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Personal Finance Round-Up: Used Auto Industry “Flooded” With Problems

By Money Crashers

flooded carsWho knew that the devastating Superstorm Sandy that battered the East Coast would have an impact on the auto industry? In a recent report, First Coast News explains that the storm destroyed an estimated 250,000 vehicles, and coupled with the fact that many people are keeping their old cars for longer periods of time, consumers are finding it difficult to purchase quality used vehicles.

Cars are inherently unsafe and unreliable after being flooded. Even though the car may at first seem functional, many problems can arise: rot, corrosion, problems with electrical systems, cooling systems, brakes, and mold or mildew entering the vehicle via the ventilation system.

Whether or not a car has water damage, it’s vital to check a used vehicle’s history before making a purchase. Insurers and salvage yards legally have to report information about the car, and it may also be worthwhile to have a qualified mechanic thoroughly inspect the car.

Here are several interesting articles that may also help you make smart decisions with your finances:

What It Takes to Finance a Home Remodel [Bankrate.com]
Will you be staying in your home? 28% of homeowners intend to stay up to five years or longer than they originally anticipated, while another 23% are counting on staying put up to 10 more years. If you plan to stay in your home, you may wish to do a remodel – and Bankrate can help you understand what it takes to finance this project.

How Behavioral Finance Bias Can Cost You [Money Q&A]
You may be completely unaware that your own behavioral finance bias – how your emotional mindset affects your financial decisions – comes into play practically every day. Read this article to learn more about this common yet obscure phenomenon.

Best Children’s Saving Account Guide [One Money Design]
Are you looking to have your kids start their own savings accounts? This guide assists you in locating the best children’s saving accounts, and also provides tools to help show your kids the importance of saving money.

All-Inclusive Vacations: Rewarding or Really Awful? [Pissed Consumer]
Planning a summer vacation this year? You may have come across “all-inclusive” packages that promise food, lodging, and transportation for an upfront fee. Is it worth it? Read these tips first to find out.

Social Media and Your Home Insurance [HomeownersInsurance.com]
Did you know that going too far with your social media accounts can have consequences with your homeowners insurance? Find out what you need to watch out for and posting guidelines to help avoid breakins and burglary.

Fast Food Workers Strike – Is a Living Wage Really Possible? [TriplePundit]
Fast food and retail workers in the U.S. from major chains like McDonald’s, Wendy’s, Domino’s Pizza, and Walmart recently walked off the job in an effort to force the companies to significantly increase the hourly wage for part-time and full-time workers. What is an acceptable living wage and how would the increases affect consumers? Learn more about the research and what it means in this article.

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