WRKO>Audio & Video on Demand>>Phil Reed (NerdWallet, Car Buying Apps)

Phil Reed (NerdWallet, Car Buying Apps)

Dec 6, 2017|

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

They say video ipad's ten pounds. But don't tell Berrian charging the financial exchanges alive every day on FaceBook and YouTube this is the financial exchange radio network. Adding to the list of things that you can do with your Smartphone to be talking now with he'll read from her wallet about the top ten car buying apps and Phil thanks for coming on with us. What are good debater though let's start first what went I'd go to the dealership to go and tried to go by car is that the wrong way to do it now. I wanted to talk a lot that you can do before that and when you do go directly to the dealership. You've given up some negotiating leverage these pictures there physically. So if you use one of these apps you can contact multiple dealerships and find out what the market is doing in your area. Before you actually go to to the car dealership. So let's look at some of these apps and kind of highlight some of the key features in terms of the ones that stand out that people need to be looking out when they're making a purchase are there any of these that you you think people really need to news. You know what I would say that there are so at least three here that cover our pricing. So Lou you know everybody knows there's a sticker price and there's also the invoice price but there's usually what we called the true market value price. And that's that transaction price and other words that's what people are actually saying. For that car at that time. And that really that big car site here would be true car has. Repressing information of course Kelly blue book has been in the market for nearly a century not online now of course it's. And Edmunds dot com so those three I would say. Are the most general and the biggest. The list that we found here but there's some other sites here that are very useful to. In terms of the the apps that actually allow me to buy a car. On that app just by pressing a button or any that allow me to do that or do I still to go into the dealer at some point. You know kind of thing as a lot of people don't realize if you're buying a new car that new car has to come from the franchised. Dealership. So you and if you go through a third party sites that crop will be coming initially from the dealership and you will have to. Sign a contract then and do a lot of the legal. Paperwork. But that you can't. Simply press a button that may be coming there's a lot of people working on that right now because. I think it's what people expected in this day and age but no you can't just press a button. The paucity income we have on the list and by CarMax. Which Shelton mainly used cars. And you could arrange the delivery of a carpet you're still gonna have to go pick it up in some cases some of these people might deliver the cork your home but again they'll arrive with contract. So. So fun hearing correctly it sounds like that the two biggest things that you get out of using these apps are one. The ability to see you know different prices of vehicles from different dealers then also get those dealerships beating against each other is that the is that what I'm gathering. Yes and that's actually curtain that's huge I mean if you if you don't. Serb seek a competitive marketplace. You're not gonna get to correct past price so that is one of the key benefits. There's a couple of other things here which is vehicle history reports you're buying a used car are sometimes include bit. In these apps so it here was to something online and it looks as you can quickly take a look at their cars histories that would be really good also. Ratings and reviews what other people have out of the car and work automotive journalists took out of the car is very you know important. And the consumer reports also on our list here for general car buying information. Looking at these the you know these different apps do you have any numbers on how much people are able to save by using them as opposed to just going to a dealer. Yeah a case of this and number of ways to send it to say in court he'll personally wanna get best financing possible so some of these late. I will link you to financing. Does one take advantage incentives. And also won best price for the new Korea buying and you're trading at just roll out those things together. In the you know you could be easily saving. 2000 dollars. In any case that you could be saving more than that it here you can have deal involving trade and so it's really it's very substantial year so that's worth taking a look at. Are good Phil thank you very much for the time gets up and soon. Thank you. He'll read from her you know the he raises a really good point on the trade it. And in no way have you ever had to do this trade in vehicle yes. It is in easing. The difference. You'll get on tree from a dealer compared to a private sale or multiple dealers Alia private sale Euro EU should be able to do quite a bit better. But if you look busy you know trading it is is easy. You know in it it's just right very efficient in Europe to go through the park itself. But I went to multiple viewers. I couldn't believe the dollar about difference is they also logged on just an auction the car off so you know you can get you could check the price of another dealers can beat saint. That's not true that is not true yeah go to multiple dealers to get the offer on your used car treated. Yeah when idea I didn't do that when I traded in my last one night I do you regret not being a little bit dot tougher on which he had four. Remember 3000 this year car was totaled and it was yeah I mean it was it was not a Sony unit Lleyton for me it was like. Though I was trading in a couple cars at the same time. And between the two vehicles. It was coastal 4000 dollar difference among like that EC didn't work at a flat tire like hey I fail I think I I will and on and no offense Jack but I would not buy a used car. I wouldn't even in the I would be not not when that you draw data used a white guy I don't buy it I wouldn't buy one for me like I wouldn't buy a used car would invite your old car.