Now, as the host of "The Car Chasers," a new series on CNBC Prime, Jeff and his team will take you inside the business, revealing some of the tricks of their trade.
His father, Tom Souter, aka "Roundman," runs his own classic car dealership in Lubbock, Texas. The father-son duo regularly wheel and deal with each other, often eyeing the same car, or buying and selling to each other.
Souter says cutting a deal with his son is like being locked in a closet with a porcupine. "It's gonna hurt but you know it won't kill you," Souter said.
Whether you're buying a new or used car, the duo suggest that buyers follow these rules to help get the best bang for their buck. (Adopted From http://autos.yahoo.com/news)
Jeff and Tom's Tips for Buying a Car
1. Know your price point;
2. Be willing to walk away;
3. Make an offer and wait for a response. Usually the first person to speak after making an offer loses;
4. Cash is king - always carry it with you for a purchase if you can;
5. The first offer is not the last offer, so do not jump on it;
6. Listen more and talk less;
7. Cars can be an emotional investment for some, but keep your cool to get the best deal. Remember, buying and selling is all business;
8. Always test drive any car before buying it to make sure you're comfortable with it;
9. Do your research: Allen and Souter say people often buy a car they fall in love with because it looks pretty. In a few days, weeks or months later, however, they realize it lacks practicality (or other qualities), and is not what they wanted.
10. If you intend to fix and flip, Allen's number one rule is to buy a car you like so that you'll be happy keeping it if you can't find a buyer. But Souter's number one rule is to buy a car – any car – that will make you money. ..
