Our mission back when we launched the HerMoney podcast in 2016 was the same as it is today — to level the playing field for financial confidence and power, for all women. Unfortunately, most women have probably had the experience of being talked down to when it comes to money — maybe it was a financial advisor you tried out, or even a friend or family member who assumed you just wouldn’t know as much about investing as they did… But here’s the thing: This condescension is not unique to the financial industry. There are countless fields, that for decades have been male-dominated, and when a woman walks in to claim her rightful place, or to negotiate, or to ask a question, it’s not always easy. The reception isn’t always warm and welcoming. And this week we’re going to talk about another one of those spaces, and how to hold our own, and to get what we came for. We are talking about cars.
The consumer price index on new and used vehicles is up by 30% since the start of the pandemic in March of 2020, and today, car prices are at an all-time high. According to Kelly Blue Book, the average transaction price on new cars is more than $42,000, and used cars are hovering at around $25,000 for a car with about 70,000 miles on it, according to data from Cox Automotive. Today, women buy or jointly purchase 85% of all cars — we buy 65%, and influence another 20% of all car sales, spending $500 billion on cars every year.
In this episode, we unpack all of this with Scotty Reiss, founder and CEO of A Girls Guide to Cars, a website that’s empowering women to be smarter, happier car owners by arming them with car information. Launched in 2013, A Girls Guide to Cars is now the #1 automotive site for women, reaching about 2 million consumers a month. (And for those of you wondering, 35% of their audience is male!)
Listen in as Jean and Scotty break down what’s really going on with the skyrocketing price of cars these days, and whether or not they’re likely to come down anytime soon. We also discuss why, in 2021, women are still likely to feel victimized, marginalized and excluded from the car conversation when we step into a dealership, or a repair shop.
Then, we break down, step-by-step, everything women need to know whether you are looking to buy new, buy used, or sell. We talk about where to look, how to negotiate, red flags to watch out for, and where and how to find a deal.
“The truth is, pretty much any feature, leather seats, panoramic sunroof, all-wheel drive, you can find that in a Mercedes Benz for $140,000, or you can find it in a Kia for $20,000, so it’s a pretty wide range of prices out there to look at,” Scotty says, breaking down her best advice on which manufacturers may have the best deals now. (And of course we also dive into the truth about buying vs. leasing!)
In Mailbag, we talk about cars damaged in natural disasters, and saving for retirement in your 30s + following the FIRE movement. And in Thrive, how not to get fired from your full-time job because of your side hustle.
You can read more about Scotty and A Girls Guide To Cars here!