Ain't seen prices like this in a few decades
This Guy Opened An Under $5,000 Car Dealership
- Thread starter ArsenalCannon357
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Ain't seen prices like this in a few decades
great cars for a-z drivers ,teens, and new college grads My intern was telling me the monthly payments he was hearing 6-900 bucks
6 to 900 for cars he was looking to buy?! He looking at 392s or Hellcats?!great cars for a-z drivers ,teens, and new college grads My intern was telling me the monthly payments he was hearing 6-900 bucks
Good niche. But the cars have to be in good enough to last.
You can get good cheap cars. The problem is people dog the shit out of these cars before they are acquired by these used car dealership. But then most shady dealerships "patch" up the problems so the car last long enough for a test drive and make it home. If dealerships put more effort into thoroughly fixing these cars, the market would be more desirable.
Next, most people can't afford 3k, 4k, or 5k cash. I know we are all ballers hereon BGOL but the average American don't have the much cash on hand. Even if they are employed. And most lenders do not offer financing that low. Noticed how all his cars are cash only? I remember the first time I got preapproved for car financing. I did not know it at the time but it HAD to be a car that was MORE than $7,500. All the cars I was looking at were less than $3k range. I was a broke college student and just need cheap transpo.
Last, there are some models these dealers should absolutely stay away from. They were just manufactured poorly and plagued with mechanical and design problems. Notice how you don't see too many Toyota Camrys and Honda Civics but see a ton of Chevy Cobalts and Dodge Journeys available?
You can get good cheap cars. The problem is people dog the shit out of these cars before they are acquired by these used car dealership. But then most shady dealerships "patch" up the problems so the car last long enough for a test drive and make it home. If dealerships put more effort into thoroughly fixing these cars, the market would be more desirable.
Next, most people can't afford 3k, 4k, or 5k cash. I know we are all ballers hereon BGOL but the average American don't have the much cash on hand. Even if they are employed. And most lenders do not offer financing that low. Noticed how all his cars are cash only? I remember the first time I got preapproved for car financing. I did not know it at the time but it HAD to be a car that was MORE than $7,500. All the cars I was looking at were less than $3k range. I was a broke college student and just need cheap transpo.
Last, there are some models these dealers should absolutely stay away from. They were just manufactured poorly and plagued with mechanical and design problems. Notice how you don't see too many Toyota Camrys and Honda Civics but see a ton of Chevy Cobalts and Dodge Journeys available?
Yeah Chevys and Dodged and VWS….terrible. Toyota and Honda if you want to be on the safe side but he probably got them hoes cheap and damaged.
Bruh it's brutal out there, interest rates are a fucking joke!! They're turning $25k into $40K+ for people with good credit and no down payment.....
Plus these dealerships....... bruh I saw a dealership offer 84 month financing!!! Are you kidding me, who wants to pay on a car for 7 fucking years?!
Yeah...The interest rates are insane right now. Pricing a lot of people out of the market for sure.
Those financing terms are the worst!! Putting people behind the eightball as soon as they buy the vehicle.
A co-worker got a base level Traverse for 1100/ 72mo. Her credit score was total shit, so she felt she had no choice. She "jokingly" asked me to co-sign for her. She made that "joke" about 3 times, which let me know she wasn't "joking".
Exactly! She wasn't joking.
I wonder if the dealer took her out to dinner before they fucked her
That car will be right back at that dealer being re-sold after they repo that shit.
260K Pish Posh... We put 400K on a 2006 manual Honda Element.
I took it to a tire shop once, because I was getting new tires all around. The service tech got in the car, looked at the odometer, then he looked at me. He said, "You have 400,000 on this car... jeeeze? This car has paid for itself three or four times."
I was at a gas station one time, and a white guy pulled up to the pump on the other side of the pump I was using. He was in an Element as well. We looked at each other's car for a sec. Then he just said, "275K." I smiled and said, "300K." We both started laughing.
I don't know if this is true, but heard that they stopped making the Elements because they were too efficient, and they rarely needed servicing. They were made too well. There was little to no after-market business.
On the flip side, I had 2005 Lincoln LS. MoFo just over heated one day. Took it to the shop, I went to pick it up, and it over heated on the way home (I got my money back). Finally, I took it to an engine shop. Dude said, let me do some research and I'll get back with you.
He called me the next day and said, "Sir, I have some bad news for you. I spoke with a friend of mine who specializes in Ford engines. He said, there's a flaw in the LS's engine design. They're all going to have issues, that's why Ford is discontinuing that car. He said to tell you to "get rid of it, unless you like being stuck on the road.""
I was saddened by that because I loved that car. It was a rear wheel V-8, and it had torque up the wahzoo. If I hit the peddle, I was nailed to my seat. It was comfortable and stylish for the time. Fuck Ford!
I had a 2010 Fusion that had throttle bodies made in Mexico. That car would just shut off on its own. There was a recall, but a mechanic at the dealership said they never sent them out.
I believe that.
Dude told me it was cheaper to faze out the LS than to recall them. So they just let it go with no fanfare.
I ASKED HIM "BOY WHAT THE HELL YOU BUYING?" I told him save 3-6k then come call me
I told my family that if they see 3 of any car on a used car lot, don’t fuck with it. If you see 3 Altimas as a Chevy dealer, that’s the problem car or problem model year. My dealer has two 2021 Vettes and a 2020. Those are the transmission years. You always see 3-series and 5-series BMW’s at used car lots. Two Range Rovers at a buy here-pay here. Atlanta has a change called Gravity motors; they had two Bentley Bentaygas, side by side. They had an Aston Martin for 80k. LMAO. Throw Challengers and Chargers in there. Retired rental cars or just beat to hell.
Very very true!!!
Cars might look good at first blush, but electrical issues happen over time and are very expensive just to diagnose and then the repair bill!!
Excellent point. They might even be junkers straight from the frame shop.
But IMO due diligence is required for any car. We know Hondas and Toyotas, and their associated luxury brands will last. Nissan sadly has too much Mitsubishi in it now.
What I really hate is how there are no more row boxes. Maybe one or two but everything is a slush box now.
I like this guy's channel. He's the opposite of what car dealers are. He's transparent, no doc fees and he's smart enough to do this under $5000 niche. Please have down payment money these days, but they don't qualify for financing or they do with ridiculous rates. Do is cleaning up. He makes about a $1000 per car and says he sells about 70 cars a month. She got me thinking about doing some small flips locally for cheap cars I find of Facebook. He's got good enough on car buying. In a nutshell, he confirms majority of these dealers ain't shit and are scumbags.
Auto loan balances rose by $12 billion, continuing the upward trajectory seen since 2020, and now stand at $1.61 trillion.
Auto loan transitions into delinquency are still rising above pre-pandemic levels. US Auto Loans Delinquent by 90 or More Days is at 4.41%, compared to 4.17% last quarter and 3.89% last year. This is higher than the long term average of 3.49%.
Down south area is having their cars repo'd on a regular.
Auto loan transitions into delinquency are still rising above pre-pandemic levels. US Auto Loans Delinquent by 90 or More Days is at 4.41%, compared to 4.17% last quarter and 3.89% last year. This is higher than the long term average of 3.49%.
Down south area is having their cars repo'd on a regular.
I think I saw @Dr. Truth's car.