8 Common MYTHS told to Car Buyers (Car Prices) Kevin Hunter The Homework Guy

Kevin Hunter The Homework Guy busts these 8 common car buying myths that car salesmen and car dealerships tell to car buyers. We're here to help you WIN at your next car buying experience.

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Myth #1: “Cash is King — they’ll give me a better deal if I pay Cash.”
❌ Why it’s wrong:
Actually, dealers often make more money when you finance (they get great kickbacks from lenders). This means they don’t especially like cash buyers. If you pay cash, they might offer you a worse price or actually try to tack on a cash handling fee! If you look back a few years in our video line up, you’ll find show titles like “Don’t say I’m Paying cash” and this is the reason why.
🚫 Myth #2: “You need to buy today or this deal will be gone.”
❌ Why it’s wrong:
That’s just high-pressure sales talk. Unless it’s the final day of a rare manufacturer incentive, the car will still be there tomorrow — or you’ll find another just like it.
🚫 Myth #3: “You have to finance through the dealer to get a good interest rate.”
❌ Why it’s wrong:
Dealers often mark up interest rates on loans they arrange, and pocket the difference.
🚫 Myth #4: “You got a good deal if the monthly payment is low.”
❌ Why it’s wrong:
Dealers love to stretch your loan over 72, 84, 96, or even 120 months to make the payment look low — but you could be overpaying by thousands in interest or marked-up extras. Don’t ever accept such a long term that it’s more like a mortgage than a car loan. Not only does it cost you a ton more money, but a low payment often hides a very bad car deal.
🚫 Myth #5: “The internet price is the final price.”
❌ Why it’s wrong:
That “great” online price often doesn’t include dealer add-ons, fees, or markups. In fact, the internet price is almost NEVER what the price actually is! The likelihood is that you show up and suddenly it’s $2 to $3,000 more.
🚫 Myth #6: “Certified Pre-Owned (CPO) cars are always a better deal.”
❌ Why it’s wrong:
CPO cars are used cars with a warranty, but they also come with higher prices — sometimes more than they’re worth.
🚫 Myth #7: “The dealership’s warranty covers everything.”
❌ Why it’s wrong:
Most warranties have lots of fine print and exclusions, especially third-party ones sold at the F&I desk. As Dave Ramsey reports, most warranties pay out just 10 to 12 cents per dollar spent on them.
🚫 Myth #8: “The salesman is on your side.”
❌ Why it’s wrong:
Even if they’re friendly, salespeople work for the dealer, not for you. They’re trained to maximize DEALER profit.