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In this episode of Strive Radio, The Extra Mile, host John Rush dives into the complexities of car buying, offering invaluable insights and advice to listeners. From understanding the nuances of extended warranties to knowing when is the right time to purchase a vehicle, John shares personal anecdotes and professional guidance. He emphasizes the importance of preparation and the potential pitfalls that can arise from rushed decisions, ensuring you’re equipped with the knowledge to make informed car purchases.
SPEAKER 05 :
This is Strive Radio, The Extra Mile, with your host, John Rush.
SPEAKER 01 :
All right, welcome to another episode of Drive Radio, The Extra Mile. This is week number two. Some of you keeping track. We’re new to this, and I appreciate your patience. I will say this. Thank you all for listening. Last week, we talked about EVs and buying new cars, and I gave some tips and tricks on buying new cars, and I know you were all listening in the 3 to 4 o’clock hour as you are now because I got text messages. So this is not live. I got to make sure I say this on the front side because I know a lot of you are used to drive radio whereby everything is live. Everybody calls in all of that. I get it. OK, that’s great. And this is different for me because we’re going to be recording these and I am now on Mondays. And Luke Cashman is my partner for today. He’s the engineering side of things. And it’s different for me because normally it’s live. People call in and I’ll be straight up honest. There’s not a lot of things I have to do to make that program work because people call in and it takes its own direction based upon calls. And off we go. This one’s a little different. And as I said last week, and maybe you’re listening to this first episode this week, this is something where I’m going to start bringing in different types of guests and people along those lines. And you’re going to be hearing this on Saturday. I’ve gone to SEMA show this week. And that is one of those events where I’ll be able to talk to a lot of different people and set some future interviews up and some things along those lines. And where this extra mile comes in is we’re going to get into more depth. on things that typically we don’t have the time to get into because, again, we’re a live program on Saturdays. We take a lot of calls and do a lot of things along those lines, which is by design. That’s exactly what we want to do. We don’t want to do it any other way. I said this last Saturday, even, we’re not going to change up what we do on drive radio. So this extra hour, the extra mile, gives us an opportunity to delve into some things and take some more time that we typically wouldn’t have. And I said this last week, and I did get some response from this. So I appreciate this, and you’re able to still do this. If there’s particular topics that you would like us to talk about, you know, get more in-depth with, let us know, and I’ll start working some things around that. I had a couple of people last week that asked me to talk about, you know, car shield and extended warranties. Yes, I can do an entire hour on the ins and outs of what to do when it comes to extended warranties, which some are and some Some are not. Some are service contracts, even though they make it sound like an extended warranty. And I didn’t include that in the new car thing from last week because it really is its own hour. And as you all know from last week, I’m not sure I even covered every single tip and trick on buying a new car because I had 30 minutes roughly after we did our EV segment. And I don’t think I even got everything handled in those 30 minutes. So that’s why we’re doing this extra hour. And for those of you listening, again, if there’s certain things you’d like us to talk about, our plan is hopefully to do well in this hour that we’ve got and hopefully maybe even expand that into a couple of hours, providing I can create the time and make everything work. Now, along those lines, there may be particular weeks where I’m not the host. There might be some weeks where I have somebody else that actually hosts and does the interviews and asks the questions and so on and involving some other people that we have in the Drive Radio Network. So, again, if there’s a particular week where you don’t hear me, I’m not dead. I didn’t run off. Luke’s laughing at me. I’m still around. We’re just setting it up to get some more people involved in this as well. And if there’s a week you don’t hear me on, then that’s exactly why. And Luke, say hi to everybody.
SPEAKER 02 :
Hey, everyone. What’s going on?
SPEAKER 01 :
Buying a new car is fairly cut and dried. Yeah, there’s some tricks on some of the financing and what you need to do as far as negotiating the deal and so on. But a new car is a new car is a new car. It comes with a warranty. In Colorado, if there’s problems, we have a lemon law. All sorts of things that you have as far as protection goes in buying a new car. Real quick, one thing I didn’t add last week, and I forgot to, and I’m sorry I meant to do this. There’s a huge misconception from folk that, that in the state of Colorado, or in a lot of states, there is a 72-hour right of recension. In other words, if you buy a car, you get 72 hours to take it back. I should have mentioned this last week, but it applies to both new and used, so I’ll say it here. That is not the case in Colorado. When you buy a car, new or used, and you have signed all the paperwork at that moment in time, you own the car. It is yours. Now, there’s some debate on if you don’t drive the car off the lot, what happens. That rarely happens. But let’s say that you decide to leave the car there. You’re going to go home. You’re going to go grab your wife to get a ride back or whatever. And in that meantime, you decide you don’t want to do the deal. There’s some… How should I say this? So there’s some discrepancies, I guess, or there’s some matters of opinion on whether or not that contract can be voided at that point. I will tell you straight up, don’t do that. I don’t think it can be. I believe once you’ve signed off on everything at that point, you’re going to own the car. So even if you let that car sit there for a week and decide to come back and pick it up from the dealership a week later, again, there’s some debate on whether that’s true or not, but The way to look at it is you do all your homework on the front side because once you sign paperwork on anything, even if you pay cash, once you sign paperwork, it’s a done deal. So, Luke, I know that there’s – I’ve even had some family members get caught up in this whole, well, I have 72 hours to take the car back. No, you don’t. And that’s true new or used. So, as I said last week, now this is the one thing where it’s going to dovetail into one another, and that is do your homework on the front side. Never buy a car new or used on a Friday night because it’s Luke’s laughing because it’s at the end of the week. Most people and Luke, you would understand this. Most people are tired. Most people work Monday through Friday or even they work, you know, Tuesday to Friday for tens or whatever the case. I mean, I guess if you’re one of those people that work Monday to Thursday for tens, you’ve got all day Friday off and you want to go buy a car Friday night. OK, you’re the exception to the rule. But most people have worked all week long. They decide to go out for dinner on Friday night and, oh, by the way, I drove by the car dealership or the used car dealership. And, oh, that car caught my eye. Oh, let’s pull in. No, no, don’t do that. Worst thing you could ever do. You’re the most susceptible to getting a bad deal. On a Friday night, because in that case, you’ve probably been to dinner, you may have had too much to eat, might have even had a little bit too much to drink. Get my point. At the end of the day, you’re not going to make a wise decision on a Friday night.
SPEAKER 02 :
Don’t go to the store when you’re hungry. Don’t buy a car when you just got your paycheck.
SPEAKER 01 :
And you know, Luke, you just added something to what I was going to add to this anyways. You just reminded me. One other thing, and I said this last week with the new car, never buy a car when you have to. That’s like going to the grocery store when you’re hungry. I need food, I’m hungry, and I’m going to buy way more than I need in groceries because I’m hungry. Buying a car when you have to buy a car… is actually the worst thing you could ever do, and that’s new or used. And what I mean by that is you wait until your car is finally finished, done, engine blew up, transmission blew up, whatever the case, you’re deciding, okay, now I’m going to go buy a car. Yeah, worst thing you could ever do. Because now you’re forced to buy something in a really quick time span. I had a question that came in last week off of the show we did, and somebody said, okay, John, I’m getting ready to buy a car. How much time should I allow? 30 days minimum. 30 days minimum. And when I responded back, I think that particular listener was like, oh, OK, that, you know, I get that. That makes sense because you’re not pushed at that point. You’ve got literally, you know, 30 days, four weekends to decide your shopping and figuring out what vehicle you need and how are you going to make all this work and so on. And again, I’m one that tells you take your time buying, by the way, any large purchase. You could be a TV set for all I care. My rule is if it’s over a thousand bucks, take your time. And don’t buy when you have to. Because what happens is, it’s like going to the ER, Luke. What happens when you go to the ER? Yes, yes, yes, yes, yes. You don’t have any choice. You didn’t do anything on the front side. You’re now there. Now it’s an emergency. Now it’s a crisis. And guess what? You’re stuck with whatever the bill is. Period. And it’ll be sky high. versus being on some sort of wellness plan and taking care of yourself and eating right and not ending up in the ER. You get my drift. Buying cars isn’t much different at the end of the day.
SPEAKER 02 :
I made that mistake. My Audi blew up, fully exploded, and I was out of a vehicle for a month, and I needed something. I needed something right then and there, and I think I overpaid almost $2,000 on whatever I could find that I needed to get me to the office.
SPEAKER 01 :
That’s a great example. Now, let’s use Luke’s example. Let’s say that happens to you, and you’re in a situation where your car has now even got totaled maybe. It might not even be a maintenance car breakdown thing. It got totaled. This is a little different because in a total, there might be insurance, and you might have a little bit of coverage for this. But bottom line, if you find yourself in that situation, go rent a cheap car for a month even if you have to. And I’m serious. Go rent a car. You’ll still save money. At the end of the day, let’s say you rent a car and it’s $250 to $300 a week, which, by the way, there are cars you can rent that cheap if you really need to, especially when they’re in the off times, here in Colorado especially. If it’s in an off time, can you rent a car for $250 to $300 a week? Absolutely you can. So even in Luke’s case, you rent a car and it costs you $1,000, let’s say. But instead of paying two grand more for a car, you go find a car that’s even less money. Maybe at the end of the day, it was a thousand bucks for the rental that you spent. But you end up with a car that you really like. You feel like you got a good deal on. You took plenty of time to make the deal work. You get my drift. That’s another example of use another stopgap method. Hey, my car is totaled or my engine just blew up. I got to go rent a car for a month. I had a listener this last weekend that texted me on a big, long story of I need to go buy X car. Here’s where I’m at. All this stuff. And again, trying to help this particular person out, single person, they need some help and I’m doing my best to help them. And again, similar situation. Let’s work through what we have right now. Let’s prolong what we have as long as we can so we’re not having to run out and buy something that we may end up regretting when it’s all said and done. Nothing worse than buyer’s remorse. On any level, it could be buying windows, like Dave Bancroft talks about all the time from Veteran Windows and Doors. You know, no buyer’s remorse. So back to this whole starting process. And again, this is where, unfortunately, and I don’t know, I mean, I guess I know why, because especially for a lot of guys, but this can happen to ladies as well. The car can be your identity. Just like for a lot of people, their home is their identity. The clothes they wear might be their identity. You know, people have all sorts of things that they kind of get involved in. And for a lot of people, their car is in a lot of ways their identity. That’s why a lot of, you know, young families even won’t drive a minivan. Even though, truthfully, it’s probably the most practical thing any young family could ever own. And I mean that sincerely. A lot of people won’t own one because of the stereotype around a minivan. You automatically know it’s a family truckster. So I’m not buying a minivan. I wouldn’t be caught dead in one. That’s an identity issue. Versus I need the most efficient form of transportation to go from A to B. A lot of people won’t go down that path because in a lot of ways, a car is your identity. Now, am I criticizing that? Absolutely not. If that’s you and that’s what you’re looking at, okay, that’s fine. There’s no issues there. but all the more reason why you need to do all of your homework on the front side of what you’re buying to make sure that even if it is an identity thing, okay, great, let’s at least make sure everything fits accordingly so you’re not making a mistake when it comes to buying the car. So just like I talked last week on buying a new car, used car is the same thing. Get out a legal pad, draw a line right down the middle of the legal pad, put on the left side the things that I want and desire. My needs. OK, this is everything. I need four doors. I need this much cargo capacity. I need all wheel drive. I need four wheel drive with part time. I need extra ground clearance because I go to the mountains a lot or I go skiing or I have a cabin in the woods or whatever the case may be. you just like the four wheel okay whatever whatever they or or you’re a fly fisherman and you got to get off the beaten path at times and you don’t necessarily go rock crawling but you still need to get from a you know point a to point b whatever your needs are put that on the left hand side including some ones you know i’d really like it red or i’d really like a midnight blue or whatever okay put all those things down and this is true even even on buying a used car then on the right side of the page what cars fit that So again, like I said last week, figure out what car you actually need, what fits the bill. And this is where you do lots of research. Talk to people like myself. Talk to other people that are initially. Don’t talk to a salesperson, by the way. Luke’s in there, you know, agreeing with me because they’re going to tell you everything. Oh, this is a perfect car for you. That car look great in your driveway. I mean, I’ve sold cars, guys. I know the lines. You have to figure out what car works best for you. Don’t let somebody else make that decision for you. And I am not a car brand loyalist by any means. I will own anything if it fits the need, okay? And even in my own fleet of cars, I own a plethora of. I am not one of those guys that only buy X. Those days for me went away a long time ago. Once I realized that the majority of manufacturers, if not all of them, utilize the same parts from the same vendors, and the cars are basically fairly close to being the same one to another, minus a few idiosyncrasies from one brand to the other, at the end of the day, it comes down to service, how the vehicle actually operates, and how do you feel inside of it. Is it comfortable for you, and does it work for you? It comes down to that more than it does anything else. So… Figure out what you need. Go through that process. And again, I will say, this is where it gets tricky because I’ve had people actually ask me this. what cars, vehicles, fit those needs. Because, man, if you’re in that midsize SUV world, there’s probably 20, and I’m not exaggerating, 20 different vehicles that would probably fit the bill. Now, if you’re a heavy hauler and you’re hauling horses around, in that case, you’ve got probably three choices. Ford, Ram, Duramax. I mean, you’ve got three choices at the end of the day. It’s pretty much where you’re at with that. That’s way different than buying a midsize SUV, right? And I’m not exaggerating when I say 20. I might be low in that figure, by the way. There might be 30 or more vehicles in that. That is the largest segment of all cars produced today is that midsize SUV. Do I need two rows? Do I need three rows? How much legroom do I need? Am I going to put car seats in it? All these factors come into play even on the use side. Now, one other thing that you can put down when it comes to the use side is what’s my parameters? What am I trying to spend? How many miles am I willing to accept? How old of a car can I go? And again, I’ve had some of those questions come in too, where they’ll give me two different vehicles to choose from. One vehicle might be a really high mile, but it’s newer. One vehicle might be older, has less miles. And a lot of times I’ll tell you to go buy the high mile vehicle that’s newer because I know the technology and things are better. And depending upon how high mile the vehicle is, if it’s real high, it’s all highway. And if it’s a highway mile vehicle, which you can usually look at by determining car faxes and so on, if it’s a high mile highway vehicle, cut the miles in half, and that’s just true miles. So if it’s 150,000 miles, but it’s been a highway-type car where people have traveled in it a lot, or it’s somebody, even like myself, that drives 60 miles a day, okay, if that’s the case, and it’s highway miles, that’s not like driving up and down Federal Boulevard. Totally different. So you can literally, in most cases, take a high-mile car that’s a highway car or a highway-mile car and cut the miles in half. So if it says 150,000, it’s more like 75,000. And as you go compare it to other vehicles, that’s how you would compare it. Because highway miles are so much easier on a vehicle than city miles. The brakes aren’t engaging. The engine is at a constant speed. The transmission is in overdrive at that point. Everything is rolling down the road. The suspension isn’t doing a whole lot. You’re not doing much in the way of steering because it’s just going straight. You understand where I’m coming from here. The reality is highway mile vehicles have a lot less wear and tear on them than cars that are used around town. And one car in particular to be careful of is that low-mile car that no one drove, unless it’s like me and they stored it in a climate-controlled garage and took it out and still maintained it. Okay, that’s a different scenario. But if it’s just a low-mile car and somebody didn’t drive it much other than back and forth to the grocery store, sometimes those can be the biggest problem used cars you can actually buy. because they haven’t had any wear and tear and things done to them, even maintenance-wise and so on. Everybody thinks, oh, just a little old lady owned it and didn’t drive very far every day. Okay, I’m not sure that’s the car to really buy at the end of the day. It could be. And we’re going to take a break here in a second, and I’m going to come back and say, this is how you determine whether it could be or couldn’t be. So just to wrap things up for this particular segment, make sure that you get all of your listing of what you’re buying or what your needs are, what vehicles actually fit that need, so we can now start that shopping process, which we’re going to go into next. Stay tuned, guys. We’re going to be back right after this message, so don’t go anywhere. This is Drive Radio, the extra mile right here on KLZ 560.
SPEAKER 03 :
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SPEAKER 06 :
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SPEAKER 05 :
This program was recorded earlier for broadcast at this time. No phone calls can be accepted.
SPEAKER 01 :
All right, welcome back. KLZ 560, Drive Radio, The Extra Mile. Thanks for listening, by the way. We’ve been talking today about buying used cars, tips and tricks. So I went through the whole, what are your needs? What are we going to try to find? How do you start filling that need? Now, here’s the next step. Where do you find this car? I’ll get into the pre-purchase sides of it in a moment, but where do you buy this car? Man, this is where, again, as I said last week, buying new cars is easy. They’re all franchise dealers. They all have a certain set of standards they have to abide by. If they don’t, you’ve got somebody else on the upper end of that that can actually help you with things and so on. When you go buy a used car from a used car lot and they’re it, there is nobody else to talk to. If you get, quote unquote, screwed, you may be going to the state dealer board, but there’s no one else there to help you out. You don’t have Ford or GM or Honda or Toyota standing behind said product. It’s you and that particular dealer. So here’s my point on that. Before you even look at a car you have found online, because that’s where you’re going to start shopping, who’s got it? What’s their reputation? And this is one thing I haven’t talked much about on Drive Radio, again, because of the time factor. We don’t get into a lot of this, but do your homework on who the dealer is. The dealer board website, Colorado Department of, I believe it’s the Colorado Department or DORA, Department of Regulatory Authority. When it comes to vehicles, though, it’s its own department. So look up the dealer board in Colorado. I probably should put some links up on the website. I’ll try to see if I can’t get producer Ann to help us with that to give you a link. But you can go to the dealer board’s website and look at is there any outstanding issues with a said dealer. Did they have a salesperson that’s been reprimanded for something? Has the owner been reprimanded for something? Have they had any fines? Have they had their license suspended for any reason? Things like that. And depending upon, I’m not saying that everybody’s perfect and they’re never going to have a fault, but typically if you’re running a good operation, the dealer board leaves you alone. Because nobody’s complaining. So if you see a bunch of complaints from a dealer, a used car dealer especially, and it’s from the dealer board, honestly, I’d probably be looking at another dealer. I don’t care what car they have and how much I like that car. I, because of that particular situation, would probably be looking at another dealer. And just so you all know, I have no skin in the game in this. We have a used car dealer that’s a part of our group, Ridgeline Auto Brokers in Boulder. I’ll stand by those guys all day long. They do things the right way. I know them. I know them personally. And they don’t take advantage of people. Outside of that, I don’t have any other dealers that I’m in bed with, per se, quote, unquote. Even though, and some of you know that we do a lot of new car reviews and so on, those come from a marketing company that work for all of the manufacturers. I don’t even talk to the manufacturers on those cars. So I have no skin in the game when it comes to cars, brands, any of that. I’m about as independent when it comes to that sort of thing. And I’m always leery of used car dealers, especially new ones. Why is that? There’s no history. Doesn’t mean it’s a bad deal because they’re new, but there’s no history. There’s no time for anybody to complain. So several places you can check. Number one, let’s check the dealer board’s website. Let’s also check Google reviews. The problem I have with Google reviews, though, is depending upon who that dealer is and how good they are at burying certain things, their reviews might still be good. Even though it’s not supposed to work that way, it can. So just because they’ve got good reviews doesn’t necessarily mean anything. Also look and see who are they affiliated with. Is there any national trade organizations? Are they approved by certain individuals? Do they work with, you know, let’s say AAA or other organizations that are out there? And have they been approved by some of those organizations? But bottom line, do your research online. on who the particular dealer is because we read in the in the news constantly here’s here’s somebody got taken advantage of by x you don’t want to be that okay i i don’t want you guys being taken advantage of i want you to to know full well what you’re getting into on the front side i had something that came up the other day on drive radio that i wanted to address here as well and this is a dealer i won’t name names but there was a dealer here in town that was requiring a thousand dollar deposit to hold a car until the person came down to look at it. Yeah, and no. No, we’re not doing that. If they’re requiring a deposit of any kind, any way, shape, or form, that’s a no. And this was a non-refundable deposit, by the way. This wasn’t just a, hey, I’m going to hold the car for you. If you don’t like it, you can get your money back. No, this was a, I’m going to hold the car for you, and if you don’t like it, we’re keeping your $1,000. Well, we’re going to hold it for you over the weekend. And that was a big red flag. That was a no. And I had a listener call in on that who was, I think, astounded at my answer. But I was astounded that somebody was even doing this. That is like unheard of. And frankly, just a bad practice. If that dealer doesn’t believe enough in its product. to hold it for you while you come down or just say, listen, you know what? We don’t hold anything. It’s all first come, first serve. The sooner you get here, the sooner you have a chance of buying the car. If somebody walks in, you know, immediately, guess what? We’re going to sell the car to them. That’s just the luck of the draw. But if you can get down here quickly, you know, get down here and we’ll take care of you. But we’re not giving anybody any kind of a deposit to hold, especially a used car. There’s on rare occasion, have I ever put even a deposit on a new car? And that’s a whole nother scenario. There might be a new special model coming out and you want to be the first one to have dibs on it. Okay, that one you might have to put a deposit on. That’s a new car, not a used car. Never, ever, ever put a non-refundable deposit down on a used car. There’s just no reason to. There’s plenty of used cars out there. Now, one thing about used cars, and this is where I think even sometimes the guys at Ridgeline will chime in, you can’t, you know, beggars can’t be choosers. In other words, I only want red. Well, okay, you might find that car, you know, exactly everything you want, but maybe it’s white instead. In other words, when it comes to buying a used car, you don’t always get what you wanted because you’re buying a used car. If you want everything the way you want it, if you want the Burger King, you know, have it your way, you got to go to the new car dealer and buy a new car. Because otherwise you’re relying on what’s in the marketplace. Now, I will also say this. If you go back to my original conversation of giving yourself a long time frame to buy a car, well, chances of finding the right color and everything you want increases because you’re not under the gun. You’re not buying a car on a weekend and working off of whatever that inventory is. In fact, the longer time frame you have, you can even tell some of your favorite dealers, hey, I’m looking for said car. If you get one of these in, please let me know. I had a great example of that with a car I bought recently where I told the dealer, you know what? This is the car I’ve been looking for. If you get this particular vehicle in, in this particular parameter, call me. And they did. And I bought it. That simple. So you can do those things. But in my case, I wasn’t under any time frame. For me, it was a completely extra car. It’s like, OK, if you get this deal, fine. If not, I don’t care one way or the other. It’s a done deal either way. I mean, I don’t have to have it. But sure enough, because you give them enough time, guess what? It shows up and off you go. It goes back to that original opening comment of giving yourself more time allows you more ability to find the car that you specifically like. But first things first, figure out who you’re going to work with to buy the car. And I love the guys at Ridgeline, and they will tell you the exact same thing. You know what? If you get somebody else that you really work with well, they’re up in the north end of town, up in Boulder. Yeah. And Longmont, you know, if you find somebody down south in Centennial that you really like working with and that’s where you live, you know what? They’re not going to care one way or the other. If it works for you to buy the car there and it’s the car you like and it meets some of the other things we’re going to talk about here in a few minutes, then so be it. Buy the car there. Biggest thing is find a dealer you can trust. And that’s new and used, okay? Now, new cars, new car dealers, they have used cars as well because they take cars in on trade. And I’m not saying to stay away from new car dealers. Typically, your markup is going to be higher at a new car dealer than it is someplace else. Now, I will say this, though, going going back to that conversation of when you buy a used car, even from a dealer, you have a little more recourse, typically speaking, there than you do, you know, Joe’s used car a lot on South Federal. Just being honest. It’s just how it works. And determining those parameters on where you’re going to buy the car to me is a big deal. And not everybody thinks through that in a complete way because they just kind of feel like, oh, here’s a car I like. I’m going to go buy it. Oh, time out. Hang on. Hang on. Slow down here, Sparky. It might be the car that you really like, but is it coming from the right place? In other words, are you really going to make a really good solid deal, and can you trust what you’re being told by said dealer? Now, I haven’t talked about private party. Let me do that for a moment. If you’re comfortable buying private party, there’s a lot of good deals on the private party end of things. In other words, buying from Facebook Marketplace, or there’s even things like AutoTrader and places like that where private sales happen. And typically, you can save a little bit of money buying private sale. The thing you have to be aware of is, again, who’s the seller? How good is the car? This is where a pre-purchase inspection, which I’m going to talk about in a moment, comes into play. But as long as all that’s good, I am not opposed to buying from a private party. As long as everything lines up. Again, these are the things I’m going to get into. I’m going to do my best to cover all this today because there’s a lot to talk about here, especially when you get into the private party sale. buying and selling. Now, the reason why a lot of people don’t buy a private party is typically you have a trade as well. Not always, but sometimes you do. Well, no offense, the guy in marketplace is probably not taking your car on trade. He or she’s wanting to get rid of what they have. They’ve probably already bought another car and know they don’t want one back. So your chances of finding somebody, private party, to take a trade, pretty minimal. And I didn’t really talk about that initially, but in some cases you may actually have a car. Maybe you’re wanting to trade up, trade down. People that have financial situations, maybe about a really expensive car when you had a really good job, and maybe now that job isn’t there any longer and you’ve got a downsize. Things happen, and that’s a scenario that I just gave you that does happen on a routine basis, by the way. You’re going to need to find somebody that will help offload that car for you. And do it reasonably, okay? Now, much like I said last week, when it comes to buying a used car, figure out your financing ahead of walking into the used car dealer. Now, this is a little bit different, not a lot different than the new car side. New car dealers, they like financing because they get a kickback. In fact, they won’t even give you a better deal cash-wise than you do finance-wise. That’s why I told you all last week, don’t even talk about a cash deal because you’re better off financing and paying it off in 90 days and not worrying about it. I got a question on that, by the way. What’s the time frame for paying the car off if you do it that way? About 90 days. So you’re going to pay like two months of interest. Okay, big deal. You’re still saving enough money on the kickback that the financing happens with the dealer that you’re still saving enough money to do that and not do a cash deal because you won’t save any money on a cash deal in most cases. Now, on the used car side, they do get a kickback on the financing, although most of them will still sell you the car at a pretty decent deal even if you don’t finance it. So that is a little bit different than what it is on the new car side. They’re not getting as much of a kickback on the financing. In some cases, they might be getting a little bit more, but they’re typically not working that into the deal like the new car dealers are. So you can walk into the used car dealership and say, you know what, I’m ready to pay cash for this car. I don’t need any financing. What’s your bottom dollar deal? And that’s where you start the negotiating process. Again, going back to, is this a solid, reputable dealer at the end of the day? And if it is, great. Start your negotiation. Now, I also am a big believer in you can negotiate as much of this online as you can. Now, it’s a little hard on a used car because you need to see the car, have the car pre-purchased and so on. But as far as the basic deal goes, mileage, year, all of that, you can get a lot of that out of the way and start making your deal online before ever going down to the dealership. And I would. Get as much of that other stuff out of the way as you possibly can. OK, so figuring out where to buy it, doing as much research on the front side as you can, figuring out your financing. Now, one thing I want to include today, because I was I was talking to Kent and Judy, my folks from Novus up in Sterling. We were talking Sunday. It was just yesterday about some of the scams that are out there. And I read to you all on Drive Radio a few weeks ago, there was a story that was in one of the popular websites. And I get newsletters from them. A guy that’s really big into Porsches. buying them literally worldwide. He’s a guy that collects, sells, flips, all that kind of stuff, restores, you name it. And if he sees a decent deal on a Porsche, he’s looking at it, and 911 is kind of his specialty. So if he sees a good 911 somewhere, it could even be on the other side of the planet, he doesn’t care. If it’s something he knows he can bring back here and make money on, he will. So he gave a big old story about how he had bought cars over the Internet, probably as versed in this as anybody, including myself, is, into buying cars online. In other words, an expert in buying cars online. Found a Porsche he liked, started the conversation, felt super comfortable with the people he was dealing with, saw pictures of the car, the VIN number, had a conversation on the phone, felt extremely comfortable, and basically gave these guys $25,000, you know, wired him the money to buy the car, and it was a scam. Lost all $25,000. So point being, and this is my advice to anybody, never, ever, ever buy a car you can’t see and put your fingers on yourself or at least have a family member or somebody you trust in that area that can go put their fingers on said car to make sure everything is real and legit. Otherwise, it’s a no-go. I don’t care where the car’s at. If you can’t find somebody to go look at that car for you, Have that dealership drop it off at a trusted repair center where you’re going to get your pre-purchase done. Anything along those lines. If you can’t make all that happen, it’s a no-go on the purchase. Because most likely, it’s a scam. The other thing about scams, and it’s an old saying, if it seems too good to be true, it’s a scam. The old saying used to be, if it seems too good to be true, it is. Well, now it’s a scam at the end because that’s what it is. They’re going to scam you out of something. That includes, by the way, folks, even deposits. Hey, you know what? I’ll hold this car for you. I’ve had a lot of activity. Just give me a $5,000 deposit. Wire me $5,000 and I’ll hold the car for you. Guess what? That’s a scam because they’ll take your five grand and run. And what they do is these scammers will mimic certain websites. I caught one the other day and even informed the place that I knew that I had some experience with that actually was the legitimate place of business that was being copied into this ad for a 68 or 70 Chevelle SS396 that I knew was way undervalued. First sign of it’s a problem, by the way. When the car is half price, there’s a problem. And so I ended up doing some research and figured out they had copied literally the entire listing, the pictures. They took the building picture and changed the sign probably in Photoshop to where it looked like it was their building versus the building that it actually was. And because I had familiarity with this particular place, I knew that it was a scam. I actually emailed the one person that was, you know… They had no part of the scam, but it looked like they were involved. I said, listen, you guys might want to get involved in this and see if you can get this particular ad shut down because it’s making it look like it’s your facility, even though it’s not and it’s a total scam and somebody’s going to get ripped off. And they thanked me for doing so. Point being, these things will look super legit. I mean, super legit. Pictures, conversation. Some of them even have the chat, you know, when you go online, all of that. I mean, these guys have got this thing down pat. And at the end of the day, it’s still a scam. So anything that you’re buying out of state, be very, very, very careful of, even now more so than ever, because with AI and the advent of even phone calls can be mimicked to seem like it’s that person and it’s not. You literally with AI, and I’m on the radio enough where somebody could take my voice, shove it through AI and make it sound like me. It’s that good. Luke’s in here agreeing with me because that’s how good it is. Trust me, folks. So you can’t rely on just calling someone, even doing a FaceTime video, for example. These guys have the ability with AI to somehow thwart all of that and make it look like you’re actually there. Now, it’ll probably be a little grainy. It won’t look so good. There’ll be a few little glitches and so on, and they’ll use an excuse of, oh, my connection’s bad or whatever the case, but it’s a scam. And again, I’m telling you that because of the story I just gave you of the guy that was a Porsche expert buying online, lost $25,000. The last thing I want to see any of you do is lose money when you don’t need to. So buying online… Real big, just out of the box, huge red flags. I know some of you have done it and you’ve been okay doing it, but be very, very careful buying online. You can do all of your research, figure out cars. My suggestion is only buy a car you can touch and feel and drive home. Or for some of you that are going to go trailer it or whatever, you get my drift though. I would be extremely careful buying a car and having it shipped here. I know some of you have done it. I’ve got some of you out there listening to me right now that have made that process happen, and it worked, and you didn’t spend a lot of money to do it, so if you lost it, it wasn’t going to be the end of the world. But anything that has high value, I would be extremely careful buying it sight unseen. And by the way, that even includes, and I’m not trying to throw anybody under the bus, but there’s some large car dealers out there, used car dealers that will bring vehicles in from all over the country. Be careful of that. Literally be careful. Some of these known national places have been known to string you along on the title work and a lot of the other stuff that’s involved in that. My advice is buy a car that’s local. One you can actually get in and drive and feel it and all of that. And there’s enough cars in our market in this Rocky Mountain region where you can do that. And I know some of you listen to me all over the country. So wherever your area is, you know, Jersey Joe, we’ve got Jeff up in Montana. We’ve got folks in Arizona, Florida, literally all over Texas, Panhandle, all of that. You guys go and buy stuff that’s local to you. And I know in some cases you might pay a little bit more money for the car versus having the car shipped in. But at the end of the day, you will save money when it’s all said and done. And literally, I mean that. So try to buy the car as close to you as you can. Now, here’s the other thing, another tip you can do. when it comes to buying at some of the dealers. You can work these guys against each other. Let’s say you find two cars that you like, and they’re fairly equal, and maybe they’re fairly similar in price, but one guy’s got a better deal than the other, but you like the other car that’s higher price, better than the other car for some reason. Maybe it’s the right color. I don’t know. Whatever the situation is. Work those guys against one another. Hey, you know what? I can buy this car down the road at such and such, and here it is. You can go look at it yourself. I can buy that same car for X price. Will you sell me this one for the same price? Use that for some of your negotiating. Now, they may come back and say, yeah, well, you know what, that’s a lime green and nobody wants lime green. That’s why it’s a better deal. And you’re wanting this midnight blue, which everybody wants. I’m using wild examples, but I’m not far off, by the way. It could be that the other one is, in fact, an odd color and that’s why it’s low priced. And, you know, maybe you don’t want that color. By the way, no one else does either. That’s why it’s low priced. And they’re going to come back and tell you that. And they’re going to say, no, our price is where we’re at because, yeah, we know about that car and it’s ugly. No one’s going to buy that car. They’re going to have to even go lower than that price to actually get that car sold. So no, we’re not matching because you’re looking at two different cars. And by the way, that’s a legitimate excuse. Now, if they’re both white and one guy’s way less than the other, well, that one’s pretty easy. Hey, they’ll sell me the exact same car, same color even down the road. And it’s, you know, two grand less than yours. Why is yours worth two grand more? And they’re probably going to come back and say, well, we don’t know. Now, here’s what the real answer might be. They may have paid more for it than the other guys did. And they don’t have any choice but to get that kind of money out of it or they’re not going to make any money on the car. Now, here’s the deal. At the end of the day, that’s their problem, not yours. And here’s the deal. If the other car is cheaper, then go buy that one. As long as everything else that I’ve already walked you through is legit and the dealership’s legit and everything’s working out well, okay, fine. Go buy that car down the road if you want to. In fact, no offense at that point, why negotiate? Unless the one car is just a little bit nicer, maybe the miles are a little less or something along those lines. But if they’re fairly close to being one another, then you know what? Buy the other car. Okay, one last thing before I close out this segment. And this is me, and I’ll probably take a little bit of flack from this, but I’ve done this now for years, and I haven’t had too much flack yet. I don’t buy extra rental cars. Ever. The reason why rental car fleets have cars for sale outside of Enterprise, because Enterprise does corporate leasing. So Enterprise is an exception to this. So I’m beating the guys at Enterprise up because they do things differently and they’ve got national accounts and so on. A lot of their cars are coming back from corporate fleets and things like that. So this is not regarding them. But anybody else that is selling a used car on their lot, the reason they are is something happened to the car. that didn’t meet the requirements of the deal they had with the manufacturer when that car was bought. What I mean by that is, every rental car company, when they buy 1,000 new Camrys, and they’ve agreed, Toyota has agreed, we’re going to take those Camrys back after two years, providing they meet these requirements. Maintenance, no wrecks, blah, blah, blah, blah, blah. They’ve got a litany of things that have to be met on that car. And at the end of those two years, as long as it’s within the specifications of what that deal was, the car goes back to Toyota. It never has to go on the open market. And Toyota goes and sells it through their car dealers. Now, the cars that end up on used car lots for the rental car companies, something happened, and it’s outside of those parameters. Mileage was too high. It’s been wrecked and fixed. It didn’t have the proper maintenance records on it, and so the dealer wouldn’t, you know, the manufacturer wouldn’t take it. You name it. There could be a litany of things there. It could just be one thing that doesn’t meet the requirements of that car coming back to the manufacturer. In that case, it’s on their lot, and that’s why I wouldn’t buy it. Now, the other reason why I wouldn’t buy rental cars is because everybody drives it like they stole it. I wouldn’t buy an ex-rental car just for that reason alone because they’re not well-maintained and cared for. Now, I shouldn’t say maintained, but yeah, they’re really not maintained that well. They get washed and vacuumed and shoved right back out to the next person that comes along. So I would not buy an ex-rental car. That’s me personally. So again, the exception is Enterprise does corporate leasing and so on. They typically have decent cars that you can actually go and buy and look at. And these cars, by the way, because of even… the requirements under the lease, they’ve got to be maintained and so on. And you can still look at car faxes on, you know, any potential damage and things like that. So when I come back, I’ve got more to cover. I think I’ll start with here in a moment talking about salvage vehicles. I’ll do that as soon as we come back. But again, you’re listening to Drive Radio, The Extra Mile right here on KLZ 560.
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This program was recorded earlier for broadcast at this time. No phone calls can be accepted.
SPEAKER 01 :
All right, we’re back. Drive Radio, The Extra Mile, KLZ 560. Thanks for joining us, by the way. I appreciate it very much. Hopefully you’re learning something today on how to buy used cars. I left off that last segment talking about salvaged title cars. Those are rebuilt title cars. And there are, by the way, dealerships that specialize in selling rebuilt title cars. I would never buy one. And I know I’ve even got some friends that enjoy buying rebuilt title cars. They’ll buy them. They’ll do a few things to them. They resell them. But the problem with salvaged title cars is you may only get liability insurance on it. Sometimes you can get full coverage depending upon what the salvage was for, but sometimes you won’t. The biggest problem I have with salvaged title cars is how bad was the damage? I mean, it was bad enough the car was totaled. So what got done to fix the car? And how well was it actually repaired? And I’ve seen some of these and even videos on some of these. And there was an article of late out in one of the local news agencies where somebody had bought a car from somebody along these lines. It was literally put back together with drywall screws. Not exaggerating. So that’s why I would not buy a salvaged title car. Now, that leads me, though, into my next discussion, which is never, ever, ever, ever, ever get a post-purchase inspection, meaning you get the car checked after you’ve bought it. Because I opened up the show talking about once you buy it, you own it. There’s no going back. The only way to avoid pitfalls on used cars is pre-purchase inspection. And I’ve said this on Drive Radio now for years. If you’re trying to buy a new car from private party or else, elsewhere, dealership or whatever, and they won’t allow you to either have them drop the car off or you drop the car off to have your favorite technician look it over and do a pre-purchase, don’t buy it. Walk away. In that pre-purchase, and you’re going to pay for this, okay, most good shops, even in our drive radio network, are charging probably $300 for a pre-purchase inspection. It’s a solid two, two and a half hour job to do it correctly. And they are looking at every single thing on that car. In most cases, they’re getting under the dash. Not most cases. They’re getting under the dash with a flashlight. Is there any water damage underneath here? Do we see any surface rust or anything, meaning the car has been underwater, which is the places it’ll show up? At that point, they might even remove a sill plate to look to see how bad’s underneath the carpet, for example. They’re looking under the deck lid, under the hood. They’re looking at all sorts of different things that we in the industry look at to know, has this car been totaled or wrecked before and been just ran through? Has it been underwater? What’s the maintenance been like on this car? What’s it look like underneath? Has it been off-roaded a ton if you’re buying an off-road type vehicle? If you’re buying a truck or an SUV, has this thing been on that rough road I was talking about earlier that somebody might have needed it for and has spent its life that way? By the way, nothing against you guys that do this, but did this car grow up on a gravel road? Did it live on a gravel road? Now, for some people, that’s not a big issue. It is for me. I don’t live on a gravel road for purpose. Or for a reason. Because I hate the damage that gravel roads do to your car. And they do. They literally beat them up underneath. Now, in some cases, you don’t have a choice, but you do have a choice in the car you buy. And even if you are somebody that lives on a gravel road, do you want to buy one that spent its life on a gravel road? Probably not, because you know what I’m talking about. Now, those of you that live on a city street and have never lived on a gravel road, Luke knows exactly what I’m talking about. If you live on a gravel road out in the country, it’s hard on cars. Things happen in the wintertime, ruts and the washboard roads and, and, and we go. And I haven’t lived on them, but I’ve traveled enough of them to know what it’s like. And it’s hard on cars. It really is. It’s tough on them. And I’ve had enough cabins and things like that over the years and done enough hunting and fishing and so on that knows you get off the beaten path. Yeah, it’s getting dicey as far as that. So these are things that can happen though in a pre-purchase. They’re looking at all of those things. The other thing that our shops are doing is they’re going to run the VIN. They’re going to run it through to see is there any open TSBs or recalls on said vehicle. Now, here’s the law on that. In Colorado, if you’re a used car dealer and there’s a known recall, I believe that car can still be sold. It’s kind of dicey, but they can still sell you the car. New car dealers cannot. And they won’t. They’ll typically get all the recalls taken care of. That’s the one advantage you do get in buying a car from a new car dealer is they’ll get the recalls done before they sell it. So that is a plus to buying a car, a used car even, from a new car dealer. Now, take everything I’m saying with a grain of salt because even then, sometimes things can slip through the cracks. So again, we still want to do a pre-purchase. And by the way, even doing a pre-purchase on the quote-unquote certified, they call them certified vehicles, CPOs, certified pre-owned vehicles. That’s what most of the dealerships call those, CPOs. Um, there is no standardization per se on CPO cars. Now, the technicians are supposed to do standardization on what they’re checking and going over and so on. But, you know, every technician can have a bad day. Oh, geez, I got a ball game at, you know, four o’clock on a Friday and it’s 330. I mean, I got to roll. Yeah, this car looks great. Ship it. Okay, guys, I’m not exaggerating. These things happen. I’ve been there, done that. Okay, I’ve worked in these environments. I know how this works. And you can get lazy and say, yep, it looks good. Ship it. Okay, well, that means the CPO is not really a CPO. That’s why you still need a pre-purchase on a CPO is my point. And by the way, I’ve been the person doing the pre-purchases on CPO cars, and I can tell you straight up that no, they don’t catch everything. Because a good used car inspection is checking everything, brakes, fluids, wear and tear. Do we have any leaks anywhere? Has it been underwater? Has it been wrecked? Is there a lot of surface rust? Has it come from another part of the country versus Colorado? Was this car shipped in? That’s another thing really quick to look at is look at your Carfax. It may not show every repair because not every repair facility reports to Carfax, but it will at least tell you where did the car start and how did it get here. Was it a Florida car that ended up in Colorado? Was it a car from Maine that ended up in Colorado? Was it a car from Montana? You get my drift. And you can see where this car went based upon, because all the registrations at every state are car faxed. So this car was registered here. It was bought by this dealer. It went to this auction. You can almost take a map, not almost, you could take a map and start marking out this is the places the car has been. like GPS tracking. And in some cases, depending upon where the car came from, that’s a no-go. You’re not looking at the car. That can all be done, by the way, on the front side before you ever get into where you’re actually buying said car. So figure that part of it all out. Have your pre-purchase done. I will tell you straight up, as somebody that did pre-purchases for years, I had several situations where I’ll bet you I did four pre-purchases before the person bought a car. Now, you’re thinking, well, geez, if you did that $300 every time, that means you spent $1,200 to get your prepurchases done. Did they really save enough on the last car? Yeah, absolutely. Number one, they bought the right car, which you can’t put a price on. Number two, they probably, well, in my case, when I did these prepurchases, you gave them enough ammunition to where they saved enough money on that car to even cover all their prepurchases they just went through anyways. So at the end of the day, yes, doing more than one pre-purchase and getting the right car when it’s all said and done, you can’t put a price on that. Nothing worse than buying the wrong used car. Now, for some of you, you’re done, you’ve decided what car to buy, you’re now getting ready to check out, and every dealer… And there’s nothing wrong with this, but every dealer is going to offer you a service contract. It’s not an extended warranty, not on a used car because you can’t do that, but they’ll offer you a service contract. And I’m going to do an entire episode on service contracts here in the future. But personally, I’m not a service contract guy. If the car is good, it’s done well with the pre-purchase, it’s gotten the nod of approval there, and all the maintenance is up to speed, and you continue to keep it up to speed, you don’t need a service contract. Take the money that you would normally have spent on a service contract, put it in a fund, and use that for anything that might come up, and you’ll be money ahead. And I’m not exaggerating. I’ve got examples of you guys listening where you’ve done exactly what I’ve talked about, and you’re money ahead at the end. And they’re going to sell you on, oh, you know, this car’s got 12 computers and it’s got this. And it’s like, okay, I thought you said it was a good car. By the way, that’s the first thing I would come back and say, oh, I thought you said it was a good car. Oh, well, you know, things can happen. And this is just, you know, this is a peace of mind that we can sell you that if anything does come up, you know, this will help out. It’s still a no. Because at the end of the day, if you take care of the car and everything is done properly, the chances of you using that are slim to none. So don’t. And by the way, if you’re going to buy a service contract, you can shop the open market for service contracts and buy it from somebody else and save way, way more money than what they’ll sell you at the dealership. So if that’s something that you’re really interested in having on that particular car, my suggestion is buy that on your own after the deal. Don’t buy it as a part of the deal. That’s the same with gap insurance. A lot of them are going to try to sell you gap insurance. Gap insurance is insurance that covers what you owe versus what the car will actually bring when the total happens. So you have a total loss. You roll the car, whatever. Somebody runs into you and kills it. Now, that’s different because it’s not your fault. If it’s your fault, you roll the car, and you’re now responsible to pay the lien off on the car. Well, this is even true if somebody does run into you and they don’t have any insurance. This is where this also comes into play, that you’re uninsured motorist and so on. But even then, it may not cover the total value of the car if you just bought it. And by the way, might have overpaid for it a little bit. Gap insurance covers the difference. What’s the car worth now? What’s the insurance company giving me? What’s due? How do we get the lien paid off? Because by the way, it’ll have to be paid off. There’s no choice there. So gap insurance covers that. You can always buy gap insurance with your own insurance company. Way less money than buying it from a third party like the dealership. So never buy gap insurance at the dealership. If you think you need gap insurance, and sometimes you do, talk to your own insurance person, broker, agent, whatever, and buy it there. Don’t buy it from the dealer on any level, new or used. You’re going to spend, in a lot of cases, half. on gap insurance because that’s a lot of markup for them. Also, same is true on used cars. It is a new car. You’re not going to buy ceramic coating. You’re not going to buy extra window tint. You’re not going to buy paint protection film. You can get all that done afterwards. We’ve got ProTech AutoShield, one of our great sponsors that can handle all that for you at a much reduced price and better quality, the right quality, by the way, doing it the right way over what you’re actually going to get at a used car dealer especially. So don’t fall for any of those gimmicky things, okay? At the end of the day, you don’t need to do that. Again, last but not least, make sure that we’ve got all of our things dialed in. I talked about this last week when you’re buying a new car. This is true, especially on a used car. Number one, take a picture of the VIN number. Make sure they match. Take a picture of the door. Take a picture of what’s under the windshield on the dash. Are they the same? Okay, that’s another indicator that if they’re the same, great. If they’re not, then we got problems. Something happened, okay? This probably was a total at one point in time if you get where I’m going with this. So make sure they match and then make sure it matches all your paperwork. If you decide you’re gonna buy the car, Does everything match? Do they have everything exactly like it’s supposed to be? Did they transpose any numbers anywhere? Is everything matching according to what it’s supposed to be and so on? Now, the one thing I didn’t cover today because I really kind of covered it last week is what do you do with your trade? You really need to know your trade value prior to going in to seeing somebody. Now, you can do that by asking me. You can talk to the guys at Ridgeline. You can go online. One thing I caution you on, though, is just because somebody is asking a certain price on a vehicle doesn’t mean it sells properly. for a certain price. You might say, well, geez, the dealership down the lot has my car listed for $55,000. That’s what it’s worth. No, it’s not. Because that dealership probably paid 50 for that car, not 55. So really what your car is worth in the open market is $50,000 unless you want to take the time to sell it yourself and try to get the $55,000, which again, they’re going to get $55,000 because they’re a new car dealer. You are not. All right, that’s going to wrap up today. Again, I’m going to talk more about some of those last things when it comes to even insurance and the gap side and extended contracts and so on. I’ll do a whole other episode on that here in the near future. Send me suggestions on what you want to hear us talk about here on The Extra Mile, and I would appreciate that greatly. Luke, thanks so much. It was a fast hour.
SPEAKER 02 :
Very fast, very fast.
SPEAKER 01 :
Appreciate you, man. We’ll be talking more in the future. But that’s it for today, guys. Appreciate you listening. Again, Drive Radio, Extra Mile, right here on KLZ 560.
