Saturday, January 17, 2009

Buying the ROLLS ROYCE (used of course)....


Bad times for car dealers means good deals for the buyer. I grew up in the automobile business. My father was one of the larger wholesale automobile dealers on the East Coast and his father was in the retail used car business. My first job was washing cars on the lot (although I suspect that someone re-washed them after I left...LOL). Later, after my husband sold our restaurants - he went into the wholesale automobile business as well (and I took care of all of the bookkeeping, titles, office work, etc. from home in my "spare" time).

So, needless to say, I've never paid retail for a car. Whoops, I take that back - ONE time - when I bought the HYBRID that I now own, I bought it at a retail dealership. Of course, I paid NO WHERE near the list price. And...

NEITHER SHOULD YOU!

I believe that a good used car is just a MUCH better value than a new car. It goes without saying that the minute a car is driven off of the lot, it loses value. LOTS of value. A car is NOT AN INVESTMENT. That's something you NEED TO REMEMBER! A car gets you from one place to another. For some, it is an accessory as well (like jewelry), but a used Honda Accord will get your to the same place as a New Maserati Granturismo will.

So, I just wanted to take a minute to tell you my SECRET. Even though we are NO LONGER in the wholesale used car business, I STILL BUY MY CARS AT WHOLESALE.

YOU CAN TOO!!!

Not all wholesale dealer sell to the public, but I'm here to tell you that a LOT OF THEM WILL. ESPECIALLY right now. They have LOTS of great cars with cobwebs on them, and it's VERY important for them to turn those cars over. If a car on a wholesale lot is not sold QUICKLY, it needs to be sold AT A LOSS (YES, a WHOLESALE LOSS) just to free the $$$$ up to buy more cars that a dealer might want. So, what's the catch? NO FINANCING is available. That's IT! Oh & you need to do your homework. If you see a car that you like on a wholesale lot - be prepared to pay CASH (or get financing from your BANK). I don't know of a SINGLE wholesaler (at least not a TRUE wholesaler) that will finance a purchase. They're in the business of buying & selling to other dealers & those dealers simply hand over a check (usually a BIG check for 3, 4 or 5 cars at a time).

Make sure that the coach you buy doesn't turn into a pumpkin.

You should check KBB or the NADA Book (which is the book that the dealers use to determine price) before you buy. Doing your homework is ESSENTIAL! You should also still test drive your car and have your mechanic look it over (just as you would when buying ANY used car). You don't want any surprises showing up later, because if you're buying wholesale there will be no warranties or guaranties involved (you can purchase one aftermarket - more about that at a later date).

I'm trying to get MR. S to write some posts about the ins & outs of buying the car of your dreams at the price you can afford - we'll see what happens.




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5 comments:

Alibi said...

Thanks for the info, i'll have to do my homework and track down a wholesale lot in this state that might sell to the public. We're planning on buying a new "Used" car this spring, as ours is on it's last legs so to speak.

I'm really liking the articles you put on your blog, really great info on getting the most out of your money, (especially now).

Wendy said...

Wow, really good advice. I had no idea the public could buy from a wholesale dealership. That would make a great article for my wholesale site. Do you want to rework the article slightly and submit it to me?

Oh, and I was "busy" this morning on your site :)

Wendy

foamfan said...

Thanks for the article; I need to replace my old pickup, which is getting close to 15 years old. It makes me almost ill, though, that Chevy quit making the S10, as it has been my fave truck model since the '80s.
Now if I happen to win a vehicle...I might just change my mind!!!

alimark said...

Thanks for the info Zippy!! Where can you find wholesale dealers at?? I am in GA and am looking for a used car for my daughter who is about to turn 16--so I am looking for something inexspensive that I can pay cash for and just get liability!! Any help would be appreciated!!

Avelina said...

Thanks Zippy for admirable information, Can you help me in finding legitimate wholesalers in UK? I am recently exploring www.dailytrader.com, there are some there too dealing in wholesale car parts...

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