Car Shopping Terminology
Rev Up Your Knowledge: Understanding Essential Car Shopping Lingo
APR (Annual Percentage Rate)
The APR, or Annual Percentage Rate, is the annual interest rate you'll pay on a car loan. It includes both the interest rate and any associated fees. A lower APR is generally better, as it means you'll pay less interest over the life of the loan.
Trade-In Value
If you're replacing your current vehicle, you might consider trading it in. The trade-in value is the amount a dealer offers for your old car, which can be applied as a credit towards the purchase of a new one.
Resale Value
The resale value is the estimated worth of your car when you decide to sell it or trade it in down the road. Cars with high resale values typically retain their value better over time.
Depreciation
Depreciation is the decrease in the value of a car over time. New cars often lose a significant portion of their value in the first few years, which can impact your car's resale value down the road.
Horsepower (HP) and Torque
Horsepower and torque are measurements of an engine's power. Horsepower determines a car's top speed and acceleration, while torque is associated with the engine's strength, affecting its ability to tow heavy loads and accelerate from low speeds.
MPG (Miles Per Gallon)
MPG, or Miles Per Gallon, is a measure of a car's fuel efficiency. A higher MPG means the car can travel a greater distance on a gallon of fuel, which can result in lower fuel costs.
Title and Registration
Once you buy a car, you'll need to take care of the title and registration. This process varies by location, but in Missouri it involves obtaining the title (proof of ownership) and registering the car with the state. More information can be found on Missouri Department of Revenue's page.
VIN (Vehicle Identification Number)
Every car has a unique 17-digit VIN that serves as its fingerprint. This number contains important information about the vehicle's make, model, year, and more. It's crucial for vehicle history reports and registration.
OEM (Original Equipment Manufacturer) vs. Aftermarket Parts
When it comes to car repairs and upgrades, you'll encounter the terms OEM and aftermarket parts. OEM parts are made by the car's manufacturer and are designed to fit perfectly. Aftermarket parts are made by other companies and can offer cost savings but may not be of the same quality.
Understanding these key terms will give you an advantage when you step into a dealership or browse car listings online, but if you have a question when shopping with us, please ask! We're happy to lend you a hand when it comes to making an informed choice; buying a car is an important decision and we understand that, every step of the way. See you at the dealership!
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Jack Miller Auto Plaza
3100 Burlington St.
Kansas City, MO 64116
- Sales: 816-354-1567
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