Don't Buy Your Mercedes With Cash! Here's Why

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3 жыл бұрын

Don't Buy Your Mercedes With Cash! Here's Why
When you're buying a luxury car from Mercedes or another dealer, you always get asked the question whether or not you'll be buying with cash, financing, or leasing. I'm going to explain why you should never tell the dealer you're paying cash, and why it doesn't make sense in general to buy a luxury car.
Let me tell you my experience, and explain to you why these options aren't the #best way to #buy a #new #car
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Пікірлер: 313

@Meatpie_Samurai 3 жыл бұрын

1. Don’t tell them you’re paying cash. 2. Negotiate a financing 3. Make sure there’s no pre-payment penalties 4. After driving off with your car, Send them a check the next week paying off all the money.

@jeffmays7192 3 жыл бұрын

I took the financing 1.9, that’s very cheap money and got a good deal on the bottom line. I can choose to pay it off at any time.

@vcliburn 2 жыл бұрын

But how would you handle a trade-in? I wouldn't tell them up-front that I have a trade-in, because then they'll play one off against the other. So, how and when do we introduce the trade-in?

@marionharris5952 2 жыл бұрын

Genius

@Sugarshane88 2 жыл бұрын

Never buy one just lease them

@ruthkief8962 Жыл бұрын

That was my thinking pay off the car early. They don't charge a fee if you pay the car off early?

@spol1622 3 жыл бұрын

My son used to sell Mercedes. He told me that they screwed up buyers the most with financing terms....so I would disagree... Go to the dealer, negotiate lowest price and pay cash....but do not let them know while negotiating....most likely they will not ask since such pricy cars are very rarely purchased with cash....

@JustMe-999a 10 ай бұрын

You didn't watch the video

@mperry3233 3 жыл бұрын

Knowledge is Power!! Thank You 🙏🏾 for this 😘

@ECPP 3 жыл бұрын

You are so welcome

@morrissway6052 3 жыл бұрын

Thank you for this important info. Very good advice good to know. Keep'um coming.

@ECPP 3 жыл бұрын

Thanks a lot. Cheers.

@scottknoll2748 3 жыл бұрын

Good morning Mark, great advice, thanks for making this video, have a great day stay safe my friend 😎

@beclearinc 3 жыл бұрын

Thanks for such a great video. I just started car shopping this month and hope to be finished by 1.4.2021. Your insights are invaluable.

@ECPP 3 жыл бұрын

Thank you very much. I would love to hear about what you end up buying

@johnbates606 3 жыл бұрын

Good video champ hopefully this will help people

@maddcrz 3 жыл бұрын

I swear I learn so much from you

@TennilleNikita 3 жыл бұрын

SUPER helpful, thank you!

@ECPP 3 жыл бұрын

You are welcome

@gerryfimiani4504 3 жыл бұрын

GREAT INFORMATION THANK YOU!!!!!!!

@ECPP 3 жыл бұрын

Thanks a lot Gerry. Have a great day.

@stephanieroberts1394 3 жыл бұрын

Thank you Mark for all you do for us. This was so helpful. I appreciate it.

@ECPP 3 жыл бұрын

You are very welcome

@lovesharma567 Жыл бұрын

@@ECPP I just got a question, cause nowadays mercedes themselves take care of the pricing and not the dealers, I used your strategies and negotiated, and all the said was the dealer can't do nothing because they don't control the car prices any more, only mercedes headquarters themselves do (this in Australia btw)

@eveschannel9781 3 жыл бұрын

Great advice, thanks 🙏🏼

@ECPP 3 жыл бұрын

Thanks a lot for watching

@keno.8478 3 жыл бұрын

Thank you for the great info. 😎 from Guam

@ECPP 3 жыл бұрын

Thank you very much for watching. Have an awesome day.

@wasteoftimeonline 2 жыл бұрын

I bought the added “wheel and tire protection” on my BMW 535 with 19” rims and Michelin Run-flats. 24 months/10 tire replacements/2 bent rims later, it was well worth the purchase! Simply had to trade in the car due to anxiety of driving and not knowing when the next blow out was going to occur. Great concept for weight management and distribution but terrible in practical execution. I haven’t thought about returning to BMW since.

@killygoan1312 3 жыл бұрын

Thanks so much, brilliant advice!

@ECPP 3 жыл бұрын

Thank you very much

@rbfarrell1 3 жыл бұрын

Thank you! Good video.

@simplyb.8959 2 жыл бұрын

Thank you! I learned something!🤩💜💛💛❤💯

@lobsterwhisperer7932 3 жыл бұрын

that 5 spoke design on your bench.. and variations of it never gets old.

@ECPP 3 жыл бұрын

Thanks a lot. Cheers

@vickymanghera1369 2 жыл бұрын

Thanks for all the info Mark..

@ECPP 2 жыл бұрын

You are welcome

@ThaGodLegacyHD 3 жыл бұрын

Do a video on used car dealerships when it comes to buying with cash.

@ECPP 3 жыл бұрын

Is there a specific fact you are interested in?

@gregoryhill6588 3 жыл бұрын

Thanks friend appreciate your info.

@ECPP 3 жыл бұрын

Thanks a lot Gregory. Cheers

@tamikasimeon7971 3 жыл бұрын

This was really informative! 📝

@Which_Way 3 жыл бұрын

Bought a new coupe over the phone (the dealership was 300kms away) Financed from third party and the car was delivered at Midnight off the back of a Car mover(truck). The best way to shop.

@rbfarrell1 3 жыл бұрын

Thanks! Good video.

@jamesmurray6193 3 жыл бұрын

a better technique to that (overpriced) 'certified' pre-owned warranty is to shop your repair locations beforehand, to include the warranties services they offer (of which they KNOW the best warranty companies and you likewise find your best repair shop opportunity), instead of paying top-dollar for a so-so warranty direct from dealer.

@clivejackson3049 3 жыл бұрын

Thanks for the information

@ECPP 3 жыл бұрын

You are very welcome

@robertomangioni9272 2 жыл бұрын

really great video, thanks

@ECPP 2 жыл бұрын

Glad you liked it! Have a great one.

@demilsoncunha2034 Жыл бұрын

You are the best, thank you.

@FQ1998 3 жыл бұрын

A video on how to pay when we are buying a used car from private, that would be great.

@cmd_76 3 жыл бұрын

Good advice bud 👍

@ECPP 3 жыл бұрын

Thanks. Cheers

@yashar350 3 жыл бұрын

thanks bro for your advice

@ECPP 3 жыл бұрын

You are very welcome

@jitterbuba 3 жыл бұрын

This lesson is well worth listen to (subscribed instantly... nice flow... and facts are there like 1-2-3)... the thing is... I don't want my CEO to see that I have a loan... like everybody else... but again I have no problem if the loan is only for few months... and slap the dealer with the cash I already got when I've entered the fence. In my 28 years of driving I've only own 4 different cars... 1975 WV bug, 1991 WV Passat (p), 2001 Passat (d) and 2007MB C220... all were used, all payed with cash... Now I got sick about MB GLK or BMW X3... I'm kinda used to a gentle and comfort ride of MB C220... Will I be disappointed with GLK or X3 considering smooth ride ? Just want to move to a SUV because of higher position and easier to enter and exit car. Hope it makes sense... will be glad if someone can say something about that.

@IvansBikesBmws 3 жыл бұрын

Lots good tips.

@vcliburn 2 жыл бұрын

Great advice about NOT revealing whether or not you're paying "cash" up-front! But what about a trade-in? You also said something about not revealing that up-front as well, since the dealer will often try to play one price against the other, i.e., give you a better deal on the new car, but give you less for the trade-in, and vice versa. So, WHEN and HOW do we introduce the trade-in? Do we mention it to the salesman in the course of our negotiations, or what?

@1kbconstruction824 3 жыл бұрын

Great video

@ECPP 3 жыл бұрын

Thanks

@zbigniewbagadzinski4730 3 жыл бұрын

Great video.

@ECPP 3 жыл бұрын

Thank you very much

@Geraldlord5303 3 жыл бұрын

Very going advice thanks

@ECPP 3 жыл бұрын

Thanks

@archangelz558 3 жыл бұрын

Dude, just do everything over email or phone, dont get into that whirlpool in person.

@itguru2037 3 жыл бұрын

Did exactly that. I pick up my 2020 S Class tomorrow end of year clearance. Saved 20k.

@jpdavis6042 3 жыл бұрын

Rolex Dealers want cash, they must know what to do with it, lol. A different story in the car world when it comes to cash. They even seem to dislike more the use of a credit card if you have the deal down to the bone (pay a point). Man, Mark, I like the way you ran this down. Congrats your sub count.

@TooFrost 3 жыл бұрын

I enjoyed the video a lot

@ECPP 3 жыл бұрын

You are so kind

@omarelmeslouhi2550 3 жыл бұрын

good video , how many years is the cpo warenty on your mercedes , and is it covering everry thing or just engine . tks

@IvansBikesBmws 3 жыл бұрын

I also I agree on protection packages.

@classicsalsa3589 3 жыл бұрын

Is a great idea if you have a perfect credit but let's be honest if you have money to pay cash for a real Mercedes like an S model or something like that ... Who cares about depreciation....

@dnzgarage 2 жыл бұрын

A wiser person will still care because every penny saved is a penny saved. Even if you have the money why not try to save as much as possible

@tocor71 3 жыл бұрын

thanks.....from Portugal

@ECPP 3 жыл бұрын

Thanks for reaching out. My wife is Portuguese and specifically the Azores which is a breathtaking place. Have an awesome day.

@AndyofCT 3 жыл бұрын

Having the flexibility of cash is great, but it’s almost never the best way buy if you have solid credit.

@ECPP 3 жыл бұрын

Yes

@turnne 2 жыл бұрын

Its worth mentioning here that the "low cost" financing sometimes means that you pay a higher price for the car because of the dealer required contribution Also...be careful of " certified pre-owned" luxury cars as they seem( in my opinion) to really charge for that In a luxury car they seem to try to scare you into paying more by implying about what your repairs will be I have no issue buying a an off lease luxury car with a good history and buying my own extended warranty versus the $3000-5000 that companies like Mercedes benz tack onto the price for their CPO program

@falklan 7 ай бұрын

I keep hearing about what not to do at a dealership when purchasing a vehicle. When will we ever see documentation and training videos outlining what to do at a dealership from the moment you arrive and exit your vehicle.

@ECPP 7 ай бұрын

I have given this info

@dzmitrykharytonchyk4161 2 жыл бұрын

Thank you very much🔥🔥🔥

@ECPP 2 жыл бұрын

Thanks

@pointofperspectivepodcast3986 3 жыл бұрын

Outstanding info!

@ECPP 3 жыл бұрын

Thanks a lot, I hope it helps.

@splitraven7060 3 жыл бұрын

@@ECPP I agree. Thank you so much. :)

@johnlacroix1639 2 жыл бұрын

WOW very interesting super kool ,1st class great info.,, AAAAAAAAAAA++++++++++++ again great video I liked it a lot ,keep up the great work.

@is4life862 3 жыл бұрын

Good tips on big savings when buying a car 👌

@ECPP 3 жыл бұрын

Thank you very much. Have a great day.

@spythe 3 жыл бұрын

just my 2 cent, Windshield repair and upfront cost of maintenance are the only 2 things I've used from the add ons. I have an Audi Q5.... and the windshield got cracked within 2 months of owning the car..... Since I had that add on, it saved me close to 2k which basically was the cost off all the additional add ons.

@Scotford_Maconochie 3 жыл бұрын

What about ur car insurance as a glass cover?

@funfun5656 Жыл бұрын

I've had dealers literally try not to sell me a car because I have a tendency to come in with cash to buy the car they have at too low of a price just to get people in the door...They know I don't buy my parts at their parts department and there's no money to be made on financing with almost nothing to be made on the sale. They literally pulled an ignition coil out of my old 6 series to pretend it had a rough idle when I came to test drive it. (I pay cash because sometimes I have extra cash from my cash business)

@ECPP Жыл бұрын

Wow, that sounds shady indeed

@itguru2037 3 жыл бұрын

Never pay cash for any car. Never. Lease and invest your cash. Picked up my 2020 S Class tomorrow end of year clearance. Saved 20k off msrp here in NOVA. HAPPY HOLIDAYS

@ECPP 3 жыл бұрын

Good choice! Congrats on your great choice. Those machine are wonderful. Have a happy holiday as well and thanks for reaching out.

@TheGecko213 3 жыл бұрын

You could have taken their in-house finance and then paid it off in three months or the next month . Just ensure there is no pre payment penalty . I have done it twice and got the cheaper finance deals .

@ECPP 3 жыл бұрын

Same here and yes that is a clause now, as I mention later in this video and many lenders not waive that penalty.

@markkhouri30 3 жыл бұрын

Most cars like you mentioned Mercedes, BMW, jaguars, are between 35-50k. If you get a loan term of 24 or 36 months as you claimed the payment would be $500 to $800 a month, every month, that’s just not feasible for most people. Negotiate not from the selling price but the manufacture price and then pay cash (in the form of a check)🤔

@Lokidoesit 3 жыл бұрын

The old vehicle thing is really funny 😆

@ECPP 3 жыл бұрын

Cheers

@johnbates606 3 жыл бұрын

It’s simple take the monthly, times this by the term to give you what your actually paying. Do this before anything else. If you want a warranty this will be a different get a quote from someone before going through this process. Once you have all the info do everything else via email so that you have a record.

@danilocascon1841 3 жыл бұрын

How about prepaid maintenance? Do we need to get this and add up to the price of the car to be refinance?

@FatherPars51 2 жыл бұрын

I literally work at a dealership and we ask how you’re paying so we can see if we have cash rebates or low finance rates lol.

@pilotgirl5953 3 жыл бұрын

I never pay admin fees. either put it in the price or no deal.

@ELP1125 2 жыл бұрын

This is why I don’t go to dealerships. Buying a car shouldn’t involve all these secret codes and techniques and 💩. Imagine if you had to negotiate the price every time you went out to eat, “Well I didn’t eat my whole chicken, so I should pay this, and that”. Exhausting. Set a flat rate and call it a day 🙄

@andygriffiths9916 Жыл бұрын

Also shop for a car at the end of the financial year when the dealer needs volume of sales

@ECPP Жыл бұрын

exactly

@hcbnett Жыл бұрын

Cash is KING ..... after you have done the financing!

@ECPP Жыл бұрын

Thanks

@UF250 3 жыл бұрын

They always charge you a lot of fees when you finance any loan including mortgage.

@dotover9013 Жыл бұрын

Seen several ads where your told upfront the price is for financing. If you pay cash, add $2k. Most of the financing from these car companies have ‘open loans’ meaning no penalty for early payment. Save yourself stress and just get the financing terms and then pay it all off next month if you have the cash. There’s no interest penalty like a mortgage, but ask to confirm.

@akanand661 2 жыл бұрын

Watching this after paying cash and I knew them extra warranties were trash just wanted to protect the 20 computers the car got 😂😂😂

@tony34star 3 жыл бұрын

Final line absolutely, can you do better for cash?

@cdb3g 3 жыл бұрын

Would it be better to finance a car through a credit union instead?

@GooseIzLoose 3 жыл бұрын

So what if u have terrible credit and you know you won’t be able to get the car you want through finance but you have the cash to buy it straight up what do you do then?

@lobsterwhisperer7932 3 жыл бұрын

you pay cash, why would you want to pay all that interest which adds up in the thousands?

@RT-mm8rq 3 жыл бұрын

That's what my parents did with their Lexus, negotiated a great finance price, made one payment, payed off the car when the next payment was due.

@76golub 3 жыл бұрын

What is the point ? Usually it is simple interest loans .

@RT-mm8rq 3 жыл бұрын

@@76golub The point is that dealerships will generally give you a better out the door price if they think you are financing your car, and of course if you pay it off early you save alot of money.

@bighit20100 Жыл бұрын

@@76golub because dealers make more money on financing. Ergo they charge interest on the length of the term of the finance. So they will be more willing to give you a cheaper price on the car since the interest rate on the whole will more than compensate. But the trick is to pay off your loan right after taking it, so the interests dont compound, saving you money + you got the cheaper deal already to start with. Ofcource this depends on the finance terms (e.g. free downpayments, compound or total interest)

@billnye5183 Жыл бұрын

My grandparents can buy almost any car u can think of in cash but they always use credit then pay up on it explains why they have a 800plus score ;-;

@dirklevmilk Жыл бұрын

Perfect

@ECPP Жыл бұрын

Thanks

@malcolmnicholls2893 3 жыл бұрын

Someone said to me: Take some on finance (or all). If the car is a lemon the finance company may help you if you have a solid comlaint, especially if you withold payment !

@bighit20100 Жыл бұрын

Yes withhold payment… sure that works… they will just come and take your stuff and slap you with fines lol

@aaronoliver2235 3 жыл бұрын

What about G-wagons? They depreciate differently than any other Mercedes. I see used G-Wagons on the market right now costing more than New G-Wagons. Weird right?

@Wipsplash 3 жыл бұрын

Is it possible to get the best price with financing then within a week pay it off so no interest accumulates? I have always bought used cars from private sellers cash so I have no experience with dealers and financing.

@ECPP 3 жыл бұрын

This is the situation that I faces and so from my experience it is possible.

@lynsnyder9165 2 жыл бұрын

I understand to never mention cash and settle on the lowest finance price. What if you plan to put half down in cash and finance the rest at your own bank and not through the dealer?

@johnbates606 3 жыл бұрын

So then it comes to the mechanical breakdown insurance. Be careful with this. They are all different. Check what’s covered carefully and under what conditions you have to live up to.

@Costarluv007 3 жыл бұрын

What about the interest you pay on the finance. It is more than the saving interest.

@Costarluv007 3 жыл бұрын

@rvidal0001 what's your savings interest? In my country prime rate is 5.25% and you can't pay below it in a car loan. Normally prime plus 2 is the minimum rate. Personal loan is up 18% total interest unless you negotiate down to 14% i.e if you are an affluent client

@davefox7516 3 жыл бұрын

I'm still going to use cash, at least for a used car, not for a new car.

@staffy73 3 жыл бұрын

What if we have cash on hand but are trying to put our lives back together and do not have good credit what if anything can we do then?

@mmabouts Жыл бұрын

The highest price surely sounds financed. I've always had cash and I had my price in mind (after doing my research) ... If the seller isn't willing to accept my offer then I walk. More often than not the seller will call you back for the sale

@senseofstile 3 жыл бұрын

I don't know about Canada but, in the US, you will need to read the terms of the loan yourself. Ask the salesman? Yer outta yer mind. The salesman can legally lie to you.

@ECPP 3 жыл бұрын

And sadly some do

@senseofstile 3 жыл бұрын

@@ECPP I would say 100%. They have the legal right to lie. It might be different in Canada. You better call that warranty company. It is a scam. The salesman will pocket the money and never file it. It is quite common. If you call the warranty company and find out the salesman did not file your warranty, it might be wise to make a video about it.

@muhammadmudassir7002 Жыл бұрын

Do the same strategy works for buying new cars?

@cubaleyenda 2 жыл бұрын

Hi! Question- I have a 2020 Toyota hybrid RAV4 ( 4095 miles ) and I owe 32,500$ - I checked with Kelly blue book on line and it says that the value s 41,128 - I want to sale it ! Where I should go to do so?

@sidharthchand8072 3 жыл бұрын

Get a pre Purchase inspection And avoid buying that aftermarket warranty

@f32_boost52 3 жыл бұрын

Dealers make most of their money on the finance. You can take the loan and then pay it off as soon as the first bill, BUT there could be an early pay penalty.

@gaara4667 3 жыл бұрын

Wait why is early pay penalty a thing?

@f32_boost52 3 жыл бұрын

@@gaara4667 Because the lender is penalizing you for paying off the loan, thus they lose on all the interest. Not all lenders have this clause.

@ECPP 3 жыл бұрын

Exactly

@ECPP 3 жыл бұрын

Yes the lenders want to earn your interest and if you walk out early, then they feel robbed.

@gaara4667 3 жыл бұрын

Alright thanks

@jimmycain8669 Жыл бұрын

I don’t tell a car salesman anything about my business. They don’t kick me anywhere because I control the deal or there is no deal.

@ECPP Жыл бұрын

Best to try to keep things that way

@user-bp6fi2tg3y 3 ай бұрын

So if I get this right, with finance rates currently high, now is a good time to make the dealer *think* you don't have cash even if you intend to pay cash.

@sdmempire99 3 жыл бұрын

So how are paying today sir? I’m paying cash 💵 lol 😂

@alexandercrush 3 жыл бұрын

1:16 Actually it doesn't matter. If you say you are financing and then say cash they just increase the price and say that was the finance discount.

@rastarecordsent 2 жыл бұрын

You being real never ever tell them how much u really have or cash it out do a down payment or zero down to build up yo credit

@ECPP 2 жыл бұрын

nice

@sonny12681 3 жыл бұрын

I say pay all cash to buying used cars but finance brand new cars. But when paying all cash wait till the last minute, deep with in the deal.

@crowleywilliam1 3 жыл бұрын

I worked in-car dealership in South Caroline in 1 year I sold 215 both new and used cars and only 1 person was able to pay up front in full for the car.the other 214 people needed to get some form of credit .so cash is not king if 99 percent do not have it

@koketso_dithipe 3 жыл бұрын

Now, we can buy and customise our cars online. Is that advisable?

@derrickodyes1934 2 жыл бұрын

Dealers make so much fluff by adding a few percentage points on your finance and also add extended warrante money into financing cost wherevextented warrantee doesnt have finance costs. So for a $3000 extended warranty at 4.5% adds up to a lot of money

@yatapote 3 жыл бұрын

In others words, car dealerships need to get disrupted.

@ECPP 3 жыл бұрын

You bet. Cheers.

@purdeemc 3 жыл бұрын

Not to mention if someone hits you and it’s totaled the loan gets paid off if you get Gap!

@josephlgamblejr9560 2 жыл бұрын

Everything he saying is good advice in true but you have to have good credit don't go in there with no cash in a 480 credit score thinking you're going to get Great financing if you get 580 or 610 credit score come with cash

@ECPP 2 жыл бұрын

That’s a fair statement

@rlg222 3 жыл бұрын

That's the ticket! My father told me growing up that cash is king and always pay cash when buying a car. I now understand it differently. Your are correct. Its the smart move... I know using your business is even better...

@bighit20100 Жыл бұрын

Cash is king refers to the practice of NOT spending your cash if you can finance it periodically. Keeping liquidity is more important because it will enable you invest your money instead being tied up in assets 😉