Used Cars: How to Negotiate the Best Possible Price (Updated for June 2020)
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- เผยแพร่เมื่อ 6 ก.ค. 2024
- Stay connected with Ray and I here: / shefska & / rasisjaz
Today Ray and Zach discuss the strategy they use to negotiate the best possible price for a USED car. Unlike with new cars, dealerships are less likely to discount much (if anything) from their listed prices. To get the best possible used car deal it takes patience, diligence, and good timing. With the expected glut of used cars about to hit the market, this is the information you need to get the best possible deal.
If you like this video, please let us know in the comments below! - ยานยนต์และพาหนะ
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Thank YOU for watching today's episode. Zach wanted me to let you know why we have stopped taking on new clients... It's because we have become overwhelmed and haven't been able to effectively service individuals who have already engaged with us. We feel incredibly fortunate to have the opportunity to help so many people (over 100 in May!) go through the car buying process with us. Hopefully in a few short weeks we'll be in a better position where we can begin to take on new clients again. In the meantime, thank you for your support! If you want to work with us in the future, please click here to join our waitlist: yourautoadvocate.com/waitlist
Booooo
Thanks for the solid advise. Being in the NY nj area would be nice to pick your brains about a car. However I'm well aware most viewers will also want the same!
! Aqa aqa
That's not a bad "problem" to have! Congratulations!! Keep up the Great Job!!!
I guess im asking randomly but does any of you know a method to log back into an instagram account?
I was dumb lost the password. I would appreciate any tips you can offer me
I wrote this before I hit play.
Used cars are a tough buy. If you're buying an ex-rental or lease return, you're buying something that has a reason to be on sale. If it's a newer car on the lot...why is it there? Did the family outgrow it, or does it have an issue. If you find a VW, or Chevy on a Toyota lot, what made them buy a different brand and trade it in? Second, you're right, every used car, no matter how similar is different. You can never know what you're buying.
I sold cars for 12 years, and I can say that there were used cars I didn't want to sell. There were cars that had a history, or a possible mechanical problem, but I did what the dealership asked and hey...I am not a mechanic. The other problem was that people come in to dealerships with their 'opinion', and as the saying goes...
I've sold used cars back twenty years ago that are still on the road, and five year old F150's that ended up with cam-phaser issues, NOT MY FAULT...I don't have a crystal ball. People used to come in when I was new at sales, they wanted a Honda, Toyota, or VW because they were the best! Low mileage, good condition, safe, and cheap...$5k Canadian or, the same as what they paid for their first car ten to twenty years prior. The problem was that this car was for their kid. They wanted a good deal for them, low interest rate, and weren't concerned with helping to build their child's credit.
Expectations always need to be adjusted, and if you're thinking that the car you bought in 1986, can be bought for the same price today, you are out to lunch. I never sold a USED VW that was any good, they were always traded in as great cars, but these cars always ended up at auction and why was the customer buying a Honda if their Jetta was sooo good. The few BMW's, Audi's, and VW's we sold as used, had far too many problems on the horizon, it's why the owners got rid of them...we couldn't sell them in good faith because the blowback hurt us too much.
This video confirms what I suspected about used car deals: if you’ve seen one used car deal, you’ve seen ONE used car deal. No two are exactly the same. Thanks for the video.
Hey guys,
I just started watching some of your videos but it was an incredible help. I feel much more confident when walking into a dealership and have a game plan instead of getting swindled by the salesperson. Thank you!
I am so glad I discovered you guys. I love your forthrightness and calm unsensationalist delivery.
Aw they are getting along here that was sweet. Nice to see the dad being warm for a change you can tell that's all the kid wants. He looks up to the dad so much you can tell he is like his hero.
For a change...?????
Thank you for sharing your knowledge on buying cars. I enjoy watching you too! Keep up the great work.
Just happened across this video and your channel today and as soon as I saw that picture behind you, I knew what it was. I was born and raised in Philly and live just outside the city limits today. Great video! Looking forward to watching more.
I sold over 1 billion dollars of IT systems, services and consulting over 40 years. I primarily used the "Best price/First Time" strategy. It worked for me because customers eventually learned you were sincere with your pricing and unwilling to play games with them
You can't directly compare 2 different used cars but in a sufficiently large market there are likely still enough models that can be roughly compared. Here is my simplified approach to buying used cars- The buyer has to have an idea from their research what they think they want to pay. The buyer has to spend enough time with the dealer negotiating, making small talk, comparing cars, whatever until they think the dealer has lowered the price to as low as they will go. At that time you buy the car or you leave. The dealer may not lower the price as far as you think they should, so you go look for another dealer.
Thanks for these videos. I have never bought a car smart, always been upside down after a purchase. I just sold my car (privately) and made some money which I will use for a down payment. I have borrowed a car from a friend so I can do my research and get the right car at the right price. I have been watching your videos and really appreciate your integrity and transparency. Thank you! I feel way more prepared this time around.
If you got upside down after a purchase, that's unlikely because you got ripped off by a dealer, maybe 2-3k. If you got decent APR, then the most important thing is the vehicle choice... Which model, year, mileage... You will save money knowing how to negotiate, but in long term, the right choice of car makes sure it's a smart buy. Like those folks who shop at Carmax, which is typically ripping off customers, but those who know how to pick the right car for themselves will do fine in the span of 3-6 years.
Great video, I watched all of your videos and this one is very very informative. As the used car prices are going insane in my part of California, I will wait things out. Keep up the good work.
I really appreciate your insights and thoughts. It’s been very helpful, thank you
Love that you finally pointed out the Art Museum! I've been enjoying you guys' video during the lockdown here in Bella Vista/Italian Market and especially while in the market for a used car. I did fall prey the other day to a dealer marking up their "low price" with an insane doc fee and processing fee that jacked it up by $2k. Obviously, didn't go through with it, but I hoped against hope that it having sat in the lot for over two months would've given more leverage, but no dice. Onto the next one!
Love it... I'm from West Chester, PA I get such a kick out of your videos.
Thank you for the information you guys have provided, and helping me be more realistic/ patient
I love you guys sense of humor. this video was very helpful for me. I am that person almost over whelmed with finding a Used SUV in the DMV area. I was honestly trying to purchase from Delaware to cut down cost. We will see what happens in the next month.
Thanks for all the videos I have learned so much from you guys!! Thanks!! Keep making great videos!!! Rich
Thanks guys! Y’all are extremely helpful & knowledgeable
Enjoyed your video on used car purchases. Just happen to see your website and made it a lot more easier to decide on difference issues.
Great information and video. This kind of insight is not available anywhere else.
I remember working in west Norriton PA and all the litte towns from Philly to West Norriton had hard names. Thank goodness for the train calling each name before the stop😃
Thanks for sharing this is great info. Sounds like online pricing is similar to the travel industry online. The hotels specifically play the lowest price have and tack on "resort fees" and alike.
I like you guys and you should be more popular. You literally say it like it is. And are super up-to-date on this and not generic.
love you guys....love the chemistry between father and son.
Mileage is very subjective. Highway miles are equivalent to 10% of city miles for wear and tear on a vehicle! Buy on the last day of the month!
Thank you so much I really needed this it will help me plan for my next purchase
'bout time you mentioned the Art Museum. Of course, being from Cheltenham, I already knew it. Keep up the great content guys!
I would have mentioned sooner had they paid me to do so. Stay safe, Ray
Shopping dealers vs dealers.
Difficult at first because they don't want to negotiate on line or over the phone, but after a couple days, they keep seeing your name, in my case, they understand I'm going to buy, so 3 out of 5 start dropping the price, the other 2 don't care.
Lower price , additional installed options and free oil changes all add up and more. Which is a 180 degree change from day 1 of come in for an appointment and a price.
It saves a huge amount of my time.
Yay! Someone who can pronounce Schuylkill! I grew up in Schuylkill Haven, PA. Awesome! 👍 Great vid. Still shopping for an Alfa 4c and prices are jumping up a few grand. Patiently waiting.
The Alfas are gorgeous cars but I can't take them seriously with such an awful dependability record. That is a shame.
@@joehebert789 yes, agreed. I am looking to add it to the garage as a project for content for my DIY TH-cam channel.
Can you pls do a video on buying a used auto out of state and shipping it to you....thanks guys!
And thank you for your great knowledge and your time!!!
Hi gentlemen!! So glad I clicked on this video and thank you for the truck example because I'm here in VA and I'm looking to purchase a used car within the next 3 weeks or so. I have my eye on a 2011 Toyota Camry that has a little over 80,000 miles on it; the internet sale price is $8997. I swear this car shopping thing is sooo daunting... Not to mention, I'm admittedly disappointed in my credit profile, which will have me paying a much higher interest rate than I would prefer!! Go figure...😔😢
2024: All this information is very helpful even if this video is 3 years old. I have binged watched your channel since last night (I have a 15 and a half y-o son with a permit) so all of your videos even the ones 4 years ago are super helpful
Great information, thank you!
Wanted to thank you for your helpful information thru this video and others I’ve been watching. It’s been close to a month now and I’ve looked at quite a few dealerships. I’ve always asked for the cash out the door price since I’m paying cash for a used vehicle. Knowing what to ask and where to look is what I needed help with. It wasn’t until recent when I learned about invoice pricing on new vehicles. Hopefully by the end of this month tops middle of next month I make a deal. The used vehicles that I’ve looked at the dealer gives me a price then offers me some $5000 dollar warranty that he suggests for the car. Makes me feel like I’m getting screwed.
I’m lucky to have a friend who is a used car dealer and has access to the “real” black book and auction prices like Mannheim. On the last 2 cars I bought he sent me recent auction sale prices and it made me more comfortable on the price the dealer was asking especially the one price dealer who wouldn’t budge on the price. But I did get them to waive the ridiculous $700 dealer fee.
It’s Manheim
I had a buddy who would buy at the auction and charge 500-1000 over his cost. But I tend to spend about 7 years in a car.
ya all units at Manhiem are 2k over retail right now..I know Ive been looking for the last 6 weeks...on Manhiem and AAA every day
@@paulstamme3813 I picked a good time to buy. Did a deal 2 weeks ago with a dealer that had 50 cars on the lot, yesterday they had 14 because they cant find cars at a price they can quick turn them.
@@takhsisprime nobody can right now prices are through the roof and NADA values have plummeted...
I saw the picture on your wall and I know that place because I'm a Philly guy hello my friend also thanks for all your information with your son wow!!!!!!
Very informative. Thank you.
Thanks for making this video. From my experience with internet pricing on cars it is hard to negotiate. If you've searched the net and local dealerships you already know going in it's a fair deal and that's why you're there. A pre purchase inspection is a must and I'm glad you mentioned it! If you want a discount, you have to find a person selling the vehicle not a dealer and this is a pain if you're looking for something specific. Always try to get the price down because if you don't ask, the answer is always no.
There is a difference in the difficulty of finding a good deal for people based on whether they are trying to find a fair deal, pay a certain price, or make sure the dealer makes no money.
I gave up dealing with dealers and bough from a private seller . Dealers made the process so hard and so much bull crap trying to get every extra dollar from me they ended up getting none of my dollars . Next time I’ll use a car broker like you guys or only buy from a private seller . It’s not worth the hassle and stress of “the sales process”
That was Great!!🙋♀️
I'll be your friend Ray and Zack 😍🙋♀️🏃♂️🏃♀️🏃♂️🏃♀️🙋♀️.
I'm learning alot watching your videos😊. Thank you and May God continue to Bless you. 😇🙏😇🤗🙋♀️🏃♀️🏃♂️🏃♀️🏃♀️🙋♀️😍😇🙏🙋♀️.
Hey your together, that’s great!
You are correct, roll tide!
You guys are Great
I’ve been watching a Porsche Cayenne diesel, it was originally listed @ $38k, now 5-6 weeks later, $32,299! I have lots of patience, one who waits, gets a better deal! They made more than one! Don’t get your heart set on anything.
If you want, give me the specifics and I'll pull up the auction value of it..
Cary looks like it sold, was there yesterday. 15 diesel cayenne 39k miles, down in Miami.
@@dehoyosrudolph8885 That car is very condition dependent... assuming "average" condition, MMR is $31100
Great video (but that's normal). In my area of NC I'm seeing some franchise dealerships pricing cars to move them and others sitting on inventory for a while. I'm in no hurry to buy so I just keep shopping and looking. I've decided to wait to get what I really want and since it's a relatively unique used car and may take a lot more waiting - but that's ok.
David Roddick I have the same thinking. If not in a hurry today, I think it better to wait thru this year considering the world circumstances.
Thanks gentlemen!
Love your videos, thank you! So I’m interested in a used hybrid vehicle. Since they started out here in Cali and Nevada isn’t big on them, it sounds like I might want to buy in Nevada. What considerations do I have to think about as a Cali resident buying used car in Nevada?
Q: Since the VR listing is the pricing comparing their care with other cars, YET the used car can't really be compared to anyone else's same model car since each used Car is different.
How valid is the VR listing?
How do I know if the car I'm looking at is a dog while JOE's AUTO has a Gem that Grandma drove to Bingo and back?
Enjoy your videos. What I’m finding from them is that I already knew most of what you say because of my age and experience as a consumer, and having a good friend who is a salesman at my local Chevy dealer. For funny spelling and pronunciation, there is a town near Bethlehem PA spelled Schoenersville. Most folk would think it’s pronounced show-ners-ville, but locally it’s pronounced Shay-ners-ville. Also, the PA town of New Tripoli is pronounced new-trip-O-lee, withe the emphasis on the long O in the middle. Go figure!
thanks guys.
I like you guys! I just subscribed! My Grandad was a used car salesman for a really long time. He always tried to do right by his customers. You guys remind me of him. Thanks for putting this stuff out there. 😊👍👍
Thank you Sarah, there are a few good people in the car business and i did mu best to associate with them. Stay safe, Ray
Is it worth putting time and/or money into detailing a car before taking it in for trade? What are some things that dealers look at positive or negative when figuring out what to offer on a trade in?
I am shopping for a new Honda Pilot, email at least six local dealers, four responded, one said no discount at all due to high demand, three of them offered close to $6000 off stricker.
Thanks for presenting these videos on used car negotiating tips. Very helpful.l Two questions: If I want to get a PPI on a premium used car, should I make an offer contingent on the outcome of the PPI (and maybe on dealer cooperation in getting the car to and from the PPI)?; When dealers send cars to auction, do they realistically expect to get more than trade in value for that car at the auction? Thanks.
I have friends in the car business and find out what a certain used car I am looking for brings at an auction. Next when I am looking at the cars at the dealership I try to find out how many days it sat on the lot, if let’s say 90 days on the lot I start out with auction prices and figure what the dealer might need to make. I usually pay auction prices for my used cars.
Some used vehicle dealers are unwilling to 'let the vehicle sit' for very long at all. They will unlist it, then relist it in order to make it seem as if it has only been on the market for a few days. This helps them maximize their profits. This is especially visible on Craigslist.
not with carfax available
great video as usual. I look forward to you guys every morning when I turn the computer on. Can you give me your thoughts on why a manufacture would be setting a residual value for a car at 46% for 36 months for 7500 miles when I see the same car generally for sale at about 80% of original MSRP after 36 months and trade in values are still around 66-70%original MSRP. They are saying 7500 miles per year. Also the money factor is .002 for Tier one, which seems terrible compared to what I could get to finance. Do you guys see some disconnect, what might be going on? Should I just purchase and not even consider lease? It seems that manufacture has no interest in leasing, when payment would be higher than purchase payment.
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Great video. Do you find that there’s better deals for certain brands depending on the state or region?
I thought Ray was from Philly. Thanks for confirming. The South Philly / Delco accent is pretty unique.
Born in West Philadelphia and grew up in Springfield, Delaware County before I moved to the Atlantic City area, so yeah, I'm a proud Philly boy. Stay safe, Ray
Hey guys!!! I love your videos. So helpful. I’m buying a used car...does it matter if I buy from an established auto dealership or some mom and pops lot with 50 cars on their lot?
You guys are great. So much insight. What is your experience with Carvana?
Bala Cynwyd has a Welsh origin, even though there are quite a few native Lenni Lenape names in the region.
Would you two be willing to role play a used car negotiation? ;)
1... 2... 3! Love it when the fam works together!
Episode 12 is now live on Patreon with 7 extra minutes of family antics 🤣
www.patreon.com/posts/43426332
Do you think prices for used cars will inch back up or do you think it’s just a matter of not going down anymore?
So it's better to buy a 2013 used lexus rx350 now or should I wait in 2 month? Some other TH-camrs say best time to buy user car is now? So which is best answer???
Can you do a video on what types of fees dealerships adds on the contract , what to look out for and avoid them at the spot ? I feel like most people get cheated on In the finance conclusions
I have seen a "processing fee" on the sale of a vehicle. Here in Virginia, it will be around $299, give or take. I have no idea what this fee covers. Wondering if this is a money making fee.
Jeff G Sheehy Ford Richmond wants $799
DADDDDDDDD....great vids guys
We recently purchased a used vehicle in socal what do you think about a dealer tacking on $2500 anti theft system? Would a dealer be able to remove that system or price? I thought it was rediculous on a GM vehicle.
What are the internet sites you suggest to check the accurate the values of new cars what you should pay for a new car
Please tell us which online portal is best to buy a used car. Most of these portals do not give the breakdown of the cost
This video was really helpful. What about going to car auctions? Is it worth it if you have a contact to get in?
It's getting harder to do but I always look for used cars sold buy owners. That way I almost always find the best deals.
and you have no recourse when the car takes a dump on you...nice stragedy
I agree ron
Watching here from Tuscaloosa,Al. It's ROLL TIDE ROLL!!!!!!
Just a quick question. Market value - Does it make since for a well known dealer to have a used vehicle at market value of say $33,000 compared to others of $38,000 but in turn make their asking price the same as one's with higher market value. I guess what I am really asking is can you make an offer to dealer a little over marketing price. Thanks
Nice Dad. Nice person
Gentlemen, I live in Richmond, Va. I am looking for a used car locally in or around Richmond. Many of what I term non-big name dealerships (i.e. Jim's Fly By Night Car Sales) charge a "processing fee", typically running around $299. 2 questions: 1. Is this a money making fee? 2. Can this fee be negotiated down or even eliminated?
I would like to know what is usually involved in reconditioning a used car.
I have a bad credit rating because Ive never had credit?? Always use cash or debit card.
I’m looking at 2016ish toyota sedans. I’m hoping a large down payment and proof of thousands more in the bank will persuade dealers to take a chance?
How do l purchase a car at an auction if on not a dealer?
There are no public autions in our area.
Do you have any information which I'm sure you do on trading in a vehicle to go a lease vehicle
Curious if now is a good time to buy a used car? Specifically a truck?
Hey I got something you might want to talk about in a future video. I know I would like to hear your views on this subject. That is - dealers websites - they suck (IMO). I'm not sure if this is an issue nationwide but in my area a large number of new and used dealerships do a horrible job of updating their website. It's not hard to stumble upon cars on a website but is not available or on their lot. It's sold or something. Some of the second tier websites are weeks out of date. However, upon further investigation, I've found that a good percentage of cars on dealers lots are not on their website. No marketing whatsoever. That just blows my mind because they are potentially missing out on customers looking for that particular make and model. Worse yet, I think the dealers are doing it on purpose. I have my suspicions but I don't know exactly why. Dealers that are embracing the internet (using V-Auto) are selling cars like crazy. Some are breaking sales records during the middle of winter and during a pandemic. Do you guys think that they are just to busy to keep on top of their Internet marketing or is their internet marketing poor because they want it to be?
Someone should design something like a nation wide website where the info of cars come up at least when you are searching for a particular year, brand or model, it don't have to include pics or any anything fancy but at least to give a customer a lead on a car they are looking for and than that customer can follow up if they are interested in that car but it would be like 10x much more helpful i think
Really interest vid. There just some realities we consumers need to digest before trying to low-ball a dealer. My question - does this content apply for aspirational cars as well? Porsche is not getting a bunch of cars from Dollar, or Hertz. Of the 35 million unemployed, most were making under 50k/yr and not in the high-end market anyway. Is negotiating a 4 year old Camry the same as a 911?
I am still seeing a $1000-$2000 difference between what a lot of dealers are asking and the max value placed on the cars by my lender. This tells me that the dealers still have too many cars and are not pricing close enough to perceived value by lenders. I will be waiting until they come down more.
What is going to change now that Wells Fargo is not going to finance used cars and used car dealers now. They just announced this this morning.
I work in Bala Cynwyd :)
How do you negotiate the price for a 2020 manufacturer buy back, that had a transmission issue repaired by the manufacturer and discounted $4k for $26k. My car guy friend thinks they may have bought it at auction for $12k-$16k.
The Siennas have been on the lot for 90 days.
I was interested in a car in my small home town. I did my home work, and found the same kind of car for1500 bucks cheaper, but it was in a large town about 80 miles away. i showed a copy of the stats to the sales man, and he said well, i cant sell this car for that price! i said oky,' its your call!''good by!" and he said, but i can com close to it! being in a small town dealing with a small car lot, i dident have to put up with all the junk fees.I bought the car for a grand less. Anetas husband.
It sounds like you made a wise decision by supporting your home town dealer since he came close to the price. Congratulations and Happy Holidays to you and Aneta, Ray
Where do I go for a pre-inspection before buying?
I’ve purchased a couple of Certified Used Cars from Mercedes dealerships before. I wonder what you take is on them...
What company do you guys use for your pre-purchase inspections? Thanks!
I'd be curious about this as well
Philly Guy here I'm looking for a Lexus GX 08 or 09 what's a good price help !!!!!!!!!!
Just to clarify... This is about negotiating the price, and not the fees right? We can still reject the fees even on a used car?
Though dated definitely some nuggets re negative equity, 0% loans, VRPO(?) Internet deals and add ons. Such a different market now! Can you do a new vs used fall 23?
Hi, do you recommend buying a 1-2 years old low miles sorento or a new one with 3 months no payment + zero finance charge for 72 month or 3-4 grand discounts& incentives?(in north Dallas area)!
What are the price differences?
My problem every time I find a car that Is what I need and can afford by the time I get there they done sold It how do I prevent that from happening I keep thinking If I save up more money and try to get one that cost so much that No one else would buy It before I can get there I keep Increasing how much I will pay but someone always buy It before I can get there I Am ready to just give up and build a car.
I just did a deal 500 miles away in maryland for perfect condition ML350 for 20k + tax/title when the retail according to NADA was almost 29k with all the options. My local dealers weren't really willing to negotiate down to nada retail before all the crazy fees.
Did you have car shipped to you?
@@cathywebb285 yes
What websites were you using during your car search?
@@PoweredByLS2 caregurus is my favorite because most cars have an automatic comparison with an estimated nada retail value. I'm actually looking for another car as well. Like he mentioned in the video you are looking for the quick turn dealerships.
@@takhsisprime
I see. How can you tell which dealerships are the quick turns other than the slightly cheaper price?
Are you gonna wait for all the Hertz cars to hit the market or are you shopping for something right now?