WAIT! ARE YOU THE REAL PROBLEM? Kevin Hunter The Homework Guy
Be honest- are YOU the car buyer the reason you're not getting a good car deal on new cars or used cars? Kevin Hunter The Homework Guy talks car buyer expectations and how to prepare yourself to buy a car in today's market.
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1. Unrealistic Expectations
Let’s start with this one, and it’s a very big factor. A lot of uninformed buyers have completely unrealistic expectations because there’s also a tendency to just artificially make up a number and say “This is my budget.” . It starts by looking at what they think they can afford, and then saying something like, “My budget is $25,000”… and following that up by saying they expect to get a car listed at $34,000 car for their $25,000 number. They want a fine wine car on a beer budget. That doesn’t work. To be effective as a car shopper, you must be in touch with reality, because dealers only consider offers that are reasonable..
We’ve seen it: the person who wants a brand-new luxury SUV for the price of a used Toyota Corolla. Or the guy demanding that the dealer gives him a $10,000 discount off sticker when the market barely supports a $1,500 discount.
Homework Guy Tip: Do your homework before shopping. Always know what fair market prices are. Look up the recent selling prices of the vehicle you want in your zip code, not just national averages. Tools like auction data, Black Book, or the actual OTD quotes we chase for clients will tell you the truth. NEVER walk in blind expecting a miracle to happen for you.2. 2. Financing Mistakes
Next up—financing mistakes. Ooh, this is a big one. Too many buyers walk into a dealership without a pre-approval, without knowing their credit score, and without any idea what interest rate they should qualify for. Huge mistakes!
Homework Guy Tip: Pull your credit before you shop. Get pre-approved with your bank or credit union. That way, you know what you qualify for, and you take away one of the dealer’s biggest weapons.
3. Shopping Emotionally
Here’s one that dealers absolutely feast on—emotional shoppers. Buyers who “fall in love” with one car and absolutely have to have it.
You can smell that emotional desperation from across the showroom floor. When you walk in gushing about the red leather seats, or how perfect this model is for your family, the dealer knows you’re not leaving without it. And they’ll make sure you pay for that enthusiasm.
I always tell people—never let the car pick you. You pick the car. If you get too emotionally attached, you lose your negotiating power instantly.
Homework Guy Tip: Be willing to walk away. Always have a second and third choice ready. If the dealer knows you’ve got options, you regain control.
4. Wasting Everyone’s Time
This one might sting a little, but it’s very true. Some buyers are just… time wasters.
You know the type—test driving 15 cars with no intention to buy, bouncing from dealer to dealer with no plan, or asking for OTD quotes on half a dozen vehicles they don’t even like.
Homework Guy Tip: Narrow your choices before you start contacting dealers or step onto a lot. Do your research online, figure out the models and trims you actually want, and only then start asking for quotes.
5. Lack of Homework
And finally, the biggest self-inflicted wound: buyers who don’t do their homework.
These are the folks who believe dealer ads at face value, think “$199 a month” is the whole story, or don’t even know what rebates and incentives their vehicle of interest qualifies for.
Or worse, they never ask for the Out-the-Door price. They focus on the monthly payment or the phantom discount, and then act shocked when the final paperwork shows thousands in extras.
The OTD price is king. If you’re not negotiating based on the OTD number, you’re negotiating blindfolded.
Homework Guy Tip: Always demand an itemized OTD quote in writing. If the dealer won’t provide it, that’s your clue to walk away.
6. A very Weak Approach to Getting the OTD Price
A lot of buyers say, “I can’t get dealers to give me the Out-the-Door price.” And while it’s true that some dealers flat-out refuse, often the bigger problem is HOW the buyer asks for it.
That’s right. The buyer’s approach is usually weak.