Wealthion - Be Financially Resilient

Avoid These Used Car Scams! Insider Tips from a Car Dealer

Jul 17, 2024

Brandon, a seasoned used car dealer, shares insights on common scams, economic impact on car prices, and tips for buying used cars. Topics include certified pre-owned cars, reputable dealers, car auctions, using Carfax, market trends, best time to buy, financing, salvage titles, online dealers, and COVID impact.

43:55

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Episode guests

Brandon

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Tax season spikes car prices in wholesale market, impacting auction rush and dealer spending.

Certified pre-owned cars offer warranties but may not justify extra cost compared to self-inspections.

Research is vital to verify used car dealer reliability, recommending trustworthy mechanic inspections for fair pricing.

Deep dives

The Impact of Seasonality on Car Prices

Car prices in the wholesale market fluctuate due to seasonality in the car market. During tax season, prices soar as customers receive tax refunds, leading to a rush at auctions and increased spending by car dealers. The ripple effect results in an influx of inventory and price volatility.

Intro

3min

Buying New vs. Used Cars and Tips for Purchasing a Used Car

21min

Navigating the Impact of Online Car Sales on Traditional Dealerships

3min

Understanding Salvage Title Cars and the Rise of Repossessed Vehicles

9min

Impact of Interest Rate Cuts and COVID-19 on Car Market

4min

Tips for Buying a Used Vehicle and Car-Related Content Channels

3min

In this episode of Wealthion, host Andrew Brill interviews Brandon, a seasoned used car dealer and YouTube sensation known for his channel "Car Questions Answered." Brandon shares invaluable insights on how to navigate the tricky world of used car buying, revealing common scams, the impact of current economic conditions on car prices, and essential tips for ensuring you don't get ripped off. Whether you're in the market for an affordable vehicle or simply want to stay informed about the latest trends and risks in the used car industry, this episode is packed with practical advice and insider knowledge. Don't miss Brandon's expert recommendations on what to look for, how to verify car quality, and the best time to make a purchase. TIME STAMPS: 00:00 - Introduction 02:58 - Used vs New Cars 04:41 - Certified Pre-Owned: Worth It? 06:18 - Finding Reputable Dealers 09:17 - Car Auctions and Mechanics 11:21 - Using Carfax and KBB 13:16 - Car Market Trends 15:11 - Best Time to Buy a Car 16:38 - Impact of Economy on Car Sales 19:50 - New vs Used Car Dealers 22:09 - Financing Used Cars 24:55 - Online Car Dealers 26:54 - Salvage Titles 29:17 - Increase in Repossessions 31:01 - Unique Car Auctions 33:20 - Checking Car Titles 33:35 - Used EV Market 35:31 - Interest Rate Cuts and Car Sales 37:32 - COVID Impact on Car Sales 39:35 - Final Advice 40:45 - Where to Find Brandon 41:32 - Conclusion

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Wealthion - Be Financially Resilient

Avoid These Used Car Scams! Insider Tips from a Car Dealer

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Impact of Seasonality on Car Prices

Insights on Buying Used Cars

Ensuring the Reputation of Used Car Dealers

Navigating the Salvage Title Conundrum

Trends in the Used EV Market

Remember Everything You Learn from Podcasts