Why You DO NOT Pay Cash at Car Dealership

In this video, we'll explore why paying cash for a car can be a smart financial decision and how it gives you more control over the dealership compared to buyers focused solely on monthly payments. However, we'll also reveal why announcing your cash payment upfront can actually work against you. Learn the strategies to keep the dealer in check and get the best deal possible. Don't miss these crucial tips for your next car purchase!
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Buying a Car Doesn't Have to Suck™

[mikeyn]

You don’t tell them you’re paying cash until you agree on the price. That’s car buying 101

[chuckgoodman]

Just lie and say you’re gonna finance during negotiations, after price is finalized, drop the cash surprise. Dealers have no problem lying to us, therefore neither should we!

[jrstinkfish]

Bought a 2024 EV6 from a Kia dealership 3 weeks ago. When I asked the finance manager if there was a penalty for paying off the loan early, he told me I had to make at least 6 months of payments or there would be a penalty -- he claimed this was how I got a lower rate (and rebate). Seemed odd to me, since my wife bought a Kia a couple of years and paid it off in two months. Of course, he lied to me -- I was able to go home, set up my Kia finance account using my VIN, and paid it off in two big chunks over a few days. FM probably wasn't happy, but maybe don't lie to your customers.

[tomrowland]

I don't say it, until the end of the transaction.😂😂. Then they go scrambling.😂

[GoBirds]

My old man still has that “I’m paying cash, you should give me a better deal” mentality. I tried to explain how that’s not the case anymore and he just dismisses me as young and dumb.

[shaybapple]

I always get pre-approved through my credit union, they always have better rates that what the dealer offers.

[joewhite]

I recently bought a used 2023 Toyota Tundra that had 5000 miles on it. I got if for 56, 000, gave a 2500 deposit and financed through Toyota Financial. Paid it off before the first payment was due.

[agrippa]

When I bought our RAV 4 XSE Hybrid back in 2021 it was my 4th Toyota in 15 years at the same dealership. I was already approved through my credit union but with the cooperation of the sales manager I bought their (much) higher rate and they discounted the 48 month (amortized on paper) difference between my rate and theirs and then I paid it off it 90 days. Win- win for all involved (well except the bank I guess)

[useimaginationj]

'Cash is king' is more metaphorical than figurative. One who buys a car cash is disciplined enough to wait to buy a car until he can actually afford it (meaning he can pay cash and doing so will not hugely impact him financially). One who MUST finance a purchase has already painted himself into the 'gotta have it now' mentality as he is all about instant gratification. One who buys a car cash is ready to walk away and take his business somewhere else any time if he does not like the deal or the dealer is not doing the deal on his terms.

[chiguy_]

I would also make sure if paying off early has an additional cost just to make sure that 1000 bucks off you would get that full benefit.

[Subourbondelinquent]

I pay cash and absolutely refuse to buy from a stealership.
Thanks for the reminder to not buy from a dealership

[DH-mpfg]

Dealers want that kick back.. I learned to just finance and pay off the following month so they don’t get a kick back..

[TheGhost]

Cash is always better than financing. It is really simple math. Pay cash and you don't pay interest.

[JUST_ONE_IDT]

I paid cash for my 2018 Silverado LT z71 crew cab 2 months ago. I talked them down. They dealer took a loss he had it 9 months. I didn't tell him i was paying cash at first. I talked them down first. Then they asked if i needed financing. I said no i need to go to the bank and get cash. But they wanted a cashiers check. I paid 15k.

[dnah]

You could finance to get a discount but put a large down payment so you can pay it off in less than 1 or 6 months.

[Johnrus]

I’ve have actually do this when buying vehicles.I just tell the dealer if it will make it better for them to give me a better deal I can go ahead and finance ithe vehicle and tell me how long I need to hold the loan so they can get their money.( usually 30 days)The only time I reneged on the deal is when I bought a new Harley CVO Limited and the general manager said he would knock $150 off if I would finance the bike but when I got home and looked at the paperwork in more detail, I seen that he lied and didn’t give me the150 dollars off so I waited eight days to give Harley financial time to receive my paperwork and paid it off.

[edpadilla]

Love the channel, Mike! Keep up the great work.

[middlegaautomotivedetailin]

Just pay cash. I always do. Most Americans will not pay the loan off and end up paying tons in interest even when they have the cash in the bank. Pay cash don't worry about saving a 1000 dollars just pay the cash and go in with your life

[gerardgalletta]

If you have to finance, get your own on the outside. It will almost always have a better rate than the dealer. They mark up the rate.

[BrianNC]

I have no problem keeping a loan for 6 months or so for the dealership to keep their loan kickback if they give me a good deal. Did that with our previous purchase, put 50% down and paid the loan off in the 9th month.