1989 Red Silverado Chevolet Pickup Hardtop Convertible 350 V8 Automatic Nice! 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.

2014 Corvette Stingray meets Tesla Model S in drag strip showdown

They come from two different worlds and have little in common. The Tesla Model S P85 is the sportiest version of this paradigm-punching sedan from California, while the 2014 Corvette Stingray Z51 is a performance-enhanced version of Michigan's recently-updated sports car stalwart. The West Coast car seats five adults and eats electrons like Popeye eats spinach, the Easterner has two passenger places and, surprisingly, sips gasoline like one might bourbon. An attribute they do happen to share is extreme quickness. This similarity is all the excuse Drag Times needed to set the vehicles beside each other at the Palm Beach International Raceway for a bit of mano-a-mano quarter-mile combat. Fortunately enough, cameras were rolling for each of two bouts down the blacktop and the results recorded for our edification and enlightenment. The winner? We won't spoil it for you, but let's just say it's really, really close. How close? Scroll below and watch the video for yourself. Just be warned, the results may surprise you. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Recharge Wrap-up: Range-extended EV taxis in London, 2016 Chevy Volt interior two years old

The first Metrocab range-extended EV taxis are operating on the streets of London. The cabs use a 12.2-kWh battery and two 50-kW motors, as well as a 1.0-liter gasoline range extender. Fuel economy is 98 MPGe on the ECE101 cycle, and total driving range is over 348 miles before needing to charge or refuel. Cabbies can expect to save GBP20 to GBP40 (about $30 to $60) per day on average. "The cash savings on fuel are significant, the ride and comfort outstanding, and my first customers are thrilled with the new cab," says the first operator of the new EV taxi, Preston Morris. "With its air suspension providing unrivaled comfort, panoramic glass roof for views of the city and silent powertrain, what's not to like?" Read more in the press release below. Chevrolet has had the interior design of the 2016 Volt finished for two years already, according to GM interior designer John McDougall. Beginning around 2010, GM received sketches from designers worldwide before narrowing it down to a handful of designs. Then the top three choices were molded from clay. The chosen theme was then refined for up to 18 months. "Every little thing you can imagine goes into that," says McDougall. "The glare angle from the windows, the placement of the controls, the placement of the seat. You have to create something that's beautiful and functional." Read more at GM Authority and at Inside EVs. More details have emerged about the Second Life Batteries Alliance. Vattenfall has announced a research project in partnership with BMW and Bosch to use retired EV batteries for stationary, grid-connected energy storage in Hamburg, Germany. Over 100 lithium-ion batteries from BMW i3 and ActiveE vehicles will make up a two-mWh storage unit for grid balancing, enough to power 30 four-person households for a week. The system is "compact enough to fit in a small building," says Bosch. Such storage systems are especially fit for storing and moving alternative forms of energy, which often fluctuate in supply more than electricity from a traditional power plant. Vattenhall will operate the storage unit for 10 years, with Bosch managing the batteries, during which time the three partners hope to learn more about battery applications and their performance over time. Read more at Green Car Congress, or in the press release below.