Best Kept Secrets of the Auto Industry: When is the Perfect Time to Buy a Car?

Join James Connor on Wealthion as he sits down with Ray Shefska, a veteran of the auto industry and the face behind the popular @CarEdge KZbin channel.
In this episode, Ray gives crucial tips on navigating dealership negotiations, unveils hidden charges, and provides strategies to ensure you're never overcharged again. Whether you're a seasoned car buyer or a first-timer, Ray's insights will equip you with the knowledge to make informed, financially savvy decisions. Don't miss these expert revelations that could save you thousands on your next car purchase. Tune in now to turn the tables on car dealerships!
Timestamps:
00:00- Introduction to Ray Shefska and Topic
01:06 - Ray's Background and CarEdge Overview
04:27 - Dealing with Dealerships: Avoid Getting Overcharged
06:28 - Understanding Car Pricing and Negotiations
10:24 - The Real Costs of Car Ownership Beyond the Price Tag
12:45 - To Buy or Lease? Breaking Down Best Options
15:01 - Auto Industry and Economic Trends 2024
18:20 - Insights into Car Pricing and Inventory Shifts
25:53 - How Fleet Sales Influence Market Trends
32:03 - Future of Used Car Market and Trade-In Tactics
38:26 - The Shift from EVs to Hybrids: Industry Trends
50:15 - Ray's Final Tips
#podcast #car #automobile #evs #cardealership #consumer
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[@Wealthion]

SCHEDULE YOUR FREE WEALTH CONSULTATION with Wealthion's endorsed financial advisors here: www.wealthion.com/

[@ibuyzzz]

Ray and Zach are the best..

[@mindthedrift.]

Ray and Zach are the real deal. Respect.

[@user-lr5po4pl6s]

Is there a shortage of certain vehicles? I had an oil change at a dealership and they said I needed $10k in repairs🙄 I had another mechanic look at it 4 different times to include an alignment check and there were no repairs needed. That was 3 months ago and I drive kids in this car several times a day! Ironically, this same vehicle was appraised by a different dealership for $10.5k just a few months before all of this. I personally think the second dealership tried to trick me into trading the vehicle or selling it to them because they knew the true value of it.

[@harrypaez2796]

Dealers are called, STEALERS because that’s all they do to unexpecting, uneducated consumers that know little to nothing about cars. They should be avoided at all possible cost and instead find a reputable mechanic. A car dealer for routine maintenance should be the last place you should go.

[@chrisryan4292]

Okay!!👍 I love it when my favorite KZbinrs collaborate!

[@Kevin-mk6jo]

Great Job as always Ray!!!

[@JA-zh5xi]

Ray is awesome! Love that he was on the channel!

[@quitoyume100]

This guy definitely knows his shit.

[@ptupy]

Very nice and sharp guest, and the show he does with his son is great. The advice to get an out-the-door price upfront is very important, although most dealers will try to evade any talk about it. If you walk into a dealership without knowing what you will end up paying, you are already screwed. Last year I was looking for a new car, and only one dealer (out of seven I contacted) was transparent and willing to give me an out-the-door quote (with a breakdown) without raising my blood pressure. It easily won my business.

[@BloorStreetCapital]

It's Jimmy Connor from Wealthion, thanks for the comment! Ray and Zach are great!

[@MrSean03839]

Best to save/buy with cash. Ideally wait for the closing days at the end of the year to negotiate the best possible price. If not at least wait until near end of each month or end of quarter. Always be prepared to walk away if you dont like the deal. Save time by negotiation over the phone or electronically to avoid the showroom prisoner games as you waste time between a sales person, sales manager etc. Just cut to the chase and negotiate with the sales manager. Never buy any up selling after the fact. Always read the final contract before signing.

[@BloorStreetCapital]

It's Jimmy Connor from Wealthion, thanks for the comment! Great insights!

[@rickmorrow993]

Don't forget insurance costs. I bought a 2 year old Impreza Premium sedan with 6,800 miles on it. I chose it after asking my insurance company about the cost of insurance on several different more expensive cars. I am saving hundreds of dollars every month by being frugal. My other car has 310,000 miles in it. My apartment now has charging stations in the parking structure. You sign in with an app, but there are no prices visible. The interference of the government in the market makes the US a fascist state.

[@brettonwoodsvsbtc1217]

Everyone hates buying a car. Great info tho

[@BloorStreetCapital]

It's Jimmy Connor from Wealthion, thanks for the comment! I agree totally, hate it!

[@stevencezus3987]

Great interview, thanks!

[@Wealthion]

Thanks for watching! What other topics would you like to see us discuss on our channel?

[@danahilliard5985]

Smart Money Never Buys a New Car

[@SqueegeeKid.]

Ray / Zach!!!!! 🫡🫡✊🏽✊🏽

[@billspencer8540]

Leasing ehh ? Totally brilliant ! - Goes right in line with: _You will not own anything and be happy (while you freeze and eat bugs)_

[@BloorStreetCapital]

It's Jimmy Connor from Wealthion, thanks for the comment and for taking the time to view our content! But like he said, if you drive a lot buy the car and if you dont drive a lot then lease.

[@JamesSusanka]

This high car price is intentional from this regime.

[@rovert1284]

I'd love to have an EV but chose ICE because I think it is too early in the EV cycle to get involved. I believe current battery technology will be obsolete within 5 years, the technology is so rapidly developing. Plus no spare is a deal breaker for me and EVs seem to have an allergy to spares. As it is with my ICE I settled for a space saver, but did come close to rejecting it for an alternative with a full size spare.

[@marcobiagioni]

❤❤❤

[@pwatom22]

Don't forget the headwinds now China leading the way for low price ev

[@MrSean03839]

Problem with that in the US is there will most likely be a new administration that blocks the American consumer from accessing those products.

[@BloorStreetCapital]

It's Jimmy Connor from Wealthion, thanks for the comment! You are right, China killing Tesla!

[@nickk05281982]

You charge at home mostly when you park at night lol

[@patrickseekins1299]

If you drive a car for 10-15 years and up to 150k, best to buy.

[@rovert1284]

I pay cash and plan on a 10 year retention. However, sometimes I've made a poor choice and changed sooner which cost me. But worth it to get back into a car I enjoyed. I find I have had no mechanical issues, trouble free motoring and the cost seems very competitive. Keeping it for 15 years would be better financially providing no mechanical issues arise, but I do enjoy a new car.

[@LivingInAnInverseReality]

GDP is so so, but inflation and low wages just wiped out the middle class. Thanks, Joe!

[@ramizlayaud327]

Can’t stand these guys who made a living in the industry and when they retire, they become repented and snitches. And he’s not telling that he sells aftermarket extended warranty and other products WITH THE SAME SALES tactics than the dealerships he demonizes. Scam.

[@andregagnon7044]

never get on the wrong side of compounding interest equation on a depreciating asset either! Lease of finance still making you poor!

[@ramizlayaud327]

You couldn’t be more wrong. You should go to to Mecum Auctions one of these days.

[@Gman979]

Economy what economy? Yellen said it's in good shape and so it must be China fault.

[@myronhelton4441]

The perfect time to buy a car is when the stock market crash hits soon.

[@BloorStreetCapital]

It's Jimmy Connor from Wealthion, thanks for the comment Myron! I'm buying a house if the market crashes!

[@myronhelton4441]

@@BloorStreetCapital Thanks for your comment. The crash starts very soon. To get a brown belt tax cut each year on land, I think one must own 18 acres. So a small home & 20 acres, if one had a real good job making good money, he could get huge tax cuts on tractors, or hay, and/ or a tractor. Maybe get land with water. Maybe build on a few lots. Maybe the city will be better with just a house, I dont know. I live in a large house, wish instead I had 4 small houses close together. I knew people who bought 5 acres in the county close to a road. They put 2 houses close to the road & two houses behind the front houses. Going to the back houses they drove through grass. I think only the county is like that. Some counties require half acre lots with city water in the county. Some counties require one full acre with a well. Most people want city water & natural gas near by. I think Georgia or another southern state doesnt charge retired people property tax.

[@BloorStreetCapital]

@@myronhelton4441 it's good to see some states not charge retired people for property taxes. I wish we had that in Canada but Canada is in dire straits financially.

[@myronhelton4441]

@@BloorStreetCapital I have heard all about Canada. There is only 1 or 2 states that seniors dont pay taxes.

[@myronhelton4441]

A fact! Before Bush Junior took office, one could build a house for practically nothing. I should know, my dad built over homes, businesses, & 3 motels. Anyway, it was shocking to me why great high earning college graduates rarely built their own home. They could have saved a fortune. I never understood a large house, it would be better for a small house with 20 acres, but most people dont want that. My point is many college & other people pay 38% of their paycheck in taxes, when they could build their own home, or get all that money back on a farm. Something to study would be why homes were cheap to build before Bush Junior.

[@denisrusso8131]

EVs are like sitting in a microwave oven. Who wants all that wi fi passing thru you in an enclosed vehicle? They also hurt the environment to manufacture the batteries, also, the batteries take an unbelievable amount of time to put out if they should catch fire.

[@dvader3263]

True, EV batteries take a long time to extinguish, but EVs are much less likely to catch fire compared to gasoline and internal combustion vehicles. The stats are there. Look them up. Try the National Fire Protection Association. An ICE vehicle catches on fire every 45 seconds in the USA. So, at all times, an ICE vehicle is burning somewhere in the US. EVs also hurt the environment to manufacture, but ICE vehicles also hurt the environment to manufacture and they keep hurting the environment a lot, for their entire life because of their increased and ongoing pollution. Modern ICE vehicles are connected by electronic waves, either radio, wifi or bluetooth. Of the hundreds of millions of smart phones and tablet computers on Earth, how many are catching on fire every day? Not many compared to the number of gasoline and diesel vehicles lighting up every day. And with so many ICE vehicles on fire every day, they also cause damage to homes, garages, other vehicles in parking lots and the environment at a much higher rate than EVs. Everything manufactured on Earth comes from the earth.

[@DrunkenXiGinPing]

Now is not the time to buy a car . But it is a great time to steal one !

[@cpcreit]

when Adam used to host, contents were great and guests were exceptional...WTF happened??? This is so lame to watch, had to turn it off after 10 mins...

[@BigFattyNat]

host can u make it more about yourself? every single question was "i this and i that