13 Car Buying Mistakes – How Auto Dealerships rip you off – by The Homework Guy

13 Car Buying Mistakes - How Auto Dealerships rip you off - by The Homework Guy

http://www.thebusinessforumshow.com/ Need car buying advice? Kevin Hunter, Host of The Business Forum Show, spent countless hours researching and compiling the information and data shared…
Video Rating: 4 / 5

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25 Responses

  1. Al Senior says:

    The prospective customer will never really get to know how much the dealer
    is into it with any car, consider MSRP numbers, dealer incentives, other
    kick backs of all kinds.
    Therefore there is no point in arguing about his costs, since you’ll never
    know.
    You can avoid all the mistakes mentioned in this video and simplify the
    process by doing it this way:
    Firstly:
    Don’t take out a loan or lease, buy when you have the cash.
    (They fleece you on interest, and if you don’t own the car, the insurance
    rates will be excessive). Try not to fall for add-ons, like service
    contracts or upgrades (that is where they make the most money).
    Then:
    1. Disregard all the numbers the dealer shows you of what he must get for
    it.
    2. Research (KBB) and check what the average buyer paid for the same model.
    3. Make the dealer an “out the door” cash offer with a time limit, and
    explain that your offer is not open to a counter offer.
    4. Go home and wait for the call.
    5. If you get a call to come in and renegotiate (he has a new proposal),
    decline and tell him to call you only when your offer is accepted.
    I just bought a new Prius a couple of months ago, giving the dealer 2 days
    to accept my offer, and sure enough, 2 hours before it expired he called
    and was ready play ball.
    By the way, I paid well below of what they asked for as their “best
    price”, but I am convinced that there was still enough profit in it for
    them.
    Pleasant buying experience, preserving your time (and sanity), and saving
    you money.

  2. Phlaked Corn says:

    The only mistake I made was not getting a proper inspection, no problems
    though, thank god! But they failed to properly inspect my trade in lol,
    looked like a decent car from the outside, but the engine was almost shot,
    the battery was dead(charged it enough to get it started and drive it
    there), the odometer was broken(stuck at 268000, closer to 350,000 miles in
    reality), tranny was about to fail, the list go’s on and on, all they would
    get is the scrap value off of my car, minus the tow fee. In reality I would
    have had to of spent about as much to fix my old car, as my new one costed.
    Only thing I regret is not spending more time to knock the price down a bit
    more, after about 3 hours I was getting impatient, so I settled. 

  3. Gentl.Eman says:

    That way a great video! Thank you so much for advice! It’s funny because
    when I went with a friend to purchase a car who used to be a business man,
    we actually drove sales person a mad because we didn’t want to sign
    anything binding us to buy if they gave a good enough offer. This video
    actually sheds a lot of light on some of the things I’ve witnessed that day
    and to the tricks I’ve seen other people fall for. Again, thanks for the
    video! It helped a lot!

  4. Baohuluxiake says:

    I was totally ripped off when I bought my first car about 10 years ago. I
    had not done any homework before I bought the car. I got a loan from the
    dealership, and the rate was 12.75%! And I also bought some unnecessary
    accessories, I was really stupid at that time. These salesmen are ruthless
    and the only thing they think of is your money. So really do your homework
    before making any purchase and also be patient, take your time to make any
    decision. 

  5. Ehrick Mason says:

    Lol I know I fell into the finance manager. Wasn’t prepared at all. lol

  6. Dynamic Samurai says:

    Damn buying a car sure got me more skeptical then before. . .

  7. alexander syguu says:

    The biggest fail you van do is buying a new car… at the moment you drive
    it out the lot its loosing 19% of its worth… and after 3-4 years with
    under 50000 miles its 1/2 price already…

  8. snowball114 says:

    i took a car on a test drive a few years back and mid test drive the car
    completely broke down in the middle of the street and wwould not start back
    up needless to say im never going there ever again

  9. extratman2012 says:

    All you have to do is research the dealerships not all dealers and car
    sales people are out to screw you! And maybe you should work on getting
    your credit better and put a down payment down and you won’t need gap
    insurance!! When your credit sucks and you put no money down you at the
    Mercy of the the banks not the dealers!! Some people that get screwed
    shouldn’t have financed a car in the first place!! Don’t blame people when
    you don’t know what you can afford!

  10. Samid Khodjaev says:

    Hello, I am about to buy my first car (ofc used one) and I am not very sure
    which one to get, should I go for 2011 Nissan Maxima or 2011 Nissan Altima
    coupe or 2012 Honda Accord coupe?

  11. KillUsSomeZombies says:

    I remember using Movie Maker to make videos when I was in middle
    school…..

  12. sidharth chand says:

    I should’ve had a mechanical look at my car it was a piece of shit

  13. William Ross says:

    The love of money is the root of every kind of evil.

  14. Brian Ross says:

    doing your research before hand and being willing to walk away if the deal
    doesn’t seem right are the two most important factors here in summary. As a
    side note, if anything is brought up that involves a price that you don’t
    understand…pry…ask questions…its their job to tell you.

  15. Juan Lara says:

    Bought a used car from my Nissan dealer, got it for for a little above
    $1500 with plates, registration, and taxes. Up to now the only issue with
    my car was the old battery, and some burnt bulbs from age. I actually
    checked my cars value and it was in $2000-$3000 range.

  16. Bill Mclemore says:

    The car business is a scam. Always view the people you are dealing with as
    scamsters, because this is what they are, from the repair shop to the main
    office.

  17. Khaltazar says:

    How many miles should a new car have? Around 0 – 20 (just curious if there
    is a way to get money off if it is beyond a certain limit)? Also, one thing
    I noticed some dealers doing is playing the “honest” card telling you x car
    isn’t that good but y car is better and cheaper but really it’s probably
    just car y has more room for profit than car x. It fools people to believe
    they are on your side and are looking out for you so they can pressure you
    later trying to convince you that z plan is a huge deal.

  18. joe jones says:

    Good video but maybe you should take some time to explain hold back money
    and skins as a way to save even more money….Car dealers really hate me
    for these

  19. Jerry wilson says:

    $100,000.00 for a car ? Your out of your ever loving mind ! Where in the
    hell do you live & you must make more money then Obama & maybe as stupid?
    I’ve been driving our two Toyota’s for 15 & 13 years & they are still like
    new & minimal maintenance costs ! Just take care of your vehicles & follow
    the maintenance ! I’ll be driving these when they take my license
    !!!!!!!!!!!!!!!!!

  20. ReFracture says:

    I got suckered on the GAP. Good video. I bought my car last year and a lot
    of this sounded familiar, hah.

  21. . says:

    so buy a car online

  22. Zach hidden says:

    Saw a video of a guy who wanted a bmw e39 m5 (the 500horse power early 2000
    bmw 5 series) that was for sale for $15,000, he test drove it and it
    checked out, he knew he needed to dive deaper because it is a european car
    woth lots of added technology involved, so he spent $75 of his own money to
    get a test done before he bought his “dream car” and after the test he
    found out their was about $5000 of work that needed to be done. He ended up
    buying a 01 540i for $15,000 that pasted the inspection and had maitainence
    records instead, because he couldnt afford that car at that time because
    some cars are just to expensive for some people regardless of the “deal”
    you will get. 

  23. Brian Shirk says:

    gas mileage is not made up by the sales person, or the car manufacturer for
    that matter, the EPA forces car dealers to display those numbers, and the
    EPA creates them. 

  24. bradh716 says:

    These are all very good tips. Essential even. I would also say to anyone
    buying a new car, the dealer wants to get rid of the cars that have “been
    on the lot too long”. In other words, the ones that no one wants. Instead
    of driving whatever the salesman pulls up for you to drive, go look at
    their inventory and see which ones appeal to you the most.

  25. TheIronlefty says:

    Why none of these websites you show ed has daihatsu rating?

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