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00:01:34.600 | Hello and welcome to another episode of All The Hacks, a show about upgrading

00:01:43.600 | your life, money and travel all while spending less and saving more.

00:01:47.680 | I'm your host, Chris Hutchins, and I'm excited to have you on my journey to find

00:01:51.680 | All The Hacks.

00:01:52.320 | And today I want to talk about getting a deal when you're buying a car.

00:01:56.160 | My wife, Amy, and I had our first child last year, and with parents in town, we

00:02:00.080 | quickly realized that bigger cars in our future.

00:02:02.280 | So before I go down that path, I want to learn everything there is to get a good

00:02:06.880 | deal. And this means deciding whether I go new or used, lease or buy, and getting

00:02:12.440 | the absolute best when negotiating.

00:02:14.360 | So today I'm joined by Leanne Shattuck, aka The Car Chick.

00:02:19.160 | She races cars, hosts the Straight Shift podcast, and most relevant to today, runs

00:02:24.840 | her own car buying service where she helps people get the best deals on a new or

00:02:29.320 | used car. So let's jump in.

00:02:31.880 | Chris Hutchins works at Wealthfront.

00:02:34.160 | All opinions expressed by Chris and his guests are solely their own opinions and

00:02:38.280 | do not reflect the opinion of Wealthfront.

00:02:40.160 | This podcast is for informational purposes only and should not be relied upon for

00:02:44.320 | investment decisions.

00:02:45.320 | Leanne, thank you for being here.

00:02:47.800 | Well, thanks for having me, Chris.

00:02:49.720 | Definitely sounds like you have a lot of changes coming up in your life with the

00:02:53.080 | baby and everything else.

00:02:55.360 | That's great. Congratulations.

00:02:56.800 | Thank you. Yeah, it turns out when you want to fit two adults, a dog, a baby and

00:03:02.080 | in-laws into a five-seater sedan, it just doesn't work.

00:03:05.520 | Yeah, that's tougher than packing up a 1945 fire truck into crates to ship from

00:03:12.000 | South Carolina down to Florida, which is what I was doing this morning.

00:03:14.720 | Oh, I have never had that problem and I'm excited to hear more.

00:03:20.040 | Yeah. Can you tell us a little bit about how you got here?

00:03:23.480 | It is kind of a long, circuitous journey, but my love of cars began, I think, about

00:03:29.960 | age two.

00:03:31.000 | That's when Disney had come out with the Herbie the Love Bug movies and I fell in

00:03:35.720 | love with classic Volkswagens.

00:03:38.080 | This is before I knew that they were not necessarily the most safe or reliable

00:03:41.800 | vehicle on the road. But as a two-year-old, they're cute and they were very

00:03:46.080 | recognizable and our neighbors had one.

00:03:47.920 | So it was kind of downhill after that.

00:03:50.840 | And I just always loved cars.

00:03:53.280 | And my dad started teaching me high performance driving skills when I was seven.

00:03:57.880 | And I got into racing and varying degrees of legality, which we won't talk about

00:04:04.880 | because I'm not sure the statute of limitations has yet expired, but got into it

00:04:09.080 | all legally eventually.

00:04:10.640 | And just cars are just my passion.

00:04:13.480 | But I saw how many people, women in particular, just would rather have a root

00:04:19.440 | canal than shop for a car.

00:04:22.200 | They sometimes don't feel like the dealers treat them with the respect that they

00:04:26.200 | deserve, or they get overwhelmed by all the different makes and models on the

00:04:29.440 | market, or they just don't like the the haggling back and forth because cars are

00:04:34.280 | one of the few products that we haggle over in American society at any rate.

00:04:39.560 | We're not used to doing that in the markets every day like they do in Europe and

00:04:42.960 | many other countries.

00:04:43.880 | So it's just for many people, it's a frustrating and stressful process.

00:04:48.360 | And I think it should be fun and exciting because getting a new car, oh, my gosh,

00:04:52.160 | is there there are a few things more exciting than that, in my opinion.

00:04:54.720 | So I came up with a way to take the stress out of it and pay people money in the

00:05:00.240 | meantime.

00:05:00.760 | Yeah, I mean, buying a car is probably one of the few outside of a home, one of the

00:05:05.280 | biggest purchases people make, and we make it multiple times.

00:05:08.080 | So I think having having the skills to do that right is really important.

00:05:12.120 | So before we start, I'm curious, is there a thing that you think is one of the

00:05:16.440 | biggest misconceptions that people have when it comes to buying a car?

00:05:19.760 | Oh, gosh, there are so many of those.

00:05:23.280 | But one of the ones that I see frequently is that people think that, oh, I can pay

00:05:28.640 | cash, I'll get a better deal.

00:05:30.200 | And maybe back in the 60s and 70s, that was true.

00:05:34.680 | But because the dealers make a little bit of a commission from the banks on the

00:05:41.040 | back end, even if it's through their captive finance company, you can sometimes

00:05:46.000 | actually get a better deal if you finance.

00:05:48.320 | That's one of the things that I still hear today.

00:05:51.000 | Oh, I should be able to get a better deal because I'm paying cash.

00:05:53.320 | I'm like, well, actually, no, you won't.

00:05:54.440 | Yeah, I mean, maybe if you're buying it from someone on Craigslist, that's a

00:05:59.400 | bonus. But dealership, it sounds like it's not.

00:06:02.640 | Yeah, exactly, exactly.

00:06:04.840 | So I've heard you say buying a car is more of a process than an event.

00:06:09.920 | And so I thought what could be helpful is to just kind of walk through that

00:06:13.400 | process. But it's a long process, is a lot of things.

00:06:16.880 | And you've done so many great episodes of your podcast to dive in.

00:06:20.440 | So I figured maybe today we'll start with someone who's already decided what car

00:06:24.960 | they want, but are just now starting to think about whether they should buy it used

00:06:29.520 | or new. How do you help someone who comes to you and can't make that decision think

00:06:34.080 | about it? I look at a lot of different things about their lifestyle because it's

00:06:38.240 | more than just saving money.

00:06:41.360 | In most cases, yes, you can save money by buying a used car, but you're not going

00:06:47.320 | to get the full warranty on it.

00:06:48.800 | How many miles does the car already have on it versus how many are you planning to

00:06:54.280 | put on it every year?

00:06:56.360 | If you are looking at putting 25,000, 30,000 miles on the car because you're in a

00:07:01.920 | sales position or you're a realtor, then you need to start with a car that is as

00:07:07.000 | new as possible.

00:07:08.320 | Otherwise, you're not going to be able to keep it for five or six years.

00:07:12.040 | You're going to blow through the miles and then it's going to start costing you a

00:07:15.000 | ton of money in repairs while you're still paying the monthly payments on the loan.

00:07:20.400 | So you have to look very strategically at it.

00:07:23.600 | It's not just how much money can I save up front, but then what is it going to look

00:07:28.640 | like keeping this car year after year after year?

00:07:32.960 | So if you're in sales, you just know that it's going to cost you more per year to

00:07:38.000 | drive because you're going to put more miles on that car.

00:07:41.040 | And you don't want to be paying larger repair bills and making a $500 a month car

00:07:45.440 | payment at the same time.

00:07:47.080 | That'll kill your budget right away.

00:07:48.720 | So you just have to look strategically at what your lifestyle is like.

00:07:52.880 | What do you need this four-wheeled tool to do for you to support that lifestyle and

00:07:57.240 | over what period of time?

00:07:58.920 | And it also depends on the car.

00:08:01.360 | Some cars hold their value extremely well.

00:08:04.760 | Others, that initial depreciation is a lot higher.

00:08:08.320 | So, yeah, let's save $10,000 and get one that's only a couple of years old.

00:08:13.840 | But that's just not true for every make and model.

00:08:16.080 | And it also depends on what's going on in the market.

00:08:18.320 | Right now, whole different ballgame right now with the inventory shortage.

00:08:22.480 | But on average, not every car depreciates in the same way.

00:08:26.800 | Let's just put it that way.

00:08:28.160 | Is that more driven by the manufacturer or the car type?

00:08:31.920 | Is it like trucks depreciate differently than sedans or is it just varies

00:08:35.920 | manufacturer to manufacturer?

00:08:37.280 | It's actually a little bit of both.

00:08:39.480 | So trucks will have a different depreciation because they're used in the work

00:08:45.040 | environment. But it can also vary from manufacturer to manufacturer.

00:08:49.720 | Cars that are more reliable or at least the perception of the general public is that

00:08:54.840 | they're more reliable will hold their value better.

00:08:58.600 | Cars that were a lot more expensive to begin with.

00:09:02.240 | So a lot of your highline cars, your BMWs, your Mercedes, especially the super

00:09:06.600 | expensive ones that are maybe, you know, $80,000 to $100,000 new.

00:09:10.400 | Those are going to have a higher initial depreciation because you can either afford

00:09:14.520 | $100,000 car or you can't.

00:09:16.920 | So there's not a lot.

00:09:19.920 | And the people that can't afford them do buy them new because they want a new one

00:09:23.440 | and they can afford it and all the power to them.

00:09:25.800 | Great. But then it goes on to the secondary market and now you're into a completely

00:09:29.680 | different demographic looking at that vehicle used.

00:09:32.160 | So they tend to have a higher depreciation.

00:09:34.720 | But, you know, Cadillac Escalades have one of the highest depreciations of any car.

00:09:38.440 | You know, anything made by Toyota is going to hold its value a lot better.

00:09:41.880 | Is there a site, is it Consumer Reports or somewhere that you can kind of easily look

00:09:47.120 | up the reliability of cars in kind of an easy way?

00:09:51.280 | Easy is a relative term, but I do love Consumer Reports as a research tool because

00:09:57.520 | it is self-funded.

00:09:59.120 | It's not funded by advertising.

00:10:00.800 | So you can trust their information.

00:10:02.760 | And they also gather the information from actual owners.

00:10:06.560 | I don't know if you've ever had one of those surveys sent to you about your car.

00:10:10.960 | I filled out a million of them, I think, over the years.

00:10:12.920 | And so they're getting that feedback from actual owners.

00:10:17.240 | You still have to take it a little bit with a grain of salt because there are some

00:10:20.880 | cars, especially your more economical vehicles, that are cheap or new.

00:10:25.280 | Sometimes they get a bad rap for bad reliability when really it's the people that

00:10:30.480 | are buying the cheaper cars are not maintaining them properly.

00:10:33.880 | So, yes, they break down, but that's because they skimped on the maintenance.

00:10:37.480 | So you kind of have to look at it with a grain of salt.

00:10:40.360 | But I have found also just Googling "problems with your make and model" will bring

00:10:46.760 | up a lot.

00:10:47.360 | And there's a great site called carcomplaints.com that correlates a lot of that

00:10:52.600 | data. And some of the information that they have is not necessarily reflected in

00:10:57.560 | other places in the industry.

00:10:59.560 | So sometimes you can find some little interesting quirks about cars on that.

00:11:03.680 | It's not as easy to weed through all their data, but the data is there.

00:11:07.600 | And that's one of the sites that I use for research.

00:11:09.400 | That's great. One of the other things I think that happened when we had a child or

00:11:14.640 | at least we're planning for it was, you know, I was always someone who wanted the

00:11:18.480 | best deal. So we drove a three series BMW for almost 13 years and I didn't want to

00:11:22.440 | get rid of it. It hadn't even hit 100,000 miles.

00:11:25.600 | We barely drove it.

00:11:26.520 | And then my wife said, you know, we're having a child.

00:11:29.280 | Do we really want to own a 15, 16 year old car?

00:11:32.520 | And so ultimately the decision was, yes, there are a lot of used cars that are

00:11:36.400 | really old. I found that the safety features of cars in the last five years is far and

00:11:43.040 | above better than the safety features of a 15, 20 year old car.

00:11:46.200 | Is that is my finding kind of accurate?

00:11:48.920 | Is there a point in time at which cars got a lot better in the last few decades?

00:11:53.800 | Yeah, absolutely. You're spot on.

00:11:55.880 | And it's not even in the last 15 years.

00:11:57.880 | It's really been in the last six or seven years.

00:12:00.600 | The new safety aids, which are some of the most desirable features on cars today,

00:12:06.240 | everybody wants them except me.

00:12:08.200 | Those driver safety aids and my driving style just don't get along.

00:12:11.840 | But that's a different story.

00:12:12.880 | But the lane keeping, the emergency braking, I call them electronic babysitters.

00:12:18.920 | But they they are the building blocks for the self-driving cars that are coming down

00:12:24.600 | the line. And they are good because the reality is most people suck at driving.

00:12:30.200 | Sorry to say it, folks, but we're so much more distracted and our roads are getting

00:12:35.040 | more congested. So having the car kind of given you that safety net, if you're just

00:12:39.960 | not quite paying attention or the kid is in the backseat screaming at you, you can't

00:12:44.120 | not be distracted by that.

00:12:45.600 | The car can hopefully save you from rear ending the guy in front of you.

00:12:50.040 | And those technologies started to come out in what I would call your your average

00:12:56.760 | consumer models, your Honda's, your Toyota's, your Hyundai's, the affordable cars in

00:13:01.120 | about 2016.

00:13:02.440 | And they also started rolling out your Apple CarPlay, Android Auto, some of that

00:13:07.720 | smartphone integration, which is also popular.

00:13:10.520 | And so if you want those technologies, that factors into your new versus used, because

00:13:17.640 | for many of those, depending on the manufacturer, it might be 2018 when a lot of

00:13:22.600 | that was rolled out in the model you're looking at.

00:13:24.840 | So, yeah, you can save a lot more money by going with a 2016 or 2017, but you're

00:13:29.800 | giving up these driver safety aids that might be important to you.

00:13:33.080 | So really looking at when did a certain feature that you want to get implemented in

00:13:38.000 | that car absolutely factors into your new and used equation.

00:13:41.640 | Wow. OK, so newer car for safety and technology, older car could be a deal, but

00:13:49.000 | know what you're missing.

00:13:49.960 | Exactly. So you briefly touched on what's going on right now in the world in 2021.

00:13:56.600 | And my understanding is the residual effects of COVID on manufacturing and there's a

00:14:01.320 | global shortage of semiconductor chips, which cars need.

00:14:04.360 | There's a big shortage.

00:14:05.800 | How is this affecting things?

00:14:07.400 | Does this change new versus used?

00:14:10.160 | Or I feel like you know this better than almost anyone.

00:14:13.440 | Yeah. And I'll tell you what, it's been driving me crazy even for the last couple of

00:14:18.160 | months because there is a shortage of new cars.

00:14:23.120 | The manufacturers are not able to spit out as many because, like you said, they don't

00:14:27.360 | have enough computer chips to actually build them.

00:14:30.440 | Some of the manufacturers like Ford, they've been building these cars, especially the

00:14:34.560 | trucks and the SUVs that have a lot of fancier features.

00:14:37.520 | So they need even more computer chips.

00:14:39.120 | They're assembling the cars without those components and then parking them on a

00:14:45.000 | supply lot, you know, somewhere out by a factory.

00:14:48.600 | And they're just sitting there waiting until they get the shipments of chips that they

00:14:52.920 | can then add in all those electronics components and actually finish building the

00:14:57.520 | car, which is a scary thought.

00:14:59.600 | So a lot of people haven't been able to find the new car that they want.

00:15:03.320 | So now they're looking at the slightly used ones.

00:15:05.400 | Well, what does that do?

00:15:06.440 | That drives up the demand for the used cars.

00:15:09.600 | But there's also a supply shortage there because people have been extending their

00:15:14.120 | leases. They haven't been turning over the people that would normally lease a new car

00:15:19.600 | every few years.

00:15:20.560 | Well, they can't get the new cars, so they extended their lease.

00:15:23.360 | They're not turning in that leased car.

00:15:24.920 | So now the supply of three-year-old cars is low.

00:15:27.640 | So it's really a big mess right now.

00:15:30.000 | So the car buying strategies that I teach people, they all still apply.

00:15:34.800 | But you kind of have to take it to the Olympic level now.

00:15:37.840 | And it's just like jockeying.

00:15:40.240 | It's like when we were trying to get the last packet of toilet paper last year.

00:15:44.280 | It's now cars are the toilet paper.

00:15:46.880 | And so you're just jockeying, trying to get your hands on the one car.

00:15:51.520 | I've literally been buying cars that as soon as the truck shows up at the dealership

00:15:57.520 | and the dealer calls me, I'm like, yes, we'll take that one.

00:15:59.520 | So they're selling stuff before it even arrives on their lot.

00:16:02.960 | I can't even find cars to test drive for some people, depending on what it is they're

00:16:07.240 | looking at. It's crazy.

00:16:09.200 | Does that mean if you want to test drive and you probably don't have a chance with new

00:16:14.480 | cars, so you might have you thought of should people like rent a car on Turo or

00:16:18.640 | something just so they can see how the car drives so that they're ready to pull the

00:16:21.680 | trigger?

00:16:22.080 | Or that's actually not a bad idea in cities that have those options where you can

00:16:27.560 | rent a car from a private party that owns that car that's kind of renting it out.

00:16:32.440 | It's sort of like, I guess, the Airbnb of cars that can be an option.

00:16:36.320 | In some cases, I've actually had to have clients that I've bought one car.

00:16:39.800 | And this is happening a lot on, for example, like the Kia Telluride, most popular SUV

00:16:44.360 | out there and has been since they came out a couple of years ago.

00:16:47.160 | But now trying to get one, I have one client that wants one, and I actually asked

00:16:52.040 | another client that I got one for last month if he could come see her car.

00:16:55.280 | Wow. Yeah.

00:16:57.120 | I was like, well, my neighbor has one.

00:16:58.960 | Maybe they'll let me drive theirs.

00:17:00.040 | Let's call and ask.

00:17:01.320 | Wow. You have to get really creative right now if you want one of the cars that's

00:17:06.640 | just hot, hot on the market and they're pre-sold a couple of months in advance.

00:17:12.600 | And I assume creative includes things like you might not get the color you want, the

00:17:17.080 | options you want. You might have to drive to pick it up or fly to pick it up.

00:17:20.880 | Yeah, I have been transporting more cars across state lines.

00:17:25.360 | You know, I have a client in Nebraska and we bought a car for her in Illinois and we

00:17:30.640 | shipped it across.

00:17:31.840 | I've been doing so much of that.

00:17:34.000 | And fortunately, I have a good relationship with a good auto transport company that

00:17:37.480 | does a great job with that.

00:17:38.560 | But I have ordered and transported across state lines more cars in the last year than

00:17:43.920 | I have in the last 15.

00:17:45.840 | Wow, that's crazy.

00:17:47.080 | It's just nuts.

00:17:48.160 | Someone told me that you've got to find the things that you can deal with like color

00:17:53.440 | right now. And the one question that I just didn't know the answer to is, is it easy to

00:17:58.640 | change the color of a car?

00:17:59.760 | Like if I find the perfect car and it's red and I just want a black car, do I just buy

00:18:04.040 | the red car and paint it?

00:18:05.440 | Is that a better deal than waiting for the black car to come up?

00:18:08.400 | Or is that like a terrible idea because of all the coating they put on cars these days

00:18:13.320 | that it's going to end up being really expensive?

00:18:16.400 | Anything can be done if you throw enough money at it.

00:18:19.560 | But here's the thing about painting a new car.

00:18:22.960 | Once you paint a car, you have destroyed the resale value because now it looks like the

00:18:28.080 | car's been wrecked. Like, why did you repaint this car?

00:18:30.440 | It destroys the resale value.

00:18:32.880 | So you might consider something like a wrap.

00:18:35.760 | You can get really cool vehicle wraps.

00:18:38.280 | Again, not inexpensive in any way, shape or form.

00:18:41.800 | You're going to drop, you could drop as much as, you know, three to ten grand, depending

00:18:45.520 | on how crazy a wrap you want.

00:18:47.280 | But that's a way to get a different color.

00:18:50.840 | It's not going to look the same as paint.

00:18:53.760 | But if you want something that's just kind of interesting or funky or just different,

00:18:58.720 | yeah, you can wrap the car and then that doesn't hurt its resale value because the wrap

00:19:02.160 | just comes right off. But you can paint it if you want.

00:19:05.040 | Just be aware that you've killed the resale value.

00:19:07.200 | And if you've leased the car, they will definitely frown upon that.

00:19:11.760 | OK, so I'll separate the new versus used, and I have a couple of questions on each.

00:19:19.080 | New seems to be a place where dealers are where you get new cars.

00:19:25.080 | So it at least seems a little easier and approachable as to where.

00:19:29.160 | If you wanted to buy a new car right now, do you have to reach out to four dealers, ten

00:19:36.200 | dealers, all the dealers?

00:19:37.720 | Is there a way to reach out to every dealer or see inventory everywhere?

00:19:41.160 | Or how do people start to think about finding a new car?

00:19:44.600 | You know, right now, I know it's hard, but even in the future.

00:19:47.280 | Sure. Even in normal times, if we ever go back to something that's normal, you should

00:19:54.200 | always shop around to at least three or four different new car dealers just to find the

00:19:59.840 | best deal. That's how you're going to make sure that you get the best end to end deal

00:20:05.360 | because they all have different pricing strategies.

00:20:08.560 | Some may put accessories on the car, some might not.

00:20:11.880 | There's really eight areas in any car deal where the dealer tries to make money off of

00:20:16.560 | you. So you've got to look out for yourself in all of those areas, not just negotiating

00:20:22.080 | the price of the actual vehicle that you're buying.

00:20:24.440 | It's a there's more variables in that equation than most people think.

00:20:28.160 | Right now, you may have to look at every dealer in your city.

00:20:34.800 | Here, for example, in Charlotte, we've probably got nine Toyota stores within a 45

00:20:40.440 | minute radius of the city of Charlotte.

00:20:42.600 | You may have to go further out.

00:20:45.840 | I have been literally looking at cars within probably a two to three hundred mile radius

00:20:52.920 | trying to find exactly what the client wants.

00:20:55.560 | In normal times, let's say you want the black car, but the dealer doesn't have a black

00:21:02.040 | car and you're not going to take the red car.

00:21:04.520 | Dealers do what is called dealer trading.

00:21:07.040 | They will play musical inventory with each other.

00:21:09.280 | Each dealership has a network of other dealers that are trading partners, and they'll

00:21:14.400 | call each other up and be like, hey, dude, you got this black one.

00:21:17.400 | Can we have it? We'll give you this blue one.

00:21:19.200 | And they do that all the time.

00:21:21.120 | It's a standard in the industry.

00:21:22.400 | And so if your dealer doesn't have the car you want, you can see if they can trade for

00:21:27.240 | it with another dealer.

00:21:28.440 | That way, you're still buying from your local guy, which is more convenient for you.

00:21:32.560 | And of course, obviously, that dealer wants to make the sale to you, but it just gives

00:21:37.440 | them access to more inventory.

00:21:38.640 | Nowadays, what's happening in the industry with the lack of inventory, dealers are not

00:21:43.920 | trading with each other very much.

00:21:45.520 | It's very difficult to make that happen.

00:21:47.640 | So you as the car shopper must look at all the inventory out there.

00:21:53.040 | And while your sites like Autotrader, Cars.com, you can shop for new cars there.

00:21:59.320 | Just keep in mind that the cars that are listed on there may not actually be available.

00:22:05.680 | That car may have already sold and it just takes a while for it to fall off of that

00:22:10.760 | conglomerate site, or it might not be here yet, or it may be in transit to the

00:22:17.360 | dealership, but somebody else already has a deposit on it.

00:22:19.920 | So you just you have to call around.

00:22:22.200 | So, for example, I have a client here in Charlotte that just on Saturday took delivery

00:22:26.920 | of his brand new red, he wanted the red one, Mazda CX-9, and it was a Grand Touring

00:22:34.520 | trim. Nobody had a red one.

00:22:37.400 | The red with the tan interior is the most popular color for that car.

00:22:40.960 | And there were just there were none.

00:22:43.680 | I didn't see any in the production pipeline, didn't see any on the water, nothing.

00:22:49.520 | We couldn't do a dealer trade for it.

00:22:51.960 | Just on a whim, as a last ditch effort, so we didn't have to take a blue one that was

00:22:57.000 | coming into the port in Wilmington.

00:22:58.720 | I'm like, I'm just going to look one more time.

00:23:00.080 | And I found one on the website of a dealership in Winston-Salem, which is only two hours

00:23:05.920 | away. I'm like, oh, that has to be pre-sold.

00:23:08.120 | And they were hiding it in the production system.

00:23:10.240 | But I called. They're like, yeah, it should be here any day now.

00:23:12.800 | It's not pre-sold.

00:23:14.240 | I said, it is now.

00:23:15.200 | Here's the credit card number for the deposit.

00:23:18.200 | So, you know, it just took calling around.

00:23:21.720 | Literally, I probably called 30 Mazda stores to find a car for this client, whereas before

00:23:26.960 | I would have had to have called three.

00:23:28.480 | And is calling the move or is email ever more effective?

00:23:33.360 | No, email is usually not as effective.

00:23:35.960 | You end up on the mailing list of every dealership in the country, which is and hitting

00:23:40.040 | the unsubscribe button doesn't seem to help.

00:23:41.920 | But for me, I am also calling the general manager.

00:23:45.240 | I'm calling the top boss in the dealership.

00:23:47.120 | I'm not talking to a salesperson.

00:23:49.160 | I go straight to the top of the food chain and have that conversation.

00:23:53.160 | And that that gets me more places.

00:23:56.640 | Yeah. And but I have a different relationship because I'm inside the industry.

00:24:00.920 | So I'm inside the boys club.

00:24:02.400 | I speak their language. They know who I am.

00:24:04.160 | So I can make those phone calls.

00:24:06.400 | Yeah, I have cell phone numbers.

00:24:07.640 | What about those sites like Trucar, Costco's auto buying program?

00:24:13.760 | Are those useful in general?

00:24:15.720 | Useful now?

00:24:17.520 | I personally don't find them to be particularly useful.

00:24:21.880 | You have to any of those.

00:24:23.160 | Sites, really, they are advertising sites for the dealerships.

00:24:30.000 | So, yes, they may have a prearranged pricing deal with one or two dealers in your area.

00:24:38.280 | That prearranged relationship may or may not be the best available deal in the market

00:24:43.680 | currently. And there's a lot of fine print that you have to understand if they don't have the exact

00:24:49.840 | make model, the exact options, the exact colors that you want.

00:24:54.640 | They don't have to honor that price.

00:24:56.760 | There's a lot of loopholes in those contracts for the dealers to not be required to honor that

00:25:03.240 | price that was displayed on the website to you.

00:25:05.880 | And you're still on your own with your trade, your financing, all those other areas in the

00:25:12.160 | deal where the dealer makes money off of you.

00:25:14.440 | And it doesn't include dealer installed accessories.

00:25:17.840 | There's just a lot of areas where if the dealer is giving you a good price through that

00:25:23.760 | website, they are making it up somewhere else.

00:25:26.720 | So that's why I personally don't find them helpful, because it's just maybe it maybe gives

00:25:32.080 | you five to ten percent of the whole puzzle.

00:25:34.440 | OK, and so we talked about a couple of sites.

00:25:38.440 | You mentioned Cars.com changing gears to used cars.

00:25:43.120 | I feel like there's a lot more places to buy a used car than a new car.

00:25:48.440 | And that could be Craigslist.

00:25:51.040 | It could be all these new kind of car sites like Carvana.

00:25:55.280 | It could be dealer inventory.

00:25:56.840 | Is there a place that searches all of them?

00:25:59.360 | Do you have to do it all yourself?

00:26:01.160 | There's not one site that searches absolutely everything.

00:26:06.280 | Your bigger sites like Autotrader and Cars.com, that's going to give you used cars at your

00:26:11.200 | franchise dealers, used cars at independent dealers.

00:26:14.760 | And not every dealership has a relationship with both of those companies.

00:26:18.840 | So sometimes I'll see things on Cars.com that I didn't see on Autotrader.

00:26:22.760 | So I look at both.

00:26:24.480 | You can see cars that are for sale by owner, and you'll usually get the better cars that

00:26:31.400 | are for sale by owner will be on those sites because you actually have to pay to advertise

00:26:35.240 | them. You know, Craigslist, Facebook Marketplace, those are free to advertise.

00:26:40.120 | And so there's a lot of junk out there and there's a lot of scammers out there.

00:26:46.160 | Facebook Marketplace is I swear there are probably 20 percent of the cars listed there

00:26:52.600 | are scammers. So you really have to be careful.

00:26:55.840 | And if you see in the description, don't chat me.

00:27:00.520 | I don't respond to chats.

00:27:01.880 | Email this person and said, I'm selling the car for my aunt, my sister, my mother.

00:27:06.000 | One hundred percent scam.

00:27:08.120 | Never, ever communicate with a seller outside of that platform because that means that

00:27:15.680 | they're not legit. If you have some conversations via that platform and then you start

00:27:18.920 | texting each other, you know, after you verified that you're both real, that's perfectly

00:27:23.280 | fine. But if it says in the description, don't chat me.

00:27:26.080 | I'm selling it for my aunt, send her this email.

00:27:29.240 | That is a 100 percent scam.

00:27:30.600 | So you just have to be careful.

00:27:32.280 | But depending on the price of the car that you're looking at, the more expensive cars are

00:27:38.160 | going to be advertised on AutoTraderCars.com.

00:27:41.200 | If you're selling a car for 20 grand, it's OK to pay, you know, 30, 40 bucks to

00:27:45.040 | advertise it. If you're selling a $5,000 car, yeah, stick to Craigslist and Facebook

00:27:49.720 | Marketplace. For cities that still actually have classified ads in the paper

00:27:55.960 | newspaper, you can find some gems in there if you're looking for an inexpensive car,

00:28:01.320 | because the older crowd, you're retired folks.

00:28:03.880 | Not all of them are on Marketplace or Craigslist yet.

00:28:07.400 | They're still very old school and still there's still advertising that car that they

00:28:11.000 | drove on Sundays only.

00:28:12.320 | That's in fantastic condition.

00:28:14.680 | They might advertise it still in the paper.

00:28:17.160 | Here in Charlotte, we don't have classifieds anymore.

00:28:19.920 | I found that I was like, there's no classifieds.

00:28:22.280 | So that's a dying thing.

00:28:25.200 | But if you still live in a town that has newspaper classifieds and you need something

00:28:28.400 | cheap, take a look there first.

00:28:29.680 | You might find that diamond in the rough.

00:28:31.200 | Wow. What about CarMax and Carvana and some of these like used car non-dealer kind of

00:28:39.000 | marketplaces or not marketplaces, but sales companies?

00:28:41.800 | Well, they are dealerships.

00:28:43.520 | They're independent dealerships.

00:28:45.160 | So they just have a little bit of a different model.

00:28:48.120 | CarMax has the physical locations.

00:28:51.160 | They were the first ones that really came into the industry and said, you know what?

00:28:54.320 | People hate haggling.

00:28:55.440 | We're going to have a no haggle model.

00:28:56.920 | That doesn't mean the car is a good deal.

00:28:59.720 | Their profit margin per vehicle is actually way higher than most dealerships.

00:29:04.240 | But now we're seeing a new model of the online only dealerships.

00:29:11.960 | They don't have a physical lot.

00:29:13.280 | You can't go look at the car.

00:29:14.720 | And while I'm perfectly comfortable buying a lot of products off of Amazon, off the

00:29:20.600 | Internet and having it delivered to my house, and if it takes more than two days, I get

00:29:23.600 | pissed. A car you have to understand when you're buying from one of these dealerships,

00:29:28.600 | you don't even get to test drive it.

00:29:31.040 | You don't even get to see it until after you've already bought it.

00:29:35.840 | Now, they have a caveat in there that says you have five days or seven days to return

00:29:43.160 | it. Be sure that you already have a pre-purchase inspection appointment scheduled

00:29:50.480 | with your mechanic within that window so that if you take that car, they bring it to your

00:29:55.600 | house, they drop it off the truck, you sign the paperwork, it's yours.

00:29:59.480 | You've only got a few days to get that car inspected.

00:30:02.280 | And if the mechanic finds a big problem with it that you can't live with, you've got

00:30:07.920 | to hurry up and get through that return process before that very short time window

00:30:12.320 | expires. And they're counting on 95 percent of the people not doing that.

00:30:17.720 | But it violates, you know, one of my absolute just hard, fast rules in my world is you do

00:30:23.640 | not buy a used car without a pre-purchase inspection, you know, unless it's, you know,

00:30:29.240 | six months old and has three thousand miles and it's certified pre-owned from the

00:30:32.240 | dealership down the road and you can go look at it.

00:30:34.000 | You need a pre-purchase inspection.

00:30:36.080 | So I really applaud their business model.

00:30:39.720 | It's a fantastic business model.

00:30:41.040 | But you can you're taking on increased risk and you need to take the steps to mitigate

00:30:45.520 | those risks by booking that pre-purchase inspection within that window and getting it

00:30:49.080 | done. It seems like with every business, you get to a certain size and the cracks start

00:30:55.480 | to emerge. Things that you used to do in a day are taking a week and you have too many

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00:33:57.360 | Yeah, and if you're buying a car from a dealer out of state, I assume you don't get

00:34:01.680 | a refund.

00:34:02.440 | Can you do these kind of pre-purchase inspections remotely?

00:34:06.240 | Is there any easy way to make that happen?

00:34:08.800 | Oh, yes, there is.

00:34:09.840 | There is a wonderful third-party company that I have been working with since they

00:34:13.920 | started.

00:34:14.640 | The original founder of that company started the company.

00:34:18.320 | I found him, and he built a lot of his processes around what I needed, so I was

00:34:23.960 | really grateful.

00:34:24.840 | He's since sold the company.

00:34:26.400 | It's called the Lemon Squad.

00:34:27.720 | Okay, best branding ever, right?

00:34:30.040 | And you can just go online, and they have a network of ASC-certified mechanics that

00:34:35.680 | they send out to do the inspections.

00:34:37.160 | I have used them successfully from New York to California.

00:34:40.520 | I think it's a great company.

00:34:42.160 | There are other companies that do the same thing.

00:34:44.480 | I just knew the owner, Andy, and their branding's great.

00:34:47.960 | So I have sent them to look at cars in New York.

00:34:51.240 | I've sent them to look at cars in California and everywhere in between.

00:34:54.160 | There has not been a small town in the middle of nowhere USA that they have not

00:34:58.920 | been able to get a technician to.

00:35:00.360 | They've had to charge extra in some cases because the technician had to drive an

00:35:04.160 | hour and a half out into a cornfield to see the car, but they got it done.

00:35:07.600 | So it can be done remotely.

00:35:10.120 | There's a lot out there if you just know where to go.

00:35:13.360 | And for someone who's never done a pre-purchase inspection, is this like $100,

00:35:19.200 | $500?

00:35:19.640 | What's a ballpark cost for getting a car inspected?

00:35:23.120 | If you take it to your local mechanic at home, they may charge anywhere from, you

00:35:28.600 | know, $90 to $120.

00:35:30.640 | It's usually around an hour of labor.

00:35:32.680 | The companies like the Lemon Squad, they charge more, but you don't have to go

00:35:38.000 | anywhere.

00:35:38.400 | They charge, I think they charge maybe $170 or $180 for it.

00:35:42.640 | I get a discount, so I only pay, I think, $130, but it's money well spent.

00:35:49.880 | And they give you this great report.

00:35:51.760 | They send you 4 million pictures, half of which you as an average person might not

00:35:55.760 | even know what it is.

00:35:56.880 | Sometimes I'm looking, I'm like, what is that?

00:35:59.040 | Oh, that's the backside of the exhaust manifold.

00:36:02.040 | OK, no rust on it.

00:36:03.680 | Yay.

00:36:04.040 | So they're very, very detailed.

00:36:07.360 | Nice.

00:36:09.040 | And a few others, is the certified pre-owned, is that a thing worth paying

00:36:14.880 | for?

00:36:15.120 | I remember when I bought my car maybe 15 years ago, there were some CPO cars on

00:36:20.960 | the lot and some non, how important is looking at the certified pre-owned kind

00:36:27.440 | of label on a used car?

00:36:28.800 | The certified pre-owned does a few things for you.

00:36:32.240 | It means that it met a set of standards for that manufacturer.

00:36:37.240 | What you have to understand is that doesn't mean the car is perfect.

00:36:41.240 | It doesn't necessarily mean that the car has not been in an accident.

00:36:46.680 | Each manufacturer has different parameters for what they will allow on a

00:36:52.200 | certified pre-owned.

00:36:53.280 | So, for example, with Subaru, they have a list of, most of them have 150 odd

00:37:00.080 | things that they look at.

00:37:01.000 | But for example, it can bend in an accident, but you can't have the accident

00:37:06.800 | effect more than two body panels.

00:37:10.160 | So maybe if a bumper and a quarter panel were fixed from the accident, that's

00:37:14.840 | still okay, but if it was a hood and a bumper and a quarter panel, then they

00:37:18.920 | can't certify it.

00:37:19.880 | But each manufacturer is a little bit different and it doesn't mean the car is

00:37:25.040 | going to be cosmetically perfect.

00:37:27.560 | So it's good to try and get your hands on what those inspection criteria are to

00:37:34.680 | know.

00:37:35.200 | And it gives you a certain amount of extended factory backed warranty beyond

00:37:41.760 | the original factory warranty.

00:37:43.760 | But again, that varies by manufacturer.

00:37:46.120 | So a couple of certified pre-owned programs that I think are absolutely

00:37:50.000 | worth it, Hyundai and Kia.

00:37:52.000 | If you buy one brand new, you get the full five year, 60,000, what we call

00:37:58.440 | bumper to bumper.

00:37:59.280 | The lawyers don't let the dealers call it that anymore, but for you and me,

00:38:02.400 | bumper to bumper.

00:38:03.200 | But you get the 10 years or 100,000 miles on the powertrain.

00:38:06.880 | That's your engine, your transmission, the expensive stuff that makes the car go

00:38:10.200 | back and forth.

00:38:11.920 | If you are the second owner, if you buy one used, you don't get that 10, 100

00:38:16.040 | powertrain.

00:38:16.680 | You only get the five year, 60, unless it's certified pre-owned, then you get

00:38:22.600 | that 10, 100 back.

00:38:23.840 | That's absolutely worth it.

00:38:25.720 | Audi, for example, if you only get one year extra, but you get unlimited miles.

00:38:33.920 | So if you drive a lot of miles every year, that's maybe worth it to you.

00:38:38.320 | There are dealers up in New York that they don't certify any of their Audis,

00:38:42.360 | even though they could, the car's perfectly good shape would meet the

00:38:46.120 | certification criteria.

00:38:47.440 | But the dealers in New York are like, we don't need the mileage.

00:38:50.920 | We need the time.

00:38:51.720 | Everybody goes to work on the subway.

00:38:53.640 | You know, they only put 3,000 miles a year on the car.

00:38:56.160 | So it's not worth the nearly $2,000 that that certification costs.

00:39:01.640 | Audi certification is more expensive than say Honda certification or Hyundai

00:39:06.040 | certification.

00:39:06.920 | So you have to look at what you get with that certified pre-owned warranty,

00:39:12.000 | because it varies dramatically across manufacturer.

00:39:14.840 | And then see, okay, how much extra am I paying for that?

00:39:18.560 | And is that worth it to you based on how you're going to use that car?

00:39:22.280 | But it's absolutely worth it with a Hyundai and Kia, Lexus, Audi and Porsche

00:39:28.120 | give you unlimited miles.

00:39:29.320 | So if you drive a lot, it can totally be worth it on those.

00:39:31.720 | Toyota, it's like, eh, that's nice, but you know, it's a Toyota.

00:39:35.040 | It's not going to break anyway.

00:39:35.920 | So are there any hacks for finding cars?

00:39:41.440 | Is it auctions?

00:39:42.440 | Is it like getting on a list for dealer demos that are coming up?

00:39:45.720 | Are there are there things that you won't find on the internet that are worth

00:39:49.400 | pursuing to try to get a car before everyone else, especially right now?

00:39:53.400 | Auctions, most auctions are not open to the public.

00:39:57.400 | The auctions that are open to the public are pretty scary.

00:40:03.600 | Those are the cars that the dealers, nobody wanted those.

00:40:06.440 | So you're basically getting, you know, the bottom of the barrel, you know,

00:40:10.000 | police auctions, all that stuff is as is.

00:40:12.640 | And so unless you're very mechanically inclined, that's just the risk of

00:40:17.720 | getting something there is you're not going to get anything good.

00:40:20.280 | It's going to take a lot of work.

00:40:21.520 | So the right now, really, it's about making phone calls and just pounding

00:40:29.200 | the pavement until you can find something and build a good relationship

00:40:33.680 | with a dealer so that you're saying, OK, you know, you don't have it on

00:40:37.360 | your lot right now, but you've placed an order for one of these.

00:40:41.240 | It's supposed to be coming in sometime next month.

00:40:43.960 | Get get your name on that car, pay that deposit so that they presell it to you.

00:40:49.080 | It really is pounding the pavement.

00:40:50.960 | I've got some different relationships because for me, it's an ongoing relationship.

00:40:54.880 | I've been working with some of these dealers for nearly 20 years.

00:40:57.360 | So a couple of weeks ago when one of my Telluride clients, we had very specific.

00:41:03.680 | Yes, she wanted the EX Premium with the captain's chairs in the wolf gray

00:41:09.280 | with the new nightfall package and all wheel drive, very specific.

00:41:13.440 | And I just knew we were going to have to order one.

00:41:15.920 | But one of my dealers called me and said, I have exactly the car that you want.

00:41:21.640 | It was it arrived this morning.

00:41:23.720 | The person who placed the order backed out of the deal at the last minute.

00:41:27.240 | Do you want it?

00:41:28.280 | You can have it without any markups or any dealer add-ons.

00:41:31.480 | And I said, yes, send me the paperwork.

00:41:34.120 | But you know, but I've known that dealer for 15 years.

00:41:38.840 | So for the rest of the world, you just have to pound the pavement right now.

00:41:42.920 | And you may need to look at private party sales.

00:41:45.640 | A lot of people are like, hey, you know, I can get some good money for my car right now.

00:41:49.880 | But I tell you what, Carvana and Vroom and those online dealers,

00:41:53.800 | because they're not getting the cars from the rental fleets,

00:41:57.080 | which usually make up the bulk of their inventory.

00:41:59.560 | They are putting some crazy money.

00:42:03.160 | So if you've got a car that you don't really drive a whole lot and you're like,

00:42:06.760 | maybe I'll sell that.

00:42:08.040 | Now is the time to do it.

00:42:09.240 | You can make some great money by selling that car that you don't necessarily need.

00:42:13.880 | Yeah, sell your second cars if you don't need it.

00:42:17.240 | Right.

00:42:17.740 | Right now, we're like, we're going the opposite direction.

00:42:20.680 | We're like, oh, we have a kid, a dog and people coming into town to visit the kid.

00:42:23.960 | Maybe we need two cars.

00:42:25.080 | I'm like scared.

00:42:26.200 | But maybe we just sell the car and get a bigger car.

00:42:28.680 | There you go.

00:42:29.160 | That might be the more economical thing to do.

00:42:31.080 | While you can get great money for your trade-in, you know, you may have to apply that extra money

00:42:36.200 | to the new car that you're buying because the pricing has just kind of shifted.

00:42:39.080 | So yeah.

00:42:41.080 | So once you find the car, you're like, okay, I found the car.

00:42:44.280 | I feel like there's kind of two big questions for me.

00:42:47.560 | Is one, are you leasing or buying it?

00:42:50.200 | And then two is what's the price and negotiating?

00:42:54.200 | Do you want to make one of those decisions before the other?

00:42:57.160 | Do you want to negotiate it and then decide lease or buy?

00:43:00.120 | Or do you have to make the lease or buy first?

00:43:01.960 | I approach...

00:43:04.200 | I don't like to tell the dealers that it's a lease because when they hear that you want to lease,

00:43:09.960 | all they're going to give you is that monthly payment.

00:43:11.720 | They think that that's all that matters to you.

00:43:14.920 | And they're not going to give you any of the other numbers.

00:43:16.840 | So I always negotiate the price of the car first.

00:43:20.360 | But keep in mind, some of the incentives from the manufacturer

00:43:25.080 | only apply to leasing or only apply to purchasing.

00:43:28.120 | So that final negotiated price may be different.

00:43:32.280 | But you bring that into the game later.

00:43:34.200 | I always negotiate the price, but I've done my research ahead of time.

00:43:38.040 | So I know which rebates apply to leasing and which ones only apply to purchasing.

00:43:42.760 | So I'll go through that process, do some additional math on my own,

00:43:47.320 | and then go there and say, "Hey, let's look and see what that looks like on a lease."

00:43:50.920 | But if you don't negotiate that upfront,

00:43:54.120 | that lease that they give you is going to be based on full price.

00:43:57.400 | Wow.

00:43:58.760 | And how does the average person negotiate the price?

00:44:02.840 | Does it go online and look at the value on Edmunds or another site?

00:44:09.000 | Is it working with the dealer?

00:44:11.320 | Are there tricks to get it done?

00:44:12.680 | I've helped friends negotiate cars,

00:44:15.560 | and I felt like I was a little clueless going in there with information.

00:44:19.480 | There's a couple different steps.

00:44:21.640 | You start with doing your homework.

00:44:23.160 | And that is researching what more or less price you should pay.

00:44:28.040 | Edmunds is great.

00:44:29.000 | You want to look at, okay, what's the MSRP?

00:44:31.240 | Then what's invoice price?

00:44:33.320 | And the advertised invoice price varies a little bit.

00:44:37.080 | It may not be 100% accurate because there are things like advertising money

00:44:41.960 | and some things like that that may come into play and may vary by region.

00:44:45.800 | But you can get a good idea of what the bottom line price is.

00:44:49.960 | You need to see what types of incentives are there.

00:44:52.120 | Are there rebates?

00:44:53.240 | So, I research it on sites like Edmunds.

00:44:56.200 | I also go to the manufacturer's website directly to see what they advertise.

00:45:00.280 | And you can get about 75% of the information you need

00:45:05.720 | to effectively negotiate the price of a new car on those sites.

00:45:09.880 | I have access to additional information.

00:45:11.720 | So, I know some of the incentives that are secret,

00:45:14.920 | that go back and forth between the manufacturer and the dealer

00:45:17.720 | that the dealer may not tell you about.

00:45:19.720 | That's when step two comes in, and that is shopping around.

00:45:25.400 | As I said before, you need to shop to at least three or four different dealers

00:45:30.440 | to see just how low can you get them.

00:45:33.640 | You just kind of make the rounds, make the rounds,

00:45:36.200 | and let them know you're shopping around

00:45:37.640 | and whoever gives you the best bottom line price.

00:45:40.760 | But in the process of doing that,

00:45:42.440 | be sure you're asking them for a full numbers breakdown.

00:45:46.360 | They will just send you the price of the car.

00:45:49.960 | And then when you get into the dealership,

00:45:52.360 | you realize they've added on, you know, $2,000 worth of BS accessories,

00:45:57.320 | you know, window tints and paint protection

00:46:00.440 | and all that stuff that you didn't want.

00:46:03.160 | And their dock fee, and then you get into the taxes and tags.

00:46:06.600 | So, there's a lot of areas that the dealer can add on money.

00:46:11.000 | So, they may have shown you a really low price for that car that you want,

00:46:15.160 | but that's because they are adding on a bunch of junk

00:46:19.480 | to the sale when you actually get in the door.

00:46:22.040 | So, always ask for that numbers breakdown

00:46:24.760 | and get what the industry calls the out-the-door price.

00:46:27.960 | Then you know, then you can compare apples to apples,

00:46:31.560 | because until then, one dealership may be offering you a price that's $2,000 less.

00:46:36.280 | And you're like, "Wow, that's a great deal."

00:46:37.800 | And you run into that dealership to close the deal,

00:46:40.040 | but they added $4,000 worth of junk to the car that you didn't need to pay for.

00:46:43.480 | Yeah, never good.

00:46:45.960 | Are there things that are more negotiable, right?

00:46:49.880 | You know, if you do want some add-on accessories,

00:46:54.200 | are those much more negotiable than, you know, getting far below invoice?

00:47:00.600 | They can be.

00:47:01.480 | It just really depends on how you're structuring the overall deal.

00:47:04.840 | A lot of people ask a dealer to, "Hey, will you throw in a maintenance plan?

00:47:10.280 | Will you throw in rubber floor mats?

00:47:12.520 | Will you throw in..."

00:47:13.880 | Anytime you're asking the dealer to throw in something to the deal,

00:47:16.760 | that means that they had room in the deal to do that and still make money.

00:47:22.040 | So, I work with my dealers very transparently.

00:47:25.960 | We just work in true bottom line numbers.

00:47:27.880 | So, when I negotiate a deal on the car, that's our absolute bottom line number.

00:47:33.240 | They're not just going to be able to throw in anything else

00:47:35.400 | because I've eliminated their entire profit margin on the price of the car.

00:47:38.920 | But they'll add on things like, "Hey, we want crossbars on the roof rails."

00:47:43.000 | Well, they'll do that at cost versus what the retail markup would be

00:47:48.680 | to add those accessories, things like that.

00:47:51.320 | You've really got to keep it all separate

00:47:53.800 | because they're going to listen to what's important to you.

00:47:56.600 | It's like, "Yeah, if they can throw in a $600 maintenance plan,

00:47:59.640 | that means there was still a whole lot of profit in your deal

00:48:02.680 | that you were leaving on the table to start with."

00:48:05.000 | Are there any things that when you just want to get that last little bit out of the deal that

00:48:10.680 | some people might not think to throw in that are worth throwing in?

00:48:15.720 | For me, I remember with my car, when you bought a BMW at least 15 years ago,

00:48:21.560 | you only got one key that could remotely unlock the car.

00:48:24.520 | And so I remember whenever I told anyone, I was like,

00:48:26.280 | "Look, if you're going to negotiate one thing at the end,

00:48:28.200 | try to get them to throw in a second key."

00:48:30.120 | Are there other things like that that people should...

00:48:32.840 | If they're at the end and they feel like they think they've got as much as they could,

00:48:37.320 | there's one more good thing to ask for?

00:48:39.240 | Fortunately, the cars come with two keys now.

00:48:42.120 | So you don't have to worry about getting that second key.

00:48:45.080 | Used cars don't always come with two keys, but new ones do.

00:48:48.920 | If there's something that I can usually get thrown in at the last minute,

00:48:53.320 | it'll be rubber floor mats because they can usually get those.

00:48:57.400 | They're usually about $100 cost,

00:48:59.320 | but they might be able to take them out of another car that's already on their lot

00:49:02.280 | and then replace them and then add the price onto theirs.

00:49:05.960 | So that's something that occasionally will get thrown in at the very last minute.

00:49:10.440 | It's like, "Can we get some rubber mats?"

00:49:11.720 | And is there a better time to do this?

00:49:15.000 | Is this like, do it in the fall, do it at the end of the month, do it at the end of the year?

00:49:20.120 | Depends on the market for the vehicle that you're looking for.

00:49:23.400 | And again, all this goes out the window this year.

00:49:28.280 | So, you know, in a normal year, there are different times of year,

00:49:32.600 | like July is usually the best month to buy new pickup trucks.

00:49:36.120 | That is not going to be true likely this July.

00:49:40.520 | You're gonna be lucky to find any pickup trucks that are still on the lots in this July.

00:49:43.960 | Waiting till the end of the month,

00:49:46.520 | and I tell people don't wait until the last day to start this process,

00:49:50.440 | because remember, this is a process, not an event.

00:49:52.760 | Give yourself a couple of weeks to go through this whole process.

00:49:55.800 | But if you want to kind of get close to that last week of the month,

00:49:59.080 | so like right now, we're recording this on, what, the 24th.

00:50:02.440 | You know, we got basically one week left.

00:50:04.280 | That's when you can start pulling a little more of that pressure

00:50:08.040 | because they're looking at their numbers going,

00:50:09.640 | "Okay, we're running out of time to make these quotas that we want to make."

00:50:13.080 | So, as a periodic car shopper, as a retail car shopper,

00:50:18.360 | that can be of an advantage to you.

00:50:21.320 | I don't have to play those games with them

00:50:22.920 | because I buy so many cars that I can get the same deal usually.

00:50:25.720 | Now, you can wait till the second half of the month

00:50:29.640 | because the manufacturer is looking at their numbers.

00:50:33.720 | And if they see, "Okay, we didn't do as much the first half of the month as we would like,

00:50:37.880 | so we're gonna add another $500 rebate for the second half of the month."

00:50:42.040 | So, you may be able to get a little bit of a better price

00:50:44.760 | if the manufacturer sweetens the pot in the second half of the month.

00:50:48.840 | And then this question that I've always wanted to know,

00:50:52.920 | and I've actually never been able to ask.

00:50:54.680 | When you're at the dealership, you know,

00:50:56.520 | back in times when we went in places in person more,

00:50:59.640 | and you've negotiated the price and the guy says,

00:51:01.640 | "Let me get back to you," and goes into the office in the back.

00:51:04.280 | What? Do you know what's happening in there?

00:51:05.720 | Are they just talking and then coming back out?

00:51:09.640 | Did they already know what they were doing?

00:51:11.880 | They are going to their sales manager.

00:51:14.040 | The salesperson that you interact with is only allowed to

00:51:19.800 | give you so much of a discount off the price of the car.

00:51:23.720 | So, when he says he has to go back and talk to his manager,

00:51:26.680 | that's actually true.

00:51:27.880 | And the conversation that they're having is,

00:51:31.080 | you know, he's telling his manager,

00:51:33.560 | he or she is telling the manager about the customer.

00:51:35.960 | Here's what's going on in the deal.

00:51:37.080 | Here's what's important to them.

00:51:38.200 | And they're coming up with a strategy of

00:51:40.280 | how little of an additional discount can they offer

00:51:43.800 | and think you're still going to say yes.

00:51:47.000 | So, they're coming up with an additional sales strategy.

00:51:50.600 | And sometimes the sales manager, you know,

00:51:53.720 | might come out and talk with you

00:51:54.920 | if they're busy that they won't.

00:51:56.280 | But that salesperson only has so much pricing,

00:51:59.720 | decision-making authority,

00:52:01.080 | beyond that it's above his pay grade.

00:52:03.320 | And he has to literally go talk to his boss

00:52:05.320 | to see if he can get that.

00:52:07.160 | And sometimes the salesperson is actually negotiating

00:52:10.600 | with the manager saying,

00:52:11.960 | "Dude, I really need this sale

00:52:13.560 | because I haven't met my quotas this month.

00:52:16.840 | And will you please do this for me

00:52:19.000 | so that I can sell it to this guy

00:52:20.360 | so I can make my numbers for the month?"

00:52:22.600 | So, sometimes they're actually advocating on your behalf,

00:52:25.320 | but they're trying to figure out, you know,

00:52:27.480 | what can they come back with

00:52:29.720 | that you will likely say yes to

00:52:31.320 | that still makes them money.

00:52:32.680 | Remember, a dealership is a for-profit business.

00:52:35.720 | It's not a charity.

00:52:37.080 | It's, they're under no obligation

00:52:39.800 | to give you a zero-profit deal on a silver platter.

00:52:42.680 | That is why we go through this negotiating process.

00:52:46.040 | But if they didn't make any money,

00:52:47.560 | then their doors wouldn't be open

00:52:48.840 | and we wouldn't have anybody to buy cars from.

00:52:50.600 | So, that's why what's going on now

00:52:53.240 | is especially challenging for them

00:52:55.720 | because they're not making the money by volume.

00:52:58.840 | So, they have to make a higher profit

00:53:00.840 | on every car they sell

00:53:02.040 | because they're only selling a fraction

00:53:03.320 | of the number of cars that they normally do.

00:53:05.720 | And that salesperson still has bills to pay,

00:53:07.880 | as does the dealership.

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00:55:33.800 | I just want to thank you, Quick,

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00:55:53.000 | - Yeah, I think, don't forget that, you know,

00:55:56.280 | anyone you're negotiating with,

00:55:57.640 | whether it's the customer service agent

00:55:59.640 | with the airline or someone at the car dealer,

00:56:01.720 | like they're all humans

00:56:02.840 | and they generally want to do better

00:56:05.160 | for people who are nice to them.

00:56:06.760 | And I've found, you know,

00:56:09.320 | I've observed people yelling at the salespeople

00:56:11.880 | at dealerships trying to get better deals.

00:56:13.720 | And I just tend to think

00:56:14.520 | that's probably not the right strategy.

00:56:16.120 | - Exactly.

00:56:18.120 | And, you know, one of the things

00:56:20.520 | that I just, you know, have an advantage

00:56:22.440 | is that I buy more cars in a week

00:56:25.320 | than most people do in their lifetime.

00:56:27.000 | So it's a different relationship,

00:56:28.920 | but it is the dealers that, you know,

00:56:32.680 | we're trying to create a win-win.

00:56:34.280 | So I'm not out to screw the dealers.

00:56:36.600 | Yes, I'm out to get the absolute best possible

00:56:39.240 | and then deal that I possibly can for my clients,

00:56:41.960 | but they can afford to give those discounts

00:56:46.040 | because, you know, I may buy six cars

00:56:48.920 | from one dealership this month.

00:56:50.680 | This time last year,

00:56:52.440 | I was actually the top salesperson, so to speak,

00:56:55.720 | for one of my local dealerships here in Charlotte

00:56:58.280 | because of the lockdown.

00:56:59.720 | I sold more cars than any of their internal salespeople did.

00:57:03.880 | - Wow, that's wild.

00:57:06.440 | - It was hilarious.

00:57:07.320 | - Bummer for those salespeople.

00:57:08.840 | - Bummer for them, yeah.

00:57:10.360 | But I tell you what, that dealer loves me now

00:57:12.440 | because I helped them stay afloat.

00:57:14.600 | - You're gonna be at the top of their list.

00:57:15.800 | - Yeah, it was really nice.

00:57:17.400 | They do a good job for me, so they earn that business.

00:57:19.720 | It's not just given to them, they earn it.

00:57:21.640 | - Yeah, in a time like this,

00:57:23.800 | where prices are higher than they are normally,

00:57:27.400 | if I go to Edmunds and find out the invoice price,

00:57:30.600 | that maybe doesn't help me negotiate like I used to.

00:57:33.320 | If you know that you're gonna pay over,

00:57:36.760 | is there any way to kind of figure out

00:57:38.680 | what the best price is if you're not targeting

00:57:41.800 | a specific invoice price or something like that?

00:57:45.400 | - It's a matter of making those phone calls.

00:57:47.960 | Just call around.

00:57:49.240 | First of all, see who has the car that you want.

00:57:51.960 | It's honestly a can I find what I want game right now,

00:57:56.440 | not a can I get the best possible deal on it.

00:57:59.160 | And then just, if you're flexible, you're like,

00:58:02.440 | yeah, I don't care, I'll take any color.

00:58:04.360 | Then it's about calling around and letting the dealer know,

00:58:07.880 | hey, I don't care what color it is,

00:58:09.720 | I just wanna get a decent deal.

00:58:12.360 | And make those phone calls.

00:58:14.120 | Call 10, 20 dealerships, literally,

00:58:18.280 | and see who will give you the best overall deal.

00:58:21.000 | - And let's say I have decided,

00:58:23.640 | no, I actually want this one particular car.

00:58:25.320 | I call 30 dealers, only one of them has anything like it.

00:58:28.040 | And they give me a price.

00:58:30.200 | Do I just have to take that?

00:58:31.480 | I don't have an alternative.

00:58:34.120 | Is there a rule of thumb on what to come back with?

00:58:38.760 | Is it 10% lower?

00:58:39.880 | Is it 5% lower to try to get the best deal you can

00:58:43.320 | when you have no leverage?

00:58:44.680 | - You can try, it never hurts to ask.

00:58:47.240 | But if they laugh and hang up on you,

00:58:50.440 | then 30 seconds later, someone else may have bought that car.

00:58:53.960 | So it's just, it's a decision that you've got to make.

00:58:57.160 | And that's what I'm being honest with people that,

00:59:00.200 | you know, I'm talking to now that say they want a car.

00:59:01.960 | I'm like, here's what's going on in the industry.

00:59:03.640 | It's about finding the car.

00:59:05.320 | We do not have the leverage

00:59:07.080 | that we normally would in negotiating.

00:59:09.000 | I cannot guarantee what kind of deal we can get,

00:59:11.800 | but I can guarantee that I will scour the earth

00:59:14.520 | to find what you're looking for

00:59:16.120 | and figure out what's gonna be the best way

00:59:18.600 | to get that to you.

00:59:20.120 | And I know a lot more avenues for obtaining the vehicles

00:59:23.800 | than you might know.

00:59:25.080 | But yeah, there's just sometimes where you just,

00:59:27.480 | if you want it, you gotta pay for it.

00:59:29.560 | You're always welcome to walk away and not get a car.

00:59:33.720 | - Yeah, so briefly coming back to leases,

00:59:37.800 | my understanding of how leases work at the highest level

00:59:42.120 | is you have a price,

00:59:43.880 | the dealer comes up with what they think it will be worth

00:59:46.360 | as a residual value after your,

00:59:48.520 | let's say three-year lease.

00:59:49.720 | And I've always assumed dealers are conservative, right?

00:59:54.280 | They don't wanna lose money.

00:59:55.640 | So if you're not gonna drive the car very hard

00:59:58.440 | and not gonna put a lot of miles on it,

00:59:59.800 | you're probably gonna overpay taking a lease.

01:00:02.920 | But if you're gonna drive right up to

01:00:04.520 | and not over the limit

01:00:05.560 | and your kids are gonna throw food all over the car

01:00:08.280 | and you really value just not having to haggle

01:00:11.640 | for a new car in three years, it could make sense.

01:00:14.360 | Or I guess if you can expense

01:00:15.960 | or write off your lease payments,

01:00:18.200 | is that kind of a general, the way it works?

01:00:22.040 | Or am I totally off?

01:00:23.480 | - Sort of, you have it partially right.

01:00:26.120 | The dealerships do not set the residual value.

01:00:29.400 | - Okay.

01:00:30.280 | - The only thing the dealers get to do

01:00:31.880 | is decide the selling price.

01:00:33.480 | That's what you negotiate.

01:00:35.240 | The lease is based on the residual value,

01:00:37.720 | which is based on what they anticipate

01:00:42.120 | the car will be worth at the end of that lease,

01:00:45.560 | depending on,

01:00:46.280 | so whether you say you're gonna drive 10,000 miles a year

01:00:49.720 | or 12,000 miles a year or 15,000 miles a year,

01:00:52.120 | that affects that residual.

01:00:53.880 | That and what's called a money factor,

01:00:57.320 | which just think of that as leasing's equivalent

01:01:00.040 | of an APR, an interest rate.

01:01:02.520 | That's what determines

01:01:04.200 | what that lease payment is gonna be.

01:01:05.640 | The dealers do not set those.

01:01:07.880 | The captive finance companies do.

01:01:10.600 | So BMW Financial, Honda Financial,

01:01:14.200 | Southeastern Toyota Financial,

01:01:16.280 | the banks who hold the lease make those determinations.

01:01:20.760 | And those are not negotiable.

01:01:22.200 | If you don't drive a lot of miles,

01:01:25.080 | maybe you only drive 5,000 miles a year,

01:01:27.320 | even in non-pandemic years,

01:01:29.000 | then you don't necessarily need a 12,000 mile a year lease.

01:01:31.880 | You can say, "Hey, well, do you offer a low mileage lease?"

01:01:35.400 | Honda, Toyota, they normally don't.

01:01:38.360 | They might go down to 10,000.

01:01:39.640 | Most of them are 12,000 is the lowest.

01:01:42.120 | Some companies will do a 10,000 mile a year lease.

01:01:44.920 | Your more expensive cars like Mercedes and BMW

01:01:47.400 | and Audi, Porsche, definitely,

01:01:48.840 | they have very low mileage leases

01:01:50.680 | 'cause a lot of times people will lease those,

01:01:52.280 | but it's not their daily driver.

01:01:53.720 | So only by the number of miles

01:01:56.680 | that you think you're gonna need,

01:01:58.200 | maybe a little bit more,

01:01:59.480 | but that's a decision that you have to make.

01:02:02.440 | Leasing is a lifestyle choice.

01:02:06.120 | If you like to have a new car every three years,

01:02:08.360 | you don't like to deal with expensive maintenance items,

01:02:12.280 | and you don't drive a lot of miles per year,

01:02:14.280 | you may be a great lease candidate,

01:02:15.880 | and that's the right solution for you.

01:02:17.560 | If you do not use all the miles on your lease,

01:02:21.240 | one of the things that the leasing companies

01:02:23.960 | don't want you to know is that at the end of your lease,

01:02:27.400 | you don't just have to turn it in.

01:02:29.160 | They'll tell you you can either turn it in

01:02:30.600 | or you can buy it out.

01:02:31.960 | There is a third option in most cases,

01:02:34.840 | and that is you can trade in that leased car

01:02:37.480 | just like you would any other car

01:02:39.720 | that you have sitting in your driveway,

01:02:41.640 | because leasing is just another way to finance the car.

01:02:45.000 | They pay it off, you negotiate a trade price,

01:02:48.840 | and they pay off the lease

01:02:51.000 | just like they would pay off the loan with the bank.

01:02:53.400 | It's really no different.

01:02:55.720 | So that means if you didn't drive as many miles,

01:02:58.840 | you might have positive equity in that car

01:03:00.840 | when you go to trade it in.

01:03:02.760 | That positive equity should be in your pocket.

01:03:05.880 | You should be able to apply that

01:03:07.320 | to your next lease or your next purchase.

01:03:09.720 | But the leasing company doesn't want you to know that

01:03:11.720 | because they want that equity in their pocket.

01:03:14.760 | They wanna be able to turn around

01:03:16.440 | and sell it for more money than they were expecting.

01:03:19.800 | So that's one of the biggest secrets of leasing

01:03:21.880 | is you can trade in your leased car

01:03:23.960 | and keep that equity for yourself.

01:03:25.720 | You just don't mention to the dealer that it's leased

01:03:28.760 | until after you've already come up with

01:03:30.520 | that nice trade price.

01:03:32.280 | So do it all the time, been doing it for 20 years.

01:03:35.480 | It does work that way.

01:03:37.080 | - And I assume you could also go to these online sites

01:03:41.160 | you said that are paying top dollar right now

01:03:43.640 | and sell your lease to them.

01:03:44.840 | And you're not really selling the lease.

01:03:47.000 | You're selling them the car

01:03:48.040 | and you're paying off the lease.

01:03:49.160 | But if they're gonna offer you more

01:03:50.680 | than the dealer will on the trade in,

01:03:52.200 | is that you could do that as well?

01:03:54.040 | - Absolutely.

01:03:54.840 | I did two of them last week that way.

01:03:56.440 | - Okay, wow.

01:03:58.520 | And if you have a car that's up for lease right now,

01:04:01.800 | given how high prices are,

01:04:03.800 | even if you didn't put half them,

01:04:06.760 | I mean, even if you hit all the miles,

01:04:08.600 | you might be better off doing this

01:04:10.520 | because used cars are just so much more valuable this year

01:04:13.720 | than they have been before.

01:04:14.680 | - Absolutely.

01:04:16.040 | I always tell people about a month

01:04:19.160 | or about two months before your lease comes due,

01:04:22.040 | start looking at the market value of your car

01:04:24.280 | to see if you have any positive equity.

01:04:27.560 | Because yes, that's absolutely true.

01:04:29.000 | But especially right now with the crazy money

01:04:31.800 | that the cars are bringing,

01:04:33.720 | even if you're slightly over your miles,

01:04:35.880 | you may still be able to get out of it cleanly,

01:04:38.200 | trading it or selling it to a place like Vroom

01:04:40.680 | or Carvana that's paying crazy money

01:04:43.240 | versus actually having to pay money to the leasing company

01:04:46.680 | because you're over your miles.

01:04:48.120 | There's a lot of options right now.

01:04:50.200 | A few of the manufacturers have been,

01:04:52.600 | I've heard whispers, I have not confirmed this.

01:04:54.600 | So please take it with a grain of salt.

01:04:56.760 | But I've heard of a couple of manufacturers

01:04:59.160 | saying that they're not gonna allow you

01:05:02.120 | to sell your car to someone else,

01:05:04.040 | trade it into a different dealer

01:05:05.320 | other than one of their own franchise dealers

01:05:07.480 | because they know that Vroom and Carvana,

01:05:09.560 | those companies are "stealing their cars."

01:05:11.720 | I have not confirmed that.

01:05:14.200 | I'm not even sure it's legal under the contracts.

01:05:16.760 | But that may be something.

01:05:19.480 | That is something that they told me.

01:05:21.160 | They're like, "Oh no, you're not gonna be able to sell that."

01:05:22.920 | I'm like, "Yeah, I'm gonna still try anyway

01:05:25.000 | because I don't think you're telling me the truth."

01:05:26.760 | And if you had enough money,

01:05:29.240 | you could always just buy it and sell it.

01:05:31.080 | Even if they offered that or change those rules,

01:05:34.920 | they're still not gonna stop you from buying it.

01:05:36.920 | Correct. You could always buy it out from them.

01:05:39.000 | You just have to pay it off or get another loan for it.

01:05:41.800 | Yeah, you can do that.

01:05:43.560 | But that's why you don't wanna wait

01:05:45.400 | until two days before the leases do.

01:05:47.560 | Give yourself a couple of months

01:05:48.920 | because there is a process

01:05:50.760 | and it does take typically seven to 10 days

01:05:52.840 | for it to get fully paid off, et cetera.

01:05:54.600 | And so forth.

01:05:55.160 | But yeah, absolutely.

01:05:56.600 | And those companies will tell you

01:05:59.160 | if you go on to one of those online dealerships

01:06:01.240 | and fill out a form to get the quote on your car,

01:06:03.560 | they ask if it's a clear title,

01:06:05.960 | meaning you own it outright

01:06:07.000 | or if there's a loan or if it's a lease.

01:06:08.920 | And if for some reason it's a lease

01:06:10.520 | and they are not allowed to buy it,

01:06:11.720 | they will tell you.

01:06:12.360 | Okay. And here's one.

01:06:15.880 | If two people bought the same car,

01:06:18.440 | one leased it for three years,

01:06:20.360 | one just bought it outright or financed it,

01:06:24.040 | and then three years later,

01:06:25.400 | the leased person goes, trades it in,

01:06:27.080 | buys another car,

01:06:28.360 | and the other person goes in

01:06:29.640 | and just trades it in and buys another car.

01:06:31.480 | If you value that ability

01:06:34.920 | to trade cars every three years,

01:06:37.080 | are you getting a better deal with leasing

01:06:39.160 | or is it just kind of easier?

01:06:40.760 | You're getting a better deal

01:06:42.760 | usually depending on the car

01:06:44.440 | because with leasing,

01:06:46.520 | you're only paying for the portion of the car

01:06:48.280 | that you're using.

01:06:49.080 | So you're financing three years

01:06:51.320 | and 36,000 miles of the car

01:06:53.160 | versus financing the entire value of the car.

01:06:55.880 | That's why those lease payments are lower.

01:06:57.880 | But I urge people to reconsider

01:07:01.240 | if they're only looking at leasing

01:07:02.920 | to get a lower payment,

01:07:04.440 | they're using it as a financial strategy,

01:07:06.760 | they're asking for trouble

01:07:08.040 | because if they don't know

01:07:09.880 | how many miles a year that they drive,

01:07:11.320 | I just see so many people

01:07:13.240 | get in trouble leasing,

01:07:14.520 | particularly realtors, people in sales

01:07:16.680 | that want to drive that luxury car

01:07:19.320 | to project a certain image.

01:07:20.680 | And I respect that as a business owner,

01:07:23.000 | but they also drive 30,000 miles a year

01:07:24.760 | and they don't realize

01:07:25.480 | that their $12,000 a year lease,

01:07:27.480 | you know, they get to the end of their lease

01:07:29.560 | and didn't realize that they are now,

01:07:31.080 | you know, 60,000 miles over the lease

01:07:33.080 | and now they actually owe,

01:07:34.920 | you know, $15,000 in overage charges.

01:07:37.720 | So you can get yourself in trouble leasing,

01:07:39.800 | there are more risks.

01:07:40.760 | But if you're a good lease candidate

01:07:43.080 | and you do just want a new car every three years,

01:07:44.840 | yeah, it can be an excellent option

01:07:46.120 | and you'll pay less money.

01:07:47.240 | If you're in that circumstance

01:07:49.160 | where you just totally blew over the miles

01:07:51.160 | and the dealership wants to charge you

01:07:53.240 | a huge penalty,

01:07:54.440 | are you ever better off

01:07:55.560 | just buying the car and selling it

01:07:57.320 | than paying the penalty for going over?

01:07:59.480 | Very often, yes.

01:08:00.360 | And I tell people that in most situations,

01:08:03.000 | you can actually refinance the car

01:08:05.560 | directly with your bank.

01:08:06.840 | You don't necessarily have to go

01:08:08.200 | to the dealership and buy it out

01:08:10.840 | because that saves you typically

01:08:12.440 | $1,000 to $2,000 in bogus fees

01:08:14.840 | that you don't actually have to pay.

01:08:16.600 | Call your bank directly,

01:08:17.800 | especially if you have a credit union,

01:08:19.000 | say, "Hey, I want to refinance my lease."

01:08:21.160 | Interest rate is going to be a little bit higher.

01:08:23.480 | It'll probably be about the same

01:08:25.320 | as buying a used car.

01:08:26.280 | But they'll be able to do that whole process with you

01:08:29.000 | without the dealer charging you all their fees

01:08:32.040 | on top of just the price of the car.

01:08:35.000 | So when I bought my most recent car,

01:08:39.080 | I found that the financing rates

01:08:40.440 | from the dealership weren't great.

01:08:42.200 | And so I ended up going to a credit union.

01:08:45.320 | Is that normal?

01:08:46.360 | I see all these ads about 0% APR.

01:08:48.840 | Should people be shopping those interest rates around?

01:08:51.960 | Or is it really like,

01:08:53.320 | if it's not 0%, go elsewhere?

01:08:55.160 | If you have excellent credit,

01:08:57.400 | anytime you see those 0% or 0.9, 1.9,

01:09:00.920 | those are being offered

01:09:01.960 | by the manufacturer's captive finance company

01:09:05.080 | to help sell cars.

01:09:06.360 | But you have to have excellent credit to get those,

01:09:09.240 | typically 720 credit score or above.

01:09:12.360 | So if you don't qualify for them,

01:09:15.000 | then absolutely go to your credit union.

01:09:17.320 | If they don't have one of those special APRs

01:09:20.440 | and they just have normal rates,

01:09:21.800 | the dealers have relationships with multiple banks,

01:09:24.520 | sometimes even with credit unions in your area.

01:09:27.000 | It doesn't necessarily hurt to let them shop your rates

01:09:30.840 | 'cause they're only pulling your credit once.

01:09:32.600 | And then they'll look and see based on your credit,

01:09:34.600 | they know which of their banks to talk to.

01:09:36.280 | But getting pre-approved through your own credit union

01:09:40.120 | or your own bank is always a good step

01:09:42.440 | 'cause then you know you've got something in your pocket

01:09:44.360 | and you can go to the dealer and say,

01:09:45.400 | "Hey, can you beat this rate?"

01:09:47.320 | - It was kind of a pain to get my pre-approval

01:09:51.640 | and then they had to like mail the check to the dealership.

01:09:54.360 | I did feel like it would have been easier

01:09:55.960 | if I went with a dealer,

01:09:56.920 | but in this case, it was like 3% or 4% versus 1.5%.

01:10:00.600 | And so I just-

01:10:02.600 | - And different banks have different processes.

01:10:06.760 | More and more of them are getting with the times

01:10:09.720 | and can get things done faster.

01:10:12.040 | Very few have to mail a paper check anymore,

01:10:14.760 | but there are still those few little credit unions

01:10:16.440 | that are still operating in 1976.

01:10:18.360 | So then you just have to decide,

01:10:21.160 | the money that I'm saving worth the extra hassle or not.

01:10:24.760 | - Yep, and last big one is when you're done,

01:10:29.240 | let's say I've decided I found the car I want.

01:10:31.240 | I didn't lease my car, so I just have a car to get rid of.

01:10:34.440 | I've always logged into Kelley Blue Book and searched.

01:10:38.040 | And I'm like, "Man, the trade-in price

01:10:39.800 | is always so much worse than that private party price."

01:10:42.200 | What do you tell people to do

01:10:44.680 | when they have a car they don't need

01:10:47.240 | and they want to get rid of it?

01:10:48.840 | Do you just trade it in?

01:10:49.960 | Do you try to clean it up and detail it

01:10:52.040 | and sell it yourself?

01:10:53.000 | What's the best way to get rid of a car,

01:10:55.240 | maximize your money and reduce your hassle?

01:10:58.400 | - Right now, you can get any of these online companies

01:11:02.440 | because they're buying them for crazy money.

01:11:04.920 | In normal times, it's always a trade-off.

01:11:06.920 | Yes, you can typically get more money for your car,

01:11:09.960 | selling it privately, listing it yourself on AutoTrader

01:11:12.840 | or Craigslist or Facebook Marketplace.

01:11:14.600 | A lot of times, it depends on how much that car is

01:11:17.640 | to begin with.

01:11:18.440 | If it's a $30,000 car

01:11:20.360 | and you might make a couple extra thousand dollars,

01:11:22.680 | you don't necessarily need to

01:11:24.280 | because you're not trying to pay off a loan

01:11:26.360 | that you still owe $32,000 on.

01:11:28.760 | Then you have to decide,

01:11:30.680 | "Is it worth the amount of work that I have to do

01:11:33.880 | to sell it and list it and deal with all the yahoos

01:11:36.760 | that call you, half of whom are not serious,

01:11:38.680 | the other half are scammers?"

01:11:39.720 | Going through that process,

01:11:41.480 | is that worth it to you for the extra money

01:11:43.880 | that you're gonna make or is it not?

01:11:46.440 | For a lot of people, it is.

01:11:47.880 | And then, yeah, they clean it up

01:11:49.160 | and they go through that process and they sell it

01:11:50.920 | and they pocket that extra money.

01:11:52.680 | Other people are like,

01:11:53.560 | "I just don't even wanna deal with it.

01:11:55.320 | I wanna unload it."

01:11:56.520 | Maybe the car has some problems

01:11:58.360 | and it's gonna be harder for them to sell,

01:12:01.320 | in which case you just sell it to a dealer.

01:12:03.800 | If it's an older, higher mileage car

01:12:06.920 | that maybe has the occasional issue.

01:12:09.160 | Sometimes we pawn it off on CarMax.

01:12:12.200 | They actually own their own auction house.

01:12:14.360 | So sometimes on the older, higher mile cars,

01:12:16.680 | they can put more money on it

01:12:17.800 | because they don't have to pay to haul it to auction.

01:12:20.040 | They have their own auctions.

01:12:21.080 | So that can be a good option as well.

01:12:23.080 | It really depends on what that car looks like

01:12:26.600 | to know exactly where to sell it.

01:12:29.560 | Sometimes you could even,

01:12:30.520 | if it's a good car, shop it around to different dealers.

01:12:33.560 | Some might pay $2,000 more

01:12:36.040 | just because you're selling your Toyota to a Toyota store

01:12:39.800 | versus you're selling your Toyota to a Honda store next door

01:12:41.960 | that can't sell three-year-old Toyotas

01:12:44.360 | with all those certified pre-owned ones next door.

01:12:46.200 | So again, it takes shopping around.

01:12:48.360 | - Okay.

01:12:49.720 | And those online dealerships, that's Carvana, Vroom,

01:12:52.440 | are there any other ones people should be looking at?

01:12:54.120 | - You know, you'll have to Google.

01:12:56.200 | Those are the two that I've been looking at.

01:12:57.720 | I've been selling to Vroom lately

01:13:00.360 | because they have been getting through the process a lot faster.

01:13:05.160 | I think Carvana might come up with a good offer,

01:13:06.680 | but then you don't hear from them for three weeks.

01:13:08.360 | Vroom has been getting it through the process

01:13:09.880 | and people have had checks in their pockets really fast.

01:13:12.120 | And I was very impressed with how they were handling it.

01:13:14.920 | So that's the direction that I have been going.

01:13:16.840 | This is all very new.

01:13:17.960 | And quite frankly, I'm learning as I go as well.

01:13:20.040 | - Okay.

01:13:21.160 | Any other car auto tips, tricks, hacks,

01:13:26.600 | nothing that doesn't have to be about buying,

01:13:29.000 | could be about maintenance, avoiding speeding tickets,

01:13:31.880 | anything that you just love to share.

01:13:33.640 | I know you race cars, so I'm sure you have tips there.

01:13:38.360 | Anything outside of the buying and selling process

01:13:41.000 | that you love to share?

01:13:42.360 | - I clearly do not have any tips

01:13:45.080 | for getting out of speeding tickets.

01:13:46.760 | If you look at my record, I just have a really good attorney.

01:13:49.880 | So we won't go there.

01:13:51.480 | But one thing about used cars

01:13:55.160 | is always get a Carfax report.

01:13:58.600 | Always, always, always.

01:14:00.920 | It's if you have to buy it yourself for 30 bucks,

01:14:03.160 | it is well worth it to know what that history is.

01:14:06.440 | And you're not just looking at, was it in an accident?

01:14:08.840 | There's actually 30 different pieces of the data

01:14:11.080 | that I look at on a Carfax.

01:14:12.520 | So you might find that it's a car from Canada.

01:14:16.200 | It's gonna have a lot of rust

01:14:18.120 | and it's gonna be all be in kilometers instead of miles.

01:14:21.080 | And you may find that it's got kind of a hanky history.

01:14:24.280 | It was in a state that has hurricanes

01:14:27.720 | and then they moved it to a state

01:14:29.240 | that doesn't have requirements on the titles

01:14:31.960 | to report those things.

01:14:33.480 | And then it went back to another state.

01:14:34.840 | So it basically laundered the title of flood history.

01:14:39.640 | There's so much data that you can glean.

01:14:41.880 | And Carfax is the best.

01:14:44.040 | They're the oldest company.

01:14:45.000 | They have the most reporting relationships.

01:14:46.440 | So you're gonna get the most data from them

01:14:48.200 | versus AutoCheck or one of the newer companies

01:14:50.280 | that just doesn't have as much information.

01:14:52.440 | So in my world,

01:14:54.760 | getting a Carfax report on a used car is non-negotiable.

01:14:57.800 | I have to have that or I won't buy it.

01:14:59.240 | - Okay.

01:15:00.760 | So I remember you saying earlier

01:15:02.520 | that there's these eight areas of negotiating.

01:15:04.680 | We don't need to go through all of them,

01:15:06.680 | but this is all something you do.

01:15:08.840 | Can you talk for a couple minutes

01:15:10.280 | about how you help people do this?

01:15:12.440 | What's that model?

01:15:13.240 | - Absolutely.

01:15:14.360 | Our process is called My Perfect Car.

01:15:17.080 | And we look at your unique lifestyle, budget,

01:15:19.880 | and personality to help figure out

01:15:22.120 | what car are we even buying?

01:15:23.960 | Are we buying new versus used?

01:15:25.640 | Are we buying or releasing a loan cash?

01:15:28.200 | We look at that whole picture to figure out

01:15:29.800 | what's the right way to solve this puzzle

01:15:31.560 | for your lifestyle and to get you what you want.

01:15:34.920 | And I typically narrow it down to two or three cars

01:15:37.160 | that I think would be perfect for you.

01:15:39.240 | And then I can set you up on test drives

01:15:41.320 | so that you can get your butt in the seat.

01:15:43.080 | So we have a saying here,

01:15:44.360 | "Comfort is in the butt to the beholder."

01:15:46.200 | So you gotta get in the car and see how it feels.

01:15:48.680 | And then once you decide what you like best,

01:15:51.480 | then we'll scour the earth to find it,

01:15:54.040 | go through all the negotiating,

01:15:55.400 | handle your trade, your financing,

01:15:56.920 | looking at all eight of those areas in the deal

01:15:59.640 | to find the best overall deal for you,

01:16:01.640 | as well as the best customer experience.

01:16:04.040 | And we'll work with the dealer then

01:16:06.360 | to get all the paperwork together.

01:16:07.960 | Sometimes we can have the car delivered to your house.

01:16:10.680 | If you have to go to the dealership,

01:16:12.200 | we make sure they have everything done ahead of time.

01:16:14.600 | We've had a conversation about all those extras

01:16:17.240 | that they might want to try and ambush you with

01:16:19.560 | in the finance office.

01:16:20.600 | So if they are anything like an extended warranty

01:16:23.560 | or something that you want,

01:16:24.440 | I've pre-negotiated those.

01:16:25.640 | That way there's no surprises

01:16:26.840 | and you can get in and out as quickly as possible,

01:16:28.920 | sign papers, take the keys and get back on the road.

01:16:31.640 | So it's a true end-to-end service,

01:16:34.120 | a lot like a buyer's agent in real estate.

01:16:37.240 | - And how are you compensated in this process?

01:16:40.360 | - We charge our clients a flat fee up front

01:16:42.520 | when we sign the contract.

01:16:43.800 | So I'm not tied to the price of the car

01:16:46.120 | in any way, shape or form.

01:16:47.960 | It's just a flat fee for the perfect car package.

01:16:50.440 | And if you're interested,

01:16:52.040 | people can contact us at our website at thecarcheck.com

01:16:55.400 | and sign up for a 15-minute complimentary car chat

01:16:59.160 | to talk about your situation

01:17:00.440 | and just see if we're a good fit to work together.

01:17:02.840 | Not everybody's a good fit for us.

01:17:04.360 | We're not a good fit for everybody.

01:17:06.120 | But the worst thing that happens

01:17:07.240 | is you walk away from that conversation

01:17:08.760 | with a lot of good advice

01:17:09.880 | and we point you in the right direction.

01:17:11.800 | - Yeah, and hopefully everyone listening

01:17:15.160 | walks away from this with a lot of good advice.

01:17:17.000 | I know I have.

01:17:19.000 | Is there anywhere else people should find you online?

01:17:20.840 | - They can go directly to thestraightshift.com.

01:17:25.000 | Don't forget the F in the last word.

01:17:26.920 | And they can also get to that.

01:17:29.320 | We have the podcast link on the website, thecarcheck.com.

01:17:32.440 | So we've got about 76 episodes out there

01:17:36.840 | on a variety of car-related topics.

01:17:39.400 | So I'm passionate about educating people

01:17:41.960 | and helping them to get the information that they need

01:17:44.840 | to empower them to make smart financial decisions

01:17:47.000 | for themselves when it comes to buying,

01:17:48.280 | selling and maintaining their cars.

01:17:49.560 | 'Cause there's just so much confusing information out there.

01:17:52.280 | And so that's why we named the podcast The Straight Shift.

01:17:54.760 | 'Cause I am always gonna tell it to you straight,

01:17:57.160 | whether it's what you wanna hear or not.

01:17:58.840 | But I want you to have the right information

01:18:01.160 | to make good decisions for yourself and your family.

01:18:02.920 | - Awesome.

01:18:04.360 | Well, thank you so much for being on here.

01:18:05.960 | This has been fantastic.

01:18:07.000 | - Well, thanks for having me, Chris.

01:18:08.200 | I really appreciate it.

01:18:09.080 | - That was awesome.

01:18:10.600 | And thank you so much for listening.

01:18:12.520 | I know my mom has a lease coming up in the next few months.

01:18:14.760 | So I'm pretty sure I might be able to save her some money.

01:18:17.480 | And as always, links to everything we discussed

01:18:20.360 | are in the show notes at allthehacks.com.

01:18:22.600 | I also wanna say thank you to all the listeners

01:18:25.960 | who've been reaching out with questions,

01:18:27.480 | their favorite hacks and ideas for guests

01:18:29.560 | to have on the show.

01:18:30.840 | I really love hearing from all of you.

01:18:33.240 | You can always find me on Twitter

01:18:35.240 | or you can email Chris at AllTheHacks

01:18:37.400 | and reach out about anything.

01:18:39.240 | I'm already starting to think about

01:18:40.440 | how to build out this community,

01:18:41.960 | whether that's a Facebook group or part of Substack,

01:18:44.520 | where the newsletter is or something else.

01:18:46.760 | So stay tuned there.

01:18:47.880 | And speaking of the newsletter,

01:18:49.800 | I just sent the first episode out yesterday.

01:18:52.280 | So if you're not subscribed,

01:18:53.640 | you can do that on the right side of our website

01:18:55.880 | or at allthehacks.com/newsletter.

01:18:58.280 | Finally, to everyone who's left a reviewer rating,

01:19:01.720 | thank you so much.

01:19:03.240 | If you haven't yet, it's never too late

01:19:05.080 | and it'd really help out the show.

01:19:06.360 | Have a great week.

01:19:07.880 | (upbeat music)

01:19:19.480 | I wanna tell you about another podcast I love

01:19:24.120 | that goes deep on all things money.

01:19:26.440 | That means everything from money hacks

01:19:28.120 | to wealth building to early retirement.

01:19:30.280 | It's called the Personal Finance Podcast

01:19:32.520 | and it's much more about building generational wealth

01:19:35.400 | and spending your money on the things you value

01:19:37.560 | than it is about clipping coupons to save a dollar.

01:19:40.440 | It's hosted by my good friend, Andrew,

01:19:42.440 | who truly believes that everyone in this world

01:19:44.600 | can build wealth and his passion and excitement

01:19:47.320 | are what make this show so entertaining.

01:19:49.800 | I know because I was a guest on the show in December, 2022,

01:19:53.640 | but recently I listened to an episode

01:19:55.640 | where Andrew shared 16 money stats

01:19:57.880 | that will blow your mind.

01:19:59.240 | And it was so crazy to learn things like 35% of millennials

01:20:02.840 | are not participating in their employer's retirement plan.

01:20:05.880 | And that's just one of the many fascinating stats he shared.

01:20:09.560 | The Personal Finance Podcast has something for everyone.

01:20:12.280 | It's filled with so many tips and tactics and hacks

01:20:14.920 | to help you get better with your money and grow your wealth.

01:20:17.800 | So I highly recommend you check it out.

01:20:19.880 | Just search for the Personal Finance Podcast

01:20:22.200 | on Apple Podcasts, Spotify,

01:20:23.880 | or wherever you listen to podcasts and enjoy.