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Speaker 1: So you want to buy a car. You figured out

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Speaker 1: your budget and which car you want. It makes sense

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Speaker 1: for your needs. Plus you can afford the monthly payments,

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Speaker 1: insurance and annual maintenance, and now it's time to get

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Speaker 1: down to business and actually get those keys in your hand.

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Speaker 1: But figuring out how to get the best price and

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Speaker 1: where to direct your research can be overwhelming, and walking

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Speaker 1: into a dealership can feel a little like you're swimming

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Speaker 1: in shark infested waters while you're covered in fish guts.

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Speaker 1: This is a totally normal feeling, though. According to the

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Speaker 1: results of Capital One's Auto Navigator survey from twenty twenty,

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Speaker 1: only twenty six percent of participants felt confident shopping for

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Speaker 1: a car, and only twenty four percent we're sure of

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Speaker 1: their negotiating abilities in the dealership. It's no wonder given

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Speaker 1: how complicated buying a car can seem. Even if you've

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Speaker 1: done your research about which car you want, then they're

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Speaker 1: figuring out how to finance that car. Should you always

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Speaker 1: buy it outright if you have the cash, or should

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Speaker 1: you still take on car payments with a loan. Plus

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Speaker 1: let's get into car buying online. Please start taking notes,

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Speaker 1: because this is.

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Speaker 2: Stuff.

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Speaker 1: What's up my freewheeling joy riding hands at ten and

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Speaker 1: two friends. Welcome to another episode of Grown Up Stuff

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Speaker 1: How to Adult, the podcast where we learn the secrets

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Speaker 1: to growing up and feeling like knowledgeable adults. As always,

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Speaker 1: this is Molly and I am joined by my co

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Speaker 1: host on two Wheels, the motorcycling mat Still though, Matt,

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Speaker 1: we are back here to talk about buying a car

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Speaker 1: in this pardieu. As the French would say, do you

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Speaker 1: want to give the grown Up Stuff fam a little

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Speaker 1: recap on what we talked about last time?

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Speaker 3: Totally? In our previous episode, we talked to Jamie Page

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Speaker 3: Deeden about creating a car buying budget, and she reminded

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Speaker 3: us to not forget things like insurance, regular maintenance costs,

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Speaker 3: and gas. She also taught us about some of the

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Speaker 3: latest safety features in cars today.

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Speaker 1: Backup cam standard baby whoo whoo.

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Speaker 3: That's right. But there's also lane assist and censors that

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Speaker 3: can tell you when you're getting sleepy.

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Speaker 1: Oh yeah, that was crazy. It scans your eye movements

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Speaker 1: and tracks how tired you may be. Insane.

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Speaker 3: Yeah, and Jamie also dropped some knowledge on hybrid's and

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Speaker 3: evs and gave us some very useful information on the

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Speaker 3: average range for these types of cars.

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Speaker 1: Right, and honestly, I had no idea there were two

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Speaker 1: different types of hybrids, so that was a real eye

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Speaker 1: opener for me. She also had some great tips for

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Speaker 1: figuring out the reliability of your future car. But we

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Speaker 1: don't want to tell you everything, So if you haven't

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Speaker 1: gotten a chance to hear all of these gems, go

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Speaker 1: back to that first part with Jamie and give it

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Speaker 1: a listen.

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Speaker 3: As a reminder, Jamie spent fifteen years as the executive

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Speaker 3: editor of the US News and World Reports Best Cars team,

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Speaker 3: and today she is the editor in chief of Car Talk.

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Speaker 1: But Jamie is back again today for another round of

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Speaker 1: car buying conversations. Jamie, welcome back. Thank you so much

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Speaker 1: for joining us again for part two of this conversation

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Speaker 1: on how to buy a car.

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Speaker 3: Now.

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Speaker 1: I want to cover something that we didn't get a

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Speaker 1: chance to hit in part one, and I think it's

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Speaker 1: important to highlight what are the biggest misconceptions, in your opinion,

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Speaker 1: that people have about buying a car.

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Speaker 2: The biggest misconceptions that people have when they're buying a

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Speaker 2: car actually has very little to do with the car itself.

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Speaker 2: It's that they have to take the financing the dealer

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Speaker 2: offers them. Most people do not walk into a dealership

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Speaker 2: with a load in hand, and that is a huge,

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Speaker 2: huge mistake because the dealers make money by referring people

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Speaker 2: and getting people finances, so they get a kickback from

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Speaker 2: the financing company or bank that they're working with, and

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Speaker 2: they can get a bigger kickback if they put you

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Speaker 2: in a higher interest rate. Huh, So they're incentivized to

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Speaker 2: kind of make you pay way more than you should

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Speaker 2: for the car over time. So the number one thing

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Speaker 2: if you don't do anything else when you're buying a car,

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Speaker 2: go online, get yourself, you know, from a credit union

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Speaker 2: or an online only bank. Those are the two types

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Speaker 2: of businesses that tend to have the lowest rates. Go

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Speaker 2: get yourself your own car loan already in hand. And

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Speaker 2: then when the dealer's like, ooh, I can take care

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Speaker 2: of you with eight percent, you can be like, bam,

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Speaker 2: I got five point five already. Beat that and that

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Speaker 2: will save you. I mean, people focus so much on

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Speaker 2: the price of the car or like their monthly payment

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Speaker 2: that they don't look at the overall cost, and that

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Speaker 2: overall cost is really driven by your interest rates. So

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Speaker 2: the lower you can get it, the better you're gonna

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Speaker 2: do and shop around for the interest rate the same

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Speaker 2: way you shop around for a car.

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Speaker 3: So I've actually heard from some people that dealers will

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Speaker 3: oftentimes get you the best interest rate. Is that just

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Speaker 3: completely not true?

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Speaker 2: It's not completely not true. But it's better to go

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Speaker 2: in with another option. So even if the dealer can

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Speaker 2: beat it, that's great, go with what the dealer's offering,

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Speaker 2: but just walk in there with approval for a loan

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Speaker 2: where you know the interest rate and you know about

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Speaker 2: what your payment's going to be, so that you just

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Speaker 2: have that other option. If the dealer isn't going to

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Speaker 2: be able to match it, you'll save money. If the

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Speaker 2: dealer can beat it, great, you'll save money. But either way,

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Speaker 2: just make sure you've got another option.

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Speaker 3: Right.

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Speaker 1: Let's look at when we're buying a new or used car,

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Speaker 1: cash versus financing with a loan versus leasing. So this

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Speaker 1: is my very very basic understanding, and I kind of

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Speaker 1: want to go through that versus see if I'm right

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Speaker 1: at all, cash you're literally putting it all upfront. Financing

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Speaker 1: with a loan kind of similar to buying a home.

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Speaker 1: You're putting that twenty percent down, and then the loan

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Speaker 1: is covering the rest of the cost. And then you're

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Speaker 1: paying back that loan with interest depending on what the

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Speaker 1: interest you've agreed upon. And then leasing a vehicle. I

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Speaker 1: feel like it's like leasing an apartment. It's never really yours.

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Speaker 1: You're paying like rent on the car for a period

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Speaker 1: of time. Are these right? Do I have any of

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Speaker 1: these accurately?

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Speaker 2: First, you're right about buying with cash. You're just handing

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Speaker 2: over the cash.

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Speaker 1: Okay.

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Speaker 2: There will be personal finance people who will be like, hey,

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Speaker 2: if your interest rate on your loan is lower than

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Speaker 2: the return you could get from investing that cash, then

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Speaker 2: the loan. But I'm kind of like that's super complicated.

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Speaker 2: I would just rather pay cash. But I mean, like,

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Speaker 2: you really have to look at interest rates at the time.

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Speaker 2: If they're super low, absolutely go ahead and do that.

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Speaker 2: The benefit of doing that too, is like, all your

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Speaker 2: cash isn't tied up in a car, sure, so you

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Speaker 2: maintain some liquidity with the loan. You got it right,

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Speaker 2: You're paying for the privilege of borrowing money for that car.

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Speaker 2: You don't have to necessarily put money down. But it's

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Speaker 2: a good idea and then the loan company makes a

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Speaker 2: profit by you paying interest to them, and if you

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Speaker 2: don't make the payments, they're going to come take your car,

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Speaker 2: So just know that.

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Speaker 1: Don't love that.

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Speaker 2: And then leasing, it's not quite like leasing an apartment.

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Speaker 2: Leasing is essentially a loan, but only on a portion

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Speaker 2: of the value of the car. So let's say you're

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Speaker 2: looking at a forty thousand dollars car. If you get

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Speaker 2: a loan, you're financing, and let's say you don't have

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Speaker 2: a cash but you have a super high monthly income,

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Speaker 2: so you're going to go ahead and finance the entire thing. Well,

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Speaker 2: you're financing forty thousand dollars worth of car, and then

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Speaker 2: you know, you make those payments for five years or

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Speaker 2: however long, and at the end you own the car

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Speaker 2: and you can do whatever the heck you want with it.

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Speaker 2: With a lease, though, you're only leasing a certain portion

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Speaker 2: of the car's value. So that forty thousand dollars car,

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Speaker 2: you go into the dealership and you're like, I want

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Speaker 2: to lease it, and they're like, great, we project that

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Speaker 2: this car is going to be worth twenty five thousand

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Speaker 2: dollars in three years if you only put ten thousand

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Speaker 2: miles a year on it, so you're only financing that

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Speaker 2: fifteen thousand dollars difference between the forty thousand that the

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Speaker 2: car is worth today and the twenty five thousand dollars

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Speaker 2: that they project it will be worth at the end

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Speaker 2: of the lease. A lot of these rules just don't

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Speaker 2: take into account the reality of the economy today for

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Speaker 2: a lot of millennials and Gen zs, which is, we

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Speaker 2: don't have a lot of cash lying around. Yeah, so

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Speaker 2: we can't do that, and we do need to shop

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Speaker 2: on payment. So what this does, because you're only financing

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Speaker 2: that fifteen thousand dollars over three years, is it makes

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Speaker 2: the monthly payment a lot lower, and so it's kind

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Speaker 2: of a way to get into a car at a

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Speaker 2: more affordable rate. The other thing that I really like

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Speaker 2: about it is that at the end of the lease,

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Speaker 2: let's say your lease terms say, all right, this car

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Speaker 2: is going to be where twenty five thousand dollars at

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Speaker 2: the end. But let's say like that car is exploded

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Speaker 2: in popularity, or it's not available, or you know, there's

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Speaker 2: been production issues, and the car ends up being worth

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Speaker 2: thirty thousand dollars at the end of the lease, you

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Speaker 2: get to pocket that five K. And a lot of

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Speaker 2: people think, you know, when you lease a car, it's

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Speaker 2: like renting a car. If I rent a car from

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Speaker 2: the hurts at the airport, I have to take it

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Speaker 2: back to the hurts of the airport. That's not how

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Speaker 2: leasing works. You can take that car anywhere and sell

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Speaker 2: it as long as what you're getting is more than

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Speaker 2: the payoff amount of the lease. And so that equity

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Speaker 2: that's built in. If the car is worth more than

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Speaker 2: what's in the lease, like that equity, that's your money,

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Speaker 2: and it's great because you can use that to roll

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Speaker 2: into the next car that you're going to purchase. The

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Speaker 2: other really great part of it is if the car's worthless.

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Speaker 2: So let's say the lease says it's worth twenty five

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Speaker 2: thousand dollars, and at the end of the lease it's

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Speaker 2: worth twenty you're.

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Speaker 1: Not on the hook.

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Speaker 2: You just get to walk away, and that's like awesome

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Speaker 2: because you don't have to worry about it. Now. I

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Speaker 2: will say, you do have to be careful with leasing,

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Speaker 2: because if there's a certain number of miles that you're

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Speaker 2: going to get in the lease, you know, ten to

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Speaker 2: twelve to maybe fifteen thousand miles a year or what's

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Speaker 2: most common, and if you go over that, it is

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Speaker 2: really expensive. So if you get a three year lease

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Speaker 2: at ten thousand miles a year and you turn it

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Speaker 2: in with like forty thousand miles on it, they're going

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Speaker 2: to charge you twenty five cents a mile.

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Speaker 1: Ikes or more.

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Speaker 3: Oh my god, so yikes on that.

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Speaker 2: And the reason that they do that is because that

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Speaker 2: value at the end of the lease is based on

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Speaker 2: the mileage that the car is going to have. The

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Speaker 2: thing to keep in mind, though, is it basically means

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Speaker 2: you will always have a car payment because you lease

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Speaker 2: a car and then you go get the next one

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Speaker 2: and then then the next one, Whereas if you either

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Speaker 2: finance a car or pay for it with cash, at

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Speaker 2: a certain point you're going to own that car, and

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Speaker 2: your monthly cost then drops quite a bit because you

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Speaker 2: own it, you're no longer making payments on it, and

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Speaker 2: leasing has kind of over your life span, like if

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Speaker 2: you do it over and over again, it's going to

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Speaker 2: end up being more expensive than if you just bought

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Speaker 2: a car and drove it into the ground. But again,

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Speaker 2: a lot of people aren't in a position where they

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Speaker 2: can have these super high monthly payments, super high loans

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Speaker 2: where they have thousands of dollars to put down. And

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Speaker 2: so if you absolutely need a car and you can

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Speaker 2: only afford a certain payment, leasing is a decent way

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Speaker 2: to get into it.

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Speaker 1: So follow up question about the leasing to parallel with

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Speaker 1: it with leasing an apartment, which I know you said

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Speaker 1: isn't exact. In an apartment versus buying a home, we're

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Speaker 1: not responsible for anything that breaks. Now, if we're leasing

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Speaker 1: a car versus owning a car, does the dealership then

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Speaker 1: pay for if anything wears down? Or are we on

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Speaker 1: the hook for those repairs?

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Speaker 2: You're on the hook for those repairs. The good news is, though,

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Speaker 2: because leasing is almost exclusively for new cars, there are

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Speaker 2: used car leases available. They're terrible, don't do it. But

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Speaker 2: if you're leasing a new car, the car is only

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Speaker 2: going to be at maximum three years old. If you

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Speaker 2: get to three year lease, what's gonna go wrong? You're

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Speaker 2: gonna be on the hook for maintenance. Although some dealers

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Speaker 2: might throw in a paid maintenance plan, some of the

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Speaker 2: manufacturers will also throw in a paid maintenance plan, depending

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Speaker 2: on what incentives they're offering that day. Right, you're on

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Speaker 2: the hook for repairs, but the car is only three

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Speaker 2: years old, so those costs are not going to be

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Speaker 2: particularly high.

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Speaker 1: That makes sense. If you're someone who loves driving the

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Speaker 1: latest and greatest model of cars, leasing may be worth exploring.

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Speaker 1: You could switch cars every three years, which is an

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Speaker 1: average lease term, without needing to take out a loan.

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Speaker 1: In fact, your monthly lease payments can cost up to

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Speaker 1: one hundred dollars less compared to the average car loan payment.

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Speaker 1: That being said, if you're in it for the long

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Speaker 1: haul and you put a lot of miles on your car,

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Speaker 1: maybe you're not a car lease kind of person. Kredit

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Speaker 1: Karma says the average mileage limit on a lease is

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Speaker 1: between twelve to fifteen thousand a year. If you go over,

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Speaker 1: you could be charged anywhere from ten to twenty five

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Speaker 1: cents a mile over that limit. So let's just use

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Speaker 1: some quick math. If you go over that limit by

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Speaker 1: just a mere thousand miles, at twenty five cents a mile,

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Speaker 1: you're paying an extra two hundred dollars. My friends, that's

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Speaker 1: a night in a decent hotel or a round trip

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Speaker 1: airfare to New Orleans.

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Speaker 3: I've read a little bit about getting pre approved for

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Speaker 3: a loan is this something that we should consider and

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Speaker 3: if so, how might we go about starting that process.

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Speaker 2: Yeah, you should absolutely do that. Most lenders, when you're

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Speaker 2: getting pre approved for a loan, what they do is

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Speaker 2: they give you basically a pre approval certificate. Sounds kind

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Speaker 2: of weird. In some cases they will even give you

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Speaker 2: basically a blank check that when you fill it out

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Speaker 2: and sign it, the loan goes into effect. But you

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Speaker 2: should be going and shopping around and have that loan

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Speaker 2: kind of in your back pocket that approval, because that

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Speaker 2: allows you, then, you know, while you're at the dealership

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Speaker 2: to just kind of call up and be like, yeah,

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Speaker 2: I'm going for it. But just because you're preapproved does

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Speaker 2: not mean that you are necessarily going to use that loan. Now.

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Speaker 2: A very important thing to do, though, is as you're

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Speaker 2: comparing kind of loan offers, make sure you do it

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Speaker 2: all within a two week period because they're going to

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Speaker 2: do a hard pull on your credit which is going

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Speaker 2: to knock your score down. So if you go at

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Speaker 2: the beginning of the month and you get a quote

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Speaker 2: from one lender, and then you go at the end

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Speaker 2: of the month and get a quote from another lender,

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Speaker 2: in that time, your credit score is going to go

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Speaker 2: down because you had a hard pull at the beginning

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Speaker 2: of the month, and that's going to get you a

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Speaker 2: higher rate and just overall less favorable loan terms for

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Speaker 2: the ones that you do later. So like, set aside

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Speaker 2: a day and go out and get approved for a

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Speaker 2: bunch of loans and then take those to the dealership

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Speaker 2: with you, because again, if the dealer's like, I can

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Speaker 2: get you eight percent and you're like, I got five

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Speaker 2: percent right here, let me just call up the bank,

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Speaker 2: pull the trigger and get the loan going.

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Speaker 1: So you mentioned favorable loan terms in your opinion, what

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Speaker 1: constitutes favorable loan terms.

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Speaker 2: Interest rates are so high right now that I feel

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Speaker 2: like favorable loan terms do not exist. But right now,

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Speaker 2: with interest rates as high as they are, there are

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Speaker 2: some promotional loan terms that are around three to four

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Speaker 2: percent now, like two years ago, those were sky high.

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Speaker 2: Right now, that's about as good as you can do.

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Speaker 2: So really look for anywhere between you know, three and five,

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Speaker 2: maybe even six percent. What you really want to avoid

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Speaker 2: is there are a lot of predatory dealers out there

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Speaker 2: that will get you into a car with like twenty

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Speaker 2: five percent interest, which at that point you might as

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Speaker 2: well say yeah, especially if you're in the military. They

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Speaker 2: tend to hang out around military bases. It's messed up,

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Speaker 2: But like it's going to depend on your credit score,

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Speaker 2: it's going to depend on your debt to income ratio,

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Speaker 2: your debt utilization, like all the good stuff that everybody

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Speaker 2: kind of knows about, but those favorable loan terms, Like

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Speaker 2: what you really want to look for is to get

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Speaker 2: the shortest loan that you possibly can with the payments

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Speaker 2: that you can afford. So you can get your payments

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Speaker 2: lowered by going for a seven year loan because that

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Speaker 2: spreads out the payments a lot longer. But you're going

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Speaker 2: to have a really hard time building equity in the car,

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Speaker 2: so you're going to be in that upside down situation

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Speaker 2: like we talked about. But if you can do a loan,

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Speaker 2: if you can handle the payments for like three years,

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Speaker 2: you're going to be golden because then you'll have the

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Speaker 2: car that'll have probably another five to ten years of

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Speaker 2: life left after that if you maintain it well and

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Speaker 2: take good care of it, and you'll have that five

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Speaker 2: to ten years without a car payment. Now, I still

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Speaker 2: recommend you make a car payment, but make it to yourself,

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Speaker 2: because guess what, then, when it's time to buy a

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Speaker 2: car again, you have a huge amount of cash and

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Speaker 2: you're ready to go.

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Speaker 1: As a reminder, being upside down on a car loan

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Speaker 1: happens when your car is worth less than the value

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Speaker 1: of your loan. Jamie gave the example last episode of

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Speaker 1: the depreciation that happens the second you drive your car

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Speaker 1: off the lot. So let's say you borrowed twenty thousand

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Speaker 1: dollars to buy your car, and after driving away from

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Speaker 1: the dealership, it's actual value dropped down to fifteen thousand.

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Speaker 1: You're now upside down on your loan, and if your

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Speaker 1: car is totaled before you make up that difference, the

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Speaker 1: insurance company is only going to cover the value of

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Speaker 1: your car and not the full amount owed on your loan.

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Speaker 3: We've talked a little bit about favorable loan terms and

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Speaker 3: that people with good credit can expect to see somewhere

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Speaker 3: between like a three to six percent interest rate and

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Speaker 3: an interest rate of like fourteen to twenty five percent

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Speaker 3: is something that it should absolutely be avoided. But it's

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Speaker 3: got me thinking about those with less than perfect credit,

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Speaker 3: what range of interest rates might they expect to see?

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Speaker 3: On a loan.

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Speaker 2: Yeah, keeping in mind that I'm not a bank. Seven

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Speaker 2: to twelve percent. Wow, you can, I think, do a

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Speaker 2: little bit better. If you live in an area that

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Speaker 2: has a local credit union, you can generally get better

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Speaker 2: rates from credit unions, and that credit union is going

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Speaker 2: to take kind of more of a personal look at

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Speaker 2: your financial setup, whereas like Bank of America is going

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Speaker 2: to run you through an algorithm and be like, this

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Speaker 2: is the best we can do. With a credit union,

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Speaker 2: they might be able to take a little bit more

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Speaker 2: of a holistic view of view. So even if your

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Speaker 2: credit score isn't great, but you have a history of

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Speaker 2: on time payments, they might be willing to take more.

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Speaker 3: Of a risk. That's a great incentive for our audience

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Speaker 3: to keep, you know, working on bumping up their credit score.

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Speaker 3: But also it's good to know that there are options

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Speaker 3: out there for people with a less than perfect credit score.

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Speaker 3: So in our research for this episode, we found a

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Speaker 3: survey conducted by Cox's Automotive and Auto Trader that the

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Speaker 3: digital age has transformed the car buying experience, with eighty

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Speaker 3: six percent of car shoppers in the US using the

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Speaker 3: Internet for car research and fifty six percent of car

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Speaker 3: buyers just saying that they would be open to full

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Speaker 3: on purchasing a car online, like given the shift in

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Speaker 3: the emergence of online only businesses like Carvana like Room,

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Speaker 3: what really are the pros and cons of purchasing a

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Speaker 3: car completely online versus purchasing one in a dealership.

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Speaker 2: So, I mean the pros are you can be really

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Speaker 2: antisocial and do it without like putting pants on.

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Speaker 1: If you hate people and hate pants, we've got a

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Speaker 1: car situation for you.

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Speaker 2: Carvana for people who hate pants. I mean, it's just

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Speaker 2: way more convenient. The other thing that is a huge

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Speaker 2: benefit of it is they have nationwide inventory. Oh so,

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Speaker 2: like if the car that you want is an available

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Speaker 2: near you, they can bring it to you, whereas you

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Speaker 2: know your dealer is going to be like sorry, sad trombone.

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Speaker 2: Most of the online car buying places give you a

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Speaker 2: return period of like I think it's like five days

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Speaker 2: or maybe three hundred miles, which is nice because you

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Speaker 2: haven't had a chance necessarily to test drive that car

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Speaker 2: or even inspect it. Because right now, you know Carvana

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Speaker 2: and Room, they're just used cars and you're not going

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Speaker 2: to be able to get it inspected. So if you're

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Speaker 2: going to go that route the day they drop that

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Speaker 2: car off, take it to a mechanic for an inspection

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Speaker 2: while you're still within that return period. So if it's

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Speaker 2: a bad car, you can get rid of it. The

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Speaker 2: advantage of a dealer is that you're going to have

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Speaker 2: somebody who can generally just walk you through the car

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Speaker 2: all the features. You're going to be able to test

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Speaker 2: drive it, and then you're going to have, you know,

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Speaker 2: a place to go for maintenance if it's a new car.

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Speaker 2: But generally speaking, you can kind of put your hands

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Speaker 2: together and combine both of those things with like CarMax,

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Speaker 2: big use car dealer, but just in general now it's

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Speaker 2: really nice because you're not confined to the cars that

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Speaker 2: are just in your area, and you have a really

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Speaker 2: good view of what those cars are worth, what a

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Speaker 2: reasonable prices, so you can go. A site that I

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Speaker 2: really like is car Gurus. It was founded by one

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Speaker 2: of the guys that founded trip Advisor, and so they

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Speaker 2: have a huge number of used car listings and then

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Speaker 2: they've got an algorithm that's based on location and features

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Speaker 2: and mileage and condition that'll tell you if that price

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Speaker 2: is a good price or not. So that is one

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Speaker 2: really really helpful thing. There are a bunch of other

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Speaker 2: sites that do similar things, or you can just kind

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Speaker 2: of do your own little piece of analysis and say, okay,

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Speaker 2: well this seems a little bit over price, considering there's

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Speaker 2: two more over here. You know, same cars, same mileage,

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Speaker 2: and there are a couple thousand dollars less. If you're

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Speaker 2: looking for a new car, dealers hate this one secret.

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Speaker 2: There's a company called True Car, and you can go

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Speaker 2: and get a guaranteed price certificate from True Cars so

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Speaker 2: you don't have to negotiate, which is another nice thing

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Speaker 2: to have in your back pocket, because if you get

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Speaker 2: to the dealer and you're like, I'm going to try negotiating,

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Speaker 2: then after fifteen minutes you're like, this is going terribly

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Speaker 2: I'm just gonna whip out this price coupon and make

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Speaker 2: them monitor that. Now you do have to go to

439
00:20:07,840 --> 00:20:11,040
Speaker 2: a participating dealer with True Car, but it's an option

440
00:20:11,040 --> 00:20:13,840
Speaker 2: if you don't want to negotiate. But really, the best

441
00:20:14,119 --> 00:20:16,280
Speaker 2: way to buy a car just kind of depends on you.

442
00:20:16,359 --> 00:20:18,639
Speaker 2: If you're somebody who wants to go negotiate at a

443
00:20:18,680 --> 00:20:20,919
Speaker 2: dealer and touch everything before you buy it, go do that.

444
00:20:21,040 --> 00:20:22,840
Speaker 2: If you're somebody who doesn't want to talk to anybody,

445
00:20:23,119 --> 00:20:24,920
Speaker 2: go to Carvana. If you want to have a mix

446
00:20:24,960 --> 00:20:26,080
Speaker 2: of the two, go to CarMax.

447
00:20:28,600 --> 00:20:31,399
Speaker 1: In March of twenty twenty one, ABC News reported that

448
00:20:31,560 --> 00:20:34,480
Speaker 1: nearly thirty percent of new car sales in twenty twenty

449
00:20:34,720 --> 00:20:38,240
Speaker 1: happened online, and the majority of people who bought cars

450
00:20:38,280 --> 00:20:40,840
Speaker 1: online they're failing pretty good about it. Based on a

451
00:20:40,880 --> 00:20:43,960
Speaker 1: survey conducted in January of twenty twenty two by Progressive,

452
00:20:44,160 --> 00:20:46,640
Speaker 1: seventy eight percent of people who bought a car online

453
00:20:46,680 --> 00:20:49,280
Speaker 1: in the previous two years said they found the experience

454
00:20:49,359 --> 00:20:53,160
Speaker 1: quote highly satisfying, and many experts are predicting the trend

455
00:20:53,160 --> 00:20:56,720
Speaker 1: will continue to grow. But if you're not quite ready

456
00:20:56,720 --> 00:20:59,560
Speaker 1: to make the leaf online, as Jamie mentioned, CarMax could

457
00:20:59,560 --> 00:21:02,600
Speaker 1: be a good in between option. While CarMax has brick

458
00:21:02,640 --> 00:21:05,680
Speaker 1: and mortar locations that allow customers to purchase a car

459
00:21:05,800 --> 00:21:09,439
Speaker 1: in person, they also have the option of buying online. Plus,

460
00:21:09,520 --> 00:21:11,840
Speaker 1: if you decide to shop in person and they don't

461
00:21:11,920 --> 00:21:14,560
Speaker 1: have the specific car you want, they can ship it

462
00:21:14,600 --> 00:21:18,320
Speaker 1: to you. While most traditional dealerships are limited to selling

463
00:21:18,400 --> 00:21:21,600
Speaker 1: you only what they have in stock at their specific location.

464
00:21:23,760 --> 00:21:25,360
Speaker 3: So the last segment that we want to get through

465
00:21:25,480 --> 00:21:28,639
Speaker 3: is all just talking about dealerships, because you do have

466
00:21:28,720 --> 00:21:30,439
Speaker 3: to be social, and you do have to wear pants,

467
00:21:30,520 --> 00:21:35,800
Speaker 3: and you just need a little bit extra pants before

468
00:21:35,800 --> 00:21:37,680
Speaker 3: walking in there. So let's say that we found the model,

469
00:21:37,720 --> 00:21:39,760
Speaker 3: the exact model of the car that we want to buy.

470
00:21:39,920 --> 00:21:43,320
Speaker 3: What are some final considerations to make before walking into

471
00:21:43,359 --> 00:21:46,760
Speaker 3: a dealership and what advice you have for the moment

472
00:21:46,760 --> 00:21:47,560
Speaker 3: that we do walk in.

473
00:21:48,160 --> 00:21:50,919
Speaker 2: Okay, well, first, I mean, not wearing pants could be

474
00:21:50,960 --> 00:21:55,159
Speaker 2: a viable negotiation tact. But the main thing the moment

475
00:21:55,200 --> 00:21:57,800
Speaker 2: you walk into a dealership, and I think everybody forgets this,

476
00:21:58,680 --> 00:22:01,720
Speaker 2: you're allowed to walk out. They will sit you down

477
00:22:02,119 --> 00:22:04,240
Speaker 2: and they will kind of try and tire you out,

478
00:22:04,600 --> 00:22:07,680
Speaker 2: but you're allowed to leave. They're not cops, right, You're

479
00:22:07,720 --> 00:22:10,480
Speaker 2: allowed to leave at any moment. You can stand up

480
00:22:10,520 --> 00:22:12,119
Speaker 2: and say, you know what, this isn't working for me.

481
00:22:12,560 --> 00:22:14,960
Speaker 2: And I admit it's really hard to do because you

482
00:22:15,040 --> 00:22:18,280
Speaker 2: feel like you're violating about fifty social norms. But you're

483
00:22:18,320 --> 00:22:20,960
Speaker 2: absolutely free to go elsewhere. There are tons of car

484
00:22:21,000 --> 00:22:23,440
Speaker 2: dealers around. You don't have to work with that one.

485
00:22:23,800 --> 00:22:26,199
Speaker 2: And even though you might have your heart set on

486
00:22:26,240 --> 00:22:28,600
Speaker 2: a particular make and model. Guess what they made more

487
00:22:28,600 --> 00:22:32,399
Speaker 2: of those. So you know, no car is a one off. Well,

488
00:22:32,480 --> 00:22:35,480
Speaker 2: no car that anybody's actually buying is a one off.

489
00:22:36,240 --> 00:22:38,760
Speaker 2: So just know that you can walk out and you'll

490
00:22:38,760 --> 00:22:42,400
Speaker 2: have other options. The other thing to remember is it's

491
00:22:42,560 --> 00:22:46,439
Speaker 2: a business negotiation. It's not personal, right, and the dealer

492
00:22:46,480 --> 00:22:49,960
Speaker 2: is treating it as a business negotiation. Most people are

493
00:22:50,000 --> 00:22:51,919
Speaker 2: at a little bit of a disadvantage because buying a

494
00:22:51,960 --> 00:22:54,840
Speaker 2: car is highly emotional, right, I need this to get

495
00:22:54,920 --> 00:22:57,640
Speaker 2: to work, Like I need this, and I like this,

496
00:22:57,760 --> 00:23:01,560
Speaker 2: and I want this. It's weird because are essentially appliances

497
00:23:01,640 --> 00:23:04,800
Speaker 2: that we tie our identities to or as nobody's like

498
00:23:05,240 --> 00:23:07,119
Speaker 2: I love my toaster so much I work on it

499
00:23:07,160 --> 00:23:09,680
Speaker 2: on weekends and like, you know, I'm a Black and

500
00:23:09,760 --> 00:23:12,000
Speaker 2: Decker Man till I die. Like nobody does that with

501
00:23:12,080 --> 00:23:14,119
Speaker 2: their toaster, but they do with their cars, and so

502
00:23:14,200 --> 00:23:17,560
Speaker 2: there's some emotionality. I mean, people name their cars. You're

503
00:23:17,560 --> 00:23:20,040
Speaker 2: immediately at a disadvantage because a dealer's coming at it

504
00:23:20,080 --> 00:23:22,080
Speaker 2: as a business and you're coming at it with some

505
00:23:22,160 --> 00:23:24,679
Speaker 2: emotion tied up. So as best as you can channel

506
00:23:24,720 --> 00:23:27,159
Speaker 2: your internal mister Spock and go into it as a

507
00:23:27,200 --> 00:23:30,080
Speaker 2: business negotiation, which means that before you even get there,

508
00:23:30,240 --> 00:23:33,160
Speaker 2: like we talked about, have that loan, know your absolute

509
00:23:33,200 --> 00:23:36,240
Speaker 2: ceiling that you can go for in terms of price

510
00:23:36,359 --> 00:23:39,639
Speaker 2: and in terms of payment, and then really treat it

511
00:23:39,720 --> 00:23:42,399
Speaker 2: like I am a robot and I'm going to negotiate

512
00:23:42,480 --> 00:23:45,160
Speaker 2: on this like a robot. And if they aren't giving

513
00:23:45,200 --> 00:23:47,000
Speaker 2: me what I need and what I feel like I

514
00:23:47,000 --> 00:23:49,679
Speaker 2: should get, I'm going to walk out. And that's totally okay.

515
00:23:49,920 --> 00:23:52,320
Speaker 2: So just say, hey, you know what, I appreciate your time.

516
00:23:52,440 --> 00:23:54,280
Speaker 2: I don't think we're going to get to resolution here.

517
00:23:54,880 --> 00:23:56,480
Speaker 2: If things change, feel free to give me a call,

518
00:23:56,480 --> 00:23:57,760
Speaker 2: but I'm going to go someplace else.

519
00:24:00,760 --> 00:24:03,359
Speaker 1: We'll be right back with more grownup stuff how to adult.

520
00:24:03,400 --> 00:24:11,920
Speaker 1: After a quick break and we're back with more grownup

521
00:24:11,920 --> 00:24:18,440
Speaker 1: stuff how to adults. Is there a best time to

522
00:24:18,520 --> 00:24:19,320
Speaker 1: buy a car?

523
00:24:20,160 --> 00:24:21,879
Speaker 2: Yeah, the best time to buy a car was like

524
00:24:21,880 --> 00:24:29,280
Speaker 2: three years ago I got get your time machine together,

525
00:24:29,840 --> 00:24:31,439
Speaker 2: So I would say the best time to buy a

526
00:24:31,440 --> 00:24:33,760
Speaker 2: car other than three years ago is when you're ready

527
00:24:33,880 --> 00:24:39,200
Speaker 2: financially and you've worked everything out. But you can occasionally

528
00:24:39,960 --> 00:24:43,120
Speaker 2: get deals towards the end of the month because dealers

529
00:24:43,160 --> 00:24:45,680
Speaker 2: have incentives you know, bonuses they get if they sell

530
00:24:45,720 --> 00:24:47,760
Speaker 2: a certain number of whatevers at the end of the month,

531
00:24:48,240 --> 00:24:50,600
Speaker 2: So if they're a couple of cars shy, they're gonna

532
00:24:50,640 --> 00:24:53,360
Speaker 2: maybe be willing to have some flexibility there. The time

533
00:24:53,400 --> 00:24:55,359
Speaker 2: where you're going to get the biggest discount, though, and

534
00:24:55,400 --> 00:24:58,119
Speaker 2: this is awesome, is the week between Christmas and New

535
00:24:58,160 --> 00:25:00,520
Speaker 2: Year's Now. To be clear, you're not going to get

536
00:25:00,560 --> 00:25:03,159
Speaker 2: like half off or anything like that, but you are

537
00:25:03,200 --> 00:25:05,240
Speaker 2: going to get a slightly better deal. And by slightly

538
00:25:05,240 --> 00:25:06,640
Speaker 2: I mean maybe you're saved you know, two to three

539
00:25:06,680 --> 00:25:10,000
Speaker 2: thousand dollars, I will say, though, especially since you know

540
00:25:10,040 --> 00:25:12,880
Speaker 2: twenty twenty, automakers have gotten a lot better at managing

541
00:25:13,200 --> 00:25:16,800
Speaker 2: their supply of cars, so it's not like they have

542
00:25:16,880 --> 00:25:19,119
Speaker 2: a huge overflow of cars. In fact, in a lot

543
00:25:19,160 --> 00:25:21,080
Speaker 2: of cases, if you're looking at a new car, you

544
00:25:21,119 --> 00:25:23,480
Speaker 2: may have to wait while the thing's built and gets

545
00:25:23,480 --> 00:25:25,680
Speaker 2: to you. But if there's a car that a dealer

546
00:25:25,760 --> 00:25:28,200
Speaker 2: is overstocked on and like you're like, hey, my needs

547
00:25:28,240 --> 00:25:31,160
Speaker 2: are pretty general and I don't really care what I drive,

548
00:25:31,480 --> 00:25:33,760
Speaker 2: that's what you want to target, particularly if it's a

549
00:25:33,760 --> 00:25:36,840
Speaker 2: model that's not particularly popular where you live.

550
00:25:37,320 --> 00:25:39,159
Speaker 1: November December is always the time of year where my

551
00:25:39,240 --> 00:25:43,439
Speaker 1: dad would buy his convertible. And keep in mind, my

552
00:25:43,560 --> 00:25:46,680
Speaker 1: dad lives in Chicago, folks, so not a whole lot

553
00:25:46,680 --> 00:25:49,960
Speaker 1: of people in the market for a convertible in November

554
00:25:50,000 --> 00:25:51,280
Speaker 1: December in Chicago.

555
00:25:52,240 --> 00:25:53,000
Speaker 3: And that's the thing.

556
00:25:53,160 --> 00:25:55,320
Speaker 2: If you want to get the best deal, swim upstream,

557
00:25:55,480 --> 00:25:56,520
Speaker 2: go against the market.

558
00:25:59,520 --> 00:26:01,520
Speaker 1: The fall can be a great time to get a

559
00:26:01,520 --> 00:26:04,879
Speaker 1: deal on last year's inventory as next year's latest models

560
00:26:05,000 --> 00:26:08,080
Speaker 1: start to arrive at local dealerships. Additionally, if you're not

561
00:26:08,240 --> 00:26:11,760
Speaker 1: worried about having the absolute newest model of car, MarketWatch

562
00:26:11,760 --> 00:26:14,360
Speaker 1: recommends scoring a deal on previous models around the time

563
00:26:14,400 --> 00:26:17,239
Speaker 1: a car maker comes out with major design changes. This

564
00:26:17,320 --> 00:26:19,359
Speaker 1: is called the end of car design cycle.

565
00:26:20,680 --> 00:26:22,880
Speaker 3: We've been talking a lot about value, So like we'll

566
00:26:22,920 --> 00:26:24,840
Speaker 3: walk in, we'll know the true value of the car

567
00:26:24,880 --> 00:26:26,719
Speaker 3: that we're trying to trade in, the true value of

568
00:26:26,760 --> 00:26:28,760
Speaker 3: the car that we want to buy. But once we're

569
00:26:28,800 --> 00:26:31,040
Speaker 3: like at a dealership, like a lot of other numbers

570
00:26:31,080 --> 00:26:33,639
Speaker 3: will kind of be floated in our direction, like MSRP,

571
00:26:34,240 --> 00:26:37,800
Speaker 3: invoice price, sticker price, fair purchase price. You know what

572
00:26:38,080 --> 00:26:40,520
Speaker 3: are all these numbers? If you could break it down

573
00:26:40,560 --> 00:26:42,399
Speaker 3: and like how do they relate to the amount we

574
00:26:42,440 --> 00:26:44,399
Speaker 3: will have paid, you know, once we walk off the

575
00:26:44,440 --> 00:26:46,200
Speaker 3: lot or drive off hopefully.

576
00:26:47,160 --> 00:26:52,040
Speaker 2: So MSRP is the manufacturer suggested retail price. That is, like,

577
00:26:52,080 --> 00:26:53,919
Speaker 2: say you're going to a Chevy dealership. That's how much

578
00:26:54,000 --> 00:26:56,520
Speaker 2: Chevy thinks you should pay for that car. The sticker

579
00:26:56,600 --> 00:27:00,359
Speaker 2: price is that plus whatever add ons the dealer feels

580
00:27:00,400 --> 00:27:02,480
Speaker 2: like they can get away with. And keep in mind,

581
00:27:02,640 --> 00:27:06,080
Speaker 2: they might act like these add ons are mandatory, and

582
00:27:06,119 --> 00:27:08,600
Speaker 2: some of them will, like if it's a particularly strong

583
00:27:08,640 --> 00:27:10,080
Speaker 2: market and they know they're not going to have trouble

584
00:27:10,080 --> 00:27:12,439
Speaker 2: selling that car, they will make the mandatory so like

585
00:27:12,960 --> 00:27:16,640
Speaker 2: undercarriage coding nitrogen. And then even sometimes like we've seen

586
00:27:16,680 --> 00:27:19,440
Speaker 2: dealers put just like a market fee where it's basically

587
00:27:19,440 --> 00:27:21,160
Speaker 2: like we're going to charge you ten grand more because

588
00:27:21,160 --> 00:27:23,200
Speaker 2: we know we can, so that will get you to

589
00:27:23,280 --> 00:27:26,720
Speaker 2: the sticker price. Invoice price is what the dealer paid

590
00:27:26,800 --> 00:27:30,520
Speaker 2: for the car. So where you have that negotiation window

591
00:27:30,720 --> 00:27:33,639
Speaker 2: is between the sticker price and the invoice price, and

592
00:27:33,680 --> 00:27:36,240
Speaker 2: that's where you have the wiggle room. Keeping in mind,

593
00:27:36,320 --> 00:27:38,880
Speaker 2: like the dealer is a business. The dealer has overhead.

594
00:27:38,960 --> 00:27:41,960
Speaker 2: The dealer needs to make profit, So no, you're not

595
00:27:42,000 --> 00:27:44,919
Speaker 2: going to get invoice pricing on a car because that

596
00:27:44,960 --> 00:27:47,440
Speaker 2: would be no profit for the dealer. But as close

597
00:27:47,480 --> 00:27:49,280
Speaker 2: as you can get to that is going to be

598
00:27:49,320 --> 00:27:52,680
Speaker 2: pretty decent. But again, like the current car market, new

599
00:27:52,800 --> 00:27:55,639
Speaker 2: or used is pretty constrained. There's a lot of demand

600
00:27:56,080 --> 00:27:58,160
Speaker 2: and so you know, again it depends on the model,

601
00:27:58,200 --> 00:28:00,479
Speaker 2: depends on your kind of micro market that you're in,

602
00:28:01,000 --> 00:28:03,480
Speaker 2: but you're not going to get like close to invoice price.

603
00:28:03,520 --> 00:28:06,680
Speaker 2: The best you can get is maybe midway between invoice

604
00:28:06,760 --> 00:28:09,359
Speaker 2: and sticker, and in some cases, if it's a super

605
00:28:09,359 --> 00:28:12,159
Speaker 2: popular car, congratulations, you're going to pay sticker.

606
00:28:12,760 --> 00:28:15,880
Speaker 3: You mentioned these dealer installed options. Is there any reason

607
00:28:15,880 --> 00:28:18,040
Speaker 3: why we should be wary of them.

608
00:28:18,359 --> 00:28:20,680
Speaker 2: They're just up charges of stuff that you don't really need.

609
00:28:20,800 --> 00:28:23,119
Speaker 2: They're way for the dealer to like make you feel

610
00:28:23,119 --> 00:28:26,600
Speaker 2: good about them charging you more money because they'll be like, oh, yeah, man,

611
00:28:26,640 --> 00:28:28,040
Speaker 2: you need nitrogen in your tires.

612
00:28:28,160 --> 00:28:28,720
Speaker 3: No you don't.

613
00:28:29,080 --> 00:28:31,160
Speaker 2: The other thing is, like my favorite question is they're

614
00:28:31,160 --> 00:28:33,760
Speaker 2: always like, well, we really recommend the undercarriage coding, and

615
00:28:33,800 --> 00:28:35,760
Speaker 2: I'll be like, are you telling me Toyota let this

616
00:28:35,800 --> 00:28:38,560
Speaker 2: out of a factory without the correct coding on the undercarriage, right?

617
00:28:38,720 --> 00:28:40,960
Speaker 2: And then they'll kind of be like, no, you don't

618
00:28:41,000 --> 00:28:43,000
Speaker 2: need it, but they're trying to sell you that stuff,

619
00:28:43,000 --> 00:28:45,480
Speaker 2: and that's totally fine, but like what you want to

620
00:28:45,520 --> 00:28:47,480
Speaker 2: do is basically say to the dealer, like I don't

621
00:28:47,480 --> 00:28:49,800
Speaker 2: need that stuff, So what can you do by cutting

622
00:28:49,840 --> 00:28:51,160
Speaker 2: all that stuff out?

623
00:28:51,680 --> 00:28:54,120
Speaker 1: What are the signs that we should just walk away?

624
00:28:54,840 --> 00:28:57,200
Speaker 2: High pressure? If they're like what is it going to

625
00:28:57,240 --> 00:28:59,040
Speaker 2: take to get you in this baby today? Like that

626
00:28:59,160 --> 00:29:01,320
Speaker 2: kind of thing. If they're like no, no, no, you can't

627
00:29:01,360 --> 00:29:04,480
Speaker 2: leave anytime where you're just feeling uncomfortable, like I will

628
00:29:04,520 --> 00:29:06,040
Speaker 2: go to a dealership, you know, if we're buying a

629
00:29:06,040 --> 00:29:08,440
Speaker 2: car'll go with my husband. They only talk to him congratulations,

630
00:29:08,480 --> 00:29:09,440
Speaker 2: you're not getting my business.

631
00:29:09,720 --> 00:29:11,120
Speaker 1: Yeah, that's my stuff. I hate that.

632
00:29:11,320 --> 00:29:14,400
Speaker 2: I can't stand that. And then don't walk in and

633
00:29:14,520 --> 00:29:16,800
Speaker 2: say I already have a loan and I already have

634
00:29:17,240 --> 00:29:19,640
Speaker 2: you know, a value for my trade in see what

635
00:29:19,680 --> 00:29:22,280
Speaker 2: they offer first, and if what they're offering is so

636
00:29:22,360 --> 00:29:24,040
Speaker 2: far out of left field, you know they're going to

637
00:29:24,040 --> 00:29:26,200
Speaker 2: be trying to take advantage of you. The other thing,

638
00:29:26,240 --> 00:29:28,959
Speaker 2: and this kind of goes back with leasing, There is

639
00:29:29,040 --> 00:29:32,360
Speaker 2: interest charged on a lease. It's called a money factor,

640
00:29:32,760 --> 00:29:36,840
Speaker 2: you have to convert it into a interest rate. But

641
00:29:36,960 --> 00:29:39,160
Speaker 2: when they come back with the money factor on a lease,

642
00:29:39,200 --> 00:29:41,600
Speaker 2: if you're thinking about leasing, convert it to an interest

643
00:29:41,680 --> 00:29:44,000
Speaker 2: rate and make sure it's fair. Because there was one

644
00:29:44,000 --> 00:29:45,560
Speaker 2: time I was like, I'm going to lease this car

645
00:29:45,960 --> 00:29:48,080
Speaker 2: and I had really good credit and then I converted

646
00:29:48,080 --> 00:29:50,920
Speaker 2: the money factor into an interest rate and they were

647
00:29:50,960 --> 00:29:53,280
Speaker 2: trying to charge me twenty four percent interest and I was.

648
00:29:53,320 --> 00:29:55,520
Speaker 3: Like, no, thank you good hoe ja.

649
00:29:56,120 --> 00:29:56,800
Speaker 1: Yeah yeah.

650
00:29:56,840 --> 00:29:59,560
Speaker 2: So it's just have that information in your back pocket.

651
00:29:59,560 --> 00:30:01,120
Speaker 2: You don't need to share it, but use it as

652
00:30:01,120 --> 00:30:03,760
Speaker 2: a barometer of if you're being treated okay, and if

653
00:30:03,800 --> 00:30:05,720
Speaker 2: they come in close or under great, you found a

654
00:30:05,720 --> 00:30:08,640
Speaker 2: really good dealer. The other thing, if you have friends

655
00:30:08,760 --> 00:30:10,600
Speaker 2: or family in an area that have had a good

656
00:30:10,600 --> 00:30:14,280
Speaker 2: relationship with a particular dealer new or used cars, especially

657
00:30:14,320 --> 00:30:18,440
Speaker 2: a particular salesperson going in and being like, hey, my

658
00:30:18,520 --> 00:30:20,520
Speaker 2: friend Mike bought a car from you, said you were

659
00:30:20,560 --> 00:30:24,160
Speaker 2: really good to work with. That salesperson then knows that

660
00:30:24,240 --> 00:30:26,240
Speaker 2: like hey, they get a significant amount of business from

661
00:30:26,240 --> 00:30:28,240
Speaker 2: word of mouth, like that's a good source of leads

662
00:30:28,240 --> 00:30:30,120
Speaker 2: for them, so they want to treat you right.

663
00:30:31,080 --> 00:30:35,480
Speaker 3: What is a pre purchase inspection and should we get one.

664
00:30:36,280 --> 00:30:38,560
Speaker 2: A pre purchase inspection is before you buy a car.

665
00:30:38,600 --> 00:30:40,960
Speaker 2: It's you taking it to a mechanic that you choose

666
00:30:41,240 --> 00:30:43,840
Speaker 2: to have a look see at it, and you know,

667
00:30:43,880 --> 00:30:46,160
Speaker 2: see if the mechanic can find any issues that are

668
00:30:46,240 --> 00:30:48,720
Speaker 2: currently or that it might be a risk later. Don't

669
00:30:48,760 --> 00:30:50,440
Speaker 2: need to do it with a new car. I would

670
00:30:50,480 --> 00:30:51,920
Speaker 2: even say you don't need to do it with a

671
00:30:51,960 --> 00:30:54,479
Speaker 2: certified pre owned car, although if you really feel like it,

672
00:30:54,520 --> 00:30:56,920
Speaker 2: you can. But this is basically you spending you know,

673
00:30:56,920 --> 00:30:59,160
Speaker 2: maybe one hundred bucks up front to know if you're

674
00:30:59,160 --> 00:31:01,440
Speaker 2: going to have problems down the line. A lot of

675
00:31:01,480 --> 00:31:06,880
Speaker 2: places really don't like you to do this, so this

676
00:31:06,920 --> 00:31:09,400
Speaker 2: is why, Like if you buy from like a Carvana

677
00:31:09,480 --> 00:31:11,680
Speaker 2: or a CarMax and you've got that return period, do

678
00:31:11,720 --> 00:31:14,520
Speaker 2: it immediately during the return period. If a place is

679
00:31:14,560 --> 00:31:17,440
Speaker 2: willing to let you test drive by yourself, go take

680
00:31:17,480 --> 00:31:21,600
Speaker 2: it to the mechanic test drive really quickly. Like have

681
00:31:21,680 --> 00:31:24,720
Speaker 2: that appointment set. When you have your test drive appointment.

682
00:31:25,080 --> 00:31:27,400
Speaker 2: A lot of times you can't always get it, but

683
00:31:27,560 --> 00:31:29,840
Speaker 2: there are things that you can look for even if

684
00:31:29,880 --> 00:31:33,640
Speaker 2: you are not a mechanic. So kind of a little

685
00:31:33,680 --> 00:31:35,240
Speaker 2: bit of a red flag, but I guess I'm going

686
00:31:35,320 --> 00:31:37,160
Speaker 2: to call it an orange flag. For me is if

687
00:31:37,200 --> 00:31:39,560
Speaker 2: I'm looking at a used car and the dealer knows it,

688
00:31:39,600 --> 00:31:41,600
Speaker 2: I'm going to come test drive it if they've pulled

689
00:31:41,600 --> 00:31:44,160
Speaker 2: it around front. And the reason I don't like them

690
00:31:44,200 --> 00:31:46,760
Speaker 2: to do that is because I won't be able to

691
00:31:46,800 --> 00:31:51,480
Speaker 2: see all the leaks it might have sitting. So if

692
00:31:51,520 --> 00:31:54,320
Speaker 2: you're looking at a used car, you don't necessarily want

693
00:31:54,320 --> 00:31:56,200
Speaker 2: to give them a heads up. But what you do

694
00:31:56,280 --> 00:31:59,000
Speaker 2: want to do is get under that car and see

695
00:31:59,040 --> 00:32:02,320
Speaker 2: if anything leaking. The other thing that you really have

696
00:32:02,440 --> 00:32:06,280
Speaker 2: to worry about, especially as there's like flooding in California

697
00:32:06,440 --> 00:32:09,160
Speaker 2: and we're in like end days types of weather is

698
00:32:09,280 --> 00:32:11,520
Speaker 2: like flooded cars. You do not want a flooded car.

699
00:32:11,880 --> 00:32:14,200
Speaker 2: Those are actually not that hard to spot. If the

700
00:32:14,320 --> 00:32:18,120
Speaker 2: carpeting doesn't match, if it smells musty, if you open

701
00:32:18,160 --> 00:32:20,640
Speaker 2: the hood and there's a bunch of like leaves and

702
00:32:20,680 --> 00:32:24,200
Speaker 2: debri in the engine bay, or a lot of times,

703
00:32:24,240 --> 00:32:26,640
Speaker 2: you know, if you open the cargo area and you

704
00:32:26,720 --> 00:32:28,640
Speaker 2: pull a carpet up a little bit like you can

705
00:32:28,680 --> 00:32:31,840
Speaker 2: sometimes see a waterline for how deep the car was flooded,

706
00:32:31,880 --> 00:32:35,360
Speaker 2: and you want to stay the heck away from flooded cars.

707
00:32:35,360 --> 00:32:37,760
Speaker 2: They will never be right. The other thing you can

708
00:32:37,800 --> 00:32:40,040
Speaker 2: do is pull a carfax of the car that will

709
00:32:40,080 --> 00:32:43,040
Speaker 2: at least catch some of the accidents that have been

710
00:32:43,080 --> 00:32:45,400
Speaker 2: you know, if it's been reported to insurance, and then

711
00:32:45,480 --> 00:32:47,920
Speaker 2: even ask like if you're out to use car dealership, like, hey,

712
00:32:47,920 --> 00:32:50,760
Speaker 2: what's the return period on this? And some places, depending

713
00:32:50,800 --> 00:32:52,920
Speaker 2: on the policy, will give you twenty four hours. Great,

714
00:32:53,200 --> 00:32:54,840
Speaker 2: take it to the mechanic in that twenty four hours

715
00:32:54,880 --> 00:32:56,239
Speaker 2: and make sure there are no issues that are going

716
00:32:56,320 --> 00:32:58,680
Speaker 2: to really kind of bust your budget real quick.

717
00:32:58,720 --> 00:33:02,040
Speaker 3: You mentioned certified pre owned. Is that different than used?

718
00:33:02,720 --> 00:33:06,520
Speaker 2: Yes, a certified pre owned car is basically a used

719
00:33:06,560 --> 00:33:11,000
Speaker 2: car that the automaker has taken in and inspected. And

720
00:33:11,120 --> 00:33:13,720
Speaker 2: usually the certified pre owned cars are cars coming off

721
00:33:13,720 --> 00:33:15,800
Speaker 2: of leases, so they tend to be three, you know,

722
00:33:15,840 --> 00:33:18,600
Speaker 2: about three years old. They'll be like, we have a

723
00:33:18,640 --> 00:33:21,480
Speaker 2: billion point inspection. It just means they're going to be inspected.

724
00:33:21,840 --> 00:33:23,560
Speaker 2: And generally why you would want to go for one

725
00:33:23,600 --> 00:33:25,680
Speaker 2: of these is it'll have better warranty coverage than just

726
00:33:25,720 --> 00:33:28,440
Speaker 2: your plan old, average use car because the dealer or

727
00:33:28,520 --> 00:33:32,000
Speaker 2: the car maker is standing behind that car more fully,

728
00:33:32,560 --> 00:33:34,240
Speaker 2: but know that you're going to pay more for that

729
00:33:34,280 --> 00:33:36,320
Speaker 2: peace of mind. They tend to be more expensive than

730
00:33:36,400 --> 00:33:37,120
Speaker 2: used cars.

731
00:33:37,720 --> 00:33:40,600
Speaker 3: So we talked a little bit about extended warranties, and

732
00:33:40,960 --> 00:33:43,080
Speaker 3: this is maybe a two part question really like is

733
00:33:43,120 --> 00:33:45,280
Speaker 3: it ever a good idea to get one of those?

734
00:33:45,560 --> 00:33:47,960
Speaker 3: And also like there are all kinds of things that

735
00:33:48,000 --> 00:33:49,640
Speaker 3: are going to be thrown at you, you know, when

736
00:33:49,680 --> 00:33:51,920
Speaker 3: you're finally signing the paper, Like, is there a way

737
00:33:51,920 --> 00:33:54,200
Speaker 3: to make sure that like we're not getting like scammed

738
00:33:54,240 --> 00:33:56,120
Speaker 3: on like closing costs of a car.

739
00:33:57,200 --> 00:34:00,560
Speaker 2: Yeah, So, like the extended warranty of all, if you're

740
00:34:00,560 --> 00:34:03,320
Speaker 2: buying a new car, you don't need it because you'll

741
00:34:03,320 --> 00:34:06,600
Speaker 2: have the manufacturer warranty. And even on some used cars,

742
00:34:06,920 --> 00:34:10,560
Speaker 2: the manufacturer's warranty may be transferable to a certain degree.

743
00:34:10,640 --> 00:34:13,520
Speaker 2: So for example, if you're buying a Kia, Kia has

744
00:34:13,520 --> 00:34:15,640
Speaker 2: a great ten year, one hundred thousand mile warranty and

745
00:34:15,680 --> 00:34:17,640
Speaker 2: I know, I sound like a Kia ad a portion

746
00:34:17,719 --> 00:34:21,040
Speaker 2: of that is transferable to the second owner, So oh wow,

747
00:34:21,320 --> 00:34:24,759
Speaker 2: look for transferable warranties. That's always good. But if you're

748
00:34:24,760 --> 00:34:26,560
Speaker 2: looking at a really old car that's had more than

749
00:34:26,600 --> 00:34:29,920
Speaker 2: one owner, you're going to be an extended warranty territory,

750
00:34:30,360 --> 00:34:33,440
Speaker 2: and what you want to think about is would I

751
00:34:33,560 --> 00:34:36,759
Speaker 2: rather pay this every month or would I rather save

752
00:34:36,800 --> 00:34:39,279
Speaker 2: the money for when the surprise repair comes up. So

753
00:34:39,440 --> 00:34:41,799
Speaker 2: it kind of depends on your peace of mind or

754
00:34:41,800 --> 00:34:44,479
Speaker 2: how you like to manage your money. But know that

755
00:34:44,680 --> 00:34:47,440
Speaker 2: not everything's going to be covered under your extended warranty,

756
00:34:47,560 --> 00:34:50,120
Speaker 2: so really read that fine print and make sure that

757
00:34:50,719 --> 00:34:53,040
Speaker 2: what's likely to go wrong with this car is going

758
00:34:53,080 --> 00:34:56,120
Speaker 2: to be covered by this extended warranty. Also look at

759
00:34:56,600 --> 00:34:59,040
Speaker 2: how you could void the warranty and then don't do

760
00:34:59,120 --> 00:35:01,000
Speaker 2: those things. So in a lot of cases, you know,

761
00:35:01,040 --> 00:35:03,600
Speaker 2: if you're not getting regular oil changes, that voids the warranty.

762
00:35:04,239 --> 00:35:06,879
Speaker 2: So the closing costs and stuff, if you've come in

763
00:35:07,040 --> 00:35:08,880
Speaker 2: with a loan from the bank, you should already know

764
00:35:08,920 --> 00:35:11,800
Speaker 2: what those are and you'll have options there as well.

765
00:35:12,120 --> 00:35:14,480
Speaker 2: The closing costs are not going to be huge like

766
00:35:14,520 --> 00:35:16,480
Speaker 2: they are for like a house, where they're just thousands

767
00:35:16,520 --> 00:35:18,719
Speaker 2: of dollars. These loans are so much smaller that you

768
00:35:18,760 --> 00:35:21,680
Speaker 2: don't have that. What you might get surprised with are

769
00:35:21,920 --> 00:35:24,799
Speaker 2: taxes and registration fees, So you should look up what

770
00:35:24,840 --> 00:35:28,120
Speaker 2: the car sales tax in your state is and factor

771
00:35:28,160 --> 00:35:30,160
Speaker 2: that into your budget. You can roll that into your loan.

772
00:35:30,239 --> 00:35:33,000
Speaker 2: Same with the registration cost. Usually dealers will charge you

773
00:35:33,080 --> 00:35:35,359
Speaker 2: like a paperwork fee of like one hundred bucks and

774
00:35:35,400 --> 00:35:37,440
Speaker 2: that's them dealing with the DMV, so you don't have

775
00:35:37,520 --> 00:35:39,799
Speaker 2: to deal with the DMV. I think it's totally worth it.

776
00:35:39,800 --> 00:35:41,319
Speaker 2: I would pay so much money not to deal with

777
00:35:41,320 --> 00:35:44,200
Speaker 2: the DMV. And No two, if you're at a dealership,

778
00:35:44,560 --> 00:35:46,759
Speaker 2: even if you've brought your own loan, they're going to

779
00:35:46,840 --> 00:35:49,279
Speaker 2: have you go in and see the finance person and

780
00:35:49,440 --> 00:35:51,440
Speaker 2: it's just going to be part of their process. Be

781
00:35:51,600 --> 00:35:53,840
Speaker 2: nice to the finance person. It is their job to

782
00:35:53,920 --> 00:35:56,480
Speaker 2: offer you all these things. They can't get out of it.

783
00:35:56,719 --> 00:35:58,480
Speaker 2: So don't be like, just don't even offer them because

784
00:35:58,480 --> 00:35:59,759
Speaker 2: I'm going to say no because they're going to be

785
00:35:59,800 --> 00:36:01,960
Speaker 2: like I have to. So just let them go through

786
00:36:02,000 --> 00:36:04,600
Speaker 2: and just be like no thanks, no thanks, no thanks, like,

787
00:36:04,680 --> 00:36:06,400
Speaker 2: do as many different no thanks voices as you can,

788
00:36:06,560 --> 00:36:09,360
Speaker 2: because they take it a game. Just kind of tolerate

789
00:36:09,400 --> 00:36:11,799
Speaker 2: it and then move on and enjoy your new or

790
00:36:11,840 --> 00:36:12,520
Speaker 2: new to you car.

791
00:36:13,160 --> 00:36:15,640
Speaker 3: Well, that's wonderful, thank you. So, speaking of the DMV,

792
00:36:15,920 --> 00:36:18,319
Speaker 3: are there any things that we need to consider if

793
00:36:18,320 --> 00:36:21,239
Speaker 3: we're buying a car, like in a different state than

794
00:36:21,280 --> 00:36:22,560
Speaker 3: the one that we live in.

795
00:36:23,360 --> 00:36:24,799
Speaker 1: Yes, so some.

796
00:36:24,880 --> 00:36:28,439
Speaker 2: States will have reciprocal agreements, which means that you'd only

797
00:36:28,480 --> 00:36:31,080
Speaker 2: have to pay the sales tax once and the registration

798
00:36:31,160 --> 00:36:35,799
Speaker 2: fees once. Other states don't. So, for example, like I

799
00:36:35,880 --> 00:36:38,360
Speaker 2: live in the DC area, I can buy from a

800
00:36:38,400 --> 00:36:41,319
Speaker 2: Maryland dealer and only pay the Maryland sales tax and

801
00:36:41,320 --> 00:36:43,920
Speaker 2: they'll help me register the car in Virginia, which is great.

802
00:36:44,600 --> 00:36:46,360
Speaker 2: If I were to go to Florida, it would be

803
00:36:46,360 --> 00:36:48,960
Speaker 2: a lot more complicated and I would have to basically

804
00:36:49,000 --> 00:36:51,200
Speaker 2: pay to register the car in Florida so I can

805
00:36:51,280 --> 00:36:54,120
Speaker 2: drive away with it and then pay to register it

806
00:36:54,239 --> 00:36:58,360
Speaker 2: in Virginia. So that can get real expensive, real quick. Generally,

807
00:36:58,400 --> 00:37:00,719
Speaker 2: if the states touch each other, they're going to have

808
00:37:00,760 --> 00:37:03,440
Speaker 2: those types of like reciprocal agreements, and the dealer will

809
00:37:03,440 --> 00:37:04,440
Speaker 2: be able to help you out and you'll save a

810
00:37:04,480 --> 00:37:06,520
Speaker 2: little bit of money. But if you want to go

811
00:37:06,640 --> 00:37:09,400
Speaker 2: like four or five states away, you should really be

812
00:37:09,440 --> 00:37:11,080
Speaker 2: saving a lot on the price of the car to

813
00:37:11,200 --> 00:37:12,680
Speaker 2: maybe make up for what you're going to have to

814
00:37:12,880 --> 00:37:15,960
Speaker 2: spend in time and registration fees. Once you finally get

815
00:37:16,000 --> 00:37:16,359
Speaker 2: at home.

816
00:37:17,840 --> 00:37:21,080
Speaker 3: And then lastly, are there any blind spots we may

817
00:37:21,080 --> 00:37:25,160
Speaker 3: have missed or that I love an that you'd like

818
00:37:25,239 --> 00:37:26,719
Speaker 3: to leave our listeners with.

819
00:37:27,560 --> 00:37:30,000
Speaker 2: Just I mean, do your research before you go in

820
00:37:30,760 --> 00:37:33,120
Speaker 2: and know that you can leave. You don't have to

821
00:37:33,120 --> 00:37:35,120
Speaker 2: stay at the dealer, and feel free to walk away

822
00:37:35,120 --> 00:37:37,920
Speaker 2: from a deal that just doesn't feel good based on

823
00:37:37,960 --> 00:37:39,160
Speaker 2: the research that you've done.

824
00:37:39,400 --> 00:37:42,280
Speaker 1: I love that, Jamie. You mentioned people love their cars

825
00:37:42,560 --> 00:37:44,759
Speaker 1: and they name their cars. Does your car have a name?

826
00:37:45,239 --> 00:37:48,120
Speaker 2: My car does have a name. My car is named

827
00:37:48,200 --> 00:37:53,279
Speaker 2: Higgins after Higgins from Ted Lasso. I love it so that.

828
00:37:53,360 --> 00:37:56,839
Speaker 2: And then my husband's car is named Money Penny, after

829
00:37:56,920 --> 00:38:00,600
Speaker 2: the character from James Bond. So yeah, we always name

830
00:38:00,640 --> 00:38:03,239
Speaker 2: our cars. I will say we had this one, like

831
00:38:03,320 --> 00:38:06,120
Speaker 2: BMW we releasing, and we did not name it because

832
00:38:06,160 --> 00:38:08,319
Speaker 2: we were like, this car has no personality and we're

833
00:38:08,360 --> 00:38:10,040
Speaker 2: not keeping it. It's not a member of the family.

834
00:38:11,400 --> 00:38:13,759
Speaker 2: But all the other cars, it's fun to name your car,

835
00:38:13,800 --> 00:38:15,440
Speaker 2: and then you can talk to your car while you're

836
00:38:15,440 --> 00:38:16,000
Speaker 2: in your car.

837
00:38:16,320 --> 00:38:18,600
Speaker 1: So yes, yeah, personify your car.

838
00:38:18,520 --> 00:38:20,760
Speaker 3: By asking this question, did you not name your car?

839
00:38:21,200 --> 00:38:22,440
Speaker 1: I think I did have a name for it, but

840
00:38:22,480 --> 00:38:24,600
Speaker 1: this is also you're asking me to remember a name

841
00:38:24,640 --> 00:38:26,120
Speaker 1: from like twelve years ago.

842
00:38:26,239 --> 00:38:28,080
Speaker 3: Well, I remember my car's name from high school.

843
00:38:28,160 --> 00:38:28,960
Speaker 1: What was yours?

844
00:38:29,480 --> 00:38:32,279
Speaker 3: I was very into the office at the time, and

845
00:38:32,880 --> 00:38:34,279
Speaker 3: when I got into the car for the first time,

846
00:38:34,280 --> 00:38:36,600
Speaker 3: it had a very jan from the office field. So

847
00:38:36,680 --> 00:38:37,520
Speaker 3: the car's name is Jan.

848
00:38:37,920 --> 00:38:40,040
Speaker 1: I do have a friend who just named her white

849
00:38:40,040 --> 00:38:43,240
Speaker 1: BMW Blanche because she's like, it's a real Blanche Devereaux

850
00:38:43,320 --> 00:38:44,000
Speaker 1: vibe from her.

851
00:38:44,200 --> 00:38:46,440
Speaker 2: Yeah, yeah, a white BMW would have kind of a

852
00:38:46,440 --> 00:38:49,239
Speaker 2: Blanche devrodve right, I think. So, yeah, you meet the car,

853
00:38:49,360 --> 00:38:52,000
Speaker 2: the car tells you what it's five is exactly.

854
00:38:52,600 --> 00:38:56,640
Speaker 1: This has been so so incredibly helpful, so much information, Jamie,

855
00:38:56,960 --> 00:38:59,080
Speaker 1: and we're going to have you come back to talk

856
00:38:59,120 --> 00:39:02,920
Speaker 1: to us about car our care as well, so folks

857
00:39:03,000 --> 00:39:05,319
Speaker 1: look out because there's more Jamie to come. Thank you

858
00:39:05,360 --> 00:39:07,360
Speaker 1: so much, Jamie, Thank you so much for having me.

859
00:39:13,760 --> 00:39:16,120
Speaker 1: I want to thank Jamie again for all the information

860
00:39:16,200 --> 00:39:18,560
Speaker 1: she has shared with us about car buying. She is

861
00:39:18,760 --> 00:39:21,560
Speaker 1: truly a bottomless well of car knowledge, and we are

862
00:39:21,600 --> 00:39:23,600
Speaker 1: going to have her join us again later this year

863
00:39:23,719 --> 00:39:25,440
Speaker 1: to tell us how to take care of our cars

864
00:39:25,480 --> 00:39:27,520
Speaker 1: and what we need to know and do to keep

865
00:39:27,560 --> 00:39:29,759
Speaker 1: them in working order. But here's what I've learned from

866
00:39:29,800 --> 00:39:32,760
Speaker 1: her today about car buying. There are a few different

867
00:39:32,800 --> 00:39:35,239
Speaker 1: ways that you can actually purchase a car. You can

868
00:39:35,239 --> 00:39:37,680
Speaker 1: buy it outright in cash, you can finance it with

869
00:39:37,719 --> 00:39:40,040
Speaker 1: a loan, or you can lease a car. Even if

870
00:39:40,080 --> 00:39:42,320
Speaker 1: you have all the money to buy a car outright

871
00:39:42,360 --> 00:39:45,080
Speaker 1: in cash, there may be still some reasons why you

872
00:39:45,120 --> 00:39:46,920
Speaker 1: want to take out a car loan. Get all of

873
00:39:46,920 --> 00:39:49,240
Speaker 1: your pre approvals for loans out of the way at once.

874
00:39:49,560 --> 00:39:51,440
Speaker 1: When they pre approve you for a loan, they do

875
00:39:51,520 --> 00:39:54,000
Speaker 1: a hard pull on your credit and that will impact

876
00:39:54,000 --> 00:39:56,640
Speaker 1: your credit score. So if you start the process to

877
00:39:56,680 --> 00:39:59,359
Speaker 1: get pre approved for one lending institution and then wait

878
00:39:59,440 --> 00:40:02,359
Speaker 1: until later to get others, that first credit poll will

879
00:40:02,400 --> 00:40:05,319
Speaker 1: impact what lenders see, and if you apply for pre

880
00:40:05,360 --> 00:40:08,400
Speaker 1: approval later on, this could change what they offer you

881
00:40:08,440 --> 00:40:11,759
Speaker 1: as a result. Getting pre approved does not mean you

882
00:40:11,880 --> 00:40:14,440
Speaker 1: have to go with that loan. It's always important to

883
00:40:14,520 --> 00:40:16,520
Speaker 1: have it so that you know how it compares to

884
00:40:16,560 --> 00:40:20,240
Speaker 1: the loan terms the dealership offers. And remember the finance

885
00:40:20,280 --> 00:40:22,440
Speaker 1: person at the dealership has to tell you what they

886
00:40:22,480 --> 00:40:25,360
Speaker 1: have to offer. Buying online could be pretty great. You

887
00:40:25,400 --> 00:40:27,640
Speaker 1: don't have to wear real pants, and you don't have

888
00:40:27,680 --> 00:40:29,880
Speaker 1: to leave your home or talk to real people. But

889
00:40:30,320 --> 00:40:33,240
Speaker 1: make sure that you know what you're getting and that

890
00:40:33,280 --> 00:40:35,560
Speaker 1: you have time to return the car if it's not

891
00:40:35,640 --> 00:40:39,680
Speaker 1: what you expected. Get your car inspected the second you

892
00:40:39,719 --> 00:40:43,480
Speaker 1: get it, and take Jamie's recommendations for spotting a flooded

893
00:40:43,520 --> 00:40:47,680
Speaker 1: car and avoid them at all costs. Negotiations are just business,

894
00:40:47,719 --> 00:40:50,719
Speaker 1: they're not personal. Remove emotions from the deal, and don't

895
00:40:50,760 --> 00:40:53,880
Speaker 1: be afraid to walk away. Most importantly, don't let anyone

896
00:40:53,880 --> 00:40:56,919
Speaker 1: pressure you into something that you're not comfortable with. That's

897
00:40:56,960 --> 00:41:00,719
Speaker 1: all for today's episode, and a wrap on car buying. Okay, Matt,

898
00:41:00,760 --> 00:41:01,560
Speaker 1: what's up next?

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00:41:01,920 --> 00:41:04,879
Speaker 3: Well, Molly, we're in October and with Halloween right around

900
00:41:04,880 --> 00:41:07,719
Speaker 3: the corner. There are few things scarier than choosing the

901
00:41:07,800 --> 00:41:10,919
Speaker 3: right health insurance plan. So we're going to talk about

902
00:41:10,920 --> 00:41:13,080
Speaker 3: how to make sure you've selected the right plan for

903
00:41:13,200 --> 00:41:16,040
Speaker 3: you before the window for twenty twenty four closes.

904
00:41:16,239 --> 00:41:18,080
Speaker 1: I find this time of year more stressful than tax

905
00:41:18,120 --> 00:41:20,960
Speaker 1: season personally and scarier. I think I want a ppo,

906
00:41:21,200 --> 00:41:23,200
Speaker 1: but I really have no idea.

907
00:41:22,800 --> 00:41:24,880
Speaker 3: Not a clue, But we'll find out for sure in

908
00:41:24,920 --> 00:41:27,240
Speaker 3: two weeks. On the next episode of Grown Up Stuff,

909
00:41:27,320 --> 00:41:27,960
Speaker 3: How do ADUNLT?

910
00:41:28,120 --> 00:41:30,719
Speaker 1: And Remember you might not be graded in life, but

911
00:41:30,880 --> 00:41:33,759
Speaker 1: it never hurts to do your homework. This is a

912
00:41:33,760 --> 00:41:35,959
Speaker 1: production from Ruby Studios from iHeartMedia.

913
00:41:36,000 --> 00:41:38,759
Speaker 3: Our executive producers are Molly Sosia.

914
00:41:38,280 --> 00:41:41,680
Speaker 1: And Matt Stillo. This episode was engineered by Matt Stillo.

915
00:41:41,600 --> 00:41:43,320
Speaker 3: And written by Molly Sooshia.

916
00:41:43,600 --> 00:41:46,160
Speaker 1: Our fact checker is Kasby Bias.

917
00:41:45,800 --> 00:41:47,680
Speaker 3: With additional editing by Sierra Spreen.

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00:41:48,080 --> 00:41:50,640
Speaker 1: We want to thank our teammates at Ruby Studios, including

919
00:41:50,680 --> 00:41:54,440
Speaker 1: Ethan Fixel, Rachel Swan Krasnov, Amber Smith, Debrah Gerrett, and

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00:41:54,440 --> 00:41:58,240
Speaker 1: Andy Kelly.