DON'T PAY CASH AT CAR DEALERSHIPS! (Here's Why)

You should NEVER pay cash at a car dealership if you want the best deal! This video explains why...

If you’ve saved up money to buy a car in cash, congrats, that is a GOOD thing!

However, most people think that paying for a car with cash is actually a negotiating chip when it’s not.

Dealerships are not incentivized in ANY way for you to pay cash for their car (other than kickbacks and sales bonuses from the manufacturer).

You paying cash will actually result in you potentially paying MORE for the car!

Watch until the end to hear how I prefer to buy cars!

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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.

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[WhiteBoardFinance]

*Do you pay cash for cars, or do you finance and invest the difference?*

[SM-rtpr]

I'm 50 yrs old and owned a small dealership for years. Of course if your a dealer you'll go to auctions and buy cars. I've been out of the car business for some time and what this man is saying is gold. I do exactly what he said at the end of this video and have been for many years. I also set my alerts on CL and always look for high-end 1 owner cars. I almost felt as if he was giving away trade secrets but then I remembered, I don't have a dealership and am not selling cars for a living. You should thank the creator and then thank this man who made this video. Valuable info you wouldn't know without his generous effort to teach you. Peace.

[Lo.Tesla.Travels]

Ok so story time-
My cousin, who is blonde, played up the “I’m a dumb blonde girl and do not know anything about cars” trope when she went to the dealership to get a Lexus. She did so many stupid things like open the trunk and said “Oh my god! Where’s the engine?” Or she pretend to not be able to open the door “bouncing” her Ta Ta’s the whole time in front of the salesman.

When it came time to buy the car she played up the dumb blonde thing again and they offered to finance in house with this ridiculous rate. Like 20% or something in exchange they took thousands off the price for her to make it look like she got a deal.

The next day she came back in her business suit and paid off the loan. THEY WERE PISSED. She is one of my favorite cousins.

[tallman]

One of the things I learned is to wait for that final week of the month because that's when dealerships are trying to sell cars the most because the following month they have to pay insurance on every vehicle

[Fister_of_Muppets]

Bought a car last year at a dealer. I asked about financing, worked on what bottom-dollar would be etc. After we settled on the price, I just switched it up and wrote a check. The finance guy got pretty forgetful and uncomfortable but I sealed the deal my way (I planned on paying in full before we even started the process, I just didn't let them know that until it was all done).

[hadoukenhadouken]

What I took away from this segment was rich people buy assets and poor people buy loans.

- 👍 Spot on brother fantastic video.

[scotthuff]

The most powerful 4 words when negotiating the sale price and the fees, "That's not good enough". Don't be afraid to walk away if the offer isn't good enough. Great video - thanks!

[googlystiff]

Superb video, and you explained exactly what I did to get the best deal on a new car from a dealership. 1. Leave all options open (new/used, finance/pay cash, trade-in/no trade-in. 2. Be non-committal until the very end. 3. Negotiate the PRICE OF THE CAR ONLY until you agree on a price; then finance it for one or two months, and then pay it all off after 2 months. This is absolutely the best way to get a great deal on the car (finance manager thinks you are financing the car and gives you a break on the price, then you pay it off in 2 months so you don’t have to pay exorbitant interest rates).

Another thing: never start negotiating the price on first visit to the dealership. Most of my car purchases happened over a period of 4 or so months so they knew I was serious; and I usually bought at the end of the month so the dealership was incentivized to sell in order to reduce carrying costs of the vehicle over another month.

Yet another thing: always have a holdover comment to use as leverage (something you honestly don’t like about the vehicle in question - but don’t absolutely have to have). You can use this for leverage when negotiating price. For me, it was style of wheels, or a particular feature they didn’t offer which other dealerships (or vehicles) did - could be something as simple as rear heated seating, ventilated front seats, or wireless charging option.

All these things (plus trying not to show too much enthusiasm) will help you to financially negotiate the best deal.

Again, thank you, Marko, for a superb video!

[mattyb]

“No Lube Cheverolet”. That was low key hilarious

[franciscocastillo]

All the dislikes are from car dealerships salesman 👨‍💼

[hourcar]

PAY CASH, just DON’T TELL dealerships that you’re paying cash!

[MarcusFred-wniv]

Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.

[chriscampbell]

I pay cash because
1. I’m trying to avoid debt
2. I don’t want to spend all that extra money in interest

[yaboijuan]

Walked into a dealership 2 years ago. Test drove a 2014 Mustang GT with 60k miles. They were asking 19, 500. I Iooked sales guy in the eye and wrote down my 20k cash offer out the door and not a dime more. He made me initial next to it. Dude went inside the office to "confirm" with manager. He came back with 20, 300. I laughed and walked out. Not even 5 min later dude was blowing up my phone. I never went back. Don't be afraid to walk out people!

[jeffgreenwaldJLG]

In 2010 I purchased a new Honda Pilot. They had a special deal on financing where I saved like $2000 that they couldn’t give me for paying cash. So I took the loan, got the discount and then paid off the loan.

[christopherort]

Always pay cash. No need to finance anything.

[rebeccagutierrez]

I "pretended" to walk away at a used car dealership and the guys kindly encouraged me to return so he could accept my offer. It works!

[jonathanwilson]

“Maybe leasing a car makes sense to save me some money as a write off, I don’t care, I don’t even play those games.”

I love the no-fing-around mentality.

This all made great sense! Thank you!

[Je.rone_]

let them think your not paying cash, then once the out the door price is agreed upon throw that cash, 😅

[lorenceman]

I learned this the hard way. Definitely seems dealerships are selling loans now instead of cars.