Useful Resource for Used Car Shoppers
As my long-time readers know, I'm always seeking out resources that help car shoppers save money. This week, I want to alert you to a new web site for used car shoppers that I found to be very unique, useful, and best of all - has the potential to save you lots of money.
It's called Mojo Motors, and it's the brainchild of Paul Nadjarian, a former eBay Motors executive who wanted to use his expertise to help make it easier for others to shop for, and get a great deal on a used car.
At first glance, Mojo seems to be just like any other auto classifieds site; you can search dealer listings by make or model, price, location, and other factors. However, in order for dealers to list their inventory on Mojo, they must first agree to offer a lower advertised price to members (Mojo membership is free, but you need to be logged in to see the discounts). The discounts usually range between $150 to $500 when compared to the listings found on other sites such as AutoTrader.com or Cars.com.
But that's not even the best part. The true value is in the way they allow you to track individual vehicles over time, alerting you to price drops immediately after they occur, and letting you know when a vehicle has been sold. In addition, Mojo has a proprietary algorithm that can identify all the relevant vehicles in your market and make it easy for you to track them as well. In short, Mojo Motors is a goldmine for smart car shoppers who like to take their time and not rush through the process - which is really what you need to do to get the best deals.
Nadjarian says to think of Mojo Motors as kind of a "reverse auction" for dealers. Many price the vehicles so they sell at that advertised price. If the market isn't responding, they drop the price until a buyer bites. That's why it's important to track several vehicles and get a feel for the pricing. Pay attention to when vehicles are sold so you can get an idea of what the current market price is. When you see the right car drop to the right price - don't delay, set up a test drive and finalize a deal.
Currently, Mojo is only available in New England, Texas, and Florida - but they're expanding rapidly in 2013 and should be available nationwide in 2014. I'm going to keep a close eye on them for my readers and will let everyone know when they expand to other regions. If you're one of the lucky ones who live in the current locations above, I urge you to try out the service and let me know how your experience goes.
My Recommendation for Car ShoppersTrueCar No-Haggle, Edmunds Price Promise, and 1-800 Car Show are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
California Residents - Important:There is a new online car buying service called Roadster, available only to California residents, which I highly recommend you try - especially if you hate the stress of haggling with a car salesman. They provide an expert concierge who negotiates the price of the car and delivers it to your home with zero hassle - you never have to interact with a dealership. Here is my in-depth review of Roadster and why I recommend it.
- Gregg Fidan
About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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