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Three Ways to Buy a Car - Tips and Things to Consider - YouTube
Channel: Gresham Ford
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[Music]
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here's we're just going to talk about
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the three different ways that most
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people go about buying a car and this is
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at least 90 of everybody is either
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buying
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private party buying from a buy here pay
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here car dealership or buying from an
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established franchise dealership
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and so we're going to go over the big
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differences between
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what you get out of those experiences
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so more and more people are going
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private party these days it's not what
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it used to be of
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putting a for sale sign in your car and
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sticking it out in your driveway
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there's a huge selection of used
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vehicles on craigslist facebook
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marketplace you name it
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um one of the nice things about this is
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that you're working with
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just a person looking to sell their car
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a lot of people don't want to deal with
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the car sales person i totally get that
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um so that is one of the nice things
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about going private party is that you're
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just working with
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that person you've got great selection
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they they own the car so they can tell
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you
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hopefully they're honest one of the cons
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about working with someone private
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parties they are not legally obligated
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to disclose
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damage salvage title um
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anything like that they don't have to
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disclose anything
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so that's that is one pro phone with a
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dealership is that they have to disclose
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if it's been
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an accident if it's got a bad title
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you name it um and then the other thing
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is is that you have to secure your own
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financing
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if you're not in a position where you
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can pay cash for the car you're going to
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have to
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go through the hoops of getting your own
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financing
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uh the pros and cons of going with a buy
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here pay care dealership the pros is a
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pretty short list
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it's really just that they will finance
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just about
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anybody with a very small amount of
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money down
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and the reason they're able to do this
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is because it's in-house financing
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that's what
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buy here pay here means is that they
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serve as the bank and the dealership
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which is kind of a conflict of interest
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but
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um so they will finance just about
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anybody
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but you're going to be paying say 25
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30 interest more often than not and
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a lot of people don't understand just
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how impactful interest rate is
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so for example the difference between
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um fifteen thousand dollars financed at
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zero percent interest on a sixty month
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loan
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and 15 000 dollars financed at 25
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interest on a 60-month loan it's 190
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bucks a month
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so if you're going into a bike you're
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paying your car dealership and you wind
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up planning to fifteen thousand dollars
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at 25 percent
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a month of your payment has just gone to
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interest and it's all front loaded too
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so it takes people forever to get caught
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up with the interest you're
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burying it it's just not usually a great
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deal
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um another con of going with the bike
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here baby here dealership
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is that if you're in this bad credit
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situation already you're
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going to compound it and make it worse
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by going through one of these places
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because
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not only are you overpaying for a car
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paying too much in interest and then not
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necessarily getting something that's
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going to be reliable it could
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potentially break down on you and your
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stolen hope for the payments
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um most of these places do not report
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those payments to credit bureaus you're
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not actually going to be building credit
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um while you're making payments to this
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place um
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so franchise car dealerships what i mean
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when i say a franchise car dealership is
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they're backed by the manufacturer so if
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you drive past a dealership and it's got
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a big
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blue ford oval out there or it's got the
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big toyota sign out there
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um there is a lot of advantage when it
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comes to that they're backed by the
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manufacturer if you go into that
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dealership and you don't like the way
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that you're treated
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you have recourse you can reach out to
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the manufacturer and say
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i was not treated well at this
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dealership i didn't like it
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and um franchise dealerships have a lot
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more reason to protect their reputation
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than my here take your places do
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if you know you go out and tell everyone
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you know that you were taking advantage
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or buy a buy here pick your car
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dealership they're
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probably not going to be surprised but
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established franchise dealerships their
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reputations everything so they have to
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protect
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it um most of them have service
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departments that's another big pro
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is that they they're able to fix the car
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that they just sold you
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so um like us at gresham ford we really
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stand behind our used vehicles like if
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we
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sell you something and something goes
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wrong with it in the first 30 days
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well we we went through an insta in a
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very
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extensive inspection on that in the
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first place to make sure that nothing
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was
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wrong to our knowledge and so if
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something was we typically take care of
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it
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um the other nice thing about um going
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to the franchise dealership is that a
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lot of them have
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certified pre-owned used vehicles these
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can be just a great deal
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in terms of value to price and what you
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get out of them in terms of warranty
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coverage and everything
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though i will say look out and look into
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the certified pre-owned program that
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you're buying through
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uh because everyone has one at this
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point in time and some of them
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don't really mean anything like carmax
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has certified pre-owned vehicles but
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it's not like buying a
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ford certified pre-owned vehicle where
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you get a big ford warranty that comes
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with it
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but uh this is this is my main thing
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with
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with when you're looking for someone to
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do business with it doesn't matter
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whether it's the private party person
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buying your baker dealership or the
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franchise dealership
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research who you're buying the car from
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look up
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google reviews yelp reviews facebook
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reviews
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better business bureau reviews that will
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give you
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an insight on what what experiences
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people have when they go to that
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dealership
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whether or not they like it definitely
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look out for
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anything that's showing up in the
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advertisements for that
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uh that review website because they paid
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money to be there and they're not
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necessarily there because
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they're doing such a great job against
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so many great reviews but they're paying
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money there to be there so
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just be mindful when you're doing your
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research of that
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you
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