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Wheelin’ and dealin’: Car buying in today’s market

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The car buying market is ever-changing but navigating the buying process and working with dealers can be made simpler by doing your research ahead of time. Knowing your wants and needs can help you find a vehicle that has good value for your money.  

Episode notes

In this episode, we are joined by Bree Shellito (Senior Manager of Community Impact,) and Jason Schoeberl (Senior Manager of Auto Lending), and will cover:

  • How the car buying market has changed over the past few years.
  • How starting your search online can help save you time and money.
  • Budgeting ahead of time and what costs to think about other than just the monthly payment.
  • What negotiating looks like as the market continues to change.
  • Options for selling or trading in your vehicle.

Transcript

Brent Sabati: [00:00:00] Welcome everyone to the Sound Cents podcast. I'm your host, Brent Sabati, and today I'm joined by Bree Shellito, our Senior Manager of Community Impact, and Jason Schoeberl, our senior manager of Auto Lending, who has over 20 years of experience in the auto industry. Welcome to the show.

Bree Shellito: Thank you for having us.

Jason Schoeberl: Thank you.

Brent Sabati: So today we're gonna talk about car buying, or more specifically buying a car in today's market. And for all of you listeners, if you've shopped for a car recently, I'm sure you noticed that things may be a bit trickier than they were in the past. So tell me, Jason, how has the market for car buying differed over the past few years?

Jason Schoeberl: The biggest difference over the last couple years especially is the lack of inventory. There is a significant shortage of both new cars and used cars, and that problem has been around now for at least a year and is probably gonna hang around for a couple more years.

Bree Shellito: Yeah, it's nearly a completely different market than what we were experiencing before the pandemic. There's been numerous shutdowns, not only at factories actually making the [00:01:00] materials to put together for the vehicles, but then also the vehicle manufacturers themselves. So just that kind of chain reaction of what's going to happen is gonna lead to the inventory, but also to just the general part shortages as well.

So even if you do manage to get your hands on a car and something happens to that vehicle. The matter of getting the parts for it can also be complicated, just coming down to different manufacturing difficulties. And then also just the change of staffing at some of the locations as well has made it more optimal to shop online versus actually going to showrooms often.

Brent Sabati: So, would you two say that today it's more difficult to buy a car or more expensive to buy a car than it has been say maybe five years ago?

Jason Schoeberl: The uh, price of cars has gone up dramatically on the new cars and used cars. We're talking 30, 40, 50% in a lot of cases than just two years ago. The inventory is down considerably, even though last year was a very difficult year to buy a car.

According to Cox [00:02:00] Automotive and JD Powers, they're down 10 to 14% again this year from last year. So the problem's actually still getting a little bit worse. I think it's leveling out right now, but I don't think we're gonna see a great improvement of the current situation for at least another year or so.

Bree Shellito: Well, and even with the varying consumer demands as well, to make these vehicles be more fuel efficient, cost efficient, there's just a lot of different demands that's gonna cause the market to change and shift. So I think that that will also add to just differences over the next several years.

Jason Schoeberl: The overall environments changed too on what's available.

What the dealers are getting from the manufacturers is a lot different than it was a couple of years ago. You're no longer able to go in and buy the base model of many vehicles, it's the premium high level ones that are available. And the bigger the better. I mean, you're gonna see a lot of trucks and SUVs and high demand cars a little bit less, but all of them are hard to find right now.

Brent Sabati: That's good to know. So, if someone is in the market for a new vehicle, when most people think about auto shopping or, you know, [00:03:00] looking for a car, they imagine walking into that showroom floor, looking at the different makes and models, is that the only option for the consumer today?

Bree Shellito: Absolutely not. There's many options for the consumer, and in fact, that particular way of shopping is more complicated.

If you're looking to go in and see various different models, you're not sure what you're looking for, that might have been a thing of the past. When you go in today, you're not going to find the models to even compare. Most of that research has to start at home before you've even stepped foot on a showroom floor.

Jason Schoeberl: Yeah correct. The dealerships in a lot of cases don't have the new car you're looking for, even available for you to look at, much less test drive. A lot of people are ordering vehicles now, especially on the new side, waiting several months to get one, and their first test drive is six months after they've ordered their vehicle.

Bree Shellito: Yeah. Some of the lists are over a year long.

Brent Sabati: That's a really long runup time to look for a new car. So it sounds like doing some research online is probably a better [00:04:00] option. So are there other reasons why you'd recommend shopping online for a car?

Jason Schoeberl: Yeah, I think online shopping is the way the industry's been trying to go for years and years.

But COVID sped that up incredibly. So right now, buying a car online is almost the norm. If you look at recent statistics, 40% of all vehicles sold by Ford in July we're ordered vehicles, which is never been heard of before. But the nice thing with the online option is that you're able to do a lot of research without getting emotionally attached to anything, which means you can really look at what your needs are, what your wants are and start looking at vehicles you may not have thought of. And I think online you can do that without the pressure and without the time constraint because you can do it on your own time.

Bree Shellito: I think it's you, Jason, that's always said, make this process as boring as possible.

Jason Schoeberl: Absolutely. A lot of people, I would say a majority of people still have a emotional attachment to their vehicle and it becomes an emotional spur of the moment purchase.

A lot of people will drive by, see a shiny pretty object, [00:05:00] pull in just to take a look at it and a couple hours later, drive home with a brand new vehicle and a 30, 40, $50,000 loan, and not realize how much just happened in a short time. So I would definitely recommend anyone shopping for anything large you wanna make that as non-emotional as possible, and do a lot of research ahead of time.

Bree Shellito: Yeah. And especially when it comes to the research ahead of time. We've talked in many of our classes over the years about making sure that it fits your needs, not your one-off needs, not when you're gonna have your, you know, in-laws in town twice a year or when you're gonna go skiing or snowboarding once or twice a year.

You don't necessarily need a four-wheel, all-wheel vehicle because you intend to go to the mountains twice. Paying three, four, we're looking into upwards of hundreds of dollars on a payment every single month in order to accommodate that every so often need, you can easily rent a vehicle, which we also recognize is very expensive, but you can rent a vehicle once or twice a month and offset that [00:06:00] potentially monthly payment if you're gonna be using it for those purposes.

We also understand that sometimes that is difficult in these times as well. They're limited on inventory also, but potentially having one vehicle that's like that for the household. We understand we live in Colorado. The weather is certainly a factor in many decisions that people make, but is it a priority, especially as work has sometimes evolved as well? Do you have flexibility to potentially work from home when the weather is really bad or is it something that's non-negotiable?

Because those are things for your lifestyle that are important to consider when you're shopping for a car, not those one off times when you might need a third row seat or what have you for those needs.

Jason Schoeberl: Yeah, a lot of people still buy a car for the five days a year, and you should really be buying a car for the 360 days of the year that you're actually using it.

And Bree brings up a great point. A lot of our needs and our habits have changed over the last two years, so what you bought your last car for might not even be a reality right now.

Bree Shellito: If I can also [00:07:00] speak to what you said, Jason, about the base models as well. So getting emotional attachment to a vehicle that has more bells and whistles than you might need is a real reality. If you're looking on going into some of these showrooms, some of those things you may not need or desire like a roof rack like certain things that are included in the vehicle that you're going to pay for but might not need to use.

Jason Schoeberl: Correct. I mean, right now I would say the sticker shock is gonna be the hardest thing. And if you're doing your research online, you're realizing that, what $30,000 bought a couple years ago isn't even close right now.

And then you have the fruition of new electric vehicles, which is a great opportunity for change in the auto industry. But if you haven't done your research, you might not know what goes into buying electric vehicle versus buying a gas vehicle. And the internet's there for everyone to use and get as much information as possible.

I think a lot of people are looking at vehicles, not just going back to where they bought their last car and buying the new version of their last car. They're looking at, what's out there? What's changed? Because the industry is changing so fast right [00:08:00] now and part of that is causing a problem with inventory cuz vehicles are changing so fast and parts are so hard to come by that that's part of the shortage issue.

But on the other end, there's more opportunity for changes to what you drove before and new solutions to what you might need in the future.

Brent Sabati: So with the changing car buying industry, what are some best practices for those people who are shopping right now to go out online and look for a new vehicle?

Jason Schoeberl: So on this one, I would definitely start with the internet. The biggest thing you'll notice is if you start driving around to your local dealerships is there's not gonna be any cars there for you to look at in a lot of cases. So driving around all day to see maybe one or two vehicles isn't gonna get a good bang for your buck on your time-wise, where on the internet you can jump around and look at all the different dealerships in your area.

Or you can look at third party sites that include all the inventory of all the dealerships on there and really start looking at, okay, start with I want a new SUV. And you can filter down to SUVs at a certain price point, and then you can start looking at dollars, features, safety, gas [00:09:00] mileage, which became a huge issue obviously when gas hit so high this last year.

And you can start using those slicers that the internet offers to really find out what are you looking at and is it realistic for your budget? What you started at on the beginning of your search might change your mind before you're done with that, that one hour cruising through the internet.

Bree Shellito: Yeah and Jason, you were sharing, you recently went through this as well, yourself, and just the ability to filter down to exactly what you wanted was very helpful.

Jason Schoeberl: Yeah. We went shopping for a vehicle for our daughter and it was nowhere near as fun as it used to be because we couldn't go out and just touch cars and sit in them and drive 'em around because they just weren't there.

And we had to broaden our search, you know, instead of looking within five miles of our house, we branched out to 50 miles around our house and it was a vehicle for our daughter, so we were using slicers that I wouldn't necessarily look at for myself, but I needed something safe, economical, and what my daughter would feel comfortable in.

 And we changed vehicles several times because we learned what was really available and what wasn't. And then once we found out what was available, we started finding out what our priorities [00:10:00] were and sorting and in the end, we found two or three vehicles that we liked and that's when we contacted the dealership, not the other way around like we normally would've done.

Bree Shellito: You may have in mind the certain make or model that you want, but you might be able to get more bang for your buck if you're looking across those different models.

 I think that we're also seeing just as we're talking to people, that they're branching outside of, even if they've driven a certain make and model for many years, they're looking outside of that at this point.

Jason Schoeberl: Yeah. For us obviously price was a very big deal cuz it's a car for our child and so we started with price and then we sorted by lowest miles and that was our only slicers.

We didn't care what brand it was, what model it was, how many doors. We just knew that at this price point there's not a lot of cars out there. What is actually available? And that began our search. And at that point, we could really start looking at what our wishes and wants were within that point. But at least we started with number one, a budget, which I think is very important.

Bree Shellito: Agreed and what you were saying before as well, is once you've narrowed it down to those few cars that you wanna look at, [00:11:00] it's not a matter of going into that dealer. That vehicle may no longer be available, even though it's still on their website. It's just an ever-changing environment. So contacting them, but most, if not all dealers have an online sales team.

So working with somebody through the direct links to the website, the direct contact us. We would recommend.

Jason Schoeberl: Yeah, and that saved us a lot of time because we found a vehicle we liked, we knew the dealership, it was close enough to get to. And before I drove off to look at it, I decided to send them a quick message.

"Is this vehicle available for a test drive today?" And 15 minutes later they got back to me. " Sorry, this vehicle's currently being loaned out to another customer, we will have it back in the next day or so. Can we get back to you?" And we were like, perfect. We still have our afternoon to do what we want, and we didn't waste our time looking at a vehicle that wasn't gonna be there.

Bree Shellito: Yeah. And as always, the dealers of course, are our friends. We know that they do great things. But back to that emotional connection. Had you gone in, they might have tried to find something else, but you knew what you were looking for because you'd done your research, because you were [00:12:00] prepared. And so you did not go in, did not get an emotional connection to any other vehicle on that lot, and continued your search for what you truly wanted.

Jason Schoeberl: Yep. We kept it exactly what we wanted to do, we wanted to research the vehicle, and we had an idea what it was, what it was gonna cost us, so going there unprepared, didn't make any sense.

Bree Shellito: Another best practice we would share is just making sure to request a purchase order with all fees included to find out exactly what you'll be paying.

As we said before, ever-changing vehicle buying market, so it's important to know what the dealer fees are, if there's any shipping, handling. Many of those companies that work through online services will agree to ship from one of their locations to another, but if you decide not to purchase that vehicle, sometimes you are still responsible for the shipping costs of that vehicle. So just making sure you know exactly what you're gonna be paying prior to stepping in. That way there's no surprises.

Jason Schoeberl: Yep. And you can budget at that point too, so you know what the price of the vehicle is, you know what you're gonna pay in sales tax, you know if there's any additional fees from the dealership at that point, you know if your budget has room for anything [00:13:00] else.

If you wanted to add that ski rack you were talking about, or perhaps a warranty or gap or one of the products of dealership sell, if you know what you're paying for the vehicle, everything else can be added or subtracted at that point, and you can decide what's best for you versus just working your way backwards, going, " maybe that's the right price for me." At least you have the information. You can decide what's the best way to spend your money.

Bree Shellito: What we also don't recommend is necessarily thinking in terms of monthly payment. I know that's an easy place to start for some individuals, but I think sometimes what we hear often in the market is that they thought about the monthly payment but didn't look ahead of times on some of those services such as insurance, what it's gonna cost for a different type of vehicle that you're not used to driving.

Also registration fees. So making sure that you're giving yourself a little bit of wiggle in the budget because certainly there's still gonna be gas that you're responsible for depending on the vehicle that you're buying. And then also the insurance just depends on the type of vehicle, as well as those add-on services.

So I think sometimes what gets people in trouble is when [00:14:00] they've determined, oh, I can afford this X percent or, or X amount per month. And then they go in and what has then happened is they've increased it from what we used to see typically as a five year loan to a seven year loan. When it shows that people don't own these cars for as long as they might have used to.

Jason Schoeberl: Correct. The payment is always an easy sale. That's what we're used to. You look at your Netflix and you pay a monthly fee. You look at your phone bill, you pay a monthly fee, and people shop that way for their cars. And that's kind of a dangerous way to do it, in my opinion, because you're not looking at the total cost of ownership for that vehicle.

 A payment of $300 for 60 months and a payment of $300 for 84 months sounds like the same amount of. But you're looking at thousands and thousands of dollars of difference in ownership cost. And if you're looking at the, just the cost of the vehicle, the cost of the taxes, the cost of the license plate, the cost of the warranty, you can make a better decision for yourself if it's worth that much money to you.

And then you can figure out splitting that up into a term that fits your budget, but at least know [00:15:00] upfront what the total cost is before you add finance to it.

Brent Sabati: So if I'm a consumer, I've gone home, I've done my research, I've found a make and model that I liked, and I think that it fits my budget. In the past, a lot of consumers, one of the most intimidating parts about the car buying process is negotiating with that salesperson to finalize that deal before you walk out the door with the keys.

So what does negotiation look like in today's market?

Jason Schoeberl: It's a lot different. Right now vehicles are pretty much priced at the point they're gonna sell. Even before Covid and this change, we would always recommend people shop online because when you're shopping online, there's a price there, and that price is being sent out to anyone who looks at it.

So the dealers typically had their best price on the internet because if they had a high price on the internet, no one would click on them. Well, right now, same rules apply. There's not a lot of negotiation off that internet price, but there's no negotiation and a lot of times at the dealership either because there's a line of people waiting to buy that car.[00:16:00]

 Even when I bought my last car, I didn't even book it out on NADA or Kelly Blue Book like I normally would because I knew there was no negotiation. I shopped that particular vehicle against hundreds of stores nationwide to see what they were going for, and I knew what the average price was and I made a decision based off the reality of the market.

Bree Shellito: Because you've done your research.

Jason Schoeberl: Yeah, I did the research on that and while that's a little discomforting at some point to the people that have negotiated in the past, that's the reality of the current buying program, and that's actually, in my opinion, it's a little bit more comfortable because you know you got the best price you were gonna get because they're not negotiating off those prices.

But what I want people to remember though, is that those warranties that are for sale, those products that are for sale, those accessories that are for sale, those are still negotiable, and if the dealership doesn't negotiate on those, at least you can shop that competition and know that before you get there.

Again, when you're shopping online with that dealership, you can ask them for warranty prices. You can ask them for gap prices. You can ask 'em how much that ski rack costs for that particular vehicle so you can [00:17:00] go in with all that information. You don't wanna have all that be last second stuff while you're at the dealership.

You want to spend your time upfront to make sure you're making the best financial decision because you're gonna own this vehicle for years and you're gonna be paying for it after you bought it. So enjoy knowing that information ahead of time and using it to your best opportunity to give yourself the best deal and make sure you're sticking with your budget the best you can.

Bree Shellito: The other thing we're seeing a little bit slowed down in the market, I'd say it was much higher, if we're talking about six months to a year ago, is sometimes those additional fees on top of MSRP. So those typically are not necessarily negotiable either. That is the reason that they have, like you said, that one year waiting list, if you are not gonna buy it today, there's another person on the list that's gonna buy it.

So you as a consumer have to make the choice on whether or not that's the right choice for you. We're not saying it's the wrong choice.

Jason Schoeberl: Yeah. There are some very high demand vehicles right now, and there's a way around that a lot of times, and that is time. All you have to do in most cases, to [00:18:00] save a lot of that markup is agree to buy a vehicle that's not at the dealership yet.

That vehicle at the dealership is a very valuable product for the dealer and for the consumers that have been waiting for this. But in most cases, if you're willing to wait two or three months for some of the lesser high demand vehicles, you can just order it, pay regular MSRP, the manufacturer's price on it and pick it up in two or three months and get exactly what you want.

But going to the dealership and buying the one that you see on the show floor is very hard to do and it's very expensive. So you're still seeing certain vehicles going for 10, 20, and $30,000 over sticker price, and that is getting better. But I can name off certain vehicles that are still extremely expensive, well above their MSRP.

Brent Sabati: So I'm sure that the market is constantly changing, but if a person is going to look to buy a new car, what is kind of a lead up time that they should start looking and doing their research if they know that they need it on X date or, you know, an X month? How far in [00:19:00] advance should they start looking?

Jason Schoeberl: Buying a vehicle is very emotional and a lot of people buy it without any heads up time. And I would say the more time you can give yourself the better. Especially on a new vehicle that you're gonna order, expect a minimum of a two month waiting list to get that vehicle. There are gonna be vehicles there, but you're gonna pay a little bit more for them.

And if you have to get a vehicle now, that's when you wanna start comparing, how much am I paying for this vehicle? Brand new over sticker, or whatever that current budget is, and then compare that to that recently used vehicle. There are surprisingly, some used vehicles that cost more than that same vehicle would brand new because of the availability of it being right here, right now.

So the more time you give yourself, the better you're gonna do. But some of these vehicles are a one to two year wait too. So you have to really put that into perspective. What do you need versus what do you want? Back to what Bree said earlier, you know, a lot of times we buy off of what we want or what we think we might need, and we spend a lot of extra money because of that, when we could just take a step back, look at the timeline, look what we really need, and make a decision based off of that.

Brent Sabati: So it [00:20:00] sounds like in today's market, like you mentioned, there's not a lot of wiggle room in the actual sticker price of a car. But you did mention that you may be able to negotiate on some of the add-ons or ancillary products.

Are there any of those ancillary products that are more important for a consumer to consider or pay attention to?

Bree Shellito: The one I didn't know that Jason taught me was the warranty specifically. So I had bought a vehicle through a dealership and after the fact I talked to Jason, which was a mistake of mine.

But not knowing that that was negotiable, they certainly sometimes aren't telling you that that's negotiable, but that warranty, especially when you're buying new, is the same from any dealership for that particular make. So if you're shopping through certain dealership, you can reach out to a dealership in another city, another state even, and potentially talk to them about purchasing that warranty because that warranty across the board is for your vehicle.

So if I reach out to somebody in, let's say New Mexico and ask if I can buy the warranty [00:21:00] through them, then they might be willing to do so, and I can bring that research power with me to who I'm speaking with here in Colorado to say, you know, I've already talked to this dealership. They're, willing to give me the warranty. Can you give me that same price?

And they can say yes or no, but at least I've got the deal elsewhere. And I think it works the same sometimes for just some of those other things. Like we were talking about the floor mats, mud guards, just depending on what it is and depending on your needs, if it's a desire that matches the make that you purchased you want that make printed on the floor mats or whatever have you, then that's a decision that you have to make.

You can typically still buy those out in the market. So finding out exactly what the dealer cost will be, but then also what's in the market and just discussing it.

Jason Schoeberl: Another part of the negotiation, which is a bigger part, I think right now than in a while, is your trade-in vehicle. That is where you have a lot of negotiation, especially if you're looking at ordering a vehicle.

So if you're gonna say, order a brand new Ford and it's gonna take three months to get that Ford whatever, a Mustang or a F-150 or something like that. [00:22:00] Well, if you're in a big area, like here at Colorado Springs or Denver, there's several Ford dealerships and you can order that same Ford from any of those dealerships.

So my guess is they're not gonna negotiate on the price of that vehicle for a brand new one, but each of those dealerships are gonna have an interest in your trade-in. And that's where I would do the negotiating. It's like, I'm gonna buy your pick that vehicle. What are you willing to give me for my used vehicle?

And the one who pays me the most for that vehicle is gonna get me to order a vehicle from them, because the same price across all five dealerships for the new car. The factor that you can change is what your vehicle's worth to them.

Brent Sabati: So Jason, you mentioned people still have a lot of negotiation power in trading in their car, and with inventory being as low and supply being as low as it is today, I imagine that there must be some changes on the other side of the equation on the seller's side as well. So can you talk to us a little bit about what the seller's market looks like today?

Jason Schoeberl: Oh, absolutely. The selling part of your vehicle to the [00:23:00] dealership doesn't have to be the only option. You can sell it to private party. Those people are looking for vehicles, as you know, they've had a hard time finding it at the dealership, so they're looking online for private party sales.

So you've got Craigslist, you've got Facebook, what's it called?

Bree Shellito: Marketplace, Facebook. The Facebook Marketplace.

Jason Schoeberl: Yeah. Facebook Marketplace. And there's a bunch of options there. The interesting thing is you'll also notice when you look on those websites, a lot of those peer-to-peer sales are filled with dealership ads.

A lot of the vehicles for sale on Craigslist and Facebook are actually dealers selling their vehicles on that platform as well. But the same thing is you can also sell your vehicle to other third party dealer companies. You'll see ads all the time on TV now saying, we'll offer you the best for your trade even if you don't buy a car from us.

So even if you're buying a new Ford, you could sell your car to a Chevy store. You could sell your car to one of the nationwide companies like CarMax or Carvana, or just Google selling my used car, and you'll come up with 500 options on how to sell your car. And [00:24:00] again, you're just giving the information out there and letting other people bid up how much they're willing to pay for your car.

Now, the downside of not trading in your vehicle is that you won't get a tax credit. And that's important to look at for your value of your money. If you're selling a $20,000 car to the dealership on your new car, that $20,000 value you received for your vehicle, you do not get taxed on.

So if you're buying a $40,000 vehicle without a trade, you're paying tax on 40,000. If you're trading in a car for 20,000, you're tax gets reduced to only $20,000. The difference on that sale. So you do have to do some math on where that makes more sense because it can be thousands of dollars.

Bree Shellito: Yeah, I think with what he was saying as well, even if you're going to those four dealerships, for example, it's not just those dealerships that are the buyers.

As you said, there's certainly the nationwide ones as well as Kelly Blue Book. So I think just by posting it online, even if your intention is a trade-in, is a great idea because then you'll get those offers coming your way, not just from private party, but also from dealers.

So it might just be a [00:25:00] consideration as you're looking to do that, because even if you decide not to go with that particular company to buy your vehicle, let's say at the end of the day you're still planning to sell it where you're buying that new vehicle, you can then take that offer and take it to the new dealership and say, this is what I was offered through them. Would you match it?

Jason Schoeberl: Absolutely, and that was a big part. When you put your own vehicle up for sale on these websites, you're gonna be contacted by dealers. You're gonna find out very quickly what your vehicle's really worth out there, because part of this process is learning and this market is changing so fast, and the value of vehicles in a lot of cases is going up each month instead of going down like it usually does.

So you'll find out that your car that you thought was $7,000 worth of value and you have 20 people looking to buy it, you probably have a vehicle worth more than $7,000. And that information is worth every penny.

Bree Shellito: I think we'd agree that the theme throughout this particular episode has been research.

Research is extremely key in this process because, as Jason just said, dealers are going to continue to contact you if [00:26:00] you are not prepared with a new vehicle when you sell your vehicle, that could definitely put you in a bind. So making sure that you know what processes look like. The two don't necessarily always go hand in hand either.

You might be on a wait list, might have to look at what that looks like. So just having an idea of what you're gonna do when you sell and then also what you're going to buy. To get the two to match up is not always the easiest thing. So making sure you're researched on what you're gonna do on both sides before you make those moves and someone wants to come and buy your car today for cash in hand is important to know.

You may be on a wait list for some time and not have a vehicle.

Jason Schoeberl: Yeah, it's very difficult to just go and get a car right now. And as far as research goes, it's the most important thing. I tell people all the time, I'll ask them, how long does it take to save a thousand dollars? And it's not easy to save money, these days.

But you can save a thousand dollars on your next car purchase with about 15 minutes worth of research in a lot of cases.

Brent Sabati: So we covered a lot of ground today, and you both touched on the importance of research, but [00:27:00] to put you both on the spot here, if you had to leave the listeners with one final tip as they move ahead into their car purchasing experiences, what would you say to them?

Jason Schoeberl: My big thing is always slow down. There is no rush to spend $30,000. There will always be dealers, there will always be cars available to you to spend that money on. If you're worried about the one that you're looking at disappearing because someone bought it out from under you, slow down, another car will be available.

Save yourself the worry and the headache of going over budget and just spend the time ahead of time.

Bree Shellito: I think I would have to go back to the wants and needs. Taking a look at exactly what you want and what you need. What are the actual necessities for your life and your family? And I also want our listeners to know as well that as much as we would instruct it and recommend that you make this process as boring as possible, it can still be fun.

You can still get some of the things that you want, as well as needs. We understand there's some really cool features on vehicles, but I think the other thing [00:28:00] I'd ask that you look out for is just what are gonna be the costs. We hear it all the time that bells and whistles are exciting. They're like, it has heated seats, cooling seats.

What does that look like? All those bells and whistles when each of them start to age? What is the cost to replace something on some of those vehicles? So just keeping those in mind as well. It might be a strong desire and that's okay, but make a list of those. What are the wants? What are the needs? What must you have?

What would you like to have? And then just keeping in mind holistically, what is the cost, not only today, but in the future.

Brent Sabati: Well, thanks so much, Bree and Jason, for joining the podcast today and for sharing all of those awesome car buying tips.

That's all the time we have for today. We hope that you're now at least a little bit more confident about going out and navigating the car buying market. We hope to catch you next time on The Sound Cents Podcast.

PLEASE NOTE: The information presented in this episode is intended to be used for informational purposes only and should not be considered advice. Consult a financial, tax or legal professional to see if the information provided in this episode is suitable for your situation.  

 

Information stated is current as of the time of recording and may be subject to change in the future. 

 

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