CHEAPEST way to replace your key fob:
Step 1) Call local used car dealer.
Step 2) Ask them to refer their mobile locksmith vendor to you.
Step 3) Get an aftermarket fob for 50% cheaper.
Guy’s Law of Trade-Ins:
The dealer that SELLS your car for the most money...
Can also BUY your car for the most money.
Looking to buy a car over $40K?
Buy New, not Used.
Used cars have tons of depreciation risk right now.
Big caveat:
This heuristic will not apply if you pay over MSRP for a New car.
Plenty of dealers are ethical and will sell you the car you want at MSRP.
Busiest days at a car dealership:
Friday and Saturday.
Why?
People spending their paychecks.
Those are also the worst days to buy a car...
More customers means you’re less important.
I don’t make the rules...
Never pay for a car owner's manual.
You can download a free PDF.
Just google "[year] [make] [model] owners manual pdf".
You're welcome.
Do NOT turn-in your leased car.
Inflation is still high.
It is likely worth a lot MORE than the payoff amount. Here is what you should do:
Step 1) Call your lender
Step 2) Get a quote for the payoff amount
Step 3) Use my free “Sell your car” playbook to determine if a dealer will buy your car car for more than the payoff.
Step 4) Profit.
Car dealers biggest secret:
How to detect flood vehicles:
- Rust underneath the carpet
- Rust underneath the car
And... drum-roll...
- Corroded fuse box!
This is the toughest one to hide or fix.
Always check these 3 things when buying a used car.
How to easily save $300:
(When buying a used car):
If a car doesn’t have a spare key
Ask for one.
Most dealers will make one, for free.
How to tell if a dealership is transparent:
Do salespeople sit in-front of customers.
Or next to customers.
Only buy from the latter.
Are you a risk-taker?
Go buy a car at a dealership 30 minutes before closing.
You’ll get either an AMAZING or TERRIBLE deal.
No in-between.
Salespeople are human, too.
They want to go home.
They WILL rush your deal.
This can either benefit you or hurt you.
How to find a puncture in a leaky tire:
Step 1) Take bottle of Windex
Step 2) Spray tire
Step 3) Look for bubbles
Voilà.
Never buy a used car in March-April.
The so-called "tax refund season".
You will not get a good deal.
I promise.
(even if you use my negotiation playbook)
Here's a lucrative gig:
Dealers will pay extra for snow plowing companies that move the cars beforehand.
99% of companies don't do it.
Dealership Vehicle Acquisition Strategies (sorted by profitability):
- Trade-ins
- Everything else
This is why dealers are always trying to get you to trade-in your car.
Tricks with your trade-in:
Make sure to get your trade-in appraised *before* negotiating the price of a car. Many dealers will advertise below-market retail prices, Only to make up the margin by paying you less for your trade-in.
HOW TO SELL YOUR CHEAP, PIECE OF SH*T CAR
(For as much money as possible):
- Get it thoroughly detailed.
- Ask your local mechanic to clear the check engine light.
- Sell it "As-Is" to a dealer at a public auto auction.
Voila.
You've maximized your profit.
Pro-tip: Bring a cashier's check from your bank or local credit union
This is the ultimate forcing function and will kick the dealer into overdrive.
There is nothing worse than losing a customer with a real check in hand.
Want to drastically reduce your chances of getting screwed at the car dealership?
Avoid buying a car on a Saturday.
Here’s why:
- Showroom is packed
- Fresh inventory is already sold
- Salespeople are less inclined to fight for your deal
Here’s a car buying secret…
Are you looking for a:
- Reliable used car
- At a good price
- Don’t care about future resale value?
Find a car that had a minor “fender bender” that was inaccurately reported as “structural damage” on the Carfax report.
Plenty of these around.
Unreported damages to rental vehicles
Here's a very juicy auto industry secret that not many know (even dealers):
Most rental car companies self-insure their fleets.
Why?
One of the reasons is because it enables them to control what does/doesn't get reported to Carfax.
Clean Carfax = Higher resale value
Accuracy of Carfax after purchase
Heres why you need to check your cars Carfax report 30 days after purchase (in addition to checking at time of sale):
Accidents can take 2-4 weeks to show up on a Carfax report.
We’ve bought cars that had clean Carfax reports — only to have an accident show up 1 month later.
Warm-engine trick
If a dealer shows you a used car turned on and warmed up,
Run.
Faulty-engine noises typically go away after a vehicle warms up.
Always ask to try a cold-start yourself,
Ideally after a vehicle has been turned off for at least 24 hrs.
Save your negotiation
Remember that:
Kelly Blue Book ≠ Market Price
Do your research accordingly.