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2016 Chevrolet Volt First Drive

There's a hit vehicle hiding in GM's formula for the Chevy Volt. You can sense it in the enthusiasm that current Volt drivers have for their cars. You can see it in the amount of money GM has poured into its extended-range electric vehicle project. And perhaps most importantly, you can feel it from the driver's seat of the new, second-gen model. The big question is whether or not GM will be able to turn its much-hyped 'halo car' into a best-seller this time around. After driving it in northern California, I can tell you that the Volt is tremendous. But we all know it takes more than that to create a hit. GM has so far sold over 82,000 Volts in the US. That's respectable, but in the early, glory days before the car launched, company representatives were talking about much more impressive numbers. With a few years to talk to customers and potential prospects, GM has learned a lot about what makes someone buy a Volt. For the 2016 model, Chevy has changed just about everything for the better. The new Volt has more all-electric range (53 miles vs. 38 in the first generation), is more fuel efficient whether you're looking at the overall value (106 combined MPGe vs. 98) or just when the car burns gas (42 miles per gallon vs. 37). All of that means that the car's overall range is bumped up to 420 miles, from 380. The battery is smaller and lighter while offering more energy capacity. The range-extending gas engine is bigger (1.5 liters vs. 1.4) but it's also more efficient and can burn regular gasoline instead of just premium. The Volt's overall range is bumped up to 420 miles, from 380. The cost is lower, too: $33,995 vs. $34,170, before incentives. This is a car that GM thinks will compete against the Toyota Priuses and Nissan Leafs of the world (as its new ads make abundantly clear). All three cars have completely different powertrains, but we all know that they're the headline green cars of our time (along with Tesla), so buyers will have to want to pony up a bit more money if they like what the Volt is offering. The 2016 Leaf with its 107-mile range starts at $37,640 (before incentives), while a 2015 Prius can be had for $25,035 (pricing for the 2016 has not yet been announced). So, on paper, the new Volt is an all-around winner. I'm here to tell you that it wins on the road, too. You can't help but notice the changes. They are literally front and center.

New auto loans could soon extend out to 84 months

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans. This past week, Bloomberg reported that FCA's Ram Trucks division is currently offering the longest loans. Some stretch to 73 months. Jeep, Fiat and Chevy aren't far behind. More noteworthy is that we'll likely soon see lenders moving from 73-month to 84-month loans. That's seven years worth of interest. More than two-thirds of US auto sales come from light trucks like the Ford F-150, Chevy Silverado and Ram 1500. The average transaction price of a new vehicle is well over $30,000. It's not difficult to spec out a heavily-optioned truck up to $60,000. Vehicles depreciate from the moment they roll off a dealer lot, and these six or seven-year loans could hurt consumers and lenders both in the long run. The U.S. Senate voted last week to kill rules that would prevent discriminatory auto lending. These Obama-era guidelines were meant to curtail lenders who offered higher loans based on race, religion, sex or national origin. Related Video: News Source: Bloomberg Chevrolet Fiat RAM Car Buying car loan car values

Cadillac CT6 production ceases January 2020 as part of D-Ham layoffs

General Motors filed paperwork under the Worker Adjustment and Retraining Notification Act with Michigan's Department of Labor and Economic Opportunity this week, detailing events to come at the automaker's Detroit-Hamtramck Assembly Plant. Starting February 28, 814 salaried and hourly workers at D-Ham, as its called, will be laid off. The 753 workers represented by the UAW will begin receiving offers in January to relocate to facilities in Michigan and Ohio, or buyout offers. As the 4-million-square-foot plant winds down through April 3 to a skeleton crew, the Cadillac CT6 ceases production in January 2020, and the last Chevrolet Impala comes off the line on February 28. The loss of the CT6 represents the end of Cadillac's latest brief, and highly regarded, adventure into flagship sedans. It might also mean the end of the 4.2-liter Blackwing twin-turbo V8 engine, at least for the moment. Both casualties are calamities. The death of the Impala closes the door on a nameplate in production for 52 years since 1957, having started off as a top-tier trim for the 1958 Bel Air known as the Bel Air Impala, once advertised with the line, "Lets you know you're the boss." As part of the new four-year labor agreement with the UAW, GM is keeping D-Ham open to build a new line of battery-electric vehicles, ultimately investing $3 billion and tripling employment to 2,225 workers when fully operational. The agreement described the coming EV as a "van" that would commence production in late 2021, but various reports say what's actually coming is a range of premium EVs in pickup and SUV bodystyles under the program codename BT1. The easy predictions put an electric GMC Sierra and Cadillac Escalade among the EV fold, but not until 2023, according to auto industry forecaster LMC Automotive. Before that, LMC claims an electric van will debut in late 2021, along with a battery-powered rebirth of the Hummer brand in pickup and SUV forms, also in late 2021.