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How to buy a car without getting ripped off (Marketplace)

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How do you buy a car without getting ripped off? We go undercover to investigate how some dealerships push long-term loans without explaining all the risks. To read more: http://cbc.ca/1.4402394 »»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS Connect with CBC News Online: For breaking news, video, audio and in-depth coverage: http://bit.ly/1Z0m6iX Find CBC News on Facebook: http://bit.ly/1WjG36m Follow CBC News on Twitter: http://bit.ly/1sA5P9H For breaking news on Twitter: http://bit.ly/1WjDyks Follow CBC News on Instagram: http://bit.ly/1Z0iE7O Download the CBC News app for iOS: http://apple.co/25mpsUz Download the CBC News app for Android: http://bit.ly/1XxuozZ »»»»»»»»»»»»»»»»»» For more than 75 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
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Text Comments (2885)
Danielle McPherson (15 hours ago)
I am glass I watched this
myriam hajri (20 hours ago)
one of marketplace's best. super duper valuable information here for people who may be uninformed about car retail. Thanks Marketplace!
Nathan H (1 day ago)
It is always a rip off. Dig deep enough...and you will see.
wpok101 (1 day ago)
We need a lemon law in Ontario so bad, why do they like corporations prey on poor people is beyond me.
Isaac Shuster S (1 day ago)
Regarding cars I follow 4 rules: 1. The car must be worth at most either 10% of your post tax anual income or 5% of your net worth. 2. Your downpayment most be a minimum of 35% of the FINAL value of the car (when you finance, the interest rate will rise the price of the car. You have to find out how much you would have paid for the car at the end of the credit to know how much its final value is) and the max term for the loan is 2 years. Paying 100% outright is also a good option 3. Buy used 2-3 year old models in the best conditions you can find them and ALWAYS negotiate the price, you have plenty of options. (This way you dodge most of the initial depreciation, ignore this one when buying collectibles/exotics that have a chance of apreciating over time) 4. Buy quality, the minimum time you should keep a car is 10 years. If it lasts you more, even better. If security regulations/characteristics change dramatically by all means you can bend the time you keep a car. One thing is being financially responsible and other completely different thing is being reckless. Jusy my 2 cents on the matter.
Tesla will make all these car dealers vanish into thin air.
Jacky Patel (1 day ago)
Government need to do better job
DJ Goggy (1 day ago)
Go to a public auction pay cash. Do not put yourself in debt. From $1000 can get you a reliable used Toyota Honda Nissan etc
Artyom Arty (1 day ago)
soooo, where is the ripoff? I drive a 2009 ford explorer and before that I drove a 2002 ford runner (which now someone else drives) and you're gonna tell me a car doesnt last 8 years?
LIVEFRMNYC (1 day ago)
All those problem after 3 months. Don't Canada have Lemon Laws?
mtgplayer (1 day ago)
Best way to save money is never step a foot onto a dealership's parking lot, you will always get ripped off there. Do shopping around on letgo, craigslist, etc to find a good used car for less than $5.000. Ask questions if not listed like milage, does it have a clean title (stay away from salvage titles), etc. look around to find a good mechanic to have it taken to to have a inspection preformed before you buy it. If they are reluctant on letting you or will not let you take it to have it inspected before buying, walk away.
Deborah Childs (1 day ago)
This is fraud. These people should be prosecuted under the fullest extent of the law.
Deborah Childs (1 day ago)
No I did not get any of that. I got fraudulent paperwork at 18% apr. It is not the best. But I need to stop the fraud.
bill r (1 day ago)
Why do all the finance guys seem to NOT have a Canadian accent?
SandyRocks (2 days ago)
Bought Toyota Camry for $5000 second had 80k miles paid all debt by giving rides on Uber and made it my source of Income now it is my part time extra income. Will sell it and buy a new one soon!
Oleg Unknown (2 days ago)
Wait a second... A brand new Hyundai should have a factory warranty! So, if she bought it brand new, those repairs should be covered under manufacturers warranty. Am I missing something?
ERIC NJUGUNA (2 days ago)
I was ripped off and bought a car $3500 more than it's worth. I tried to pull out before we finished signing and I was told I coulnt because I already started. I wish I knew what I know now
Markus Patients (2 days ago)
Canadians sound just like Americans, more so than the Brit's.. They should join the union.
herb tender (2 days ago)
Car's have doubled in price ever 10 years, how about just selling the care for what it;s really worth, A ford F 150 used to be a adverage Joes every day car, but no average Joe can afford a 50,000 dollar truck when you couls have got the same exact Truck in the early 90's foe 17,000 which was 5000 to much then WTF just stop buying them then the price will come way down.
Jason Kim (2 days ago)
So how do we not get ripped off? How?
Jelly 9261 (4 days ago)
Buy a used Toyota man it’s reliable and it’s cheap because I bought my first car used and I make way more money and saving a lot and about to buy a new car now
MCalder8 (4 days ago)
It really comes down to the art of negotiation. More importantly, you gotta be able to budget how much can afford and for how long you can afford to take this own. At some point, people have to take accountability for the foolish financial decisions they make. Car salesmen are the lowest of the low. Yes, they should make mention of your financing options but they’re in it to make money, hence the importance of megotiating. Inform yourself before you blindly buy a wealth killer of a car note you can’t afford.
telephotousa (5 days ago)
A question for Canadian viewers... are bi-weekly payments a normal thing there? Here in the US they always quote monthly payments. Also, on this Chantel girl.... those things happening the first few months on a new car are covered by the warranty so she shouldn't have had to pay anything for those repairs.
The Russian OG (5 days ago)
Sales People Are Scumbags
Gillian maharaj (6 days ago)
I want a brand new car but since I can’t afford it I’ll write Range Rover on a pace of paper use my imagination and continue to hop on the bus
FPVREVIEWS (6 days ago)
you should not buy a car you cannot pay cash for... I've put more than 100 000 miles on several cars that I bought for less than 1000 dollars, and sold in better overall condition than when I bought them with minimal parts cost, and some minor work I did myself... This whole business is ridiculous.
Lover Boy (6 days ago)
All the immigrants/ accent filled salesmen were pushing for 7 yrs. Real Canadians / White gave right advise upfront. Hmmm weird flex but okay.
My mom almost got dicked over had I not been thier she would have easily been a shauntil!! Be smart people and take your time to think
$400 Dollars for window tint? ouch
SaraK (7 days ago)
Wait, how can you go into debt buying a Hyundai Elantra? Also, if it was a brand new car and the wheel bearings and engine fan belt went (never happened to any Hyundais that I know) why wasn't that covered under warranty? This video makes no sense.
John McDiarmid (7 days ago)
Vultures and rip-off artists. In 7 years the car will be Junk.
Syed Mansoor Mansoor (7 days ago)
Excellent information I am into automobiles after sales for more than 20 years and being an Engineer my advise is never ever to buy a Hyundai or a KIA as they the most problematic vehicles that you can find i n the market especially vehicles with CVT transmission This vehicles will reap you off
G1manime (7 days ago)
Thanks. This has taught me but I have already bought a car back in 2016 on an 8 year loan with payments of $315.32 a month. It has changed my life dramatically
katt brown (8 days ago)
I actually went in to look at a new car with the same guy who sold me the car I have now and said that it would be a bad decision to get a new car..then explained it to us why! Glad He told us and was completely honest and not trying to sell us a car at all!!💕
Cameron Law (8 days ago)
A lot of people left comment that “ I don’t buy new car , blablablabla “ if no one buy or lease a new car , where you get your 2nd hand car ? Meanwhile , can anyone share their experiences when they bought a bad 2nd car ?
MaFess ABR (8 days ago)
Right on time when i am about to buy a car. What an eye opener. Thank you savers !
Robert Crain (8 days ago)
pay cash! pre save, my last car loan was 36 months in 1972
m usman (9 days ago)
Islam says " If you get involved in interest, get ready for a war with God and his Prophet"....i think nothing can ruin a person faster than a bad marriage and/or debt..sitting here in a 3rd world country i had thought Canadian and Americans must have been good @ understanding such tricks..but they r not
Yash Tilva (9 days ago)
Government should make more than 6 years of car loans illegal and take better action against these dealers.
Frisbee 'n' Cookies (10 days ago)
This is why I avoided going for a car, they could just smell me coming and screw me over. Got a bicycle instead and while I avoid the severe number crunching aerodynamics I know at least enough to be my own mechanic. No debts for me that go beyond the grave after sacrificing my firstborn and selling my soul, not doing it.
Jasmeet Singh (10 days ago)
17:25 I didn’t get what he said, bringing a car back after 5 years, how will the person still 20,000 $ on the car and the car is worth 15,000$ how does thay happen? Can someone please explain it to me....
Jasmeet Singh (10 days ago)
12:10 she said that all happened with “A BRAND NEW CAR” a brand new car must come with warranty n that can’t happen with a brand new car unless u do something crazy....???? M confused 😐
xXAsinineNameXx (10 days ago)
Sure blame the dealers with their tactics. But the consumer still needs to use their own brains on how to manage money. If you clearly cannot afford the overall price of the vehicle, why look at long term loans?
Desi Q (10 days ago)
Billionaires dont buy cars thats new. They pay for a used car and pay in cash. No payments.
Logan Hatcher (10 days ago)
I just want to find a reliable compact suv (thinking RAV4) within my means of $15k maybe 3-4 years old. Get a loan from the bank and put $4k down on it from a car buying saving account I’ve saved up and pay the bank off in 3-4 years.
MightyFish (10 days ago)
My entire family is a Honda family and it's so reliable. We have a family van that was bought in 1999 and it still works 18 years later. If in doubt, just go with Toyota or Honda.
lordhoho1 (10 days ago)
How is a 3 month old car not under warranty for repairs
cntrygal2007 (10 days ago)
I live in the United States. However, I find the advice/information in this video to be applicable to either the US or Canada when it comes to buying a car. Thank you for posting!
Lance (10 days ago)
I remember shopping for a car and the salesmen told me if i wanted to buy a car in full he's going to jack up the price unless if i finance my car for 5 years. I'm never trusting sales men that only let you do the expensive option
Cyanetix NA (10 days ago)
Breaking down Hyundai in 3 months? Do they not have warranties in Canada?
oddsandends (10 days ago)
What! Is this story real? Hyundai's have 10 year 100,000 mile bumper to bumper warranty on their new cars. Those issues she had should have been free fixes on her car.
Michael Pritchard (10 days ago)
When i was a kid in the 70s cars lasted 10 years, now they last 10-20 with proper maintenance. Most salesmen do not know anything about contracts and financing. I am in sales and it is hard. I think if they do not misrepresent anything that has been okay, if they give Dad-like advice that is a bonus but not lying and not ripping you off is enough that they should escape being called misleading. It is monumentally hard. I explain things 6 times to my customers selling other non-car items on open loans and I warn people because my dad was an accountant and I know how to read contracts. Nonetheless, most customers do not have the patience to sit and hear a full explanation and some feel insulted when I give Dad advice. Most think it sounds too complicated and scary and confusing and adding too much Dad advice will make you sell nothing. Being open and honest is I think reasonable. Sales is so incredibly hard most people would never even try. I have integrity and I lose a lot of business because my truth does not sound as attractive as the lies or misinformation from some ignorant or dishonest salesmen.
Michael Pritchard (10 days ago)
To be fair, the salesman IS telling them the truth and being honest. He says it is an open loan and they can pay it off anytime and it would be good to do that. That is completely true. People already know that is hard. Calling it troubling is unfair to the salesman.
Gigsro Uiy (11 days ago)
I don't see what's wrong with an interest-free loan in the old days after paying for oil changes maintenance and repair plus the total combined accumulated interest be paying a lot more back then than today. Now if we could only get the government's power back to print its own money without having to pay interest, which is greater by many multiples than the principal we owe, we could once again fund or social programs and infrastructure very easily and most importantly take it off very quickly, you see Canada lost its power to print its own money without paying interest back in the 60s when the Central Bank of Canada really was the People's Bank facilitated by the government on behalf of the people. That is no longer the case, and it is the biggest contributing factor to our enslavement and we're not even aware of it, the irony being opposed to no interest car payments while we're paying an interest on money printed for us by European families at an interest by which not even our great-great-grandchildren will be ever able to pay it back, please consult with constitutional lawyer Rocco Galati versus the privately owned Central Bank of Canada
gato (11 days ago)
gato (11 days ago)
A. C. E. (11 days ago)
And don't get taken in by the "extras"; the rustproofing, the paint or fabric treatment or anything else. Those electronic modules that prevent rust is a total waste of time and they are big coin.
Michael Eugene Romero (11 days ago)
you cant really afford especially if you have indian lender... 5/6
Christopher urias (11 days ago)
c dozer (12 days ago)
Isn't this just common sense? 0%financing for 72 months is good. Why would u pay it out quicker when you're not paying any interest? I'd rather keep that money in my bank
yoyoubee23 (12 days ago)
Do these rules apply for leasing a car as well?
Brandon Murphy (12 days ago)
Bi weekly.... ? No flipping way
Bee Thao (12 days ago)
5:44 0% financing / 84 months, what's wrong with that?
Tan Tran (13 days ago)
lmao hyundai, more like hyundie
John Cox (13 days ago)
That's why a lot of people file bankruptcy on those cars
Keanthony Foster (13 days ago)
Well I found free $3452a money making system that is really working:(just go to) greatworks.club/?QbTCW Great work...
Gerrad Reynolds (13 days ago)
step one...use craigslist
Dobby is a free elf (13 days ago)
I would NEVER PAY that much for a car; definitely not for a HYUNDAI. LMAO
tabby (14 days ago)
Every car dealership is a RIP OFF..the sales people are zombies feeding off the car buyers
Jacy Borreaux (14 days ago)
This girl is super uninformed! I don't blame the dealers, although they are scum! I blame Canada's educational system! She should sell the car asap and get $1000 dólar beater! Save an extra $1000 for eventual repairs and be done with her negative equity in a couple of years!
Jaxon1127 (14 days ago)
Jenny thicker than a bowl of oatmeal
MrBon3Stripp3r (15 days ago)
Chris Hansen Lite.
ladybluu (16 days ago)
They should pay Shantell's loan off for her, dealers always take advantage of women wtf.
Nikhil Prathapani (16 days ago)
Mazda guy deserves kudos!
LESLEY LAI (16 days ago)
Bicycle wins.
Ka Limot Ko (16 days ago)
Isn’t bi-weekly mean two times in one week?
1. Brand new car (not used) 2. Baby on the way 3. Working two low-paying jobs = She's just not too bright
00MrPanda00 (16 days ago)
Wish I new this before buying a car I'm stuck with ugh. Someone rich save me.
Cole13517 (16 days ago)
2 jobs for a damn Elantra Coupe....
Techfluid (16 days ago)
The Gov't muppet is paid to come on TV and get told he's not doing his job lol
Tim-J.Swan (16 days ago)
If I sold cars, I'd only want to make a sale if each party would be getting what they needed. If the business is legit, then that should be the case. That's probably one of the factors to why I don't sell cars.
Jasmin Elizabeth (16 days ago)
I’m almost 28 and have only had used cars, it’s what I’ve been able to afford for now. Dealership loans should only be agreed upon when you know for certain the payments can be made as well as the insurance policy for it, not to mention any repairs that would be necessary down the line. Vehicles are expensive and I’d love to have something shiny and new but it’s not realistic. Please truly think about what you’re getting into before taking that leap!
P. Vargas (16 days ago)
Heartbreaking to see this happen to her 50k for a Hyundai. I say repo that junk save enough money to buy a used cheap vehicle to move around. Wasting her youth killing herself working two jobs. you can see the stress in her face.
bill97656 (17 days ago)
Just bring a lawyer with you it will help you I will rip you off
Ms Sagittarius (17 days ago)
Modern day slavery
Miguel Villabroza (17 days ago)
Karen Wallace (18 days ago)
I totally agree. After buying three new cars, I can say that the first thing the salesperson seems to want to talk about it what kind of payments do I want, more often than mentioning the actual price of the vehicle to start with.
rudybrklyn (19 days ago)
That Mazda dealership was the most honest.
666dynomax (19 days ago)
i agree... 3-5 years is long enough for a loan...
Karina B (19 days ago)
honestly, just buy a car cash. Dealerships require full coverage insurance (at least where I live in Texas) and that is usually over $200 a month besides the car payment. I always check Kelly Blue book to check the sale value of a car Im interested in so I dont overpay.
swimmer23brown (19 days ago)
This is an incredible segment. I wish there was more news that was researched this well.
R Zambory (19 days ago)
a recipe for poverty !! 18:00..!! reality . start managing your money.. stop BUYING what you can not afford..
HashtagAbdul (19 days ago)
Buying a new car is always a bad idea.
Richard Ren (20 days ago)
no I never finance a new car. I just buy them cash...... Financing is just....... a scam
Steven H (20 days ago)
Any white guys selling cars these days?
William Vann (13 days ago)
Yes, they sell BMWs, Audis, Acura, Lexus, MB, etc.
sho_kurt (20 days ago)
Bring this to south Florida
mellyayble (20 days ago)
the girl who works 2 jobs... there is something so fishy about that. 1) brand new cars come with a warranty 2) canadian law protects u against buying a "lemon" car
InternetMunchies (20 days ago)
If u buy any new car. Your getting ripped off
robotpanda77 (21 days ago)
Them offering you a long term loan is not taking advantage. lol. They told her up front the length, interest and payments. Car dealers are quite often some shady dudes and this is a big ado over nothing because they couldn't find anything worse in their hidden footage.
aaroniouse (21 days ago)
This reminds me of the predatory student loan system in place in the US. They sold us all on student loans, with the promise of jobs. There are no jobs though, because robots can do everything better than sheeple. And it seems as if the loan servicer Mohela (means "hill" in Russian) is a private company, not a government-ruled institution.

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