Smart Money Podcast: Used Cars in Short Supply, and Shea Couleé Talks About Money

Liz Weston, Sean PylesSep 21, 2020

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Welcome to NerdWallet’s SmartMoney podcast, where we answer your real-world money questions.

This week’s episode features an interview with Shea Couleé, winner of RuPaul’s Drag Race All Stars, who is determined to make smart decisions with the $100,000 prize money.

Before that, we talk about the used car market with auto Nerd Phil Reed, and what you need to know now to get a good deal.

Check out this episode on any of these platforms:

The pandemic reduced the supply of used cars, in part because people were allowed to extend their . That means you could get a better deal if you’re selling or trading in a car, but you may have to search a little harder if you want to buy used.

Get quotes from several places before selling or . Bids often differ by hundreds of dollars, but now they could differ by thousands. Used cars tend to be a high-profit market for dealerships, and some are more desperate for supply than others. Even if you don’t take the highest bidder up on the offer, you can take your research to your favorite dealership and ask them to match the best price. Or you can , which often gets you the most money.

If you’re , be prepared to act fast if you find a good deal. and understand you may not have as much room to negotiate as you did in the past. On the upside, more dealerships are willing to bring cars to you for a solo test drive and to pick up trade-ins rather than make you come to the lot.

Expect higher prices. Lower inventories are making this a seller’s market.

Avoid the dealers. Dealers are still eager to sell cars, so you can ask that vehicles be brought to your home for a solo test drive. Ask them to pick up your trade-in, too.

Move fast. Research your options and be prepared to pounce when you find the car you want.

Have a money question? Text or call us at 901-730-6373. Or you can email us at . To hear previous episodes, return to the

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