The North American International Auto Show (NAIAS) at Cobo Center in Detroit, Michigan is scheduled to be open on January 19, 2013. This year more than 500 new vehicles are expected to be displayed at the show. The NAIAS is an annual auto show and this year it will run from January 19 through January 27, 2013. Started in 1907, one of the largest auto shows in North America held annually except for a brief period from 1943 to 1952. The Cobo Center contains one million square feet of display area. The show is particularly important because Detroit is home to three big auto makes, Chrysler, Ford and General Motors.
The show contains press preview days, industry preview days, charity preview event, and few days open to the general public. During the time that the show is open to the general public, more than 800,000 people attend the show, raises over $7 million for children charities, and contribute over $500 million to the local economy.
Most 2013 and large number of 2014 models from Audi to Volkswagen and in between will be on display. Additionally, several concept cars from Acura, BMW, Honda, Hyundai, Lincoln, Nissan, Toyota, and VW will also be participating.
Less than 14 percent leased vehicles in 2009 and in 2012 it has climbed to nearly 18 percent. Lower interest rates and high value of used cars are behind the rise of leasing.
Leasing a vehicle is not suitable for everyone. Surely, leasing is not for those who could afford to pay the full purchase price in cash because monthly leasing cost includes an interest. One can argue that you can offset the interest by investing the money. But in this lower interest rate environment which is expected to continue for several years, that argument may not hold true.
Leasing has its own merits. The vehicle you lease will be under warranty during the lease period. Also, under the current low interest environment, your monthly lease payment is also lower. Higher residual value of a leased vehicle also affects the monthly payment. Some high residual value vehicles include Acura, Audi, Honda, Toyota, Lexus, Mercedes-Benz and others.
If you are going to lease a vehicle rather than buying it, be sure to bargain the price of the vehicle. The price of the vehicle under the leasing is called “cap cost”. Lower “cap cost” will result in lower monthly leasing rate. Pay attention to other costs too.