2004 Volvo Xc70 Base Wagon 4-door 2.5l on 2040-cars

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Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Recharge Wrap-up: Formula E car swap video, Lyft adds carpooling, new Tesla book

Curious to see how the Formula E car swap goes down? During each hour-long race (or ePrix, as the series calls them), drivers have to make a pit stop to switch cars as the battery runs down. Of course, they want to do it as quickly as possible. It's kind of a tricky dance extricating oneself from the cockpit of one car and slipping into the seat of another facing the opposite direction. See the maneuver in the video below and read more at Jalopnik. A new report forecasts that the CNG and LPG vehicle market will be worth nearly $5.2 billion by 2019. The report cites fluctuating gasoline and diesel prices, and the relatively low prices of these alternative fuels, for their growing popularity. The report also breaks down the popularity of natural gas and propane vehicles in different parts up the world. In the Asia-Pacific region, China is the largest consumer. In Europe, CNG thrives in Italy, while LPG is most popular in Turkey and Poland. Meanwhile, CNG remains a tough sell in America, while South America has a healthy market. Learn more in the press release below or at Markets and Markets. The Ports of Los Angeles and Long Beach are testing trucks connected to overhead electric wires to reduce emissions and improve air quality. The eHighway, as the project is called, will cost $13.5 million and will use battery electric and hybrid trucks to move cargo around the ports along a one-mile stretch of wires. The trucks, made by Siemens and Volvo, also have the ability to disconnect from the wires and drive under their own power. See more in the video below or read more at ABC7. Lyft is introducing its own carpooling feature to its car-hailing app. Yesterday, we reported that its competitor Uber is testing UberPool, and Lyft is now doing something similar to encourage people to share rides. Lyft Line offers discounted rides, and matches passengers who are going to nearby destinations around the same time. Lyft Line offers passengers a guaranteed price before they accept the ride. Lyft is launching the carpooling service in San Francisco, and hopes to expand it from there. Read the in-depth article at The New York Times. A new book is available called Tesla Motors: How Elon Musk and Company Made Electric Cars Cool, and Sparked the Next Tech Revolution. Written by Charles Morris, senior editor of Charged, it chronicles the history of the famed electric automaker, its achievements in business and technology and the people responsible for Tesla's success.

Junkyard Gem: 1994 Volvo 850 Turbo Wagon

Volvo began selling brick-shaped rear-wheel-drive station wagons in the United States with the 145 in the 1968 model year, continuing the tradition with the 200, 700 and 900 series wagons and all the way through the very last 1998 V90s. The benefits of front-wheel-drive proved impossible for those Goteborgers to resist, though, and so the 850 was developed. The 850 sedan first appeared in the United States as a 1993 model, with the wagon version following in 1994. Today's Junkyard Gem is one of those first-year 850 wagons, found in a Colorado Springs self-service yard recently. The 850 wasn't the first production Volvo with front-wheel-drive (the 1986 Volvo 480 beat it to European showrooms), but it was the first one available on our continent. The base 1994 Volvo 850 wagon for the U.S. market had a 2.4-liter DOHC straight-five rated at 168 horsepower and 162 pound-feet, but this car has the turbocharged version with its 222 horses and 221 pound-feet. American buyers of the 1994 Volvo 850 had the choice of a five-speed manual or a four-speed automatic. Most took the automatic. This car is a loaded model with power sunroof and other goodies in addition to the slushbox, so its MSRP was $30,985 (about $66,194 in 2024 dollars). This was a bit less than a similarly equipped 960 wagon (which listed at $34,950, or $74,665 after inflation). The antiquated but reliable 240 wagon had been discontinued the year before, with the 740 wagon getting the axe the year before that). This car just made it past the 200,000-mile mark during its career on the road. That's respectable, though I've found discarded Volvos that made it beyond 400,000 miles (and one that got to 631,999). The interior looked pretty good before someone smashed all the windows. Perhaps vandalism sent a running car to this place. Someone was kind enough to write down the security code on the factory radio. Drive safely. For those of you who hate to commute but adore driving.