WEBVTT - BONUS: How to Really Buy a Used Car 0:00:06.800 --> 0:00:09.959 Welcome to Merin Talks Your Money, the personal financial edition 0:00:10.039 --> 0:00:12.600 of Merin Talks Money. In these bonus podcasts, we get 0:00:12.600 --> 0:00:14.960 tips from experts across industries on how to make the 0:00:15.000 --> 0:00:16.040 most of your money. 0:00:16.200 --> 0:00:17.279 I'm merrinsumset Web. 0:00:17.440 --> 0:00:20.080 This week how to buy used cars successfully and how 0:00:20.120 --> 0:00:22.759 to keep your insurance low. I spoke with Ashlie Winston, 0:00:23.000 --> 0:00:25.760 chief car finder and creator of Palm Deal car Finders 0:00:25.920 --> 0:00:29.440 who specializes in US and new car and vansourcing, purchasing 0:00:29.560 --> 0:00:30.800 and valuations. 0:00:33.760 --> 0:00:35.640 Ashley, thank you so much for joining us today. 0:00:35.840 --> 0:00:36.959 Thank you, thank you for having me. 0:00:37.440 --> 0:00:39.960 I've written a lot of columns over the years about 0:00:39.960 --> 0:00:43.120 buying houses and about how completely insane it is that 0:00:43.159 --> 0:00:45.680 people go out to buy the most expensive thing they 0:00:45.680 --> 0:00:48.520 will ever buy, the thing that, if they get it wrong, 0:00:48.560 --> 0:00:52.519 can destroy their financial life forever, and how they do 0:00:52.560 --> 0:00:54.960 that without any proper advice. And I'm always saying to people, 0:00:55.000 --> 0:00:57.000 you know, even if you're buying what you might think 0:00:57.040 --> 0:01:00.000 is an inexpensive house as opposed to a super rich person, 0:01:00.080 --> 0:01:02.360 and says, you still need to get someone on your 0:01:02.480 --> 0:01:06.039 side advising you because it's a huge purchase. Cars seem 0:01:06.120 --> 0:01:08.640 to me to be exactly the same people will go 0:01:08.800 --> 0:01:10.959 out to buy a secondhand car which is going to 0:01:10.959 --> 0:01:13.800 cost them five pounds, ten thousand pounds, fifteen pounds, twenty 0:01:13.840 --> 0:01:15.479 thousand pounds up at the high end of the people 0:01:15.520 --> 0:01:17.880 you deal with one hundred and fifty thousand pounds plus, 0:01:18.240 --> 0:01:21.039 and they'll go out and do it without anybody on 0:01:21.120 --> 0:01:24.000 their side. They'll go out and get it from a salesman, 0:01:24.040 --> 0:01:25.840 which is exactly what you do when you're buying a 0:01:25.840 --> 0:01:27.959 house from an estate agent. You're buying a huge thing 0:01:28.160 --> 0:01:31.240 with no one on your side. So what you do 0:01:31.520 --> 0:01:35.160 is you're on the side of the car buyer right 0:01:35.360 --> 0:01:36.119 one hundred percent. 0:01:36.280 --> 0:01:40.480 And you've just described it perfectly. Because it's my biggest 0:01:40.600 --> 0:01:43.200 wind up about this industry, about the used car industry 0:01:43.520 --> 0:01:46.959 is an exception of property. There is such a massive 0:01:46.959 --> 0:01:50.520 difference between what the amount of money you spend at 0:01:50.520 --> 0:01:52.960 the top end and how you get treated down the bottom. 0:01:53.200 --> 0:01:56.520 Because the car salesman wants the profit in their pocket. 0:01:56.560 --> 0:01:58.360 That's all they want. They want their commission. 0:01:58.520 --> 0:02:00.840 Yeah, but that's completely reasonable. I mean, this is how 0:02:00.920 --> 0:02:03.760 car salesmen make money. They sell cars and they take 0:02:03.760 --> 0:02:06.040 a commission on the car. So we're not blaming car 0:02:06.080 --> 0:02:08.760 salesman here this is the world is about incentives, right, 0:02:08.800 --> 0:02:11.560 The world is about incentives, and that is their incentive. 0:02:11.919 --> 0:02:15.600 And your job as a car buyer is to recognize 0:02:15.600 --> 0:02:18.680 that incentive and behave appropriately and if you can't manage 0:02:18.680 --> 0:02:19.880 that yourself, to ask someone. 0:02:19.680 --> 0:02:20.799 To help you do it. 0:02:20.919 --> 0:02:21.119 Right. 0:02:22.200 --> 0:02:24.840 So, we recognize incentives in the market. We don't disapprove 0:02:24.880 --> 0:02:27.480 of incentives in the market unless they unless they result 0:02:27.560 --> 0:02:29.640 in immoral or illegal behavior. In the main we're pro 0:02:29.720 --> 0:02:34.520 and cents, Okay, pick up immoral for me? 0:02:34.600 --> 0:02:34.760 Then? 0:02:35.720 --> 0:02:40.680 Oh well, we could start with the whole current Flagher 0:02:40.720 --> 0:02:44.519 Conduct Authority issue, with all the mis selling of finance 0:02:44.520 --> 0:02:46.600 products that's gone on that Like I said, that's being moral. 0:02:47.160 --> 0:02:48.720 Okay, interesting, let's do that. 0:02:49.360 --> 0:02:52.240 I know if you said this yourself, when you walk 0:02:52.280 --> 0:02:55.280 into a car dealer, especially perhaps maybe one of the 0:02:55.320 --> 0:02:57.400 larger car dealers, and you sell I want to buy 0:02:57.440 --> 0:03:00.200 that lovely shiny car there, the next question the to 0:03:00.200 --> 0:03:03.399 ask you is do you want that on finance? And 0:03:03.480 --> 0:03:05.600 if you don't say yes they want that on finance, 0:03:05.600 --> 0:03:09.040 then they get very disinterested very quickly, which is completely 0:03:09.040 --> 0:03:12.320 opposite of what the FCA is trying to achieve. They 0:03:12.400 --> 0:03:16.639 want everyone to be treated equally and fairly, which means 0:03:16.639 --> 0:03:18.079 that if you're a cash by you get the same 0:03:18.080 --> 0:03:20.160 treatment if you're a finance bible. That doesn't happen in 0:03:20.160 --> 0:03:24.040 the marketplace, and it gets worse because the problem that 0:03:24.120 --> 0:03:28.080 the financial amasment servers have at the moment is that 0:03:28.360 --> 0:03:31.240 up until January of twenty twenty one, there's something called 0:03:31.320 --> 0:03:35.600 discretionary commission agreements which were allowed. And what this effectly 0:03:35.640 --> 0:03:38.760 meant is that the finance broker could set the interest 0:03:38.880 --> 0:03:41.240 rate where they wanted it to be, because the higher 0:03:41.280 --> 0:03:45.480 the interest rate, the more commission they earned. So you 0:03:45.600 --> 0:03:50.000 had situations whereby you might have a to pick the heartstrings. 0:03:50.040 --> 0:03:53.760 A retired lady who had worked very hard and went 0:03:53.800 --> 0:03:56.800 to a car dealership and was told her APR was 0:03:56.840 --> 0:03:59.560 going to be fourteen point nine percent at a time 0:03:59.600 --> 0:04:01.800 when most normal people will be getting four or five 0:04:01.840 --> 0:04:05.520 percent and paying it because maybe she didn't know any better, 0:04:05.680 --> 0:04:09.640 and the broken would and a massive commission. So I'm sorry, 0:04:09.720 --> 0:04:10.600 I think that's a moral. 0:04:11.440 --> 0:04:14.360 Okay, that is a moral, But also, as it turns out, 0:04:14.520 --> 0:04:15.559 it's not legal. 0:04:15.320 --> 0:04:18.880 Either, correct. Yeah, And there's and there are going to 0:04:18.920 --> 0:04:21.440 be so many cases coming up. I mean, it's not 0:04:21.520 --> 0:04:24.320 the point where the FCA now say, you know, they 0:04:24.400 --> 0:04:27.640 usually say you have to respond to any any case 0:04:27.680 --> 0:04:29.680 against you within a set period of time. They've thrown 0:04:29.680 --> 0:04:32.039 that out the window. If you make a complaint now, 0:04:32.080 --> 0:04:33.880 you're probably not going to hear back from someone until 0:04:33.920 --> 0:04:36.480 September October time, and they're okay with that. That's how 0:04:36.480 --> 0:04:38.120 they judge the volume of complaints. 0:04:38.480 --> 0:04:40.560 Dia goteris there's going to be that many. There's going 0:04:40.600 --> 0:04:41.120 to be that many. 0:04:41.120 --> 0:04:42.720 But you can just go, I mean, let's just talk 0:04:42.720 --> 0:04:46.359 about how this happened, right, So there's there will be 0:04:46.480 --> 0:04:50.040 thousands and thousands of people now driving around in cars 0:04:50.080 --> 0:04:53.200 on which they've effectively paid interest rates two percentage points 0:04:53.760 --> 0:04:55.520 ish and of all the ones that I've looked at, 0:04:55.560 --> 0:04:58.400 looks like two to three percentage points above what possibly 0:04:58.480 --> 0:05:01.280 they should have paid. And they should be able to 0:05:01.320 --> 0:05:03.480 reclaim the difference, right they should. 0:05:03.560 --> 0:05:06.120 Yeah, And it's actually not that difficult. I mean, I've 0:05:06.120 --> 0:05:09.560 already seen and actually had calls from the legal firms 0:05:09.560 --> 0:05:11.880 who want to help you and take a cut of 0:05:11.920 --> 0:05:14.440 your money. But it's really easy. If you're not too 0:05:14.480 --> 0:05:18.120 sure whether you had a discretionary commission agreement or not, 0:05:18.760 --> 0:05:21.719 call the broker or the dealer and ask them. They 0:05:21.720 --> 0:05:24.560 have to tell you if you did, then just submit 0:05:24.680 --> 0:05:28.280 a complaint to Financial Ombudsman service and wait a long while. 0:05:28.320 --> 0:05:30.080 It's going to be a long while. It is as 0:05:30.080 --> 0:05:30.640 simple as that. 0:05:31.560 --> 0:05:34.400 So you go to the financial almost Budsmen. I find 0:05:34.400 --> 0:05:36.479 out a very difficult word to say, almost budsman, and 0:05:36.560 --> 0:05:41.000 they have Onbardsman and they have a special portal online 0:05:41.040 --> 0:05:43.000 portal three. So they put all these complaints right, so 0:05:43.080 --> 0:05:44.880 it's not difficult to do. You should be able to 0:05:44.880 --> 0:05:47.120 do it yourself and then if you're if you're lucky, 0:05:47.680 --> 0:05:50.160 you'll get a ground back. The FCA, what they have 0:05:50.240 --> 0:05:54.120 said is that individual buyers on a ten thousand pounds 0:05:54.200 --> 0:05:57.400 four year finance package are paying something in the region 0:05:57.440 --> 0:06:00.440 of pounds more than they needed to. 0:06:01.200 --> 0:06:02.120 It's real money. 0:06:02.279 --> 0:06:03.360 This is real money. 0:06:03.640 --> 0:06:07.400 Martin Lewis that of moneysavingexpg dot com. He reckons that 0:06:07.440 --> 0:06:09.320 this is going to be as big as a PPI 0:06:09.440 --> 0:06:12.640 miss selling scandal, and that was forty billion quid and 0:06:12.680 --> 0:06:14.760 it was a kind of people's qe. You know, everyone 0:06:14.800 --> 0:06:16.719 got this money back and suddenly there was a consumer 0:06:16.800 --> 0:06:19.920 spending boom, so maybe we'll get the same again. A 0:06:19.960 --> 0:06:22.120 consumers spending boom. Is everyone gets their money back. 0:06:22.560 --> 0:06:24.440 I really hope everyone gets their money back because they 0:06:24.520 --> 0:06:27.039 deserve their money back because the way they were sold 0:06:27.120 --> 0:06:28.400 these products is not correct. 0:06:29.160 --> 0:06:30.800 Okay, I'll tell you what Before we move on to 0:06:31.040 --> 0:06:34.080 talking about cause in particular, which they know the bit 0:06:34.120 --> 0:06:37.000 you really want to talk about, Let's talk about something 0:06:37.000 --> 0:06:40.040 else that suddenly looks rather more expensive than perhaps we 0:06:40.080 --> 0:06:42.719 thought it should, which is car insurance. Now, I was 0:06:42.880 --> 0:06:45.320 just my car insurance, but has gone up John Steppeck's 0:06:45.320 --> 0:06:47.640 car insurance but has gone up massively. Our listeners already 0:06:47.640 --> 0:06:49.280 fed up the back teeth of the need to talk 0:06:49.279 --> 0:06:52.440 about his car insurance bill. And one of my Twitter 0:06:52.440 --> 0:06:54.479 followers just sent me something saying, just have my car 0:06:54.480 --> 0:06:57.440 insurance renewre through from churchill Man sure of nine years, 0:06:57.800 --> 0:07:00.800 no changes, no claims, premium doubled. 0:07:01.680 --> 0:07:02.800 What is going on there? 0:07:03.440 --> 0:07:06.919 Okay, so I've heard terrible stories as well. Do you 0:07:07.000 --> 0:07:09.680 know what statistically the average increase over the last twelve 0:07:09.680 --> 0:07:11.960 months has been percentage wise? John to have us hazard 0:07:11.960 --> 0:07:12.600 A guess. 0:07:12.560 --> 0:07:14.440 If we asked John's deepic, it's one hundred percent. 0:07:14.520 --> 0:07:17.760 But I'm going to go eight twenty one percent, which 0:07:17.760 --> 0:07:19.760 is a lot, but you've got to bear in mind 0:07:19.760 --> 0:07:23.280 that the average comprehensive car insurance policy in the UK 0:07:23.400 --> 0:07:26.520 now sits at five hundred and eleven pounds. It's you 0:07:26.560 --> 0:07:29.840 know again, it's still money, but it's still not massive amounts. 0:07:29.880 --> 0:07:32.760 So we've seen increases. But there are these stories out 0:07:32.800 --> 0:07:34.760 there and much I don't want to add fuel to 0:07:34.800 --> 0:07:37.040 the fire. I have to tell you about a client 0:07:37.080 --> 0:07:39.680 that we were asked to buy Alexus for last week 0:07:39.960 --> 0:07:43.880 and nothing made a ten grand car twenty it was 0:07:43.880 --> 0:07:46.960 a twenty five grand car. And he's in his eighties 0:07:47.400 --> 0:07:51.080 and his claims history is we're supposed to be putting 0:07:51.080 --> 0:07:55.680 this not brilliant, and he know that feeling. He couldn't 0:07:55.680 --> 0:07:58.800 get any quote apart from one where they quoted him 0:07:59.000 --> 0:08:02.480 and are you ready for this? I am seventy one 0:08:02.480 --> 0:08:03.880 thousand pounds a year. 0:08:05.400 --> 0:08:08.440 So these stories, these stores see get a taxi. 0:08:08.760 --> 0:08:11.280 We also we actually figured that we could get him 0:08:11.280 --> 0:08:13.240 a Bentley and a driver and make him a lot 0:08:13.280 --> 0:08:15.120 more money than paying his insurance premium. 0:08:15.400 --> 0:08:17.720 I hope that's what he did. It's my retirement dream 0:08:17.800 --> 0:08:20.000 is to have a Bentley and a driver. I really 0:08:20.080 --> 0:08:22.559 hope he did that. Dreams can come true. 0:08:22.960 --> 0:08:25.360 Sadly he didn't, but you know he's still has time 0:08:25.400 --> 0:08:27.320 to change his mind. Ye. So you know they've been 0:08:27.400 --> 0:08:30.400 increases in insurance, but the main reason is it's the 0:08:30.440 --> 0:08:34.200 cost of repairing cars has gone up. Car parts have 0:08:34.240 --> 0:08:37.240 gone up by a third in the last year they've 0:08:37.240 --> 0:08:40.760 written by about general cost. Repairs have risen by about thirds. 0:08:40.840 --> 0:08:43.560 Every time an insured repairs someone's car, it cost him 0:08:43.559 --> 0:08:47.280 a third more than they did previously. Car parts are 0:08:47.400 --> 0:08:50.840 up between twelve and twenty one percent. So you know 0:08:51.080 --> 0:08:54.199 it's that's the parts alone. There's there's a major lack 0:08:54.240 --> 0:08:57.880 of supply. Certain manufacturers are really struggling. Land Rover parts 0:08:58.600 --> 0:09:00.959 are a nightmare. I know people who had land Rovers 0:09:00.960 --> 0:09:03.680 waiting for parts for six to eight weeks, parts that 0:09:03.720 --> 0:09:07.720 the car can't run without. Tesla not so bad at 0:09:07.720 --> 0:09:10.079 the moment, but historically have had problems getting parts of 0:09:10.120 --> 0:09:12.400 their cars. I've known as the drivers who waited seven 0:09:12.480 --> 0:09:14.520 or eight months have their car repaired because they just 0:09:14.600 --> 0:09:17.480 can't get the part in that they need. And of course, 0:09:17.800 --> 0:09:20.200 as long as a car sits a repairer, the repair 0:09:20.320 --> 0:09:24.720 is charging storage courtesy cars. So yeah, Curtsey cards have 0:09:24.760 --> 0:09:27.160 gone up and it's just that's that's a massive cost 0:09:27.240 --> 0:09:30.000 as well. Are there any signs of it getting any better? 0:09:30.920 --> 0:09:33.560 I don't think so. I don't think car prices are 0:09:33.559 --> 0:09:35.439 going to a car park prices are going to come down, 0:09:35.440 --> 0:09:35.960 I don't think. 0:09:36.120 --> 0:09:38.880 And this is this a global supply chain problem? 0:09:38.960 --> 0:09:41.400 Yeah, for a lot of parts it is. Yeah, And 0:09:41.520 --> 0:09:43.800 you know it gets worse because then parts can't be 0:09:43.800 --> 0:09:45.559 shipped in the quickest way, they can't come ray, the 0:09:45.559 --> 0:09:47.319 sewers canal at the moment. There's all you know, a 0:09:47.360 --> 0:09:49.559 lot of a lot of manufacturers were in Ukraine. It's 0:09:49.600 --> 0:09:51.760 a whole lot of different factors that have come together 0:09:52.120 --> 0:09:54.320 to make it. Yeah, a pretty pretty bad situation. 0:09:55.320 --> 0:09:57.600 Okay, So is the lesson that don't buy a Landrover 0:09:57.640 --> 0:09:58.240 and don't buy a. 0:09:58.200 --> 0:10:04.040 Tessler say that without getting sued on a podcast? Yeah, yeah, yeah, 0:10:04.360 --> 0:10:06.760 I wouldn't buy a Tesla And I now expect all 0:10:06.760 --> 0:10:08.840 the Tesla lovers to come and hate me for saying 0:10:08.880 --> 0:10:12.160 that that comment. Land Rovers have a separate issue as well. 0:10:12.400 --> 0:10:16.920 Land Rovers have been accused of being stolen left, right 0:10:16.960 --> 0:10:19.560 and center, and the reality is not all that bad. 0:10:20.080 --> 0:10:23.400 But speaking to an insurance broker a month or so ago, 0:10:23.440 --> 0:10:25.560 who said that if you live in London and you 0:10:25.600 --> 0:10:28.400 have a new shape range Rover, Sport or range Rover, 0:10:28.840 --> 0:10:31.520 if it's parked on the street, forget it. It's parked 0:10:31.520 --> 0:10:35.439 on the drive twenty grand a year, so. 0:10:35.400 --> 0:10:37.240 It's parked on the street. You can't get insured at 0:10:37.280 --> 0:10:40.040 all on the drive every years. 0:10:40.040 --> 0:10:42.160 What they is what they started now land Rover has 0:10:42.160 --> 0:10:44.120 since launched. They have since put a lot of time 0:10:44.160 --> 0:10:46.559 and investment into their own insurance products because they want 0:10:46.600 --> 0:10:49.640 to solve the problem themselves. So that I think land 0:10:49.720 --> 0:10:52.880 Rove insurance being silly money at the moment, will change, 0:10:53.160 --> 0:10:54.880 but I think general for all of us, I think 0:10:54.880 --> 0:10:56.200 it's going to be the way it is now for 0:10:56.240 --> 0:10:57.199 the foreseeable future. 0:10:58.320 --> 0:11:00.839 Tell me where the value is in the secondhand car 0:11:00.920 --> 0:11:03.000 market at the moment. Now, what's happening in the market 0:11:03.000 --> 0:11:05.080 as a whole? We have this period, didn't we post 0:11:05.120 --> 0:11:08.280 pandemic when secondhand car prices weren't absolutely berserk because you 0:11:08.280 --> 0:11:12.600 couldn't get new ones? And now that's turned around a 0:11:12.600 --> 0:11:14.679 little bit. What's the market looking like looking like as 0:11:14.679 --> 0:11:17.000 a whole? And where are the bargains? Where's the place 0:11:17.040 --> 0:11:17.360 to look? 0:11:17.760 --> 0:11:20.360 It's a fairly recent thing that the values have started 0:11:20.360 --> 0:11:22.040 to come down, and they've kind of leveled out a 0:11:22.080 --> 0:11:25.000 bit now in the used car markets. I mean, there 0:11:25.040 --> 0:11:28.000 are certain things that are still struggling. I mean it's 0:11:28.120 --> 0:11:30.600 I think it's the same with any situation whereby when 0:11:30.600 --> 0:11:33.440 an economy is not been as good as it has 0:11:33.480 --> 0:11:36.920 been previously. Although I think we all believe it's going 0:11:36.960 --> 0:11:39.280 to get better for this year, but things like, you know, 0:11:39.360 --> 0:11:41.080 the top end of the market, the Ferraris and the 0:11:41.080 --> 0:11:43.400 Bentleys are a bargain right now because no one really 0:11:43.440 --> 0:11:45.600 wants to be buying them. 0:11:45.720 --> 0:11:47.720 Okay, I'm interrupting. I'm interrupting. 0:11:47.840 --> 0:11:50.720 What do you mean by a bargain in the context 0:11:50.760 --> 0:11:53.480 of a Bentley, the prices have come down by. 0:11:54.880 --> 0:11:57.800 Yeah, okay, yes, they're that expensive. So you know, where's 0:11:57.800 --> 0:12:01.480 the Bentley would have been six months ago, sixty thousand 0:12:01.520 --> 0:12:03.280 pounds It might be as low as forty five to 0:12:03.360 --> 0:12:06.120 fifty now, And that's in percentage terms. It's a huge decrease. 0:12:07.280 --> 0:12:10.719 Some electric cars are even worse because there's been a 0:12:10.760 --> 0:12:14.360 lot of bad pr about electric vehicles lately, and it's 0:12:14.400 --> 0:12:17.280 not very fair. I was at a family gathering yesterday 0:12:17.280 --> 0:12:19.920 and two separate members of my family were saying, oh, 0:12:19.920 --> 0:12:22.120 they could never have electric car because they can't handle 0:12:22.160 --> 0:12:25.360 the charging. Now, I ran an electric car for three years, 0:12:26.120 --> 0:12:28.280 and I ran it because I wanted to figure out 0:12:28.320 --> 0:12:30.080 how you wrap your head around charging it. And when 0:12:30.120 --> 0:12:32.640 you've got past that herd or it is actually really 0:12:32.679 --> 0:12:37.280 easy to run an electric car. But the values are 0:12:37.280 --> 0:12:40.000 falling through the floor. Probably the most extreme example I 0:12:40.000 --> 0:12:43.240 can give you about electric vehicles is we source an 0:12:43.280 --> 0:12:46.320 Audi e Tron, which is ow this big kind of 0:12:46.520 --> 0:12:49.000 family four by four electric vehicle. We sourced it for 0:12:49.000 --> 0:12:51.400 a client probably a little of a year and a 0:12:51.440 --> 0:12:54.280 half ago, and at the time you had to wait 0:12:54.320 --> 0:12:56.520 a year for a brand new one, so we paid 0:12:56.520 --> 0:12:58.240 a couple of thousand pounds less. This cor would have 0:12:58.280 --> 0:13:01.640 been brand new as seventy two thousand pound. Eighteen months 0:13:01.640 --> 0:13:04.120 down the line, the client wishes to change over something else. 0:13:05.240 --> 0:13:06.840 We managed to get back for him from our poly 0:13:06.840 --> 0:13:11.640 exchange partners. After trying everything we could. Thirty thou pounds 0:13:11.960 --> 0:13:14.439 went from seventy two grand to thirty grand in the 0:13:14.480 --> 0:13:17.760 place the eighteen months, and they continueing to fall. So 0:13:17.920 --> 0:13:21.320 right now, electric vehicles are are They're not a bargain, 0:13:21.320 --> 0:13:22.240 but they're getting cheaper. 0:13:22.520 --> 0:13:25.360 Isn't this about people recognizing how difficult it is to 0:13:25.360 --> 0:13:29.640 get new batteries and of zie understanda moving into a 0:13:29.640 --> 0:13:30.800 bit where you're going to say, you don't have to 0:13:30.840 --> 0:13:34.479 anything about cars, maren, but you know the batteries need replacing. 0:13:34.600 --> 0:13:38.679 They're extremely expensive. The whole thing is quite difficult to repair. 0:13:39.480 --> 0:13:42.040 And so people are beginning to see that the second 0:13:42.040 --> 0:13:45.080 hand electric car is not something you really want. 0:13:45.640 --> 0:13:47.440 I'd actually flip it on its head because for me, 0:13:47.480 --> 0:13:51.160 electric cars are much simpler than a petrol car. Because 0:13:51.160 --> 0:13:53.360 if thing of a combustion engine, how many thousands of 0:13:53.360 --> 0:13:56.439 parts are in there? Electric motor has got a fraction 0:13:56.520 --> 0:13:59.160 of the parts in there. You know, when Tesla first 0:13:59.200 --> 0:14:02.880 started out, they weren't producing the best quality cars. In fact, 0:14:02.880 --> 0:14:05.800 their bill quality was pretty shoddy to say the least. 0:14:06.080 --> 0:14:09.199 Yet there weren't massive reliability issues because electric cars are 0:14:09.280 --> 0:14:11.720 just so much simpler, so fewer parts and there are 0:14:11.880 --> 0:14:13.800 To give an example back to Tesla, there are testas 0:14:13.840 --> 0:14:16.240 on the road that have got one hundred and fifty 0:14:16.240 --> 0:14:19.520 two hundred thousand miles and still retain most of their charge. 0:14:20.080 --> 0:14:23.160 But there are other manufacturers. When I drove a mechanic 0:14:23.200 --> 0:14:25.320 and mind bought a Nissan Leaf that was ten years 0:14:25.360 --> 0:14:27.960 old and done thirty thousand miles and it's battery range 0:14:27.960 --> 0:14:30.200 with down to about third of what it was previously, 0:14:30.480 --> 0:14:31.800 And a part of it depends on how you treat 0:14:31.840 --> 0:14:34.360 the battery. And cars are getting better. So the technology 0:14:34.640 --> 0:14:37.440 is progressing, but I wouldn't necessarily say that electric car 0:14:37.520 --> 0:14:40.120 is going to not last as long. And the feedback 0:14:40.160 --> 0:14:42.800 I get it's about the charging of it, not necessarily 0:14:42.840 --> 0:14:46.200 reliability of it. But I think as the year goes, 0:14:46.480 --> 0:14:49.320 I think twenty twenty four carries on electric vehicle parks 0:14:49.360 --> 0:14:51.760 are going to carry on reducing to such a level 0:14:51.760 --> 0:14:54.240 that I think people who don't want evs are going 0:14:54.280 --> 0:14:55.840 to be buying them because actually they're I think they 0:14:56.000 --> 0:14:58.479 end up being cheaper than their petrol and diesel equivalents. 0:14:58.600 --> 0:15:00.880 People bindly just because they're cheaper. Thing that's gonna be 0:15:00.880 --> 0:15:03.200 an interesting time to live in. 0:15:03.200 --> 0:15:03.760 Interesting. 0:15:04.000 --> 0:15:07.000 So you are pro Bentley's pro electric cars at the moment, 0:15:07.040 --> 0:15:08.680 but I think you're anti hybrid? 0:15:08.840 --> 0:15:09.280 Is that right? 0:15:10.080 --> 0:15:14.840 Am I anti hybridsh I have to come out? Yeah? 0:15:14.920 --> 0:15:17.200 I mean I look at people who have hybrids and 0:15:17.200 --> 0:15:18.640 I'm like, what is the point You just made your 0:15:18.640 --> 0:15:20.960 car a whole load heavier, and I know, I know, 0:15:21.080 --> 0:15:22.080 you never plug that thing in. 0:15:22.640 --> 0:15:25.640 You're okay. So there's three types of hybrids, and what 0:15:25.680 --> 0:15:28.000 you've mentioned there is a plug in hybrids and plug 0:15:28.120 --> 0:15:29.720 in hybrids. I do of an issue with because you've 0:15:29.760 --> 0:15:32.360 just made the point exactly right. You are towing around 0:15:32.400 --> 0:15:36.320 the weight of a combustion engine and an electric drive train. 0:15:36.760 --> 0:15:38.920 Self charging hybrids, the ones we don't have to plug 0:15:38.960 --> 0:15:41.560 them in. I go hots and cold about and I 0:15:41.600 --> 0:15:43.120 go hot and cold because if you look at it 0:15:43.160 --> 0:15:48.320 on paper, they actually are better, and it varies manufacturers 0:15:48.320 --> 0:15:52.200 to manufacturers. So Toyota have always done hybrids. Toyota love hybrids. 0:15:52.240 --> 0:15:54.840 They everything they do they do hybrids. And at the 0:15:54.880 --> 0:15:57.960 same time Toyta were doing hybrids. Ford for example, we're 0:15:58.000 --> 0:16:01.400 sticking one liter three clid the turbo charge engines in 0:16:01.440 --> 0:16:04.880 their car. And even though on paper the toyt was 0:16:04.880 --> 0:16:08.240 getting better fuel economy and better SEO two output, in 0:16:08.280 --> 0:16:11.400 the real world there's very difference between them. And the 0:16:11.800 --> 0:16:15.280 hybrid has uses materials for all over the world. They're 0:16:15.280 --> 0:16:18.800 not very electric cars. Hybrids plug in hybrids. The material 0:16:18.880 --> 0:16:22.480 that takes to make the cars is incredibly damaging for 0:16:22.720 --> 0:16:23.400 our environment. 0:16:23.640 --> 0:16:25.560 Okay, we need focus. We need focus because we have 0:16:25.600 --> 0:16:28.000 to answer these questions for John. Because John needs a 0:16:28.000 --> 0:16:30.680 new car, right not on your car, a new old car. 0:16:31.040 --> 0:16:33.480 So should he trade this thing in now? 0:16:34.120 --> 0:16:35.800 Or is the environment going to get better? 0:16:36.160 --> 0:16:38.600 And should he trade this nasty thing in later in 0:16:38.640 --> 0:16:38.960 the year. 0:16:39.600 --> 0:16:41.160 I actually think the market is going to pick up 0:16:41.160 --> 0:16:43.240 a bit as a year goes by, So I think 0:16:43.440 --> 0:16:46.240 used car, so as his upgrading, it's the cost. 0:16:46.040 --> 0:16:48.200 Of change, is upgrading? 0:16:48.840 --> 0:16:51.840 Well, I can't downgrade from from this current car, can he? No? 0:16:53.280 --> 0:16:55.760 So you know, so it's cost of change. So yes, 0:16:55.920 --> 0:16:58.200 right now he'll get less for his get less part 0:16:58.240 --> 0:17:00.360 of changes current car, but he'll buy his new car 0:17:00.400 --> 0:17:01.840 for less mine as well. So yes, now is the 0:17:01.920 --> 0:17:03.800 time to do it. I think as a year progress 0:17:03.920 --> 0:17:05.560 is Yes, he'll probably get a little bit work back 0:17:05.560 --> 0:17:08.800 for more for his current car, but he'll pay more 0:17:08.800 --> 0:17:09.400 for the new car. 0:17:09.880 --> 0:17:11.920 Let's talk about what John's going to do when he 0:17:12.000 --> 0:17:14.800 goes to buy the new car. You've actually got a 0:17:14.800 --> 0:17:16.800 great guide to this center. I don't I don't want to, 0:17:16.840 --> 0:17:18.440 you know, pick up actually too much. But if you 0:17:18.480 --> 0:17:20.040 go to his website, there is a great guide to 0:17:20.320 --> 0:17:22.359 how to buy a used car. And obviously if you 0:17:22.359 --> 0:17:24.159 don't want to read that, that's okay, because actually's going 0:17:24.160 --> 0:17:26.600 to tell you right now one of the most important 0:17:26.640 --> 0:17:28.679 things you need to have in mind if you're going 0:17:28.840 --> 0:17:31.520 to trade in your unsuitable car for one that will 0:17:31.520 --> 0:17:32.720 make children like him more. 0:17:32.920 --> 0:17:36.680 Absolutely so. I mean, the guide is twenty eight pages long, 0:17:36.800 --> 0:17:38.520 and I try to keep it short from some of 0:17:38.520 --> 0:17:41.480 that is appendices. So there's a lot you can learn 0:17:41.520 --> 0:17:43.920 about how to buy a buyer cars. It's free to 0:17:43.960 --> 0:17:48.480 download from our website, so anyone's very welcome to distill 0:17:48.520 --> 0:17:52.000 it down into three top tips. I'd say top tip 0:17:52.080 --> 0:17:54.800 number one is to buy a car from someone you 0:17:54.840 --> 0:17:57.640 get on well with, which sounds like a weird thing 0:17:57.680 --> 0:18:00.240 to do. And I know we all like to buy 0:18:00.280 --> 0:18:02.560 to give our money to people we like, but there's 0:18:02.560 --> 0:18:05.080 something about that level of trust in your gut when 0:18:05.080 --> 0:18:07.280 you're spending so much money that's got to be right, 0:18:07.720 --> 0:18:09.840 you know, if something doesn't feel right or deal just 0:18:09.880 --> 0:18:12.840 seems good to be, to just walk away. Yeah, and 0:18:13.080 --> 0:18:16.000 you mentioned houses when we're talking at the start. You know, 0:18:16.080 --> 0:18:18.600 houses are very different. Every house is different from well 0:18:18.640 --> 0:18:20.320