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I've been in the car business 20 years (both sales and service) it's virtually impossible not to get ripped off when buying a car without cash, either new or used. As soon as you finance, you're done. If you have cash, go to Craigslist and buy a good used Toyota or Honda from an old lady and buy it outright. Never finance a car, especially a new one. Might as well go to Great Adventure Safari park and walk into the female lion's den when she's with her cubs.
@4862cjc I hear ya. Even though you can get a used Mercedes-Benz/BMW for pennies compared to their new car price LOL they drop in value like when you hold a hot potato.
Great video! As a used car salesman for 17+ years i can agree with everything you said. For anyone interested I did a whole video on how to navigate buying a car from a dealer that will hopefully help people out there 🚗🚙🚗 Thanks for helping push out this info within the YT community! Keep up the good work brother 💪🏽
Don't let them sell you an extended warranty. Make the warranty payments to yourself. If something breaks, you have the money to fix it. If not, the money is yours to keep 😀👍
Hey Edward, you can cancel the policy and get your money back or get that amount reduced from your note. They may tell you that you can’t but that would be a lie.
If buying from a dealership, you want to know that price of the vehicle "out the door." The "out the door" price encompasses the car sales price, tax, tags, and dealership fees (that are negotiable). Aim for the best overall price when buying a vehicle. BK
I like to go near the end of the day of the dealership. They are more likely to want to get a quick deal done. With the time constraint and you having the option to walk away, you increase your chance of getting that number lowered quickly.
2 months riding a bike for my main source of commuting. No gas, no insurance, and maintenance costs aren't even close to comparable. Health benefits are undeniable too. Move closer to work and bike.
That's easier said than done, especially in tech booming cities. I live in Austin, TX. Downtown is where most jobs are. Almost all apartments downtown require 3x the rent as monthly income. Average rent is $1,427. That's $4,281/month in income. The minimum wage in Texas is $1,160/month. The average income is $2,722.66/month. So, not really happening for the average person here. If you do have the income, Austin is super bike friendly.
You'll offset the cost of a car by paying more to live closer to the city, you know. It's just not always feasible in a country that's built on a vast system of highways. Glad it's working out for you though, you probably have calves of steel!
Bought a used '05 Grand Cherokee with electrical and steering problems. On top the 5k with thoe two issues I had to put out another 3k to fix it despite depreciation! At this point I'm driving it into the ground to get my money's worth but avoid being like me. Get a diagnostic on any used xar purchase immediately to avoid breaking bank for a potential lemon.
Great video! I haggled at the dealership got a sweet deal on two cars that were 2 years old. Under 30k with .9% interest, and low mileage. That's right... I'm not paying 1% in interest. I count myself fortunate. It took me a month to wear them down.
All good points. You might want to also add that the best time to buy a car is when the dealership is ready to onboard new models at the end of the year. So this next holiday, Labor Day, is a good time and past this holiday the sales get better. The dealers have to make their quotas too at the end of the month...
I normally try to secure my financing before going to the dealership, but the do run specials, and sometimes offer 0% financing. If they have it available, I am going to finance at 0%. Why tie up the full value of the car, when I can pay it off, with no interest over time. If the car is ever totaled, I don't lose as much. Where if I paid it off, or put a huge down payment on it, and the value is less then the money I put into it, I lose money. Take advantage of the GAP insurance.
boy...this video got me REVVED up! If you're buying a used car make sure to rent a computer reader from your nearest auto parts store. So when you're test driving the vehicle you will be able to get a read out of what needs servicing on the vehicle.
Honestly, the best mindset to have when going into a dealer is "I can and will walk away". When my dad was buying a car about 7-8 years ago,I went with him because I know he can get talked into things. I managed to get him a car for $300 under Kelly blue book, that included all the fees and taxes in the final price. At one point I did actually turn and start to walk away from the salesman, and that's what sealed the pricing.
I gave up TV and Video Games and replace them with learning how to weld and mechanics on youtube. It helps me be able to understand what is worth money and what will cost alot more.
Good info, also if you have a car to trade in, don't mention it until you get your price down as low as you can. Even if they ask if you have a trade in say no or not at the moment. And then after you get that awesome price, throw in, well what will you do for a trade in of (Insert your vehicle and info). (Also it helps to know what your value is on your vehicle before doing this and what condition, so you can use Kelly blue book value) hope this also helps
@@MinorityMindset thanks, I use to sell cars (toyota), however I wasnt the best bc i didn't want people to get screwed. I love to see my customers actually happy with a deal. With that said could you take a look at my channel if you have a moment and see what I can do to get noticed. If not I understand. Thanks and have an awesome day.
@@burryeezy8837 and that's possible but you should still know the value of your vehicle or they will give you next to nothing and you wouldn't know the difference bc you don't know. They should be basing it off of something though for a value. Thanks for the reply/info.
My credit union has a great car buying service that took the hassle out of the whole deal. I just told them what I wanted and the credit union went out and did all the leg work. They found what I requested nearly 200 miles away and had my truck delivered to me. At that point I just drove and inspected the truck. If for any reason I didn't like the vehicle I could say no or sign the purchase paperwork. The whole thing took about an hour. Hope this helps someone avoid the dealer headaches.
I have heard that if you have your heart set on a particular model, go to a car rental agency and rent that car for a week first of all before going to the dealer. Think of it as an extended test drive.
so you're saying it's acceptable to go to a dealership and waste the time of their employees.. just to get a price on a car your not buying? seems wrong to me
Calling between dealerships with a price in mind is great and it saves you a trip out. Plus that way you can have several salespeople fight for you business over the phone.
If you buy used get a diagnostic at the make's company facility IMMEDIATELY! If they discover any substantial issues under the lemon-law you can return it to the dealer you purchased it from and get your money back as long as it's within a 30 day period (might be 90 days but the sooner the better.).
Ive never paid more than $500 for a car or truck. Im 58 and have owned at least 20 cars. I got my 03 Saturn and '98 honda civiv for free. I do my own work/repairs (if simple enough) and oil changres (3000 klms good synthetic pennzoil platinum plus, wix xp filter every fall). MMO in gas tank in fall. 3 x $50 oil changes. New cars biggest rip off/ worst investment I can think of. David Alberta
Also, watch out for extended warranties offerred by dealer, you will likely never need it if the car is 4yrs old or less. Dealers use these warranties to hike up the total price you end up paying by as much as 30 to 40 percent. Also, manufacturer warranties cover a lot of drive train mileage these days and may still be in effect on the vehicle. Do your research.
I bought my car in December, when they are trying to get rid of last year's models so they have more room for the new models. I got a pretty decent deal because of it.
Lock in a interest rate ( by getting pre-approved)before stepping into the finance arena. This way not only do you save time but also money. For instance, chase might pre-approve you for $20k at 3 percent apr. The dealership will try everything they can to give you a rate higher than 3 percent. If they can't beat 3 percent what else is there to discuss? Also just because your payment is super low because you chose 72 months doesn't mean you're saving money unless you pay off the car EARLY!
This video did give me a couple of the tricks. But, I gave up on buying a car altogether. I moved closer to my workplace and bike there. When I need to go longer distances I use my gas scooter (125 cc). I also use metro buses and rail. And for rainly days I do Uber or Lyft or, if I have enough time on my hand then metro. Roadtrips, rental cars are the best. If I ever need to buy a car I would rather buy a used car within 5 years range and then buy extended warranty on it. Not only would I save the maximum depreciationt on anu new car, would also escape the dealership m's commission.
I went to college, got an engineering degree, and spent 0 days working as an engineer. College gave me some neat tools, but I could have been doing this half a decade earlier.
Dealers in metro Detroit never want to talk price via email. They always try to get you to come in. I normally get the best deal by searching for all rebates and finding someone to get an employee discount. There isn't much negotiation after that. I bring my own financing roo unless 1.9% or below interest rate is offered.
Negotiate with financing and attempt to receive a 0% interest rate. It is still possible, however this is usually done through the car makers financial institute. for example. Chrysler Capital. also best time to shop is closer to end of year or new year as they still have old inventory or are making room for new vehicles and are willing to negotiate on price more.
BE INFORMED BEFORE GOING INTO A DEALERSHIP!!! Determine a Price and stick to it no matter what!! Do not get caught up in the price of the payments. If you get a loan...3yrs or less! When its payed off.... KEEP IT! do some research, see what the vehicle's are going for in pricing. Check kelly blue book. Check craigslist. Carguru. Autotrader. Buy a 3 or 4 year old car. Do not buy new! Too much depreciation.... Check consumer reports you can buy a subscription online for 20 or 30 bucks look at reliability stats on used and new cars plus everything else! Have the car your going to buy inspected by a trustworthy mechanic BEFORE YOU BUY IT!!! you would not believe how many people have the car looked at by a mechanic AFTER they buy it!! If you asked me off hand what brand to get I would look at a Toyota/lexus I would look at honda......but there are plenty of other brands and vehicles to consider as well. It just depends on price, new or used, mileage, age , brand etc. DO NOT FALL IN LOVE WITH THE CAR!!! there are soo many you will find another one trust me!!! Dont ever EVER pay for extras tacked on at the end of the sale Be willing to walk away!! GOODLUCK AND TAKE YOUR TIME .......
Thanks so much for all the information and details on everything as a woman trying to buy a car and get the best deal can be hard. I'll make sure to do my research and get the best deal which every way I decide to. I don't want to have to buy another car after this one for a long time. Or make payments on a car for a long time either.
I Bought a Hyundai Accent in 2012 brand new for $15000 Australian cash. Still runs very well and done 170000km. Works out if I divide 15000 by 7 years the car has cost me about 2000 per year plus running costs. The more years I own it the less it cost me.
I have had good experience with Hyundai products. I buy them with about 80000 miles on the clock. I import from a southern state (no road salt). I keep for 5 to 7 years. Then replace. I live in Northern NY, they salt the roads which destroys cars. I have always kept depreciation under $500 per year. Your Accent will last a long time yet, and parts are dirt cheap.I had to do a brake job a while ago. Pads, rotors and hardware cost under $40 including shipping.
Buy from a private owner who doesn't sell cars for a living. Get the VIN number and run your own CarFax report. Ask the owner if you can take to car to a mechanic for an inspection.
Before buying anything shop around . Secondly: before buying specific Car make sure you research about that Car . How much it would cost to maintain the car , insurance, etc
My car unexpectedly died out of nowhere a few months ago. I had to buy a car on somewhat short notice. I've never financed a car before but I had to bite the bullet and finance one. I didn't want to spend $3000 buying another clunker! I'm tired of buying these cars that don't last so I went ahead and financed a Honda Civic.
They're sold cars, you'll get your moneys worth out of it and a decent chunk of resale value due to honda good reputation. Change the oil as reccomend, and atleast once a year. If you floor it a lot and rev the engine high keep your transmission health in check. This produces more friction and heat and can wear it down quicker, every 20 degrees over extra heat halves the lifespan of the transmission and that's hondas Achilles heel. A transmission cooler would help greatly with this problem by keeping the transmissions operating temperature cooler. Also rotate your tires, keep it in good shape and you can get 200k-300k miles out of it.
Some credit cards are offering 0% interest with $0 processing fees for payment plans up to 36 months. If your money is working for you to provide dividend/profit in a liquid investment, then it makes sense to just let your money stay in the investment and take it out bit by bit every month to make the credit card payments. This way, you are not charged with interest (as long as you pay on time) and you can still get the profit from your investments along the 36 months. Also, please make sure you will not be driven to buy a car you cannot afford just because you are financing the car for 3 years on a credit card. Have the cash ready to pay the car in full, but swipe your card instead and pay it slowly.
Your videos are informational and easy to understand. I think other than buying a new car it is better to go for a used car it is much cheaper. Thanks for making this video.
I work in car sales. Shopping price via email does not work as no one will give discount without buyer being committed. There are intelligent ways to negotiate but low balling is not the one. Do your research online. Everything is out there.
Hello Jaspreet, Now everyday, law enforcement (the police) confiscate vehicles "left & right" only to be impounded. And then, when owners of vehicles are unable to pay "the impound fee," the vehicle are auctioned-off inorder to pay for costs that have incurred/accumulated! ..... So, what is the process Jaspreet that we have to go through, inorder to buy cars that had been confiscated and are being auctioned? In other words, how do we become the buyers & where are the auctions usually held?
Ive worked at a dealership for years. Go in at the end of the month. Thats when the dealer becomes desperate to hit their sales numbers for the month. So they will accept a price just to get a car off the lot for the month.
I got ripped off...I was only 23 and i went to the dealership all by myself. Learned my lesson though for next time. Car is paid off now and don’t plan on getting another car for a long time
1. Try to find out when your stealership needs to meet there monthly quota typically at the end of the month they're usually more likely to give you a deal. 2. Try to buy last year's model when the new body style or new Year comes out. Dealerships typically drop the prices of last year's model to clear out inventory make room for the new stuff. 3. Everything in life is negotiable hahaha
Take it to a mechanic before you buy, also don’t buy new unless you have a million dollar net worth. When you finance they have a loan origination fee, so it offsets any savings you might have from financing.
You can also go close to the end of the month and if the dealer havent meet their numbers on the month they can give you a better deal so dealer can meet their numbers on cars sold.
Go to a dealer in the second half of the month. As they are pressured to meet their monthly quota for sales. They'll be more inclined to give a discount just So that they can meet their monthly targets. If you go at the start of the month , they are not under pressure to sell. Secondly when buying a car and throwing in a bunch of extra options . Only add on if you are really certain it'll change your driving experience . This is because when you sell your car later , they look at the year and model. Those extras you paid for..you won't get back that value when you sell.
For the last 5 years I've stuck to Porsches. Total cost to own the first one was £5000 over 24 months. Total for second was £6000 over 3 years (doesn't include fuel and maintenance costs). Half a decade cost me £11,000 to get around and enjoy the cars i brought. That's not a lot to me id happily pay that again we only live once obviously don't buy things you cant afford. I never do finance or leasing I always buy my cars out right I keep cash reserves on the side at least 3 times the value of the car. I prefer to buy in cash because of the flexibility it gives me so I'm not tied down to any xx term lease agreement and I can sell it whenever i want.
No other industry, car salesman, do people need/want something so bad. And they don't give it you and F you over badly. Worked with a guy that wanted a specific car from the used lot. He couldn't afford it at the time. But he would go to the dealership at least once week and bug the salesman's. They would actually dread seeing him coming.
Great advice Jaspreet. I especially like your tip about negotiating the financing and making sure there's no pre-payment penalty on the loan and then paying off the loan before the first payment is due so you pay NO interest and got a good price on the vehicle. Thanks my friend!
See the out of the door pricing first. Then make your offer. Keep the numbers flat and easy to work with. Saves lots of time. Since they will start dropping fees/taxes, junk into the before total price. I bought a used camry before offered them $14.8k, but they came back with $15.3k. I told them $15k flat then sell it. If they don't. Don't ever call again. It's always okay to walk away. It's your money. Make sure you are okay with your price.
Both scenarios can be useful depending on your situation. If you are fine with paying a payment, or your personal situation is likely to change in the upcoming years, leasing is almost always the better option. (Like just getting married, starting a new job, and likely to have children). Buying almost never makes sense. Owning a car that depreciates can hurt you, and it starts to fall apart pretty quickly after the warranty period ends.
*GREAT VIDEO AGAIN* Yes, the car dealership is a great place to get ripped off. *AVOID CAR LEASES* Just having the leverage when you are there makes a significant difference! GREAT VIDEO! 😎👍🏻
Financing a car is a good way to build up credit. By making consistent on time payments over the course of a few years. I have 750+ credit score, 3% interest rate on my car payments. High credit score means leverage. I bought the car new. I have peace of mind and don’t have to worry about car problems. Mind you, I’m a licensed loan originator/officer and work in mortgage collections, so I know a thing or two.
Last line - No wonder you're advocating people get themselves into unnecessary debt. BTW to anyone *else* reading this ... 3% interest rate on a car loan is too high.
I don't know how to hustle worth nothing, I'll just be broke forever and get ripped off a third time very soon for a car. I'm just too scared to drive used again, many bad experiences.
If you finance, it means there will be some interest that must be paid every month. However, if you pay it in full before or the day of your first payment is due then it will be paid off. If you have the money to pay it in one shot, pay it the same day. Do not discuss paying it off in 3-6years to only pay it off the first month. It can wreck your credit immensely. If you do plan on paying it off before the 3-6years that will be discussed, then pay it off after 6 months. Do not pay it off before the first payment or your credit will be screwed.
In regards to buying a car Jaspreet, does my bank give me the loan to pay for the "dealership car" in full so that there is no interest whatsoever? And how do I make this happen with the bank? Good credit? Good credit history? Friends that will co-sign so the bank can feel better about THE AUTO LOAN?
And how do you find out how much a used car should go for since kB is owned by a used car dealerships apparently so they just make up the prices they want to sell any car for..
Best trick is (and funniest one by far): Get in a car to test drive and drive right to next dealer. While driving there ask dealer what's his bottom out the door is. Get out of the car and ask other dealer how much they'll charge for this car. On a way back to original dealership ask again. Do it on 30th of the month and you are golden. And yes, always separate financial transaction. Price, financing, trade in. Never package.
I'm glad I was raised a car enthusiasts, never blindly buying the wrong car compared to everyone else who wants the new car that doesn't drive 5 years later
Also car dealers make more profit from used cars. New cars will always have the lowest interest rates no matter your credit. They're out for your money and could care less how crappy the car they sold you is
My friend works at the dealership. They barely make any money on the car itself, but all on finance, extras, and extended warranty. Even if the dealership is super nice to you and gives you the extended warranty at cost to convince you to buy, they make huge amounts of commission on it since most people don't use their warranty. Also the $499 doc fee is the salesmen's commission, let's be honest. It doesn't cost $300-$500 to process some paperwork... So in an scenario where the salesmen makes no commission on the actual vehicle itself and has 0% interest to finance the car, at least they will make the $499 doc fee that that the salesmen gets to keep.
@@damnitjimmyjohn Salesmen get a percentage of front end profit or in many cases, a flat or "mini" if there is no front end profit, not the doc fee. Certainly not a minimum of $499 on a 0 profit front.
The thing with used cars is that no used car is the same even for the same model, year and mileage so you can't just shop around for the best lowest price due to its condition.
I always start with I am thinking about replacing one of my cars. Then I mention how much I hate spending money and give a few stories about plumbers overcharging. Then, no matter what they quote, I always walk away and tell them that it is a lot of money an I need to think about it and talk to my spouse. Then I go online for Kelly Bluebook dealer price. I take 10% off of that price and go back and start the negotiations. lol. I am certainly not the smartest, but after watching this, I do feel better about how I have been doing things. That always seems to work.
Certified Pre-Owned is a waste of money. This would have been 5k more on a $12,500 Hyundai Elantra 2013 I bought 3 years ago (paid off 4 years early). If the car has less than 20,000 miles forget about certified pre owned. It’s still practically new without the new price tag
Thank you for watching! If you enjoyed this video, you should watch -
1,700 People Become Millionaires EVERY DAY - What Sets Them Apart?: ua-cam.com/video/D1zGhOhJsGo/v-deo.html
I've been in the car business 20 years (both sales and service) it's virtually impossible not to get ripped off when buying a car without cash, either new or used. As soon as you finance, you're done. If you have cash, go to Craigslist and buy a good used Toyota or Honda from an old lady and buy it outright. Never finance a car, especially a new one. Might as well go to Great Adventure Safari park and walk into the female lion's den when she's with her cubs.
Your like/dislike ratio is pretty amazing. Respect.
@4862cjc I hear ya. Even though you can get a used Mercedes-Benz/BMW for pennies compared to their new car price LOL they drop in value like when you hold a hot potato.
Great video! As a used car salesman for 17+ years i can agree with everything you said. For anyone interested I did a whole video on how to navigate buying a car from a dealer that will hopefully help people out there 🚗🚙🚗 Thanks for helping push out this info within the YT community! Keep up the good work brother 💪🏽
Do a video on why leasing a car is such a bad idea
Don't let them sell you an extended warranty. Make the warranty payments to yourself. If something breaks, you have the money to fix it. If not, the money is yours to keep 😀👍
All those little things they try to sell you at the end is never worth it
I paid $1,500 for the extended warranty on my brand new Prius and regretted it after. So right.
I can totally back you up on that one... I found out the hard way.
Good tip I keep that in mind next time I go to my dealership or the next.
Hey Edward, you can cancel the policy and get your money back or get that amount reduced from your note. They may tell you that you can’t but that would be a lie.
Don't buy a car when you want to, buy a car when you bank account allows you to.
This is how I ended up with 11 cars. 🤣🤣🤣
What about when you NEED it but can’t lol
If buying from a dealership, you want to know that price of the vehicle "out the door." The "out the door" price encompasses the car sales price, tax, tags, and dealership fees (that are negotiable). Aim for the best overall price when buying a vehicle. BK
Anytime i have financed anything, ive always asked about early payoff penalties... if they penalize, i dont finalize 🤷♂️ ... good tip Jaspreet!!!
I like to go near the end of the day of the dealership. They are more likely to want to get a quick deal done. With the time constraint and you having the option to walk away, you increase your chance of getting that number lowered quickly.
Did this before and it worked like a charm!
Good tip!
agree. it also negates their strategy of making you wait so that you get frustrated and tired and agree to all the extras they want to sell
2 months riding a bike for my main source of commuting. No gas, no insurance, and maintenance costs aren't even close to comparable. Health benefits are undeniable too. Move closer to work and bike.
That's easier said than done, especially in tech booming cities. I live in Austin, TX. Downtown is where most jobs are. Almost all apartments downtown require 3x the rent as monthly income. Average rent is $1,427. That's $4,281/month in income. The minimum wage in Texas is $1,160/month. The average income is $2,722.66/month. So, not really happening for the average person here. If you do have the income, Austin is super bike friendly.
You'll offset the cost of a car by paying more to live closer to the city, you know. It's just not always feasible in a country that's built on a vast system of highways. Glad it's working out for you though, you probably have calves of steel!
Brew Review highways = freedom of mobility in this wonderful country
Have fun on a rainy day!
You need to bring extra gear for bad weather and an injury could stop you from going to work. Not that hard to drive a car with injuries.
Bought a used '05 Grand Cherokee with electrical and steering problems. On top the 5k with thoe two issues I had to put out another 3k to fix it despite depreciation! At this point I'm driving it into the ground to get my money's worth but avoid being like me.
Get a diagnostic on any used xar purchase immediately to avoid breaking bank for a potential lemon.
DTF, down to finance, lmao that got me.
Great video! I haggled at the dealership got a sweet deal on two cars that were 2 years old. Under 30k with .9% interest, and low mileage. That's right... I'm not paying 1% in interest. I count myself fortunate. It took me a month to wear them down.
Always take advantage of depreciation: somebody pays 25k+ at dealership and you pay 6k private party.
You pay 17k lol unless its a 15 year old car
This new definition of DTF is literally the best thing ever!
All good points. You might want to also add that the best time to buy a car is when the dealership is ready to onboard new models at the end of the year. So this next holiday, Labor Day, is a good time and past this holiday the sales get better. The dealers have to make their quotas too at the end of the month...
end of financial year and year end
Down to finance lmao. That was a good one.
It was not only the joke, the way he paused for a brief second, turned his head and said “down to finance” lol that was comedy gold
I almost spit out drink from the pause
DTF🤣I did spit my drink!
Buy an asset that will pay for that liability (car).
Can I like this more than once??
@UltimateBargains An example of an asset that pays for the liability would be what?
I normally try to secure my financing before going to the dealership, but the do run specials, and sometimes offer 0% financing. If they have it available, I am going to finance at 0%. Why tie up the full value of the car, when I can pay it off, with no interest over time. If the car is ever totaled, I don't lose as much. Where if I paid it off, or put a huge down payment on it, and the value is less then the money I put into it, I lose money. Take advantage of the GAP insurance.
PERFECT timing! Literally just got my license and talked to a dealer about a car
I'm just going for a second hand car. No money wasting for me 😊
🔥🔥
boy...this video got me REVVED up! If you're buying a used car make sure to rent a computer reader from your nearest auto parts store. So when you're test driving the vehicle you will be able to get a read out of what needs servicing on the vehicle.
Honestly, the best mindset to have when going into a dealer is "I can and will walk away".
When my dad was buying a car about 7-8 years ago,I went with him because I know he can get talked into things. I managed to get him a car for $300 under Kelly blue book, that included all the fees and taxes in the final price. At one point I did actually turn and start to walk away from the salesman, and that's what sealed the pricing.
I gave up TV and Video Games and replace them with learning how to weld and mechanics on youtube. It helps me be able to understand what is worth money and what will cost alot more.
👍🏽👍🏽👍🏽👍🏽👍🏽👍🏽👍🏽
Good info, also if you have a car to trade in, don't mention it until you get your price down as low as you can. Even if they ask if you have a trade in say no or not at the moment. And then after you get that awesome price, throw in, well what will you do for a trade in of (Insert your vehicle and info). (Also it helps to know what your value is on your vehicle before doing this and what condition, so you can use Kelly blue book value) hope this also helps
Good tip
@@MinorityMindset thanks, I use to sell cars (toyota), however I wasnt the best bc i didn't want people to get screwed. I love to see my customers actually happy with a deal. With that said could you take a look at my channel if you have a moment and see what I can do to get noticed. If not I understand. Thanks and have an awesome day.
Rob Swain I went to a dealership and they told me no one uses KBB anymore and they would give a trade price they would seem fair
@@burryeezy8837 and that's possible but you should still know the value of your vehicle or they will give you next to nothing and you wouldn't know the difference bc you don't know. They should be basing it off of something though for a value. Thanks for the reply/info.
Excellent tip 👌
My credit union has a great car buying service that took the hassle out of the whole deal. I just told them what I wanted and the credit union went out and did all the leg work. They found what I requested nearly 200 miles away and had my truck delivered to me. At that point I just drove and inspected the truck. If for any reason I didn't like the vehicle I could say no or sign the purchase paperwork. The whole thing took about an hour. Hope this helps someone avoid the dealer headaches.
I have heard that if you have your heart set on a particular model, go to a car rental agency and rent that car for a week first of all before going to the dealer. Think of it as an extended test drive.
so you're saying it's acceptable to go to a dealership and waste the time of their employees.. just to get a price on a car your not buying? seems wrong to me
Calling between dealerships with a price in mind is great and it saves you a trip out. Plus that way you can have several salespeople fight for you business over the phone.
If you buy used get a diagnostic at the make's company facility IMMEDIATELY!
If they discover any substantial issues under the lemon-law you can return it to the dealer you purchased it from and get your money back as long as it's within a 30 day period (might be 90 days but the sooner the better.).
The only time I'm not DTF. Good information!
I drive a 500 dollar car that works perfectly 😃
Winning!
When did you buy it, 5 days ago? 😂😂JK, good for u!
Little Reuby Auto auction.
Ive never paid more than $500 for a car or truck. Im 58 and have owned at least 20 cars. I got my 03 Saturn and '98 honda civiv for free. I do my own work/repairs (if simple enough) and oil changres (3000 klms good synthetic pennzoil platinum plus, wix xp filter every fall). MMO in gas tank in fall.
3 x $50 oil changes.
New cars biggest rip off/ worst investment I can think of.
David
Alberta
I still have and drive my 2001 and i will continue to drive it. Haven’t had a car payment for 16 years
Also, watch out for extended warranties offerred by dealer, you will likely never need it if the car is 4yrs old or less. Dealers use these warranties to hike up the total price you end up paying by as much as 30 to 40 percent. Also, manufacturer warranties cover a lot of drive train mileage these days and may still be in effect on the vehicle. Do your research.
Best way to buy a car is to pay cash.
Not always. I don’t think you listened or took on board what was just said LOL
#1 always have your own finance set up before hand..if you have to take that route.
I bought my car in December, when they are trying to get rid of last year's models so they have more room for the new models. I got a pretty decent deal because of it.
Hey, you came into my life at the perfect time. Thank you for your work on youtube. Greetings from Miami
Lock in a interest rate ( by getting pre-approved)before stepping into the finance arena. This way not only do you save time but also money. For instance, chase might pre-approve you for $20k at 3 percent apr. The dealership will try everything they can to give you a rate higher than 3 percent. If they can't beat 3 percent what else is there to discuss? Also just because your payment is super low because you chose 72 months doesn't mean you're saving money unless you pay off the car EARLY!
Perfect timing Mr. Jaspreet! Please keep the videos coming!
Use public transit and bicycle when practical.
Save maintenance, repair, and operational cost on your car. Also keeping the resale value higher.
Never go when you're tired!
You are simply the best.
That emailing tip is awesome. Thanks for sharing!
That car finance tip was awesome
This video did give me a couple of the tricks.
But, I gave up on buying a car altogether. I moved closer to my workplace and bike there. When I need to go longer distances I use my gas scooter (125 cc). I also use metro buses and rail. And for rainly days I do Uber or Lyft or, if I have enough time on my hand then metro.
Roadtrips, rental cars are the best.
If I ever need to buy a car I would rather buy a used car within 5 years range and then buy extended warranty on it. Not only would I save the maximum depreciationt on anu new car, would also escape the dealership m's commission.
I went to college, got an engineering degree, and spent 0 days working as an engineer. College gave me some neat tools, but I could have been doing this half a decade earlier.
Your information is always on point. Good stuff 👍🏼
Dealers in metro Detroit never want to talk price via email. They always try to get you to come in. I normally get the best deal by searching for all rebates and finding someone to get an employee discount. There isn't much negotiation after that. I bring my own financing roo unless 1.9% or below interest rate is offered.
I have a 2020 bmw 340 xi and I love it !!
Negotiate with financing and attempt to receive a 0% interest rate. It is still possible, however this is usually done through the car makers financial institute. for example. Chrysler Capital. also best time to shop is closer to end of year or new year as they still have old inventory or are making room for new vehicles and are willing to negotiate on price more.
*If I only watched this video 72 hours ago!*
I was just at a dealership last week. Didn't end up getting anything but I am in need of a car asap. This really helps thanks!
:)
BE INFORMED BEFORE GOING INTO A DEALERSHIP!!!
Determine a Price and stick to it no matter what!! Do not get caught up in the price of the payments.
If you get a loan...3yrs or less!
When its payed off.... KEEP IT!
do some research, see what the vehicle's are going for in pricing.
Check kelly blue book.
Check craigslist.
Carguru.
Autotrader.
Buy a 3 or 4 year old car.
Do not buy new! Too much depreciation....
Check consumer reports you can buy a subscription online for 20 or 30 bucks look at reliability stats on used and new cars plus everything else!
Have the car your going to buy inspected by a trustworthy mechanic BEFORE YOU BUY IT!!!
you would not believe how many people have the car looked at by a mechanic AFTER they buy it!!
If you asked me off hand what brand to get I would look at a Toyota/lexus I would look at honda......but there are plenty of other brands and vehicles to consider as well. It just depends on price, new or used, mileage, age , brand etc.
DO NOT FALL IN LOVE WITH THE CAR!!! there are soo many you will find another one trust me!!!
Dont ever EVER pay for extras tacked on at the end of the sale
Be willing to walk away!!
GOODLUCK AND TAKE YOUR TIME .......
Find a great reliable car on offerup or letgo. Stick with Toyota. Pay cash if you can and you will be free from car payments.
Buy a 2015 car or 2016 Better price. Do not finanace if you can. Cash and carry....period. Finacing will ripp you off in nterests
Thanks so much for all the information and details on everything as a woman trying to buy a car and get the best deal can be hard. I'll make sure to do my research and get the best deal which every way I decide to. I don't want to have to buy another car after this one for a long time. Or make payments on a car for a long time either.
I Bought a Hyundai Accent in 2012 brand new for $15000 Australian cash. Still runs very well and done 170000km. Works out if I divide 15000 by 7 years the car has cost me about 2000 per year plus running costs. The more years I own it the less it cost me.
I have had good experience with Hyundai products. I buy them with about 80000 miles on the clock. I import from a southern state (no road salt). I keep for 5 to 7 years. Then replace. I live in Northern NY, they salt the roads which destroys cars. I have always kept depreciation under $500 per year. Your Accent will last a long time yet, and parts are dirt cheap.I had to do a brake job a while ago. Pads, rotors and hardware cost under $40 including shipping.
This guy is simply the best. These videos always take one for a ride.🚘
I see what you did there 😂😂
If you live in a big city, there is no need in buying a car - *a huge liability.*
Buy from a private owner who doesn't sell cars for a living. Get the VIN number and run your own CarFax report. Ask the owner if you can take to car to a mechanic for an inspection.
Before buying anything shop around . Secondly: before buying specific Car make sure you research about that Car . How much it would cost to maintain the car , insurance, etc
My car unexpectedly died out of nowhere a few months ago. I had to buy a car on somewhat short notice. I've never financed a car before but I had to bite the bullet and finance one. I didn't want to spend $3000 buying another clunker! I'm tired of buying these cars that don't last so I went ahead and financed a Honda Civic.
They're sold cars, you'll get your moneys worth out of it and a decent chunk of resale value due to honda good reputation. Change the oil as reccomend, and atleast once a year. If you floor it a lot and rev the engine high keep your transmission health in check. This produces more friction and heat and can wear it down quicker, every 20 degrees over extra heat halves the lifespan of the transmission and that's hondas Achilles heel. A transmission cooler would help greatly with this problem by keeping the transmissions operating temperature cooler. Also rotate your tires, keep it in good shape and you can get 200k-300k miles out of it.
@@devin19222 Good advice thanks
Some credit cards are offering 0% interest with $0 processing fees for payment plans up to 36 months. If your money is working for you to provide dividend/profit in a liquid investment, then it makes sense to just let your money stay in the investment and take it out bit by bit every month to make the credit card payments. This way, you are not charged with interest (as long as you pay on time) and you can still get the profit from your investments along the 36 months. Also, please make sure you will not be driven to buy a car you cannot afford just because you are financing the car for 3 years on a credit card. Have the cash ready to pay the car in full, but swipe your card instead and pay it slowly.
Your videos are informational and easy to understand. I think other than buying a new car it is better to go for a used car it is much cheaper. Thanks for making this video.
I work in car sales. Shopping price via email does not work as no one will give discount without buyer being committed. There are intelligent ways to negotiate but low balling is not the one. Do your research online. Everything is out there.
It seems like dealers negotiate less and less all the time.
Hello Jaspreet, Now everyday, law enforcement (the police) confiscate vehicles "left & right" only to be impounded. And then, when owners of vehicles are unable to pay "the impound fee," the vehicle are auctioned-off inorder to pay for costs that have incurred/accumulated! ..... So, what is the process Jaspreet that we have to go through, inorder to buy cars that had been confiscated and are being auctioned? In other words, how do we become the buyers & where are the auctions usually held?
Most finance car loans do not have a penalty for early payoff. They will have fees if paid off early normally within in 6 months or less.
Ive worked at a dealership for years. Go in at the end of the month. Thats when the dealer becomes desperate to hit their sales numbers for the month. So they will accept a price just to get a car off the lot for the month.
I got ripped off...I was only 23 and i went to the dealership all by myself. Learned my lesson though for next time. Car is paid off now and don’t plan on getting another car for a long time
1. Try to find out when your stealership needs to meet there monthly quota typically at the end of the month they're usually more likely to give you a deal. 2. Try to buy last year's model when the new body style or new Year comes out. Dealerships typically drop the prices of last year's model to clear out inventory make room for the new stuff.
3. Everything in life is negotiable hahaha
Take it to a mechanic before you buy, also don’t buy new unless you have a million dollar net worth. When you finance they have a loan origination fee, so it offsets any savings you might have from financing.
This ... plus also you have higher negotiating power if you're paying cash as the dealer won't have to declare (taxes) the profit, and they know this.
You can also go close to the end of the month and if the dealer havent meet their numbers on the month they can give you a better deal so dealer can meet their numbers on cars sold.
Go to a dealer in the second half of the month. As they are pressured to meet their monthly quota for sales. They'll be more inclined to give a discount just So that they can meet their monthly targets. If you go at the start of the month , they are not under pressure to sell.
Secondly when buying a car and throwing in a bunch of extra options . Only add on if you are really certain it'll change your driving experience . This is because when you sell your car later , they look at the year and model. Those extras you paid for..you won't get back that value when you sell.
For the last 5 years I've stuck to Porsches. Total cost to own the first one was £5000 over 24 months. Total for second was £6000 over 3 years (doesn't include fuel and maintenance costs). Half a decade cost me £11,000 to get around and enjoy the cars i brought. That's not a lot to me id happily pay that again we only live once obviously don't buy things you cant afford. I never do finance or leasing I always buy my cars out right I keep cash reserves on the side at least 3 times the value of the car. I prefer to buy in cash because of the flexibility it gives me so I'm not tied down to any xx term lease agreement and I can sell it whenever i want.
That's a very good tips! Pay-it off before the 1st payment due! Very cleaver! Thanks for sharing
You nailed this one!!!
No other industry, car salesman, do people need/want something so bad. And they don't give it you and F you over badly.
Worked with a guy that wanted a specific car from the used lot. He couldn't afford it at the time. But he would go to the dealership at least once week and bug the salesman's. They would actually dread seeing him coming.
Great advice Jaspreet. I especially like your tip about negotiating the financing and making sure there's no pre-payment penalty on the loan and then paying off the loan before the first payment is due so you pay NO interest and got a good price on the vehicle. Thanks my friend!
The worst car accidents happen on the showroom floor
Haha truth
See the out of the door pricing first. Then make your offer. Keep the numbers flat and easy to work with. Saves lots of time. Since they will start dropping fees/taxes, junk into the before total price. I bought a used camry before offered them $14.8k, but they came back with $15.3k. I told them $15k flat then sell it. If they don't. Don't ever call again. It's always okay to walk away. It's your money. Make sure you are okay with your price.
Yes you need a video compering lease or buy a car.
Ivan Campbell That would be perfect
Both scenarios can be useful depending on your situation. If you are fine with paying a payment, or your personal situation is likely to change in the upcoming years, leasing is almost always the better option. (Like just getting married, starting a new job, and likely to have children). Buying almost never makes sense. Owning a car that depreciates can hurt you, and it starts to fall apart pretty quickly after the warranty period ends.
" Because you were DTF...Down To Finance " that was a good one!
*GREAT VIDEO AGAIN* Yes, the car dealership is a great place to get ripped off. *AVOID CAR LEASES* Just having the leverage when you are there makes a significant difference! GREAT VIDEO! 😎👍🏻
:)
Good Stuff Jaspreet!
Financing a car is a good way to build up credit. By making consistent on time payments over the course of a few years. I have 750+ credit score, 3% interest rate on my car payments. High credit score means leverage. I bought the car new. I have peace of mind and don’t have to worry about car problems. Mind you, I’m a licensed loan originator/officer and work in mortgage collections, so I know a thing or two.
Last line - No wonder you're advocating people get themselves into unnecessary debt.
BTW to anyone *else* reading this ... 3% interest rate on a car loan is too high.
I don't know how to hustle worth nothing, I'll just be broke forever and get ripped off a third time very soon for a car. I'm just too scared to drive used again, many bad experiences.
Do i need turning signals for a donkey cart/wagon. What is the insurance on this. Is this still a legal term or can i just get an automobile.
If you finance, it means there will be some interest that must be paid every month. However, if you pay it in full before or the day of your first payment is due then it will be paid off. If you have the money to pay it in one shot, pay it the same day. Do not discuss paying it off in 3-6years to only pay it off the first month. It can wreck your credit immensely. If you do plan on paying it off before the 3-6years that will be discussed, then pay it off after 6 months. Do not pay it off before the first payment or your credit will be screwed.
Thank you for sharing this information. Quick question, how much budget should go to car purchase base on earning ?
In regards to buying a car Jaspreet, does my bank give me the loan to pay for the "dealership car" in full so that there is no interest whatsoever? And how do I make this happen with the bank? Good credit? Good credit history? Friends that will co-sign so the bank can feel better about THE AUTO LOAN?
And how do you find out how much a used car should go for since kB is owned by a used car dealerships apparently so they just make up the prices they want to sell any car for..
Best trick is (and funniest one by far): Get in a car to test drive and drive right to next dealer. While driving there ask dealer what's his bottom out the door is. Get out of the car and ask other dealer how much they'll charge for this car. On a way back to original dealership ask again. Do it on 30th of the month and you are golden. And yes, always separate financial transaction. Price, financing, trade in. Never package.
I'm glad I was raised a car enthusiasts, never blindly buying the wrong car compared to everyone else who wants the new car that doesn't drive 5 years later
Also car dealers make more profit from used cars. New cars will always have the lowest interest rates no matter your credit. They're out for your money and could care less how crappy the car they sold you is
Thank you for the video.
Badiya bhai!!
Good one and just the right amount of puns, thank you.
If you want to buy a car and get the best deal. In my opinion pay cash, that way you won't need the bank and dealer will go down on price.
use to have a nissan i30 then a 05 honda accord now a lexus es 350..never thought id be a toyota guy i finally am and it feels good..
I bought a used car for 3k less then dealer price. It’s a 2016 rav 4 which was 25k retail 3years ago 🙏 I paid 13k
The timing of this video is amazing
I did not know that dealers get more commission if they get you to finance
My friend works at the dealership. They barely make any money on the car itself, but all on finance, extras, and extended warranty. Even if the dealership is super nice to you and gives you the extended warranty at cost to convince you to buy, they make huge amounts of commission on it since most people don't use their warranty. Also the $499 doc fee is the salesmen's commission, let's be honest. It doesn't cost $300-$500 to process some paperwork...
So in an scenario where the salesmen makes no commission on the actual vehicle itself and has 0% interest to finance the car, at least they will make the $499 doc fee that that the salesmen gets to keep.
Sergio
I didn’t know, either. I wish someone told me that before. I’m glad I know now even though I still don’t have a car at the moment.
@@damnitjimmyjohn LMFAO. They make a TON of money on both NEW and USED cars at the Stealership. Don't let "your friend" bullshit you.
@@damnitjimmyjohn very informative. Thanks.
@@damnitjimmyjohn Salesmen get a percentage of front end profit or in many cases, a flat or "mini" if there is no front end profit, not the doc fee. Certainly not a minimum of $499 on a 0 profit front.
The thing with used cars is that no used car is the same even for the same model, year and mileage so you can't just shop around for the best lowest price due to its condition.
What about leasing? Is it better to purchase or lease?
I always start with I am thinking about replacing one of my cars. Then I mention how much I hate spending money and give a few stories about plumbers overcharging. Then, no matter what they quote, I always walk away and tell them that it is a lot of money an I need to think about it and talk to my spouse. Then I go online for Kelly Bluebook dealer price. I take 10% off of that price and go back and start the negotiations. lol. I am certainly not the smartest, but after watching this, I do feel better about how I have been doing things.
That always seems to work.
Well I tell people to pay cash for a car so that takes out over 90% of the people
🤔🤔🤔
Seriously!?!? You're brillant. Just spent the last 2 hours on the telly with different dealerships.
Certified Pre-Owned is a waste of money. This would have been 5k more on a $12,500 Hyundai Elantra 2013 I bought 3 years ago (paid off 4 years early). If the car has less than 20,000 miles forget about certified pre owned. It’s still practically new without the new price tag