So we all know the prices of used cars have gone up dramatically and there is a lack of inventory.
For the record we’ve been following an index that is showing the prices are finally beginning to roll over, the Manheim index… digressing…
Shady at Best, Rip Off at Worst
One of the largest, and maybe former most prestigious major auto dealers in the Dallas Texas area was responsible for the following actions:
Mom of a high school seniors’ late model car takes the car to the aforementioned dealership due to an instrument light giving a check engine warning signal.
The formerly reputable dealership does a so-called detailed analysis of the car, only to return with the horrible news that the motor is completely shot and the car is worthless.
But wait, the dealer offers to gladly take the high school seniors’ late model …and only form of transportation off of his mother’s hands for $4000.
Disturbed by the whole situation and uncertain as to which direction to go … mother returns the allegedly ailing car back home to plan an appropriate path forward.
About 7 to 10 days later, plans still uncertain… the dealer calls and has an increased offer of $6000, out of the kindness of their heart.
Still with no plans for a replacement, no movement by the mother or family!
In an “You can’t make this Up Moment”, about a week later a new offer of $10,000 was made from the same dealer, once again via phone call!
With an offer of well over twice the original offer, a second opinion for the alleged ailing car was in order.
A trip to the neighboring auto shop, and $50 later the automobile was not only completely fixed but told it should last at least another hundred thousand miles and was in terrific shape.
Make what you want of this experience, sadly, this offer was only discovered because of the premium repeated offers did not ask the smell test.
Happily, the senior now has wheels and is much more appreciative of those wheels now!
Have a Great “Keep Your Used Car Offer Guard Up” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth