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On this episode of the Wealthy Wellthy podcast, I talk with my friend Lisa Copeland about the car-buying experience. Lisa owned a very successful car dealership in Austin until she sold it a few years ago, and she has spent the time since then researching the female consumer and compiling her knowledge and experiences into her new book: “Car Buying Her Way”.
Lisa recognized early on that the automotive industry was male-dominated, and male salespeople often don’t have the patience or expertise to effectively work with female customers. Additionally, many women dread the car buying experience because of the perceived uncertainties and stress associated with the process. Lisa’s goal is to get the word out about the 4 steps everyone should take before going to the car dealership to take control of the situation and even enjoy the process: (1) Search for the car you want ahead of time, (2) know your budget, (3) know your down payment, and (4) know your trade-in value.
She also shares trade secrets and pulls back the curtain on where and how dealers make money, allowing consumers some flexibility and room to negotiate in good faith. The goal of her company and her podcast is to get the word out and empower women especially to confidently walk into a car dealership and leave with the exact car they wanted at the exact budget they set forth.
You can also click on the time stamps below to jump to those specific points in the conversation.
What We Covered
- [1:28] – Introduction to Lisa Copeland and how she got started in the automotive industry.
- [4:18] – Cars Her Way launch.
- [5:51] – The 4 steps everyone should do before going to the car dealership.
- [11:40] – How to be prepared to negotiate a lower interest rate at the dealership.
- [12:49] – Lisa’s trade secrets.
- [15:09] – Knowing exactly how much you should pay for your car.
- [17:25] – Should you finance with the dealer or through your credit union?
- [19:00] – What does Lisa think about online dealers like Carvana?
- [21:42] – What is the difference between pre-owned cars at a dealership and those at used car lots?
- [23:34] – Which up-sells or add-ons are worth buying and which aren’t?
- [27:08] – How to figure out what interest rate you should accept.
- [29:19] – How many monthly payments is too many monthly payments?
- [32:05] – Getting out of negative equity.
- [33:49] – Benefits of buying new over preowned.
- [35:05] – Lisa compares the car buying experience to the house buying experience.
- [37:28] – How to listen to Lisa’s podcast and call-in radio show.
- [39:42] – Mythbusting – Car dealers are not bad people.
- [40:54] – Lisa’s list of vetted dealerships
[Tweet “Women absolutely hate the process but they purchase 54% of new vehicles sold and they influence 85% of them.“]
[Tweet “We don’t want to have to do what we don’t want to do.“]
[Tweet “Confusion creates bad decisions.“]
[Tweet “The salespeople are usually the uneducated ones.“]
[Tweet “Women don’t like confrontation, which is why we typically don’t like to negotiate.”]
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