0:02

Hello and welcome to another episode of

0:04

All the Hacks, a show about upgrading

0:06

your life, money and travel. I'm your

0:08

host, Chris actions and today I'm excited

0:10

to talk about cars and that includes

0:12

buying, selling lisi, negotiating, trading in and

0:14

more. Everything you need to know if

0:16

you find yourself in any of those

0:18

situations. And while I might have done

0:20

an episode on this back and Twenty

0:22

Twenty one, he was the middle of

0:24

the pandemic. So much has changed from

0:26

supply chains to pricing, supply and demand

0:28

new apps so I wanted to do

0:30

another episode on the topic. And who

0:32

better to join me been Yossi Levy,

0:35

who is better known on the internet

0:37

as Car Dealership Guy where he creates

0:39

content and hosts a podcast to share

0:41

transparent insights into the car market. Before

0:43

that, he ran a start up to

0:45

Modernise Carbine and worked at a car

0:47

dealership for over ten years. Jozy.

0:50

Is such an incredible resource and we're going

0:52

to go behind the scenes of this industry

0:54

so you can make sure you get the

0:56

best deals yourself. So. Let's jump

0:58

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thanks Around here they travel Miller Chris and

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Close Beer. Before. We get into

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any paying we didn't episode on Buying Cars

2:26

Fourth episode of the show. Two and a

2:28

half years ago. Home address

2:30

chains are recording mess on a

2:33

leap day. February Twenty ninth, Y

2:35

Twenty Four. What? Is going on right

2:37

now in the car market. It's been interesting

2:39

for sure last couple of years. You know

2:41

if I did you the delay of the

2:43

land right now? Overall we are seeing the

2:46

market. Continued. To rebound and

2:48

it's favorable for the consumer if

2:50

we go back. Three years. Supply

2:52

Disruptions: Interest rates were super low.

2:54

Everyone here learned about the word markup

2:56

suddenly. In the industry is a very

2:59

very tough times. Duffy, a Seller's market

3:01

Dealers themselves had record years of earnings.

3:03

For me, dealers were meeting three times

3:05

what they typically when in one year

3:07

were really coming off just a crazy

3:09

couple of years and Egg and I

3:12

was really driven by supply shortages once

3:14

shutdowns began and as the whole semiconductor

3:16

shortages and dealers works for supply bouquets

3:18

of markups. Fast forward to today. It's

3:20

baffling on price in an environment and

3:23

looks and I'll explain why so. First

3:25

of all new car supply is rising

3:27

extremely quickly. You are seeing some brands

3:29

with some or pent up demand like

3:31

Toyota, Honda like Cysts the supplies is

3:33

anything approaching equilibrium but it's not there

3:35

yet. On the other end of the

3:37

spectrum every other brand other than you

3:39

know the top five kind of premium

3:41

brands and besides mentioned a couple of

3:43

Subaru it is really sought after brands

3:46

you to see the supply is rising

3:48

and specifically a term and to car

3:50

business Felix talk about these which is

3:52

supply relative to demand has been shooting

3:54

up. What does this mean for consumers?

3:56

First saw means more cops have pretty much gone

3:58

away. You still have some. Cops are going

4:01

on some brands and specific me to

4:03

models but for the most part where

4:05

yard the stage of markups and were

4:07

actually in a stage of markdowns. While

4:10

we're not bacterial twenty nineteen levels,

4:12

yet, you are seeing these brands

4:14

that are offering anywhere between two

4:16

to six thousand dollars off a

4:18

new car and in the form

4:21

of a rebate or whatever discounts.

4:23

There. Are exceptions as well served makes Miles

4:25

per cent even crazier discounts or for the

4:27

most part where it is very swift transition

4:30

back to a buyer's market. Oh yams or

4:32

car manufacturers and dealers are starting to compete

4:34

again for the consumers business Whereas the last

4:36

couple of years you didn't even need to

4:39

know how to sell car keyboardist comic you're

4:41

a lot saying. I'll take any saying cause

4:43

everyone just needed access to some car. How

4:45

do interest rates play? and and if is

4:48

that simultaneously lowering demand because it's gotten more

4:50

expensive to finance a car. So financing interest

4:52

rates have been. A really big issue

4:54

I would tell you it's mostly plagued

4:57

the lower credit end of the market

4:59

you robbed at the better credit styles

5:01

of financing availability options in the market

5:03

interest rates specifically when they rise. What

5:05

happens is these banks the to charge

5:08

a larger banks to was subpar credit

5:10

customer so if your credit is not

5:12

perfect are great. A. Bank is taking

5:14

risks to furnish.loan and when credit you they

5:16

need to charge a fee for that they

5:18

don't charge you. The Cd charge the dealer

5:20

the fee because they want to head to

5:22

risk. The problem is with interest rates. were

5:24

there at states limit. What you can charge

5:27

a customer a Pr interest rates. What happens

5:29

at that point you have to charge a

5:31

larger fee. And. It's gone to a point

5:33

where as some of these fees or makes sense for

5:35

dealers. Or. Some of these banks can't

5:37

justify Lundy Money to our credit, and

5:39

so the impact of interest rates is

5:41

had been very much felt by Bad Credit

5:43

Low Credit the people that truly need

5:45

the credit. Whereas Better Credit has been

5:48

able to maneuver around it whether it's data

5:50

little bit more cash, if there's no correlation

5:52

from income the credit I mean speaking pro:

5:54

a bit more money down towards a vehicle

5:56

and navigate around the but interest rates of

5:59

cause a really. Issue an industry it's

6:01

disproportionately impacted use car dealerships and it's transcended

6:03

Br. Just consumer interest rates have played into

6:05

how dealers are storing to him and Tories

6:07

how they're holding onto the inventory. The cautious

6:10

gone up which means that I can hold

6:12

my car longer are for as long on

6:14

my carlisle, my balance a to move quicker

6:17

which means I have to get more data

6:19

on pricing so it's really messed up the

6:21

whole system and it's leading dealers to have

6:23

to really operate much differently than they got

6:26

used to. Funding. That be helpful

6:28

and out again know the answers. Our dealerships

6:30

making money Whose funding some of these markups

6:32

markdowns you know. Any time I think I'm

6:34

going into a new challenge which are get

6:36

to why I might actually be going into

6:38

one In the car world I always feel

6:41

like understanding the system makes sense. I don't

6:43

know if I understand the dealer system so

6:45

to do a system of involves a lot

6:47

used to be that he made money on

6:49

the car, anything remade money and a good.

6:52

At. The last couple of years as a

6:54

big exception to this wherever made one

6:56

and everything but today it's much more

6:58

common to see use car dealerships. hubs

7:00

are slim margins on the use cars

7:02

and make most of their money on

7:04

tobacco. So what's the back and back

7:06

and is an inch return for the

7:08

additional products. So when you buy a

7:10

car you're buying a warranty are extended

7:12

deals are service contract you my Bites

7:14

Insurance products he my By Tire and

7:17

we'll protect since those are very juicy

7:19

high margin products right? They can beat

7:21

forty fifty sixty seventy. Eighty percent of really

7:23

depends on the product. What you seen a

7:25

lot more in the market today in the

7:27

you side is simply you know people are

7:29

meeting very slim margins on a car. Say

7:31

be spies percent Six percent. So operations do

7:33

more riders different operations that may be focus

7:36

on a bit harm are sick Ten percent

7:38

by really the bulk of the Martin and

7:40

comes on these products. They're all value added

7:42

products that you know customers to support of

7:44

cells. On the flipside of you look at

7:46

a new car side summer saying new cars

7:48

were extremely profitable over the last couple of

7:50

years. Now as were normalizing and

7:53

supply levels are growing a supplies rising

7:55

or see new car margins continue to

7:57

come down against some Rand's more than

7:59

others. So Toyota still making money under

8:02

cars on on the actual vehicle could

8:04

be a couple thousand. Whereas.

8:07

Other brands such as you know

8:09

G per they're actually offering discounts

8:11

Now those discounts and come in

8:13

various ways to discounting of an

8:15

actual dealer that is discounting their

8:17

vehicle because maybe they're paying. Exorbitant

8:20

fees to the bank to story when you're

8:22

holding onto that mentor your bar. with that

8:24

money. Gotta pay the bank and so

8:26

maybe you just need to get off your balance

8:28

sheets to Discount Males a common a former rebate

8:30

which is actually from the manufacture to the manufacturer

8:32

to hey we need to sell these cars We

8:34

got a clear and lots organ offer three thousand

8:37

dollar rebate on these vehicles until the state and

8:39

so the new car side has been very tricky

8:41

or I don't fluctuations of profitability or all over

8:43

the place where announce. The. Really overwhelming

8:45

pattern is that your seed discounts across

8:47

the board for everyone. Are they

8:50

buying the car from the manufacturer? Are they

8:52

like borrowing at? Do they have a price

8:54

that they need to cover? Or how does

8:56

that work? When. You see a car

8:58

dealers lot they are buying that from the

9:00

manufacturer i was is complicated, but there's a

9:02

lot more than meets the eye. So first

9:04

of all, their financing it right on the

9:06

top floor. plans and inventory. Line of Credit

9:08

That line of credit can be subsidized by

9:10

the carbon tax or so you may not

9:12

be paying the full freight on the interest

9:14

which could be all over the map from

9:17

eight to fifteen percent depending on a Piper

9:19

dealership because it means Thatcher My Be offered

9:21

you for playing credits. So even though you're

9:23

by it, even if you're finance to get.

9:25

Your. Also being subsidized by the manufacturer. Now

9:27

once you buy that, you have what's called

9:30

an invoice price invoices. What you pay to

9:32

manufacture true car sort of popularized the that

9:34

you could see to sings transparently all mine

9:36

dead center for dealers. A really depends on

9:39

the brand and to programs Are these brands

9:41

offered or franchisees? Because one brand might need

9:43

to make money on the actual car surf

9:45

invoices Forty thousand, they might need to sell

9:48

it for forty water, forty two, or whatever.

9:50

Other brands might have an aggressive stair stepper around

9:53

which is typically what you hear were dealer say

9:55

hey i need to sell x amount of cars

9:57

before and of mud is what that means is.

10:00

There are incentivized to so you the car

10:02

in order to meet or stair step and

10:04

for the a manufactured and to pay them

10:06

whatever the amount is depending on what Op's

10:09

wrestled the hits a vehicle sales. A

10:11

really depends on the dealership in the brain

10:13

and he sings change a lot It's not

10:15

the same Forever brand Cicadas. Walk in a

10:17

dealership and say oh I know you are

10:19

on a stair stepper around with Mazda said

10:22

you need to sell more cars The smart

10:24

and you'll sell to be at a loss.

10:26

It doesn't work like that. Not every brand

10:28

is equal to one. Other thing worth mentioning

10:30

is that brands have this one. I think

10:32

also back when a dealer actually buys a

10:34

vehicle for mean facts are there is an

10:36

additional two to three percent of called hold

10:38

back which is a difference between what that

10:40

means. Actual invoices the dealer to

10:42

what the dealer will actually get

10:45

back from the manufacturer after the

10:47

vehicle cells. As you can tell

10:49

a lot of he sings hooked

10:51

on convoluted and it sounds complicated

10:53

but it really comes down to

10:55

the industry is a function of

10:57

a many many different things. with

10:59

the rise of the Internet, more

11:01

transparency Car manufacturers one help their

11:03

franchisees. Consumers get smarter. Constant evolution

11:05

of one party versus the other.

11:07

Try to figure out how can I make can retain my

11:10

process. If. You're consumer. Where's

11:12

the best place to get the information

11:14

you need to decide what to pay

11:16

for a car? Or is it really

11:18

negotiation? Every time, the smartest consumers in

11:20

the market know that you want to

11:23

do your research online if you look

11:25

at today. Over sixty percent of

11:27

consumers are coming to a dealership knowing exactly

11:29

what they want, how much they want to

11:31

pay, armed with information, and in many cases

11:34

they know more than the salesperson themselves because

11:36

they went deep on specific vehicles. First thing

11:38

I would tell you is if you don't

11:41

start online nowadays, I mean you're just at

11:43

a disadvantage the days of walking up to

11:45

a car lot. And try get

11:47

the best deal. it doesn't work anymore.

11:49

That's just a reality where in the

11:51

second saying there's so many sources for

11:54

a pricing information or you can really

11:56

cross shop one of my partner's cardio

11:58

sub guy which I really do. Inner

12:00

Product is actually Karzai Com. They offer very

12:02

easy you are you action or website and

12:04

either user experience a really sharp and cross

12:06

shop and see what are the best deals

12:08

out there. Depending on what you're looking for

12:10

you may be looking for a lease. There's

12:12

other great websites for that as well. There's

12:14

least hacker but I'm not affiliated with at

12:16

all. but I really like their product is

12:18

showed you the best deals into regions of

12:20

the country. only says specifically were just had

12:22

a day in age where there's so much

12:24

transparency and information sharing where you are ready

12:26

to buy the car you have to do

12:29

your work beforehand. Ideally if your credit is

12:31

midlevel you on a deputy proof know where you

12:33

stand, what's your budget. If you have no budget

12:35

and no credit you could buy whatever you want

12:37

to do. The for growl What are you looking

12:39

for? A for? what is that arranged for you?

12:42

What works? What type of vehicle? Our price range

12:44

because ultimately would you go to the dealership You

12:46

want to be focused on that vehicle they want.

12:48

I. Know a lot of people really have

12:50

adopted isn't Last couple of years he has

12:53

over taxes actually been very good for consumers

12:55

because consumers feel during control. I. Know

12:57

lots of dealers. I have embraced it and

12:59

said hey you know what people wanna do

13:01

Business as way is probably not ideal in

13:03

the short term for the business, but and

13:05

long term you're building brand finity. You're getting

13:07

the customers to really enjoy that experience and

13:09

they feel comfortable getting up to a certain

13:11

point to be taxed or via email and

13:13

and by the time to actually makes to

13:16

the dealership you build Trust your a line

13:18

on terms and you're ready to pull the

13:20

trigger. Backing. Up for

13:22

someone who doesn't know the car they want and

13:24

I feel like I typically right across two people,

13:26

one that liked. I want to get a car

13:28

and I gotta go look at the landscape. I

13:30

know some people and I like I want this

13:32

guy. I want to Gmc Yukon. Let's go to

13:34

that first set of people. Given.

13:36

The current market and what you know about

13:39

the entire industry is their general advice. You

13:41

get someone on narrowing down the corpus of

13:43

cars to figure something out that works for

13:45

them outside of the obvious thing they can

13:48

do on their own. If I want seven

13:50

seats, I'll find some website the let's me

13:52

filter for the cars that have seventy to

13:54

note guy thinks. The best I've heard

13:57

and of us have seen and even know myself

13:59

and he or and. Last good. it's so simple,

14:01

both you tube. Independent. Creators

14:03

have truly put out and are

14:05

putting us some of the best

14:07

kind of per vehicle contents to

14:09

goes beyond your traditional filtering mechanisms

14:11

and web sites. The quality is

14:13

extremely high because you're so much

14:15

competition. If. You've narrowed down. I know

14:17

I want a full size a city I know

14:19

I want a minivan. I know you the card

14:22

as good with kids Really truthful you tube is

14:24

been on match when it comes to narrow down.

14:26

Now I will say one thing though a lot

14:28

of my followers my platform they follow me because

14:30

they were there really shopping at a deal. And

14:33

so when it comes to shopping by the deal,

14:36

That changes the game because now you might know

14:38

you want to sudan but you want to get

14:40

the best deals. Sedan you want to look for

14:42

was high and they supply. Is

14:44

the kind of stuff I posts i was grass

14:47

I postcards. Very simple but typically the rule of

14:49

thumb is if you're looking for a deal and

14:51

you've more or less narrow down with you know,

14:53

a segment that you want. You. Want

14:55

to find something to find a supply? Because guess what?

14:58

Does. He got assigned a supplies the one

15:00

it's going to be discounted where you're going

15:02

to have more negotiation leverage when it's not

15:04

just new car spry. If you find a

15:06

new car to find a supply and as

15:09

you could get discounted guess what happens next

15:11

The use car equivalent also get discounted. That's

15:13

really what it comes from. Narrowing on tastes

15:15

and preferences. The really open web and Youtube

15:17

is worked wonders a d better than even

15:19

the specific website. but when it comes to

15:21

deals you want to look for day supply.

15:24

And I know you share that I've

15:26

had in there somewhere. someone could go

15:28

to find that information for specific cars

15:30

and how lagging is the data. So

15:32

there isn't a centralized resource where'd you

15:34

can see all the be supply on

15:36

everything's rather for different manufacturers or you

15:38

have it in like very you know

15:40

be to be website status or consumer

15:42

friendly. We do our best effort

15:44

to put other information. his brow is possible

15:46

and really share of has your are the

15:48

most oversupplied vehicles in a market. Go get

15:50

your deal. What? I will tell you

15:53

there's a couple source of that I like of

15:55

course we were doing on our website dealership guy

15:57

that calm during the car bomb. Why love she

15:59

doesn't share. Supply She shares actual content and

16:01

videos. t really are is very tactical for

16:03

women. For moms, she's a great resource. I

16:05

like car ads for some day supply information

16:08

because they do share that in a more

16:10

consumer friendly way. There's some that I did

16:12

on all the data on the web, somebody

16:14

else really to data So I think between

16:16

you know all these sources I think you're

16:18

in. are you really well off to find

16:20

some innocent good research and at least be

16:23

smart when you do word your voter purchase.

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18:49

a free twenty five dollars to

18:51

give to the charity of your

18:54

choice. Again, that's all the hacks.com/be

18:56

a F F Wife for a

18:58

better way to give. And

19:01

you mention the pricing of new and used both

19:04

Kind of move in tandem. Let's. Go

19:06

down that topic. How. Do you

19:08

think about as a consumer which he item

19:10

have a car like How do you think

19:12

about by new vs used. I. Think

19:14

it depends on a time. If I was

19:16

a consumer today's market from not I'd like

19:18

to be looking at the new side and

19:20

I block about the whose oversupplied right now

19:23

Chrysler Dodge keep around way over supply route

19:25

of the demand. Their prices have

19:27

also gone up forty nine to fifty percent.

19:29

Since Twenty nineteen, they've got a shot themselves

19:31

in the foot, and so the retracting. And

19:33

so that just opens up the door for

19:36

opportunity so you can get some pretty hefty

19:38

discounts where the still and this which is

19:40

closer dodgy prep fi os were the first.

19:42

It actually makes sense a get these are

19:44

new cars and refer to girls to do

19:46

this on easy's so non tesla ease right

19:49

now are dropping like crazy. I would say

19:51

that they have dropped like crazy Really? anywhere

19:53

between fifteen to fifty percent in the last

19:55

year. Fifty percent of the price of a

19:57

new characters? Insane. Why is that. Again,

20:00

and Demand has was the one that was

20:02

the most aggressive about it. They're the ones

20:04

that job fifty percent on on some of

20:06

their models and a all came down to

20:08

demand. They were very aggressive about retained or

20:10

marketshare. Last year they ended at about sixty

20:12

five percent market share a twenty twenty two.

20:14

This year they edited about fifty five percent

20:16

market share and so they lost a marketshare

20:18

you on probably not boardroom saying hey, a

20:20

we are not go below fifty, Get aggressive

20:22

and do it now. Now they can afford

20:24

to do that because they have a Rino

20:26

very often my supply chain so they could

20:28

still turn a profit. Other. of the like

20:30

as manufacturers can't are also lose lot of

20:33

money. But. The point being that

20:35

even have really calm down and prices

20:37

the market is cooled even have cooled

20:39

twice as fast. And. So we

20:41

decided that he supplied ease, has catapulted

20:43

again twice as fast as a normal

20:46

internal combustion car. Which means opportunity. And.

20:48

So now we're getting to the point

20:50

where he these are. I.

20:53

Don't want to cedar an equilibrium yet, but

20:55

I will. I do it to say that

20:57

there are well under way to getting to

20:59

equilibrium at least for the term, because the

21:01

price has been declining so quickly. So.

21:04

Easy leases specifically are very attractive. Right now you could

21:06

zero percent deals. I mean you could really get some

21:08

good deals on eat if he says right now. If

21:10

again, you're someone that wants a good deal of don't

21:12

really care too much what you drive and you know

21:15

you're not that picky and so drive a nice car

21:17

but you could get a pretty good the on Tv

21:19

these is right now. My. Understanding,

21:21

which I will openly admit

21:23

is completely naive and probably

21:25

unbanked. Was. That when it

21:27

comes to be seen vs. mine at the

21:30

end of the day you're negotiating a price

21:32

for the car which happens in both scenarios.

21:35

The. Dealership or the manufacturer has some

21:37

formula that says is what the cars

21:39

worth after twenty four, thirty six hour

21:41

many minds. And man your financing

21:43

the middle is it a better deal

21:45

over buying just because they're subsidizing the

21:47

lease interest rate but not the buying

21:50

interest rate. What am I missing? Look

21:52

when you're buying a car vs. when

21:54

you're leasing a car when you're buying

21:56

cards, you're taking the residual risk by

21:58

cars. Also depressed getting and my view

22:00

like my background is I was in

22:02

the use car business. I never police

22:04

cars on Amazon new cars. I appreciated

22:06

me saying because I just think it's

22:08

a product that really serves and need.

22:10

The. Majority of America the reality as

22:13

their shopping a payment leasing. Provided.

22:15

That opportunity for them because they could suddenly

22:18

get the same car significantly less per month

22:20

because there are buying it. Now you're not

22:22

owning a car by also not taking the

22:24

residual risk. You also won't reap the rewards

22:26

of the residual is a bit of rises

22:28

like it did over the last couple of

22:31

years. residuals were all over the place and

22:33

they went up. So you actually be so

22:35

car where the kid other pay off suddenly

22:37

that pay off was worth a certain amount

22:39

versus what the vehicles worth and you're actually

22:41

profiting. That's. Pretty much the thing when

22:44

you're v saying is you don't have to see

22:46

the residual risks the banks taken it. It's a

22:48

good product for a certain type of consumer that

22:50

may be doesn't want me to buy the whole

22:52

car and or won't if political rent a car

22:54

least a car and or alternately getting a viewpoint

22:57

and are much more attractive price per month and

22:59

they would if they were to buy it and

23:01

they wouldn't otherwise be would actually tried that vehicle

23:03

to really depends on a person and or preferences

23:05

in their budgets. So. That all

23:07

make sense by why would Air Elise

23:10

deal be better today on any v

23:12

then add by deal odyssey the payments

23:14

can be lower because you're not owning

23:17

a car. The and but art dealer

23:19

is willing to put more money on

23:21

a least. To. Try to make it

23:23

even more exciting or is it the lower

23:25

payments? It's heavily driven by lower payments, lower

23:28

payment, more demand, a lower clear and point

23:30

for getting more people into that car. To

23:32

be clear by these right now is also

23:34

good option if you're looking for a deal.

23:36

so it's I just leasing. But.

23:38

Manufactures also step into leasing and so

23:41

they can also provide better terms and

23:43

stuff releasing specifically. So when I pick

23:45

on leasing, it's not only leasing, it's.there

23:47

are some specific leasing deals and are

23:49

very attractive in a market that can

23:51

be taken advantage of, but that also

23:53

can extend to the purchasing as well.

23:56

For purchasing. And. You mentioned even

23:58

non Tesla as it happens driver there currently

24:00

is considering whether we replace and Odessa with

24:02

a new task. Last had a Tesla fit

24:04

into this whole matrix of deals and shopping

24:06

and a thing or you kind of just

24:08

at the whim of whatever the prices. Tussaud's

24:11

different as they mess with the prices themselves.

24:13

still have franchisees of between surprises in a

24:15

website whenever they feel like it. They.

24:17

Were the first and most aggressive in the

24:19

price drops so without really heard lot of

24:22

people that own castles already cause they but

24:24

the bottom and Twenty Twenty One could suddenly

24:26

the vehicle you spend one hundred twenty thousand

24:28

dollars on. Twenty Twenty One is now selling

24:30

new for eighty grand so you just lost

24:32

a lot of money their long term thinkers

24:34

they said look of we need to dominate

24:36

the market and disorders to be done right

24:39

now. Tesla is sort of at equilibrium right

24:41

now. I mean I see their overall performance

24:43

phenomenally the first cyber trucks sold at auction

24:45

yesterday. So a second hand cyber talk so.

24:47

That a juice or option. For. Two

24:49

hundred and forty four thousand dollars,

24:52

Which is absurd. A topless size

24:54

this on my twitter account. And. So

24:56

it's been pretty crazy. You see. Does it makes

24:58

you wonder we? what are people going to pay

25:00

for other cyber talks on the secondhand market? I've

25:02

got a cyberattack reservation. Am I gonna really want

25:05

to carve A Does that mean actually got big

25:07

and I've you and fifty other people, the Dmv

25:09

yesterday and Tommy the same lactating this and hey,

25:11

I'm sorry to reservation. I want to buy a

25:13

just flip it. I have no idea how that

25:16

works because I know there there's a clause are

25:18

you can't resell it or within a year but

25:20

apparently someone did another, they're gonna get sued or

25:22

ana, what's the deal. But. Overall, I

25:24

mean, I think Tesla. I think our

25:26

strategy is commendable. I. Said you know

25:28

I'm bullish a tussle long term like the car

25:31

company not the stock when separate us to cause

25:33

I'm not a financial analyst but I can tell

25:35

you that as a car company I just think

25:37

that have a phenomenal product for their target audience.

25:39

People want to buy a Tesla the and he

25:41

to the went by easy to very big distinction

25:44

in the market because they have dominated that segments.

25:46

So if you're looking for an eve you're looking

25:48

for Tesla. Many other people I see actually by

25:50

he these are not Tesla movies again it's driven

25:52

by the deal and sides. Think that test slide

25:54

into plainer has for the most part correctly. Rather,

25:57

Consumer If you're looking to buy a Tesla.

26:00

They do not really any hackers that his

26:02

I guess the price. Yeah, no, I

26:04

mean exactly Again, you're buying from the website.

26:06

The biggest hack over the past year so

26:08

was out. When a lower prices is you

26:10

suddenly could go to the dealership and young

26:12

a lot more negotiation lovers. But those days

26:14

are behind us. the prices of Rt materialize

26:16

or the industry. There's not many maneuvers you

26:18

to do with them other than of course

26:20

taken advantage of the tax credit and referral

26:22

from a friend. It's you'll a bit more

26:24

benefit. They're. Going. Back to new

26:26

Vs used as a consumer. How do

26:29

you think about that decision when it

26:31

comes not just to a car and

26:33

the price, but things like. Long.

26:36

Term value warranties. Those kind of

26:38

things Did new car. Typically.

26:40

Takes the majority of the depreciation the

26:42

first three years. So if you really

26:44

have to address of what have of

26:47

consumer are you I personally bomb my

26:49

wife a new car because I wanted

26:51

to oust okay with taking that additional

26:53

depreciation. it's which is probably not the

26:55

smartest funny to decision but that was

26:57

fine with me. If you're trying to

26:59

optimize financially, here's the sweet spot is

27:01

the secret. The. Secret is go

27:03

for or three to four year

27:05

old car. That. Is.

27:08

Under thirty thousand dollars.

27:11

But. Above twenty thousand dollars. And

27:14

is likely a domestic vehicle. Afford

27:16

a Gm and Chrysler are looks

27:18

out. non imports are non Japanese,

27:20

an Anon German. That's likely the

27:22

sweet spot where you're like fully

27:24

fully optimized and again, it all

27:26

comes back to the same kind

27:28

of rule. Number one is supply

27:30

and demand. By. So that sweet

27:32

spot is where even see a lot of inventory

27:35

and it's attainable for most people. I will caviar

27:37

that if you go above fifty thousand dollars you

27:39

will have more to go see some leverage by

27:41

also going to be spending twice as much money.

27:44

That. Segment of vehicles is where you can

27:46

simply get a good deal. It's. Not

27:48

overly competitive, meaning it's a three to

27:50

four your car. You can still

27:52

find them out there. They're coming off lease.any

27:55

to mention is that you've taken the majority

27:57

the depreciation by that point. The.

27:59

First owner that add a car for three years

28:01

is eating most of the depreciation but then you

28:03

get the benefit off that by now have taken

28:05

a vehicle second hand. Though.

28:07

Right now, the situation I'm in his. We had

28:10

a Mile three we bought into an eighteen. It.

28:12

Is out of warranty. A handful of things

28:14

have happened to they may get frustrating to

28:16

deal with now. My previous car was a

28:19

brief series Bmw that I would actually like

28:21

fix on my own or take to have

28:23

one of millions of shops that you can

28:25

figure something out easily. Taxes. Like

28:27

when something goes wrong, you don't even know. Like in

28:29

our case, a Gps says we're still on the highway

28:31

and were at home and the cameras don't work. I

28:33

can't figure out what that is like. I can't go

28:35

find the easy way to fix that. I just don't

28:37

think I like that uncertainty. It's too late to get

28:40

the extended warranty. A part of me as like. slightest.

28:42

Upgrade the either some been used

28:45

in warranty or new so that

28:47

I'm not constantly having to deal

28:49

with these problems in. Also, evidently

28:51

every Tesla has three. I

28:53

forgot what they're called that charge the battery and

28:55

it could charge at forty eight ones I think

28:57

and ours two of them are not working so

29:00

hard. Is it a third of the charging from.

29:02

And according to Tesco that a part of

29:04

the car warranty not the battery warranty even

29:06

know those three electronic components are sold within

29:08

the battery. So it's been a headache. So

29:10

I guess one class it is. How do

29:13

you think about warranties? Because he said the

29:15

really high margin products. but right now I

29:17

just feel like I'm dealing with about a

29:19

half of that. I wish I had paid

29:21

a premium for the extended warranty. Obviously cook

29:23

the there's as high margin product that I

29:25

see that you've been doing. it depends on

29:27

the vehicle in my opinion it are certain

29:29

vehicles I would never buy with on a

29:31

warranty and they have actually publicizes list. Vehicles

29:33

for. So let me first focus on

29:35

what vehicles I would buy without a

29:37

warrant and goes back to the simple

29:39

point A to Point B that he

29:41

owed on spawners. These are vehicles that

29:43

for with my years and his business

29:45

having seen and repaired tens of thousands

29:47

of vehicles, they have the lowest cost

29:49

air. They have consistently the least amount

29:51

of issues relatively speaking, feel they're just

29:53

vehicles that if you're really don't want

29:55

to purchase an extended warranty and you

29:57

don't want that extra insurance, they're likely

29:59

the vehicles I would buy for that

30:01

every consumer on the other hand, vehicles

30:04

or machines not everyone has. A

30:06

new vehicles and a reality is the

30:08

extended warranty the while a high margin

30:10

product. When we ran our mass you

30:12

know I admired your group. We were

30:14

losing money on the extended warranty after

30:16

was use on average one point five

30:19

times.was the math we ran and so

30:21

what we discovered was simply that as

30:23

soon as someone used extended warranty twice

30:25

we were already losing money. Now of

30:27

course to where you make money when

30:29

you the Saudis extended warranties assuming you're

30:32

reinsurance by the way, which most dealers

30:34

do means you're actually profiting. Or losing

30:36

from to underwriting risk to the way you

30:38

make money. Was simply by the

30:40

people that by and ever use it.is

30:42

really high gonna make money and so

30:45

they extended warranty I think is a

30:47

good thing and as a consumer. I.

30:50

Would buy it if I wasn't buying like

30:52

a our brand new to on our Honduras

30:54

something or Alexis because is simply at the

30:56

break even point is too low to not

30:58

justify it in my opinion. I. Get This

31:00

will vary in depends also what warranty are buying

31:02

or they limited you on any saying he should

31:04

ask these questions. Relics, What's the hourly rate that

31:07

they're going to pay for? Guess what? If you're

31:09

by some cheap extended warranty from a used car

31:11

dealer and into terms or tell you, we're going

31:13

to only pay one hundred dollars an hour and

31:15

and you discover that every shop in your market

31:17

charges on hundred eighty dollars an hour? Good luck.

31:20

You gotta eat eight dollars an hour at all

31:22

for any job you need to. You have to

31:24

be hit by a good extended warranty. The way

31:26

you do that is by finding a good reputable

31:28

dealership. And all photos to the top

31:30

of you. work with a good rapid of operation.

31:33

Good on my reputation. You hear good things about

31:35

it. They're likely going to be working with good

31:37

partners and that's what you want to work with

31:39

because good part of an eyewitness nickel and dime

31:41

you when the time comes in. Hopefully nobody's he

31:43

duties it doesn't pay the freight. When.

31:46

I decided I wanted to go full

31:49

time on the podcast. I had no

31:51

idea when it could turn into, but

31:53

now we have a newsletter, a membership,

31:55

were organizing trips and one day we

31:57

might want to open up a store

31:59

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just want to thank you Quick for listening

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who support us. I imagine a lot of

34:41

people as the right now just thought I

34:43

just figured all the dealerships the same. What

34:46

else should I be asking for Any of

34:48

these dealerships? the figure out the right one

34:50

if they're not the same. So I like

34:52

a website called Deal or Raider which. I

34:55

discuss my podcast a couple months back at

34:57

the Giving him a Deal raiders you get.

34:59

You can actually instead of calling a dealership

35:01

or in protrude yoshi because he shot by

35:03

salesperson Which is important because the difference i'm

35:05

a bad or good salesperson is very significant

35:07

fewer. It gives you the opportunity to find

35:10

who's the best person. A good salesperson is

35:12

going to help you really through that process.

35:14

A lot better than some of the a

35:16

started recently. Has no idea what you're talking

35:18

about. That's one thing.i recommend for if you

35:20

look in the second link directly like behind

35:22

the scenes questions but I like to ask.

35:24

How sequel reconditioned and again this is applies

35:27

to use cars. What actually happened to the

35:29

vehicle in the shop? What did he do

35:31

to awards replace what did it need? I'd

35:33

wanna see transparency on that because every vehicle

35:35

in America as some scratch on some bumper

35:37

and some paperwork. Every vehicle our reconditioning center

35:39

like seventy five percent of the vehicles go

35:42

to the body shop. It could be for

35:44

something as small as as painting the lead

35:46

to the gas tank or whatever. Everything needs

35:48

some work. The question is what work cause

35:50

is a very big difference? I'm painting a

35:52

bumper to, you know, painting the left, a

35:54

printer. Ill and co those boats and from

35:57

a hit on the like eons or say like

35:59

structural damage God forbid. It can get really hairy

36:01

and get structural damage as extreme I'm not going

36:03

to Harper. The point is is ask dealers will

36:05

be transparent you we've shown plenty of consumers are

36:07

invoices from the shop. Hey here's what was done

36:10

to this vehicle is a type of work we

36:12

perform and people love it because he see that

36:14

hey another one you actually did work to the

36:16

vehicle. Number two, what type of work

36:19

was under the vehicle wouldn't need how much work

36:21

to the need. so I think transparency goes a

36:23

long way. It's reconditioning is a big one and

36:25

I and it's sense we ask hey, what was

36:27

on his vehicle prior to be seeing it. Or.

36:29

Not say I decide I just want something

36:32

that's covered right? I have to think about

36:34

it. I was looking yesterday that the trade

36:36

in value test for estimated me with like

36:38

he was like seventeen grand. And me,

36:40

blue buff. trade in value twenty seven grand

36:42

and a private parties like thirty two grand.

36:44

First off, can I trust any of that

36:46

data? Second off: if you're looking to buy

36:48

a car and you want to get rid

36:50

of a car, what's your advice on what

36:53

to do with it? Whether it's trading it

36:55

and trying to sell it yourself For separating

36:57

the transactions here, you could trade it in

36:59

or sell it at a car max instead

37:01

of a person and then go by the

37:03

car somewhere else. When it comes to

37:05

selling, Percy, have to start with where do you

37:07

live Depending on your space, you may get tax

37:09

credits if you're treating in a car versus selling

37:11

the car right now. if you're buying another car

37:14

you wanna get a tax credit. Lucky bought a

37:16

car for sixty kg trading for third day you've

37:18

only consumed half their vehicle. You can move that

37:20

credit, credit those taxes for your next vehicle so

37:22

you have to check with stay your and and

37:25

if they allow for that and how much you

37:27

want. my case let's see was as equal or

37:29

let's assume that says the same for every state.

37:31

hypothetically. First conversation. The. Next to

37:33

you and ask yourself who is the

37:35

best end user for this vehicle. Different

37:37

dealers will pay different prices for vehicles.

37:39

One of the service in the market

37:41

that I really really like is called

37:44

actually Trade which is a dealer tool.

37:46

They're. increasingly going consumer and I believe

37:48

that on cars.com snacks the Axis tool

37:50

but the reason I like this tool

37:52

is because what they do is they

37:54

actually take your vehicle and they shop

37:56

at out to different dealers who they

37:58

would deem. The quote unquote best

38:00

and user for your vehicle price if you're selling

38:03

a Tesla. And. You saw that Joe

38:05

Shmoe dealership and I in a Los

38:07

Angeles vs. Stay dealership and Nino whatever

38:09

Orange County that has Adr taxes on

38:11

the line they specialize in this. they

38:13

will likely pay more for that Tesla

38:15

because does for the specialize in and

38:17

er consumer base a city that specific

38:20

car so different dealers will pay significantly

38:22

different amounts for that car. I also

38:24

do this with my service with my

38:26

website actually dealership guy that com where

38:28

if you wanna sell your car we

38:30

take your info and then in real

38:32

time will stop it out. To a bunch

38:34

of different writers Car max curve on our

38:36

gimme the Vienna Me all these other services

38:38

but the key here is you always want

38:40

to make sure you're getting multiple offers for

38:42

different dealers are simply going to value cars

38:44

differently and as normal and to be expected

38:46

because they serve different client basis and your

38:48

car at war deathly be worth something x

38:50

while to this person in my be worth

38:52

why as a you really have to make

38:54

sure he did across shopping so you nailed

38:56

the best option for you. And. How

38:59

do you compare that to try to tell yourself aside

39:01

from Nasa like is a hassle kind of price stand

39:03

and it's not worth it or I Nike by showing

39:05

stuff but it's just cause I've been in in for

39:07

so long and I've seen his paint. Moines. I just

39:10

try to put my money where my mouth is dry

39:12

and I've invested in a lot of these companies. Private.

39:14

Auto Fry it does. The company I

39:17

invested in really early on a axes

39:19

fixes problems so like for people that

39:21

want to sell themselves design proposition there

39:23

is really number one d already have

39:25

the buyer. If you out

39:27

a buyer and using a smooth way to

39:30

get done then you won't find a service

39:32

cannot be do that. The second thing is

39:34

the can you optimize and earn a couple

39:36

more dollars by selling yourself or sunk to

39:38

dealer and that's going to depend on the

39:41

vehicle and the market. And so I can

39:43

tell you hear like Broad Ross the case

39:45

he saw privately, you're going to make more

39:47

money. I can say they saw true. There

39:50

are certain cars that curve on our my

39:52

website or someone will pay more for because

39:54

they need a vehicle. If you want to

39:56

give selling privately a shot he tries to

39:58

me on a private auto. Or any

40:00

other website offers a thesaurus against then you

40:02

can get a situation where you actually salad

40:05

for more money will be every vehicle So

40:07

it is knowledge the old days where I

40:09

could tell you like ghosts or privately you

40:11

make more money. you have to really spend

40:14

some time and have the time to typically

40:16

better for someone's frugal and really wants to

40:18

try to extract every possible sent out of

40:20

the vehicle. In. My case, I think

40:22

one of the x variable is that we

40:25

paid for self driving on the mile. three.

40:27

And. Test was offering a trade and at

40:29

almost ten grand last but they're willing a

40:31

role the self driving over there. If you

40:33

were going to want it on your next

40:35

car you know you'd save on that purchase.

40:37

I think I gonna do a load of

40:39

our math to figure out what makes sense.

40:42

By. You mentioned somebody services but I

40:44

don't know how many of them are

40:46

still around. but there is Cartel it

40:48

in. there is carbon, others, tarmac, there's

40:50

room our all these companies doing and

40:52

I are they reliable and good. I

40:55

remember one of em built like an

40:57

automated vending machine car dealership that I

40:59

don't think still exists bias in the

41:01

height of the market a few years

41:03

ago. How do you think those services

41:05

compared to just going to dealerships suffers?

41:07

Or they does exactly that? is that

41:09

are still around? Yeah, that's Corolla. A

41:11

lot of companies. Have Gone away. I

41:13

was working on Get A Car Online Carbine

41:16

for many years, raised lots of money a

41:18

real to. We had this on said that

41:20

because we weren't best position to deliver on

41:22

that proposition in the market conditions, it just

41:25

didn't make sense and we decided to pivot

41:27

to more of an Omni channel way meeting

41:29

Army Town online and in store right? essentially

41:32

letting the customer choose how they want to

41:34

buy. As if you ask me

41:36

today, I think that the best way to

41:38

buy a car. Is. Locally.

41:42

And. Army Channel. So. Finding

41:45

it a local group or a

41:47

local dealer? That. Has a

41:49

presence, has a reputation in your markets. Just

41:51

physical presence. You can go there. They'll be

41:53

there tomorrow. They'll be there in a week.

41:55

From today they have a service department. But.

41:58

Somewhere where you can go, you can really. The

42:00

old Frost with someone. And lean on

42:02

that place if you're looking to make

42:04

a purchase. I like the online services

42:06

I had and my own online service.

42:08

Arvada seems to be the only one

42:10

that has kind of made it through

42:12

the storm of Twenty Twenty Two and

42:14

Twenty Twenty Three. Room is he of

42:17

closing shift close? I mean tons of

42:19

these web sites in companies closed provided

42:21

a real business. If you're someone that

42:23

doesn't. Think. Too much about tomorrow like

42:25

you don't necessarily care, you're having da relationship

42:27

with a local service department. If anything goes

42:29

wrong or maybe just been a really value

42:31

your time and you know you want to

42:33

step foot in the dealership than the I

42:35

think of eyes Off Off is a really

42:38

good service. I the deputy felt a very

42:40

good mouse traps and try buying a car

42:42

provide super easy. I do recommend Koran. I'd

42:44

like them were eyeball. My car was a

42:46

new car dealership where I just felt like

42:48

I have somewhere a I can go to

42:50

where it's easy. Ultimately for me that type

42:52

of peace of mind die. Know my wife could

42:54

just take her down on busy or something thousand porn

42:56

to me. Any. Industry terms that someone

42:59

walk into a dealership should now that speak the

43:01

right language to get the best the ah. I.

43:03

Follow Cardio subbed on twitter. Funny.

43:06

worked a couple times but it's how of his

43:08

bond like people some idiots like yeah, I saw

43:11

a producer guns and they tell me that they're

43:13

going to do seventy Say that and it's like

43:15

ours are. You know all that and you know

43:17

this and so you're You're pretty well informed that

43:19

point. perfect segue to wrap up. They

43:21

can follow on Twitter. Where else can

43:23

people stand top of everything you're working

43:25

on and get more insights when they're

43:27

ready to go down this path themselves?

43:30

Dealership guy.com That's where I'm offering a

43:32

bunch of free content insights into the

43:34

market. Really like insider stuff that my

43:36

goes to offered a level of transparency

43:38

that has never been done before an

43:40

industry I share of town and social

43:42

Instagram linked in. Twitter bespoke whatever all

43:44

the social platforms of even really follow

43:46

Car Dealership Guy, you could get access

43:48

to all of this at the end

43:50

of the day. My goal is to

43:52

bring transparency, the car market and to build

43:54

a big destination for automotive insights and so

43:57

you know you can just expect a lot

43:59

more to come in a future. There are

44:01

ways to help consumers. We stopped viewers because

44:03

I think that with ever been well informed,

44:05

good transparency it can religious benefit. I want

44:07

an uplift and swell together. Last.

44:09

Thing if we want me people with three tips

44:11

when they're gonna buy a car. Most valuable things

44:13

any day now to get the best deal. When.

44:16

You got. Picture Salesperson in

44:18

advance. You. The service all mind

44:20

figure out who you want to speak

44:22

with, who has the best reputation in

44:24

the market. Discuss financing as early as

44:27

possible. The. Bronx financing will

44:29

derail deal. Negatively impact you

44:31

and the dealer have that discussion as

44:33

early as possible to that you don't

44:35

said false expectations and so that you

44:37

can really such as of up to

44:39

get the best deal possible. About

44:42

it. Thank. You so much for joining

44:44

think aggressors. Awesome! That

44:47

was so great! Thank you for listening and with

44:49

a potential car situation or my future I am

44:51

so glad I got the have this conversation right

44:54

now. I will make sure to linked to all

44:56

the great resources we discussed in the show notes.

44:58

and please do go check out the Car Dealership

45:00

Guy website and podcast if you want to go

45:02

deeper. Yossi contact really is great and if you

45:04

want to get in touch podcast they all of.

45:08

That that for this week. See you next week. What's.

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