump’s intention to cut corporate taxes, enforce penalties in trade agreements are music to auto industry ears        
-2 points by The Detroit News | General Motors Ford Motor Company Automotive industry Barack Obama Chrysler Ronald Reagan Renault Tata Motors
Howes: Carmakers see opportunity in Trump’s Washington
Trump’s intention to cut corporate taxes, enforce penalties in trade agreements are music to auto industry ears        
-2 points by The Detroit News | General Motors Ford Motor Company Automotive industry Barack Obama Chrysler Ronald Reagan Renault Tata Motors
L.A. Auto Show 2016 live updates: Nissan Rogue debuts to starfighters and dancing stormtroopers
L.A. Auto Show 2016 live updates: Nissan Rogue debuts to starfighters and dancing stormtroopers Nov. 16, 2016, 8 p.m. The Los Angeles Auto Show opens to the public Friday and ends Nov. 27. Take a look through our coverage from the four days of press previews and keynotes, known as AutoMobility...
21 points by Los Angeles Times | Renault Automobile Automotive industry Electric vehicle Opel Volkswagen Group Mercedes-Benz Japan
Carmakers see opportunity in Trump’s Washington
Trump’s intention to cut corporate taxes, enforce penalties in trade agreements are music to auto industry ears        
-1 points by The Detroit News | General Motors Ford Motor Company Automotive industry Barack Obama Chrysler Ronald Reagan Renault Tata Motors
Tesla, electric-car maker, sues Michigan Gov. Snyder over ban on direct sales to consumers
Electric car manufacturer Tesla is taking three top Michigan state officials to federal court over the state's ban on direct-to-consumer sales, a law some critics see as a sop to the established car-dealership industry. "The California automaker named Michigan Secretary of State Ruth Johnson, Michigan Attorney General Bill Schuette, and ...
1 points by The Washington Times | Renault Automotive industry Detroit Volkswagen Group General Motors Think tank Lotus Cars Michigan
Report: Apple in talks to aquire McLaren
While it’s been focusing more on self-driving software, Apple has never abandoned efforts to tie up with a carmaker        
-1 points by The Detroit News | Automobile Tesla Motors Automotive industry Executive officer Chief executive officer Electric vehicle Renault Mercedes-Benz
U.S. to release guidelines on driverless vehicles
Any doubt that driverless cars, trucks and buses are on a fast track to join their human counterparts on the nation’s highways may be knocked aside Tuesday, when the Department of Transportation releases long-awaited guidelines for the development of autonomous cars. The guidelines, which specify...
45 points by Los Angeles Times | Driverless car Ford Motor Company National Highway Traffic Safety Administration Automobile Vehicle Automotive industry Renault General Motors
Apple is shifting the focus of its secret car project
Apple may not become an automaker, but it still wants to develop its own self-driving technology ...
1 points by Las Vegas Sun | Automobile Renault Opel Automotive industry Japan Chevrolet San Francisco Bay Area
Apple Is Said to Be Rethinking Strategy on Self-Driving Cars
The company has closed parts of its self-driving car project and laid off dozens of employees, according to three people briefed on the subject.
1847 points by The New York Times | Automobile Internal combustion engine Electric vehicle Renault Personal rapid transit Vehicle Diesel engine Automotive industry