5 BIGGEST Car Dealer Rip Offs That Cost You THOUSANDS || Watch Out!
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- เผยแพร่เมื่อ 30 พ.ค. 2024
- These are the 5 biggest rip offs to watch for at the car dealer. We share 5 sales tactics that some car dealers use that can cost you thousands of dollars. How do car dealers rip you off and price gouge you? If you are planning to buy a car in 2024 and want to avoid buyer's remorse, make sure to watch this video.
Visit www.omvic.ca/ to access free car-buying resources and sign up for the quarterly newsletter, Consumer Line.
You can also contact OMVIC’s consumer support team at consumers@omvic.on.ca or 1-800-943-6002 for expert advice and answers to all your car buying questions.
00:00 Intro
00:45 Tied-Selling
03:05 Forced Financing
04:35 Bait & Switch
06:50 Hiding Incentives
08:00 Trade-In Offer
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Website: www.carhelpcanada.com/
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ABOUT ME
With over a decade of experience as a professional car buyer and auto consultant, Shari Prymak has helped thousands of consumers with their car buying needs. Car Help Corner provides honest, objective, consumer advice with all aspects of car buying and car ownership. For more professional advice, check out Car Help Canada, become a member, and subscribe! - ยานยนต์และพาหนะ
Always assume that the car dealer is out to steal from you until they prove to you otherwise - good luck finding an honest one
They and real estate agents are parasites: they feed off other's hard work. I enquired getting a part replaced they wanted $280 fault diagnosis upfront after I'd already determined the problem. Then there's the cost of parts - five times dearer than resellers on eBay- awful
Laws should be investigated and inforced especially from dealerships
Dealerships and auto service shops like midas are out to gouge you. I needed a part, midas quoted me $1600 all in. So i googled the part number on rock auto website and it was $400 with delivery. If Midas had quoted $1k flat i could understand but damn
It's a damn shame that the car buying process has lying/misleading folks who omit whole truths to keep as much money in their pockets as possible.... The question you should ask yourself, am I talking about the buyer or seller?
When you walk in dealership with that mentality, that is exactly when you get what you deserve, ripped off
I had gone to 4 to 5 dealerships for new car and everyone gave a quote with extras. Some dealerships did not even bother to give me a breakdown. Finally, I found a dealer who initially included extras but told me if required, extras can be taken out. Eventually, I ended up ordering the car with MSRP and asked dealer to take out all extras.
Which brand?
when you receive the car, pls tell us, i hope it will not be like 6 months or up. good luck
@@mrnarason Toyota
@@walnoremac It is more than 6 months. I told the dealer clearly that I am not worried about the wait time.
@@arvinlobo8750 I had the same experience before like 2 yrs ago and took out all extra , wait for more than 6months. At the end ………. I need to go to buy other brand .
Dealer just says no car in and ignore me
My buddy has been a Honda salesman for over 20 years now. Good guy, says he hates the way they do business now. He told me on average, $3000 mark up for products cost them $200-300. Pure consumer fraud if you ask me.
Like some accessories like hitch?
Have you ordered a chicken sandwich at Chick-fil-A recently? It's the same profit margin
Tied selling happened at Colonial Honda, Halifax, NS in 2020, the last car I bought. When I forcefully questioned it with the manager, I got nowhere.
Nothing makes me feel dirtier than buying a new car. Sad.
I love when they add on a bunch of things, then act like you’re insane for not wanting them. I go in knowing what I want with a number in my head for it. If I don’t get that, I leave.
Calling BS. Everyone likes to talk tough on the internet. In reality, most people do not want to argue or have ANY type of confrontation. They just take it in the read end and try to justify the costs later.
I doubt seriously, you "getting up and leaving" after they have you already bent over!
@@kendallevans4079naw, not everyone is a pussy just because you are. I walked the fuck out if a chevy dealership yesterday for this same reason. I pay what I pay or I walk away, period
@@kendallevans4079 Chill out. It's not that serious.
@kendall source: made it up
@@YayforFun09 THEY should chill out and stop making stuff up!
The two dealers I dealt with today looking for a small SUV were excellent, told me the final price and told me what’s included and gave me financing options and invited me for a test drive, nothing salty about my day today
Thank you for your work!
Forgot to mention that if you are gonna finance the purchase then first get it through a credit union and not through the dealership.
YAAYYYYYY TIME STAMPSSSS!!!!!!!! Thank you very much.
Great video thanks!
Just save up cash and go buy a 2-3 year old vehicle from a private seller. Avoid those crooked dealers at all costs. Save you the headache and money.
Private sellers can also be "crooked" and you have to watch out with them, especially with those selling cars on Craigslist.
Thanks for this video, very helpful to those looking to buy a car. I was myself a “victim” of this situation, I wish I saw a video like this before.
This will definitely help a lot of people
I just bought a car last week. I told the salesman not to present me any add-ons. I told the loan officer to skip all extended warranty. Read carefully and be willing to walk away if you have to or they will make you pay more then you needed to.
Thank you for your information
Very good advice! Glad I read it, and I WILL make sure I keep a copy of this video and I will take my questions with me when I visit a car dealership. Thank you.
Glad it was helpful!
What a racket. Just purchased a new vehicle and it was exhausting. The back and forth and checking every detail. I did get more for my trade because I was willing to walk away unless I did.
We thank you so much for all this info God Bless 🛎🇨🇦
Thanks ❤❤
Thanks!
You nail it everything. I've sold 100s of cars. I actually left bc there's it's easier on the soul
Unscrupulous car dealers are a given. The consumer is almost guaranteed to get Stormie Danieled during the buying process. Even the one's that publicly proclaim their selling integrity.
When I was shopping for a used car I noticed quite a few ads where they put in the fine print that the advertised price is for finance only. The finance price was 9% , I complained to OMVIC and heard nothing back . What happened to the advertised price is the price you pay law?
If the dealer advertises the price as a finance only price then they are allowed to do this. If there is no disclosure in the ad then it is an OMVIC issue.
What's wrong with taking a financing and pay it off next day? There is no penalty for that, afaik
@@oleglishchenko4922pre-payment fees exist
Tied selling is ILLEGAL. Report them to the FTC
you are wrong and talking American on a Canadian video.
I wish there were honest auto dealers who just advertised a price and stuck with it. Do not want all these stupid add ons and I will not deal with the dealers . Car sales should not be that difficult.
Reminds me of Fargo (1996) where Jerry makes his clients buy the TruCoat package even tho none of them actually want it.
I have been shopping for a new car. Most dealers put a mark up of $4000 on top of the MSRP. They said the reason was “market adjustment “. It is BS to me. The mark up is a cushion for them to negotiate. The best they can do is remove the mark up and you pay MSRP. I want price below MSRP.
This is why id rather go to my dentist than buy a new car at a dealerships. Thank U for the info.
Thanks sir
I have a good friend and he’s a few years older than me and super wealthy. Hecto millionaire and his strategy is he goes in with a number in mind and tells them what he wants for the price in cash and when they try to maintain their markup prices. He says they have until he gets out the door to agree to the price he wants. Went with him to buy a Jeep Rubicon fully loaded and he walked out when they wouldn’t give it to him for suggested MSRP. It was something like $80k and they wanted $95k. We went to another dealership and they agreed and he bought it.
Then we repeated it for a couple KTM dual sport bikes. Went to 3 places that tried to argue about over msrp and we walked out. So I’ve learned that the ability to state what you’ll pay and walk out if you don’t is a powerful tool.
This is good info. Thanks for always creating valuable videos.
No problem!
Even 10 years old or older and have over 100 k miles on the vehicle- no haggling what so ever. So I just gave up on them.
My brother was trying to buy car for his daughter a months ago, this one dealer for a 2020 Corolla with 167,000 km was selling it for the same price as a 2024 model. Where do they get off asking that much for a 4 year old car, they ended up getting a brand new Kia Forte for less than any 2-4 year old used car.
On the bait and switch: the dealer can put out a too-good-to-be-true ad and when you inquire on it they tell you “we only have a couple at that price and we’ve got a lot of interest, so if you want to come take a look…”
Then when you get there it turns out they “just sold the last one. But if you wanted to look at something similar while you’re here…”
Local Cadillac dealer here in Syracuse New York wouldn’t help with repairing heated seats once weather got cold, even though car was purchased in June (hot weather then; service department didn’t even bother testing seats!). Repair required replacing one wire and dealership owner said he wasn’t going to be my extended warranty for the car! Car dealerships are all thieves; no one is buying cars so they rip customers off in service department!
It is not only the car dealers that try to rip you off, it’s Kelly Blue Book and Car Gurus as well, along with the Ford dealer in Bakersfield.
Awesome information we appreciate you. 🙏🙏🙏
All dealers are deceptive to various degrees. Its amazing the car manufacturers allow often criminal sales practices against the public, it reflects poorly on their product.
It starts when they unlock the doors in the morning.
awesome!!! do you have special edition for used car buying?
thanks
Thanks for this video I’m looking at buying anew car by the end of this year. Not sure if I want to least or pay cash. Great video being a single women not really knowing what to expect from the dealer you have given me great insight on what to look for. I’m not trading my now car. Can you do videos on a lease …
Here you go! th-cam.com/video/y3E7VvbCr0o/w-d-xo.html
-Used car dealers that advertise a price but then say if you are paying cash they add on thousands of dollars. I will not even bother going to that type of used vehicle dealer.
-Ridiculous administration fees. Forget it. It does not cost that much for a dealer to do a bit of paperwork and pick up plates at the DMV.
- The "market adjustment" fees. These seem to be dropping off lately but a few dealers still try to add this onto the price. I would say just do not buy from that type of dealer. There are no shortages of new vehicles anymore.
-Now that interest rates are high and people are not buying you will see prices on used and new vehicles will drop. The prices are only starting to drop. Discounts will get larger as dealers are only supported so long on floor plan inventory by manufacturers. Inventory costs money. Vehicles are about 20% to 40% too high currently. If you are not forced to buy now don't and wait till prices drop. Consumers must realize they have the power, not the dealers. If dealers are not selling vehicles it is costing them money to hold inventory. If the deal is not in your favor walk.
Well said!
Dealerships have ripping people off for years.
Yeah you are so right bought a vehicle from small dealership ended up putting another engine in it money out of our pocket no one would help us out ☹
Great info Shari! I was so much more educated this time buying a car, than I was last time, watching utube videos from you and a couple of others. I feel I got the best price I could during the big chip shortage. Paid $700 below msrp (good at the time), and got them to take off the bogus admin fee. And paid cash.
Being a woman and going into the den of sharks is daunting. My husband would rather chew off his right hand than to go thru the dealership experience! Ha.
That's so great to hear! Thanks so much for sharing 😊
I just got a car from a pretty decent dealership, but the five add ons that they tried to sell (gap, extended warranty, ceramic coating, tire repair/replacement, and prepaid service) were mostly nonsense. With my down payment (20%) and the purchase price of the car I wouldn't need gap, the warranty was already great (certified pre-owned), the coating was extremely overpriced (by 50%), tire repair/replacement isn't crazy expensive, and the prepaid service was about what I'd pay, and my local shop is closer. Just tell them no thanks, and more importantly don't buy a car that would make you need those services!
It is not only the car dealers that try to rip you off, it’s Kelly Blue Book and Car Gurus as well, along with the Ford dealer in Bakersfield
Dealers are stitll trying this but every one I visited took it off immediately when I asked. Inventory is piling up. I visited dealerships with the price I was willing to pay. Dealrship #3 hit that number right away. Dealrship #2 told me it was impossible. Well ... LOL. They made money and actually made ALOT on my trade. I offered the same deal to all. One took it . They made money. Others didnt.
All new car dealers are rip-off. Don't buy any new car. Keep your old clunker until it die.
Then there’s a higher chance it will have a heart attack while driving on the freeway.
@@johnmartin7158just save the average car payment for 13 months. That will cover any repair possible
And then buy another lower milage clunker
@@johnmartin7158just get a good reliable car and a good insurance with roadside assistance like AAA.
But if you got the money to pay a thousand dollars or more a month and are fine with it, go ahead!
Oh yes, mechanics are the most honest people
I was shopping for Lexus new-used-certified and all they said was no-haggling - all prices go by they windows MSRP. This is really ripped off to me.
Thanks Car Help Corner exposing those dirty tactics of dealerships doing this.More power God bless.
Good recommendations and quite acccurate. Just bought a car and the dealer waa really pissed when I said at the last minute I was buying cash. Didn't won't to sell if I didn't finance at least 25 000$ which I refused and paid the purchase cash.
This happened to me with my Hyundai Sonata (I live in Florida) 4 years ago. I made the mistake of not carefully looking at the price breakdown. The only thing I didn't mind paying an extra $2,000 for was for the 100,000-mile warranty. Yes, it comes with a price, it's not automatically included. I DID mind paying an extra $800 for upholstery cleaning and I forget how much for if I get a dent no bigger than an index card. I think they took advantage because my 2011 Sonata got totaled in a crash (170,000 miles on it, ran like a champ, and paid off) and I needed a new car that day.
The same thing happened to me down to a tee- all because my beloved 2009 Sonata was totaled by someone texting and driving
Dealerships are criminals
I got bait and switched. Went into a dealer about a used Tesla. They added a $2000 “cosmetic protection” package. Doesn’t say anything about this on their site and i had been texting them back and forth for a couple weeks and none of the sales people mentioned this charge either. Their site said 36,500 and out the door was a little over 41,000 after tax, fees, and the stupid package😂😂😂
As a 50 plus year old man who’s bought over 15 vehicles this is my experience and thoughts on car buying. I believe in karma in almost situations. Don’t lie or cheat and be straight forward. Treat people as you want to be treated. But not when dealing with car sales people. They are never your friend and never for your best interest and it’s their job to screw you. So I always get at least two dealerships in a bidding war. I’ll get a deal from the first dealership and no matter what I’m taking that deal to another dealership and at the very least I’m taking the better deal between the two. If I intend to pay cash for a car I’ll just finance it and pay it off when the first note is due. When they give me their initial proposal for financing I just get up and walk out because it’s always ludicrous and if they don’t call me back I don’t worry about it. Even with all that I know I’m still getting screwed. I’m just not getting screwed as bad as the next guy.
Going to Toyota dealership this Saturday for rav4 and I will definitely try this .
Thanks..Very helpful. Unfortunately for me. To late. I fell victim to a number of these gouges. IN my case they wrote up a tire insurance deal for 900 and shoved it at me on a paper with the contract. I should have had it deleted. That and a few others. They pushed financing at me when I was paying cash. Fortunately I navigated around that one. Fell victim to the paint and interior finish though. Just very upset with this dealership. One may be better off buying second hand off a private seller?? Thanks for your info.
This really sucks ya know. I’m in need of a car and it’s ridiculous that I have to do all this research and homework just to make sure I don’t get ripped off.
What’s the best way to approach online deals that aren’t fully transparent? Example: the auto-maker advertises a discount for a certain group (like say, recent grads) and the ad says the deal is applicable to some vehicles - forcing you to contact dealerships to play a guessing game about the vehicles the discount applies to.
Don't rely on the info in ads. You have to contact the dealer by email and have them send you a digital quote with the out the door price and a price breakdown. Negotiate remotely and push for any discounts or rebates.
Some used car stealers will list cars using low price, get you in an then hit you with "must haves".
Must use their financing, must have rust proofing, Paint protection, $ 999 admin fee, etc, etc.
Then they'll act offended if you refuse... The audacity...
Most people can't pay cash for a vehicle. Only a select few can do this.
I was going to sell my current vehicle and take that money towards a new car
Honestly speaking, no car dealers are honest and they have been stealing money from cars buyers and they will continue to steal very unfortunate.. May God help us all 🙏
Which is best to used to get a better quote for your trade in, auto trader, carmax, carvana & clutch?
Carmax for US and Autotrader for Canada, but I would try all
I am in the process of buying a car, and dealer has already put a POM protection on the invoice. When I asked them to remove it they said either get POM protection and dont pay dealer fee or pay dealer fee and get nothing. I dont know if thats a good deal or they are just making me get POM anyway.
Buying a car from tesla dealer is a lot easier than any other dealership
Can you do a show talking about manufactures storing cars in hidden areas to drive prices up and or hold prices high. Like the Bronco in lots collecting dust and Hyundai holding cars back .
I live in Metro Detroit and Ford has thousands of Broncos in random lots throughout the area. I could understand doing this when supply chains were slowing down vehicle production, but these are finished vehicles kept off lots to keep MSRPs high.
Kia has been caught doing this too. When I have enough data from other automakers getting caught I will make a video on this.
ALL car dealers are dishonest, it's just a matter of degree. There are no exceptions. Buying a new car is always a bad financial decision.
Best to buy from a private owner after a good PPI by your own mechanic. Choose only makes and models with established histories of durability and low frequency of repair rates. Keep that vehicle "forever".
The only difference between a hardened criminal and a car dealer is the gun...
They both want your money. Stealership practices haven't changed in decades. Addons, fees, musthaves, etc, etc. They'll add thousands and thousands to the price of the car. Some of the things are visible and some are not. I looked at my bill once and quickly realized that the final price was too high considering what was included. So I added up things on my own and noticed a $ 3,250 in "invisible" addons. Imagine, taking money from us like this, hoping we would not notice.
I am sorry to say I was shocked! I thought I knew all the tricks dealers had. The fact that a dealer won't take cash is huge! I always knew that the dealer got something from the financial institution. Private sellers always want cash! This puts private sellers in an awful position! They often have better cars with lower prices, but no financing option! Not all dealerships are bad, but most are!
Thank you so much! I bought my first new car “2024 Crosstrek base trim”, a month ago because your videos. And I am loving it so far! Not sure if I made a mistake not going for the higher trims or CX-30 instead though.
You made a great choice! Enjoy your new car!
Mazda's can tend to rust . I have noticed that. Subaru Crosstrek is a much better choice. You did not make a mistake. You hit the bullseye. Subaru reliability is higher too.
a confusing area is dealer prep and delivery charges. i've heard youtubers say that these charges are non-negotiable. i've heard that they are. i've heard that delivery charges must be paid but dealer prep charges should not be as they're part of the msrp. which is it?? thanks. (oh, i live in ontario, canada.)
New vehicles have an MSRP, plus a separate freight/PDI fee, also known as delivery/destination, which is usually $1800-$2200 in Canada. There should be no additional "dealer prep" or anything of that nature. The only other mandatory fees in Ontario are a/c tax ($100), the OMVIC fee ($10), licensing ($60) and HST.
In 2007 i saw a brand new 20o7 Toyota Tacom 4WD Double Cab automatic advertised on Scottsdale, Arizona that I really like it. So I'd called into the dealership and I was told that the price was a little over $19K and I was going to drive from Salt Lake City, Utah to buy. After showing my wife the picture, I decided to call Scottsdale Toyota and a lady who answered the phone told me that one of the test drivers wrecked it really bad. What a liar when I called back in less than a week and they still had the truckand I found the same truck with a price over $40K.
What are your thoughts about gap insurance?
Hey Shari, Dipen here from london,ontario. I ordered toyota rav4 le from a very good dealership . As i am new to Canada driving. Do you suggest me to go for extended 5 yrs warranty with 3 years of free servicing and oil change? Or just stay with standard 3 yrs warranty provided without oil change and servicing? Its coming this march first week. So can you please provide me with your expertise. Thank you in advance.
People buy Toyota for reliability so there is no point to get an extended warranty . It will only add to your expenses, unless you travel a lot and the dealer is offering some added incentive. I got an extended warranty for my Camry 2023 which I don't think was a good decision as it increased the total cost.
I went into the Acura dealership and told the salesman that I was buying the RDX, nothing else added. Do not loose your time or my time. Got the Acura rebate plus the military’s. Done in 45 minutes!
It's a reliable vehicle. I would pass on the extended warranty because it is unlikely you will get your money's worth.
Hi Brother,
Please tell me which Mid-range SUV is best from these brands.
Haval / Kia / cherry?
Thanks
Kia Sportage
It depends on which manufacturer and dealership you're talking about.
I’ve had no problems buying new cars as a cash buyer. Dealers were all good and helpful with no stupid add ons. Sure they want you to talk to their add ons sales woman during the sale process but simply let them know you have no interest in this. I’ve never seen a sales contract presented to me with add ons included automatically. Just the normal dealer delivery fee which they are entitled to as well as those damn government taxes.
I only buy cars at Toyota, because their used car prices is barely much more than from a random dealer. As a bonus you get up to 10 year warranty at Toyota even for newer used cars.
New cars should be sold by manufacturers directly, like Tesla does. Authorised service centers would provide repairs, maintenance, recalls etc
Of Tesla just proved how wonderful that is by lowering the price of their vehicles several times. Tesla is no better than any other person selling a new car. Musk just is better at fooling people.
It's always your right to shake off any unnecessary deal from the dealer, yet they have the power to put you at the rear of the waiting list. So, no one is a fool in real life. Money or time, your choice.
New FTC Rules 16 CFR are coming and I've been "pretending " to be interested in certain vehicles by requesting a fully detailed O-T-D . Once
received, I can peruse in the comfort of my home , then challenge the extras. Many claim they aren't negotiable , but some will reluctantly
offer to reduce by a few hundred . I decline and accuse them of unscrupulous and illegal practices. Until they change, walk away and seek
greener pastures. I have successfully bought many vehicles without dealer fees and add-ons - it isn't easy, but possible. Research is indispensable !
Well said!
@davidjones3520 can you hanggle and buy the car for me??? Lol I’m not even joking. I hate dealership or buying car😩
US TH-cam channel CarEdge says that the freight charge that shows up on car bills is a rip off bc the manufacture pays for the freight and it is already in the MSRP amount. Is that true in Canada also ? How can you say that in Ontario the dealer has to show the "all in" price except for Taxes? Those taxes at 13 % can and do add thousands onto the price of a car. That is NOT "all in" as far as I'm concerned. They all use the tactic of advertising a car for a price that does NOT include taxes just to get you in the door.
I've seen dealerships say that their price is the financing price and if you pay cash you will have to add $1,000. more! Where is the government on this?
Is there an OMVIC equivalent for BC?
Yes there is. Vehicle Sales Authority (VSA)
Another fee that I often see in Manitoba is an air conditioning surcharge. Does anyone know if that is negotiable?
The $100 A/C tax is one of the few mandatory fees across Canada.
The answer is simple. If the fee or surcharge or add-on is included in the taxable amount it is fully negotiable. The only things not negotiable are the fees/taxes from the government.
It is that simple.
Dealers HATE cash buyers.
Yes , if you don’t want the extra , you will take half yr for get your car, with extra , you might take 2 months.
We just pulled out of a deal because the sales guy verbally communicated certain assurances to us (since the vehicle has cosmetic damage but we used that to knock down the price). The next day he sends us documents to sign stating the opposite of what he communicated, so i pointed out the issues and was met with unnecessary back and forth between the finance manager and sales guy, so I backed out because they were not being transparent or apologetic and that made me wonder what else they were hiding.
The next day the general manager called and revealed that the cosmetic damage was really due to an unreported accident claim that happened in another city and they were having trouble finalizing who was going to cover the repairs etc... Not my problem guys... figure it out but I'm looking elsewhere, I'm not desperate or begging for a replacement vehicle. No wonder that information wasn't available on the carfax report.
Moral of the story, read everything they give you to sign and get any verbal guarantees on paper.
Novice question: A dealer just offered me, after going back and forth, the car at MSRP. Should I try and go lower? Please advise.
Depends on the car. Some cars that are really hard to get or have long waiting periods MSRP is the best you can do.
@@carhelpcorner thank you
Can you negotiate the admin fee?
Car salesman are scumbags for the most part. It’s time to regulate this business because people are sick and tired of dealing with scam artists who rip people off.
Satisfied Subaru owner,showing a specific car is not professional.
WARNING: instant cash offers will get you a terrible price. You'll usually get thoudands more by just selling yourself as a private party sale.
I have not bought a new car since 2000. I buy 2-3 year old cars with 30-40 k miles. Of course, I do my research before hand and have the car checked out. Example: I bought a 2003 Toyota 4 Runner, V8, in 2006 with 49 k miles. It was very clean. I financed it with them but did not tell them that I had the $21,000.00 cash to pay for it. Once I got the vehicle, I called the finance bank, asked for the payoff price and paid it off the next week. I have kept a record of every expense-maintenance and since 2003, I have spent another $20 k on the vehicle. This includes a $3 k paint job. It has 14,0000 miles on it. Thus for about $40 k I have had a car for 17 years in great condition. Where can I get a new vehicle for that price?
2:00 Tied-Selling Add-ons are illegal in the USA under FTC. Report the dealership to the FTC.
The future will surely bring all these shyster dealerships to an end - as people finally wise up and understand they are getting fleeced.
BC is the car criminal sellers paradise.
Thanks brandon for the high prices
Stinky Trumps tax cuts for the rich is why inflation was so high. Thankfully Papa Joe has got it under control. Last year my 401K made 37%. So far this year it’s up 25%. So sorry you don’t have one.
How do we know that we are getting the best financing ?
Is it better to just apply for financing online with Honda Finance for example instead of doing it at the dealership ?
Will I find my true financing that way ?
Great question. If the financing comes from the manufacturer, such as Honda financing, then the rate is fixed and no haggling is needed. If it's coming from another lender, however, then the dealer can mark up the rate. You have to check a few to find the lowest option.
@@carhelpcorner Thank you for responding. I’m trying to minimize how often my credit is pulled as I’ve worked hard on getting a good credit score. I haven’t applied anywhere yet. Moving forward, do I apply at the dealership or online ? No one can give me an accurate APR without running my credit. Thank you.
Simple.
First you go to your bank or credit union to learn the financing they will approve.
Second you let the F&I manager try to better the financing you can get from your bank or credit union. Also, the F&I manager receives loan approval from the bank or financing source they select to offer you financing. That financing source will offer a rate which is the buy rate. Always demand, not ask, the F&I manager to disclose that buy rate.
With this information you have reasonable assurance you got the appropriate financing.
Can you advise which Lexus dealer in GTA is good to deal with?
The one in Vaughan. Ask for Ally. I literally just bought a car from her yesterday and she was super honest and straightforward. She helped me get a good deal and was very friendly. Avoid the Don Valley Lexus at all costs!!
@@danifarago213 Thank you! What percentage of discount do you think I can get for the new IS 350? Thx!
Excellent and educational video. I am presently in the market for a 2024 GLE 350 Mercedes Benz. Been to one dealer so far, and was overwhelming. I have a 2020 Acura RDX for trading, it is well kept and Carvana offered me the best price. Mercedes is telling me that it comes to the same since I am also saving in taxes. Really!!! When I did my own computation both ways, I found I would saved save more by selling to Carvana rather than the trade. I need your help and would appreciate if you can get back to me at your convenience. Thank you and keep up the good work.
Canada seems like quite a scam for buying a new vehicle