Useful Resource for Used Car Shoppers
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.
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid