After I went through all the crap in the finance office, I decided before signing anything to check the vehicle again. This was for a new vehicle. However, I noticed the vehicle they brought out had about 300 miles in the odometer, yet the vehicle i had tested had only about 4 miles on it. They had switched identical vehicles. I walked away from that bait and switch deal and told my story to anyone. Always,write the VIN number to avoid this particular scam.
BMW just looks nice outside and inside but gives you a lot of mechanical problems. It stops without any warning. We prefer our Toyota which is more reliable. We bought our 2 Rav 4 Hybrid 2017 5 years ago, with 0 interest and 0 down payment. My husband will walk away from the salesman if he does not get on his own terms. Do not allow them to rip you off
They also get you with the dealer added upgraded tires and rims. You paid for the original tires and rims in the car price. Then they charge you full price for the new dealer added rims and tires but they keep the originals that you already paid for in the price of the car. They should discount you the price of the original tires and rims or give them to you because otherwise you paid full price for both..
The last time I recall a dealer sales person using the 4-Square scam selling method was more than 20 years ago. If any sales person did try this scam, they would see my back walking out the door. The 4-Square paper is a sign of a dealer best avoided, a dealer who has no ethical concerns scamming a customer. As noted in the video, when financing through the dealer, always demand the F&I manager reveal the buy rate, the rate at which the dealer selected finance source will actually finance the buyer. F&I managers almost always bump this rate. So a 3 percent buy rate becomes 5 percent. When I am looking for a vehicle one of the first things I do is peruse dealer websites for pricing information. Any dealer which lists "call for price" is a dealer immediately removed from consideration. That is a sign of a bad dealer.
When we got our Lexus, we told the dealer we weren’t sure what we were doing with a trade-in, when we got to actually buying the car and said we wanted to trade-in, they refused to sell us the car .
Couldn't be more grateful for these lessons and work around. Now I'm feeling empowered to confidently walk in and out of a dealership with the best value for my buck. Thanks a million 😁
I recently bought a new truck. I always negotiate an OTD price. Once that’s done, then I trade in. The dealer where I bought my new truck was actually great. Very transparent and I got an excellent deal on my trade in (that’s not entirely to the dealer’s credit but more so just the economy and market). Don’t be afraid to compel the dealer to shop around for a loan for you. In my case I requested that they look into a loan from a credit union which was much better deal for me. And most importantly, remember everything is negotiable!!!
Hey man, just wanted to say THANK YOU! Thank you so much. You saved me a fortune! I saw the whole thing before my eyes just how you described and I thought to myself "thank you". You rock! Please keep up the great work!
Great thanks . One you missed was on finance agreement, they add one years interest on to the amount you are borrowing. Ex: you are borrowing $30000.00 over 3 years , they show you the total cost on the agreement at say $35000.00 . If you look closely
My dealership said they don’t work with other banks I can only finance with them! Is this BS? He said maybe it will change one day, but they have such low inventory the dealership needs to make money too
A friend of mine who regularly purchases new cars calls the sales people bloodsuckers....trust nothing they say.If their mouth is moving ...they are lying.
My local BMW dealership didn't try of these tactics, were completely transparent, quick to explain every detail of purchase without me needing to play 20 questions, and actually gave me a higher trade in value than I could have received from the average private sale. Honestly felt like they wanted to commit to a fair experience, like they were considerate and understanding of the stress that naturally comes in the whole car buying experience. It helps that the car I was turning in was also a BMW and has been babied for the most part- a beautiful sterling graphite metallic 2006 330i with only 118k miles with only 1 other previous owner. I do miss'em but I love my new (certified pre-owned of course) 2018 440i. Oh and I do know it's not the norm because I've been to aNoThEr local, and considerably larger, BMW dealership that was full of shysters. I was skeptical walking into this other one due to my previous experiences at the terrible one.. But glad I took the leap! You make great points nonetheless! And wish I knew what the money factor thing was prior, that might have been a worthwhile conversation to have.
Great tips, a lot of the package and warranty scams can be avoided all together by buying a different manufacturers car at a dealership. I bought my Tesla at a Toyota dealership and it took less than a hour to get through the paperwork because they couldn't even offer me anything extra lol.
Dealers are so on extras because is their main income. Actually selling the car itself has a small profit, so they need to sell extended warranties and shit. The service shop has a lot of revenue for them
If you look closely they have added one years interest on to your loan, which means you are paying interest on $35000.00 over the term of the lone . So you are paying interest on interest.
If they do the 4 Square then you pull out a pad of paper and say you are doing the 5 circles. 00 000 that represents the amount you will be getting if you don't cut the B.S.
Exactly, thanks. It is a bit deceiving and leases are appealing for those maybe with a bit lower budget or business writeoffs, but for most people who can easily afford the I would buy the car and not lease. Have a great one.
Lol 😂 A car if definitely affordable in the US. You can easily get a lease in the $400 range with service included for 3-4 years so what’s the issue? No seriously please let us know and give specifics. I owned used cars and all broke down like crazy. Once I got a lease I sleep better and I can budget my life.
Thank You for this valuable and important advice ! You obviously have 'been around the block' and you know what you are talking about. Your cheerful enthusiasm when speaking about cars makes it clear that you have found/made a great niche for yourself,doing something that you enjoy. Some people look their whole life for what you have ! 🌞 Best wishes to you and may God continue to bless you and family.
You are totally right and there is no reason to pay too much. At the end of the day, if you feel you got a solid deal, the.that’s all that matters. For example I know I got a screaming deal on my FvType but others who know me seem to be in impressed by folks who may not be interested in that type of car. Thanks for dropping a line.
Bought a 95 Pontiac Firebird Formula less than a year old from a dealership and bought the extended warranty. Best decision I've ever made. Costed $900 but ended up saving me $5,500 even with the $50 deductible.
Thank you for taking the time to make these videos. I've purchased many cars in the last 30 years and this information would have been valuable so to have. Outstanding job....
Point 12. I've seen dealerships charge up to 10.29% on a car loan despite the person have a B credit rating. People don't know, especially with used cars, the higher the interest rate, the higher the dealer bonus. Like, why buy a vehicle like that when the lowest bank rate for a used car I've seen is around 6.8 (for current rates)?.
I think its better to get the GAP through your finance company. If you get it through your regular auto policy once u decide to cancel the policy, maybe because you found another provider with better rates your GAP is gone. s Some insurance companies only provide GAP for new off the lot vehicles so even if you purchased yours new it will no longer qualify if u switch providers.
I totally agree buying extended warranty in Lexus. From my experience their road assistance service is quick in response and comprehensively covers whole costs. They did not charge towing, courtesy vehicle and repair at all.
My dad always called a car lease a “flease” they fleece you for your money and you do not own the (massively depreciating) asset! Also; if you’re paying in cash. Go through the financing michegas then send a payoff after 2-3 months.
Thank you ! Your 100% correct in all the scams the dealerships are pulling on people. I can tell you I seen and first hand all the shady crap dealerships are doing to people.
True it happens to the best of us. These people are professional and well practiced so it’s hard to avoid all the tricks but it’s ideal if we go into a deal with some of this info. Have a great one.
Hi Mark. There's another BIG one. I've got an acquaintance whom owns a dealer in Alberta and one day over a drinking get together when he got hammered he told me that friends and families are getting the worst deal from awful colours, lousy options and the worst financing deal you can imagine because they think it's a friend and he' not gonna screw you but that's exactly what happens. So if you go to a dealer whether the owner, principle or sales manager is your friend consider yourself like a "fish in a barrel". Cheers
You have put your finger on the reason that car salesmen are almost as despised as politicians. I'd porobably trust a crack dealer before trusting any car dealer. We have purchased two new SUVs in the past 3 years. In both instances the salesmen were gone when the vehicles went in for service 60 days later.
I remember me as a 24 year old back in 2019 at a Mercedes dealer for a A200. The moment I said I pay "CASH" the salesman treated me like a crap in the sense of a young lad trying to pay a 25K+ € car cash. In the end I went to an BMW dealer in Belgium asked first the financing options at after signing the contract I paid the "CASH." So the price was fixed. To remember guys some salesman can be very arrogant on paying cash especially when you're young.
This is why I did my research as a teenager in solid local credit union's and have maintained good standing with the best rated one in my area and have had rates ranging from 2.94% down to 0.94%. My main bank was more than 2-3 times that and most in-house wasn't much better at all, those local credit unions seem to be the best option in your pocket when walking in the door beforehand. Even though I tend to buy private party and take the car to a trusted mechanic for compression tests etc. If the owner doesn't want to comply with that it's a piece of 💩 and walk away lol.
Buying with cash has a major advantage: No interest. But, as you said, don't spring that on them until the last minutes. Otherwise, they will hold out for a higher price because that won't screw you out of money on other stuff. GAP insurance, as you said, can often be had through your regular insurer for somewhat less than through a dealer. One thing I think is important is to skip the life insurance they will inevitably try to see. If you feel you don't have adequate life insurance and want to have enough to pay off the car, just ask any local insurance agent about a decreasing term insurance policy. Get what the dealer is peddling, but for about half the cost.
Another good tip. Go to the dealership and ask to see what is on their backlot. These are vehicles that may have a cracked windshield, etc. But these are used vehicles that are sitting in the back, prior to detailing. And yes, they even detail the engines in many cases once they put them on the main lot. This way you get to see the true condition of the car. I have gotten several good vehicles this way at a good price because it throws them off their game, but they still wanna make the sale.
Here in the us if you buy an extended warrantee not a certified manufacturer warrantee you will be scammed. Here’s why ,these policies can be sold by a division of a legitimate insurance co like Allstate. The problems is extended warentee are NOT REGULATED like regular car insurance.
Also, never hand them your license until you're ready to make the deal and confident you'll leave the dealership with a vehicle. They'll claim they lost it so you can't leave...if you call the police and have evidence they stole the driver's license, the dealership can get in trouble.
luv ur videos!!!!!!!!!!!!!!!!! ur a straight shooter!!!!!!!!!!!!!! i was an investigator on dealerships in USA,and i ll tell ya,theres alot of shady dealers
You hit this right on the head, these dealers don’t care if your single, married have 6 kids or anything like that. They’ll use that information against you. Of you have 6 kids our minivan just went up in price. Sometimes these dealers will start having you fill out the loan paperwork prior to negotiating if you do it they know your buying this car, killing the negotiating. They won’t budge at that point. They tried that I me and I left and sure enough they called back with wiggle room.
Great video thanks again. Just wanted to add 2 more, tire and rim protection warranty and free towing if you break down .There's no need if the car is under warranty , the towing would usually be covered anyway...
And I don't want a used car either I'm glad I'm the age I am,I look at a new car and feel sorry for the owner because I know he can't afford it, so I just smile 😊 and go on my way
Thank you for your reply it's true Thay make the car as cheap as possible and try to get as much as they can for it I seen a girl at Starbucks buying a 6 Dollar coffee and the Bank was outside taking her car because she couldn't make the payments
heh watching this after i already bought. guess i got lucky. sales guy locked in new car price then went over trade in. gave us kelly bluebook price. im over 50 and this is the first time dealer didnt try to rip me off. no dealer mark up. just crazy.
@@ECPP it was a Mercedes. Not my first new car but my first luxury. You have a lot of experience in that area. Are luxury dealers better or worst or I just got lucky?
Because of your channel I'm narrowing my choice down to Mercedes and Audi. Pardon the ignorance here, but how do you negotiate the extended CPO warranty?
Hi Mark! I'm planning on buying a 2022 Lexus ES300h this year and was wondering would you have any recommendations on where to get 3M done on the car? There are so many places here in Edmonton and would really value your insight/advice on where to go. Thanks for all the advice from your videos! Cheers, Kydust!!
Would you recommend taking a purchase contract to a lawyer before signing? What's a couple of hundred dollars when you're buying a car for 30k or more? Also I bought the extended warranty on my XTS and it paid for itself on the first day when my CUE screen failed.
I just bought a car & I asked for every single page of the contract & the CarMax report but when they delivered the car to me she said she would have to mail me my copies which DID NOT SIT WELL WITH ME AT ALL - IS THERE A LAW THAT MAKES THE DEALER PROVIDE THIS PAPERWORK TO ME ??
Never ever accept their offer of a cup of coffee. It will be made with superheated steam. Just to keep you there so they can continue with their sales pitch. Also; be prepared to walk away. There are thousands of vehicles similar and 50% may be better. Smaller dealers can be better but do your research and don’t buy on emotion.
Rust proofing is worth it for places that have winters and use salt for ice. It's from the bottom of the window down. If the shop has the right sizes for the wands you can get away without drilling for access. My friend brought her car in for us to practice on and her sister had the same car but newer. Hers never rusted, her sisters was another story. Again not at the dealership. September is the best time to get it done.
In Australia, having a "novated lease" uses pre and post tax income, thereby lowering your annual taxable income, and could possibly bring you down to a lower tax bracket. In addition, EVERYTHING is included from new tyres, maintenance, rego, comprehensive insurance, petrol.....all for one monthly payment, and the additions are discounted; like $30/month for tyres, $150/month full coverage insurance. Insuring a '21 G20 330i would cost us about $250/month on our own. Also the tyres are approximately $700 each, brake rotors are $1500 a pair....all this is included. Cheaper overall and saved us approximately $30k over the 4 year lease term. At the end, we know what the residual is, so we can either keep it and refinance, pay it off, or return it. We know all costs upfront and lowers our tax bracket to pay less income tax. Extremely smart to do it this way....just saying
@@mickd4610 odd how we paid 20% less than sticker to start, then add in the savings over the next four years of approximately $10k over 4 years....so yes it's actually POSSIBLE. Just because you cannot count to ten, doesn't mean others can't either.
@@Audios81 I have previously done the novated lease and I know what it is all about. Your maths are patheric as are you. Plus what an ordinary car to lease. Obviously cant afford a real beamer.
I have, in the past, thought of using a third-party agent to represent me in a transaction for a higher value vehicle. Flat rate for the "agency representation", depending on vehicle type. Even though I am somewhat experienced in purchasing, many of these loopholes can be problematic. An agent is, typically, utilized in real estate, have you heard of experiences utilizing one in higher end car purchasing?
I tried to offer this service and I found out people do not want to pay. Most people do not understand that you can lose a lot of money that is not necessary about the cars price. Example a lady came to me with a deal she had made I told her i charge 20% of what I save you in total deal. . I lowered her total deal $6,912 ($96 x 72 months) in my world that’s a huge savings she did not want to pay. Took me about 3 days to put the deal together new financing , lower insurance, lower price, different dealership.
@@FREDERICKVON1 I would have followed through. The net savings is large. Mark had great advice. I know that another large purchase will occur in the future.
Excellent tips. Actually I had fallen for some of these tricks. I wish I watched your video sooner. I bet the car dealers, those ultimate money suck machines, hate you to their cores for revealing their dirty secrets.
I don't know. It's made sense to me that when I've bought a used car for any purpose, that I'd pay one transaction amount for the whole thing instead of doing a finance deal with them (regardless of who they are) and make monthly payments with interest and a finance fee on top of that. I'm feeling a little bit confused here. So, you don't want to tell them that you'd rather pay one full amount instead of finance it? It just sems to me that you'll pay more for it in the long term if you finance it with monthly payments. I guess they could still offer all the needless warranties if you don't finance it instead of finance it with monthly payments and make you feel like you're a fool to not spend that extra $200-$400 or so.
I traded in my 2014 Chevy Malibu to lease a brand new 2020 Malibu and I'm regretting that decision. I barely drove the car as it has less than 10,000 miles on it and I'm ready to go back to the dealer to buy the car. I tell you, I'm not happy with leasing a car because it's never ending car payments on a vehicle that is not for work purposes. I feel that the dealer did not sell me a vehicle in my best interest but instead ripped me off. So, I'm going to buy out my lease and I am never ever going to lease another car. Cars go down in value and in my opinion it's a lot of money to throw away. Chevy contacted me because they want my car. No dice, I told this schiester that I'm not interested in leasing a new car. I said "have you seen the price of gas lately? I'm ready to buy a bicycle not a car 😡" I think they saw me as a suckered because I am a woman. I accept my mistake and have learned from it. I'm just going to take it to the dealer next month and buy it out. They told me that I have to pay $198.00 inspection fee. Again, I'm getting robbed. Why do I have to pay them to inspect a car that I leased brand new that's barely driven that I'm agreeing to buy? Nothing but thieves
Great video, could you or do you have another that explains in more detail the Money Factor. I ordered a new SUV for next July (didn’t want to be caught because of the supply chain issues). Thanks 🙋🏼♂️🙂👍🏻
I have sold cars for years at typically high volume dealers, and cars DO sell all the time out from under people. I try to take ads down within the hour, but it does happen quite frequently. So no, its not always a bait and switch, in fact in todays market it rarely is. Call in advance, tell them youll be there at such and such time, and they will hold it for a couple hours typically.
Yo Yo scam happened to me but I got BK harder on Dealer thru lawyer & had him come to my house after 6 months & had him refund my 15k down & took his vehicle back FRM my garage.of which I NVR made single payment to the lender..
But BMW and Mercs are great for lease only drive it for 3years then hand it back just as they start to turn into endless money 💸 pits (Scotty Kilmer) Lexus is the car you buy and own also easy to dispose of on the used car market Evan at 10yo unlike BMW or Merc at 10yo
Thanks for you advices, some of scams were unknown. I am from India, I want to know what's your take on demo cars and its good thing to buy. Demo cars are those test driven cars by people, experts and media too. I am talking about premium luxury cars like the big 3 Germans. Dealers are offering heavy discounts om that and also they might be old as 2 months to 1.5 years.
Thanks Exotic Car guy. Im bout to get an X5 financed for 7 years My question is should i pay extra $ for extended warranty???? Comes with 90k or 5 years, whichever comes 1st. Thanks.
Wanted to add that leasing a BMW is the way to go but leasing an Audi not so much. You have to know what cars to lease. Buying a car is the stupidest thing anyone can do new or used. Whoever says different please share financial info not just hearsay.
Anything stopping me from saying I'm financing over half , get the better price on the car, then pay it off in a month cause I had the cash anyways assuming there's no penalty
Hi, My bmw E83 crankcase vent valve went bad with pressure in engine & blow out my valve cover gasket. Do you think it could have damage any other seals?
@@silviataylor92 man that sucks. I just don’t understand why bmw can’t manufacture reliable engines. I drove a cheap Ford Focus for 12 years and a cheap ford escort for 11 years. Both had almost 200k miles when I traded them in. And both were super reliable. Over 20+ years I didn’t have even 1 big repair shop bill. You can’t tell me bmw can’t engineer a good engine and car. They do it on purpose so you have to buy a new one
I bought a car 2 days ago and selected the lifetime drive train warranty. I hope that was not me getting hosed. It added $69 a month to my freakin payment.
Car dealerships do not finance vehicles. Only those Buy Here Pay Here used car dealers finance vehicles. Car dealers merely arrange finance with a number of banks and captive finance companies (e.g.; Honda Finance).
Hi this is Prem Samuel love from India. I confused between choosing a used car between 2010 x6, 3.0 d, 1,00,000 kms and cayenne 3.6 v6 base 2009. 80,000 kms. I am looking at the maintenance part between these two. Mine is an 1500 kms or less a month. Single user most of times. Can you please help me out with your thoughts. Thanks I follow all your vlogs regular. Keep going.
After I went through all the crap in the finance office, I decided before signing anything to check the vehicle again.
This was for a new vehicle.
However, I noticed the vehicle they brought out had about 300 miles in the odometer, yet the vehicle i had
tested had only about 4 miles on it.
They had switched identical vehicles.
I walked away from that bait and switch deal and told my story to anyone.
Always,write the VIN number to avoid this particular scam.
Dealers wouldn't do that...because that would be dishonest...
Wow..thats sleazy
BMW just looks nice outside and inside but gives you a lot of mechanical problems. It stops without any
warning. We prefer our Toyota which is more reliable. We bought our 2 Rav 4
Hybrid 2017 5 years ago, with 0 interest and 0 down payment. My husband will walk away from the salesman if he does
not get on his own terms.
Do not allow them to rip you off
They also get you with the dealer added upgraded tires and rims. You paid for the original tires and rims in the car price. Then they charge you full price for the new dealer added rims and tires but they keep the originals that you already paid for in the price of the car. They should discount you the price of the original tires and rims or give them to you because otherwise you paid full price for both..
Ssd
The last time I recall a dealer sales person using the 4-Square scam selling method was more than 20 years ago. If any sales person did try this scam, they would see my back walking out the door. The 4-Square paper is a sign of a dealer best avoided, a dealer who has no ethical concerns scamming a customer.
As noted in the video, when financing through the dealer, always demand the F&I manager reveal the buy rate, the rate at which the dealer selected finance source will actually finance the buyer. F&I managers almost always bump this rate. So a 3 percent buy rate becomes 5 percent.
When I am looking for a vehicle one of the first things I do is peruse dealer websites for pricing information. Any dealer which lists "call for price" is a dealer immediately removed from consideration. That is a sign of a bad dealer.
The problem is there is less transparency on its use and it’s done more behind the scenes and less formalli
0
charlies chevrolet just tried this 4 square on my wife and i the other day. it was hilariously embarrassing for them
When we got our Lexus, we told the dealer we weren’t sure what we were doing with a trade-in, when we got to actually buying the car and said we wanted to trade-in, they refused to sell us the car .
Couldn't be more grateful for these lessons and work around. Now I'm feeling empowered to confidently walk in and out of a dealership with the best value for my buck. Thanks a million 😁
I recently bought a new truck. I always negotiate an OTD price. Once that’s done, then I trade in. The dealer where I bought my new truck was actually great. Very transparent and I got an excellent deal on my trade in (that’s not entirely to the dealer’s credit but more so just the economy and market). Don’t be afraid to compel the dealer to shop around for a loan for you. In my case I requested that they look into a loan from a credit union which was much better deal for me. And most importantly, remember everything is negotiable!!!
Hey man, just wanted to say THANK YOU! Thank you so much. You saved me a fortune! I saw the whole thing before my eyes just how you described and I thought to myself "thank you". You rock! Please keep up the great work!
Great thanks . One you missed was on finance agreement, they add one years interest on to the amount you are borrowing. Ex: you are borrowing $30000.00 over 3 years , they show you the total cost on the agreement at say $35000.00 . If you look closely
My dealership said they don’t work with other banks I can only finance with them! Is this BS? He said maybe it will change one day, but they have such low inventory the dealership needs to make money too
Very TRUE.all what you have said. I was at a car dealer last week. I did walk away
gonna be playing this vijeo loudly on my phone as i walk around the lot....
Nice, thanks a lot for watching
A friend of mine who regularly purchases new cars calls the sales people bloodsuckers....trust nothing they say.If their mouth is moving ...they are lying.
Wow, that’s unfortunate but does not surprise
My local BMW dealership didn't try of these tactics, were completely transparent, quick to explain every detail of purchase without me needing to play 20 questions, and actually gave me a higher trade in value than I could have received from the average private sale. Honestly felt like they wanted to commit to a fair experience, like they were considerate and understanding of the stress that naturally comes in the whole car buying experience. It helps that the car I was turning in was also a BMW and has been babied for the most part- a beautiful sterling graphite metallic 2006 330i with only 118k miles with only 1 other previous owner. I do miss'em but I love my new (certified pre-owned of course) 2018 440i.
Oh and I do know it's not the norm because I've been to aNoThEr local, and considerably larger, BMW dealership that was full of shysters. I was skeptical walking into this other one due to my previous experiences at the terrible one.. But glad I took the leap! You make great points nonetheless! And wish I knew what the money factor thing was prior, that might have been a worthwhile conversation to have.
Great tips, a lot of the package and warranty scams can be avoided all together by buying a different manufacturers car at a dealership. I bought my Tesla at a Toyota dealership and it took less than a hour to get through the paperwork because they couldn't even offer me anything extra lol.
That is a great point and I totally agree.
Dealers are so on extras because is their main income. Actually selling the car itself has a small profit, so they need to sell extended warranties and shit. The service shop has a lot of revenue for them
If you look closely they have added one years interest on to your loan, which means you are paying interest on $35000.00 over the term of the lone . So you are paying interest on interest.
If they do the 4 Square then you pull out a pad of paper and say you are doing the 5 circles. 00 000 that represents the amount you will be getting if you don't cut the B.S.
BMW salesman told me he didn’t know what money factor meant and never heard of it.
Hey Mark great tips, 100% spot on about Lease, it makes you think the car car is affordable where its maybe not, especially for first time car buyers.
Exactly, thanks. It is a bit deceiving and leases are appealing for those maybe with a bit lower budget or business writeoffs, but for most people who can easily afford the I would buy the car and not lease. Have a great one.
Lol 😂 A car if definitely affordable in the US. You can easily get a lease in the $400 range with service included for 3-4 years so what’s the issue? No seriously please let us know and give specifics. I owned used cars and all broke down like crazy. Once I got a lease I sleep better and I can budget my life.
I think the new financial law eliminates the pre-pay penalty.
and it should. Thats great
Before you finished saying Welcome to exoticcar playplace I already hit the like button 😀
Thanks a lot Ken. Have a great day and welcome.
Do you put salt on your food before you taste it ? Asking for a friend.
Dude. You’re awesome. Thanks for your videos. I’m looking for a car and already got great tips from you!
Happy to help!
Please everybody remember, BMW is NOT an exotic car maker, it's the Honda of Europe. Some of their models are performance based, but not EXOTIC.
What an awful take. Hondas are sold in Europe. Lol.
Honda of europe 🤣🤣
Same with Mercs, my mom is German, she says they are taxis there
Saying it’s the Honda of Germany implies is reliable. BMWs are absolutely unreliable.
@@labornurseYes, Mercedes E class is fairly common as a taxi across Western Europe.
That 4 square drives me nuts. We were at a few dealerships this weekend in Edmonton looking at some cars and it got ridiculous.
Thank You for this valuable and important advice !
You obviously have 'been around the block' and you know what you are talking about.
Your cheerful enthusiasm when speaking about cars makes it clear that you have found/made a great niche for yourself,doing something that you enjoy.
Some people look their whole life for what you have ! 🌞
Best wishes to you and may God continue to bless you and family.
The best approach is to decide what the car is worth to you and pay that. I couldn't care less what others pay or what the car is "worth."
You are totally right and there is no reason to pay too much. At the end of the day, if you feel you got a solid deal, the.that’s all that matters. For example I know I got a screaming deal on my FvType but others who know me seem to be in impressed by folks who may not be interested in that type of car. Thanks for dropping a line.
@@ECPP
Every F is a screaming deal.
Bought a 95 Pontiac Firebird Formula less than a year old from a dealership and bought the extended warranty. Best decision I've ever made. Costed $900 but ended up saving me $5,500 even with the $50 deductible.
Great video. I’m not in the market for a car but will pass this video onto anyone I know who is considering buying one.
Thanks
Thank you for taking the time to make these videos. I've purchased many cars in the last 30 years and this information would have been valuable so to have. Outstanding job....
Point 12. I've seen dealerships charge up to 10.29% on a car loan despite the person have a B credit rating. People don't know, especially with used cars, the higher the interest rate, the higher the dealer bonus. Like, why buy a vehicle like that when the lowest bank rate for a used car I've seen is around 6.8 (for current rates)?.
Thanks for watching.
I think its better to get the GAP through your finance company. If you get it through your regular auto policy once u decide to cancel the policy, maybe because you found another provider with better rates your GAP is gone. s
Some insurance companies only provide GAP for new off the lot vehicles so even if you purchased yours new it will no longer qualify if u switch providers.
I totally agree buying extended warranty in Lexus. From my experience their road assistance service is quick in response and comprehensively covers whole costs. They did not charge towing, courtesy vehicle and repair at all.
My dad always called a car lease a “flease” they fleece you for your money and you do not own the (massively depreciating) asset! Also; if you’re paying in cash. Go through the financing michegas then send a payoff after 2-3 months.
Congrats on almost 100k
Thank you very much Jeremy, much appreciated. It is a big milestone and feels great to be crossing that threshold right away. Have a great one.
The most entertaining automotive channel!!! Just subscribed!!
Bro you are a genius, we are in the process of buying a new car , this is so helpful...man you are fantastic, really appreciate it
Thank you ! Your 100% correct in all the scams the dealerships are pulling on people. I can tell you I seen and first hand all the shady crap dealerships are doing to people.
You have a new subscriber! I'm taking my time on my next vehicle.
Great Advice, Thank You for sharing !
Great advice, I think I was ripped by most of them on my last purchase, pisses me off
True it happens to the best of us. These people are professional and well practiced so it’s hard to avoid all the tricks but it’s ideal if we go into a deal with some of this info. Have a great one.
Hi Mark. There's another BIG one. I've got an acquaintance whom owns a dealer in Alberta and one day over a drinking get together when he got hammered he told me that friends and families are getting the worst deal from awful colours, lousy options and the worst financing deal you can imagine because they think it's a friend and he' not gonna screw you but that's exactly what happens. So if you go to a dealer whether the owner, principle or sales manager is your friend consider yourself like a "fish in a barrel". Cheers
Wow, thanks for sharing that is another level of greasy. Sad that people operate like that.
You have put your finger on the reason that car salesmen are almost as despised as politicians. I'd porobably trust a crack dealer before trusting any car dealer.
We have purchased two new SUVs in the past 3 years. In both instances the salesmen were gone when the vehicles went in for service 60 days later.
Appreciate your video's always tend to watch a few at a time when you pop up on the feed lol 👍
I appreciate that. Thanks a lot for your support.
Very good advices 👍🏽👍🏽👍🏽👍🏽👍🏽👍🏽
Thanks so much for watching
I remember me as a 24 year old back in 2019 at a Mercedes dealer for a A200. The moment I said I pay "CASH" the salesman treated me like a crap in the sense of a young lad trying to pay a 25K+ € car cash. In the end I went to an BMW dealer in Belgium asked first the financing options at after signing the contract I paid the "CASH." So the price was fixed. To remember guys some salesman can be very arrogant on paying cash especially when you're young.
This is why I did my research as a teenager in solid local credit union's and have maintained good standing with the best rated one in my area and have had rates ranging from 2.94% down to 0.94%. My main bank was more than 2-3 times that and most in-house wasn't much better at all, those local credit unions seem to be the best option in your pocket when walking in the door beforehand. Even though I tend to buy private party and take the car to a trusted mechanic for compression tests etc. If the owner doesn't want to comply with that it's a piece of 💩 and walk away lol.
Buying with cash has a major advantage: No interest. But, as you said, don't spring that on them until the last minutes. Otherwise, they will hold out for a higher price because that won't screw you out of money on other stuff.
GAP insurance, as you said, can often be had through your regular insurer for somewhat less than through a dealer.
One thing I think is important is to skip the life insurance they will inevitably try to see. If you feel you don't have adequate life insurance and want to have enough to pay off the car, just ask any local insurance agent about a decreasing term insurance policy. Get what the dealer is peddling, but for about half the cost.
Another good tip. Go to the dealership and ask to see what is on their backlot. These are vehicles that may have a cracked windshield, etc. But these are used vehicles that are sitting in the back, prior to detailing. And yes, they even detail the engines in many cases once they put them on the main lot. This way you get to see the true condition of the car. I have gotten several good vehicles this way at a good price because it throws them off their game, but they still wanna make the sale.
These are golden! Thanks again ECP🙏
Here in the us if you buy an extended warrantee not a certified manufacturer warrantee you will be scammed. Here’s why ,these policies can be sold by a division of a legitimate insurance co like Allstate. The problems is extended warentee are NOT REGULATED like regular car insurance.
I have never bought a new car, so thanks I will keep this in mind while buying my first car.
Really very helpful stuff.
Also, never hand them your license until you're ready to make the deal and confident you'll leave the dealership with a vehicle. They'll claim they lost it so you can't leave...if you call the police and have evidence they stole the driver's license, the dealership can get in trouble.
Cheers
Great video...I’ve experienced each & every one that you mentioned. 👍🏾
I'd like to see a video on your opinion on Carvana
For sure I will see what I can do in the near future.
luv ur videos!!!!!!!!!!!!!!!!! ur a straight shooter!!!!!!!!!!!!!! i was an investigator on dealerships in USA,and i ll tell ya,theres alot of shady dealers
Thank you very much
You hit this right on the head, these dealers don’t care if your single, married have 6 kids or anything like that. They’ll use that information against you. Of you have 6 kids our minivan just went up in price. Sometimes these dealers will start having you fill out the loan paperwork prior to negotiating if you do it they know your buying this car, killing the negotiating. They won’t budge at that point. They tried that I me and I left and sure enough they called back with wiggle room.
Thank you
Great video thanks again. Just wanted to add 2 more, tire and rim protection warranty and free towing if you break down .There's no need if the car is under warranty , the towing would usually be covered anyway...
Thanks for the info!
Right now is definitely an sellers market, is rough to even get an hand on any cars
And I don't want a used car either I'm glad I'm the age I am,I look at a new car and feel sorry for the owner because I know he can't afford it, so I just smile 😊 and go on my way
Thank you for your reply it's true Thay make the car as cheap as possible and try to get as much as they can for it I seen a girl at Starbucks buying a 6 Dollar coffee and the Bank was outside taking her car because she couldn't make the payments
heh watching this after i already bought. guess i got lucky. sales guy locked in new car price then went over trade in. gave us kelly bluebook price. im over 50 and this is the first time dealer didnt try to rip me off. no dealer mark up. just crazy.
Wow, sounds like a good news story and glad to hear it worked out. Often we feel we get the short end of the stick
@@ECPP it was a Mercedes. Not my first new car but my first luxury. You have a lot of experience in that area. Are luxury dealers better or worst or I just got lucky?
Because of your channel I'm narrowing my choice down to Mercedes and Audi. Pardon the ignorance here, but how do you negotiate the extended CPO warranty?
Your a “warrior”for the small guy…!Keep on trucking ….Salute✋
Hi Mark! I'm planning on buying a 2022 Lexus ES300h this year and was wondering would you have any recommendations on where to get 3M done on the car? There are so many places here in Edmonton and would really value your insight/advice on where to go. Thanks for all the advice from your videos! Cheers, Kydust!!
Would you recommend taking a purchase contract to a lawyer before signing? What's a couple of hundred dollars when you're buying a car for 30k or more?
Also I bought the extended warranty on my XTS and it paid for itself on the first day when my CUE screen failed.
I just bought a car & I asked for every single page of the contract & the CarMax report but when they delivered the car to me she said she would have to mail me my copies which DID NOT SIT WELL WITH ME AT ALL - IS THERE A LAW THAT MAKES THE DEALER PROVIDE THIS PAPERWORK TO ME ??
These are all great tips, thanks for sharing!!
Thank you for watching
Interesting and useful. But paying cash is always best.
Great video! Really helpful! thanks for all the tips.
Thanks for watching
Hello! Just want to say that I already know most of these things but it’s nice to watch you remind me and you do such a great job
Thanks
Never ever accept their offer of a cup of coffee. It will be made with superheated steam. Just to keep you there so they can continue with their sales pitch. Also; be prepared to walk away. There are thousands of vehicles similar and 50% may be better. Smaller dealers can be better but do your research and don’t buy on emotion.
Wow. Great information
Thank you
Great advice all the way around.
Thanks a lot
Rust proofing is worth it for places that have winters and use salt for ice. It's from the bottom of the window down. If the shop has the right sizes for the wands you can get away without drilling for access. My friend brought her car in for us to practice on and her sister had the same car but newer. Hers never rusted, her sisters was another story. Again not at the dealership. September is the best time to get it done.
In Australia, having a "novated lease" uses pre and post tax income, thereby lowering your annual taxable income, and could possibly bring you down to a lower tax bracket. In addition, EVERYTHING is included from new tyres, maintenance, rego, comprehensive insurance, petrol.....all for one monthly payment, and the additions are discounted; like $30/month for tyres, $150/month full coverage insurance. Insuring a '21 G20 330i would cost us about $250/month on our own. Also the tyres are approximately $700 each, brake rotors are $1500 a pair....all this is included. Cheaper overall and saved us approximately $30k over the 4 year lease term. At the end, we know what the residual is, so we can either keep it and refinance, pay it off, or return it. We know all costs upfront and lowers our tax bracket to pay less income tax. Extremely smart to do it this way....just saying
No way you saved 30k in 4 years. Impossible.
@@mickd4610 odd how we paid 20% less than sticker to start, then add in the savings over the next four years of approximately $10k over 4 years....so yes it's actually POSSIBLE. Just because you cannot count to ten, doesn't mean others can't either.
@@Audios81 I have previously done the novated lease and I know what it is all about. Your maths are patheric as are you. Plus what an ordinary car to lease. Obviously cant afford a real beamer.
@@mickd4610 awww did you get triggered? Sorry about that little fellow. There, there 😘 😘
@@Audios81 Is that the best you have? You have been found out to be a poor fraud.
I have, in the past, thought of using a third-party agent to represent me in a transaction for a higher value vehicle. Flat rate for the "agency representation", depending on vehicle type. Even though I am somewhat experienced in purchasing, many of these loopholes can be problematic.
An agent is, typically, utilized in real estate, have you heard of experiences utilizing one in higher end car purchasing?
I tried to offer this service and I found out people do not want to pay. Most people do not understand that you can lose a lot of money that is not necessary about the cars price. Example a lady came to me with a deal she had made I told her i charge 20% of what I save you in total deal. . I lowered her total deal $6,912 ($96 x 72 months) in my world that’s a huge savings she did not want to pay. Took me about 3 days to put the deal together new financing , lower insurance, lower price, different dealership.
@@FREDERICKVON1 I would have followed through. The net savings is large.
Mark had great advice. I know that another large purchase will occur in the future.
Excellent tips. Actually I had fallen for some of these tricks. I wish I watched your video sooner. I bet the car dealers, those ultimate money suck machines, hate you to their cores for revealing their dirty secrets.
I don't know. It's made sense to me that when I've bought a used car for any purpose, that I'd pay one transaction amount for the whole thing instead of doing a finance deal with them (regardless of who they are) and make monthly payments with interest and a finance fee on top of that. I'm feeling a little bit confused here. So, you don't want to tell them that you'd rather pay one full amount instead of finance it? It just sems to me that you'll pay more for it in the long term if you finance it with monthly payments. I guess they could still offer all the needless warranties if you don't finance it instead of finance it with monthly payments and make you feel like you're a fool to not spend that extra $200-$400 or so.
I’ve had to deal with that lease scam before. They even tried to shove blank documents in front of me. Talk about a scam.
I traded in my 2014 Chevy Malibu to lease a brand new 2020 Malibu and I'm regretting that decision. I barely drove the car as it has less than 10,000 miles on it and I'm ready to go back to the dealer to buy the car. I tell you, I'm not happy with leasing a car because it's never ending car payments on a vehicle that is not for work purposes. I feel that the dealer did not sell me a vehicle in my best interest but instead ripped me off. So, I'm going to buy out my lease and I am never ever going to lease another car. Cars go down in value and in my opinion it's a lot of money to throw away. Chevy contacted me because they want my car. No dice, I told this schiester that I'm not interested in leasing a new car. I said "have you seen the price of gas lately? I'm ready to buy a bicycle not a car 😡"
I think they saw me as a suckered because I am a woman. I accept my mistake and have learned from it. I'm just going to take it to the dealer next month and buy it out. They told me that I have to pay $198.00 inspection fee. Again, I'm getting robbed. Why do I have to pay them to inspect a car that I leased brand new that's barely driven that I'm agreeing to buy? Nothing but thieves
I hear you, thanks for sharing. It’s a sad state when these greasy dealers try to take the consumers to task.
Thanks for this information it is invaluable.
Great video, could you or do you have another that explains in more detail the Money Factor. I ordered a new SUV for next July (didn’t want to be caught because of the supply chain issues). Thanks 🙋🏼♂️🙂👍🏻
I have sold cars for years at typically high volume dealers, and cars DO sell all the time out from under people. I try to take ads down within the hour, but it does happen quite frequently. So no, its not always a bait and switch, in fact in todays market it rarely is. Call in advance, tell them youll be there at such and such time, and they will hold it for a couple hours typically.
I can agree. Cars priced reasonably will sell and if the car is gone, it's gone. No need to assume they're messing with you.
thank you scotty i will remember your advice good on ya
Good evening Mark, great advice that maybe some people aren't aware, it's fantastic that you cover such a wide range of topics, stay warm and safe 😎🇨🇦
Good evening Scott, yes it’s all about making good choices so I like to share this type of info too. Stay warm.
A little more expensive.... Try 33% more for the same used car before the pandemic.
3 months later and it’s well over 33% now. It’s why I didn’t buy used and bought my first new truck ever. 2021 Ford ranger!
Excellent!
Thanks
Great job love the video
Thank you very much for watching and wound you say doing more of this style would be welcome on the channel?
I agree with most but wouldn't call a vehicle an investment , as most car salesmen do.
Yo Yo scam happened to me but I got BK harder on Dealer thru lawyer & had him come to my house after 6 months & had him refund my 15k down & took his vehicle back FRM my garage.of which I NVR made single payment to the lender..
Nice
But BMW and Mercs are great for lease only drive it for 3years then hand it back just as they start to turn into endless money 💸 pits (Scotty Kilmer) Lexus is the car you buy and own also easy to dispose of on the used car market Evan at 10yo unlike BMW or Merc at 10yo
Thanks for you advices, some of scams were unknown. I am from India, I want to know what's your take on demo cars and its good thing to buy. Demo cars are those test driven cars by people, experts and media too. I am talking about premium luxury cars like the big 3 Germans. Dealers are offering heavy discounts om that and also they might be old as 2 months to 1.5 years.
Thanks Exotic Car guy. Im bout to get an X5 financed for 7 years My question is should i pay extra $ for extended warranty???? Comes with 90k or 5 years, whichever comes 1st. Thanks.
Wry useful, thanks for sharing. Excellent content!
Wanted to add that leasing a BMW is the way to go but leasing an Audi not so much. You have to know what cars to lease. Buying a car is the stupidest thing anyone can do new or used. Whoever says different please share financial info not just hearsay.
Anything stopping me from saying I'm financing over half , get the better price on the car, then pay it off in a month cause I had the cash anyways assuming there's no penalty
Thanks a lot for coming up with this informative video..Best Wishes from Calgary ! :)
Hey man thanks for sharing good advices on BMW since I love the brand
For sure. Thank you very much for the support
Hi, My bmw E83 crankcase vent valve went bad with pressure in engine & blow out my valve cover gasket. Do you think it could have damage any other seals?
@@silviataylor92 man that sucks. I just don’t understand why bmw can’t manufacture reliable engines. I drove a cheap Ford Focus for 12 years and a cheap ford escort for 11 years. Both had almost 200k miles when I traded them in. And both were super reliable. Over 20+ years I didn’t have even 1 big repair shop bill.
You can’t tell me bmw can’t engineer a good engine and car. They do it on purpose so you have to buy a new one
I bought a car 2 days ago and selected the lifetime drive train warranty. I hope that was not me getting hosed. It added $69 a month to my freakin payment.
It depends on the make of car.
It’s a 2019 Hyundai Sonata Sport 48k miles $20k
Very good info. Tyvn!
Cheers
Car dealerships have a higher interest rates on financing. A credit union usually has better rates , especially if you have excellent credit .
Car dealerships do not finance vehicles. Only those Buy Here Pay Here used car dealers finance vehicles.
Car dealers merely arrange finance with a number of banks and captive finance companies (e.g.; Honda Finance).
This was very helpful! Thank you 😊.
Thanks
Thanks so much for the information☺️
Hi this is Prem Samuel love from India. I confused between choosing a used car between 2010 x6, 3.0 d, 1,00,000 kms and cayenne 3.6 v6 base 2009. 80,000 kms.
I am looking at the maintenance part between these two. Mine is an 1500 kms or less a month. Single user most of times.
Can you please help me out with your thoughts. Thanks
I follow all your vlogs regular. Keep going.