Caveat Emptor
A little over three years ago I saw a commercial for a used car dealership. I wasn't necessarily in the market for another vehicle, but the ad was so flashy and clever that it caught my attention. As it turned out, the dealer was a relative newcomer to the business and was working hard to gain a foothold.
One of the cars highlighted in the spot was a classic american sports car—one that I had admired my entire life. The problem, though, was that the car was in significant disrepair. Its previous owner had been careless with maintenance and had damaged it rather substantially in a bad wreck. But fortunately, it wasn't totaled. The dealer was selling it "as is" at a next-to-nothing price, with the understanding that considerable repairs would be necessary.
I was intrigued and went to see the dealer. He told me that if I bought it, he'd get it fixed up and make it better than new. I'd been around the block before and wasn't prone to being fooled by a sweet talking car salesman, but there was something different about this guy. I knew he didn't have a track record, but he talked a really good game and seemed awful darn sincere, to boot. And, he said everything with such confidence that it was hard not to trust him.
So, I bought the car and gave the dealership the go ahead to give me an estimate of the repair costs. The amount nearly blew my socks off. The dealer, however, assuaged my concerns to the best of his ability. He convinced me that something worthwhile hardly ever comes cheaply. Plus, he told me that his repair shop used parts that were far better than the originals. In essence, he guaranteed me that the car would come back better than new—transformed, if you will.
It took a while, but the car was finally ready. The dealer even personally delivered it to my home.
I was giddy with excitement.
Unfortunately, my enthusiasm quickly waned.
I hopped in and took it for a ride. Much to my chagrin, it was riddled with problems. The front-end was mis-aligned; the gas mileage was about one third what it was supposed to be; and the tail pipe was blowing some incredibly noxious fumes...just to name a few of the issues.
Needless to say I took it back to the dealership and complained vigorously.
The dealer said, "...Let us take another shot at the repairs, but you should also really think about purchasing an extended warranty. Vintage cars like this can be fickle and very costly to maintain. It will cost you a little more in the short run, but over time, it will more than pay for itself."
I'm thinking...now he tells me, but I'm all in at this point, might as well go with the extended warranty, too. I walked away with a bad taste in my mouth, but hoped it would all work out for the best.
Well, a week or so later the car was ready again and delivered to my house. It shook a little less. The mileage was marginally better. And, the smoke was not quite as black and billowy. But, it was nowhere near right.
This back and forth to the dealership has gone on for the past three years.
Finally, I decided that enough is enough and marched into the dealer's office.
He says, "What's the problem? The car's running better now; isn't it?"
I said, "Indeed it is, but it's nowhere near the car I know it can be, nor is it the one you promised it would be. Plus, even if the next set of repairs happens to make it run as you swore it would, I just had to endure 3+ years of hell to get to that point when a competent dealership could have made everything right much, much sooner"
He said, "I don't know about any of that, but the important thing is that the car is running better now."
I replied, "You clearly haven't heard what I've been telling you. The car still doesn't operate properly and it has been an enormous expense and inconvenience to me and my family over the past three years."
He responded, "I'm sorry you feel that way, but I don't feel responsible; I've done everything I know how to do. Tell you what, though...let's talk about trading you up to this sweet baby right over here. I am really excited about this car! It's the 2013 model, but can be ordered come November."
Moral of the story: Be really damn careful in November.
One of the cars highlighted in the spot was a classic american sports car—one that I had admired my entire life. The problem, though, was that the car was in significant disrepair. Its previous owner had been careless with maintenance and had damaged it rather substantially in a bad wreck. But fortunately, it wasn't totaled. The dealer was selling it "as is" at a next-to-nothing price, with the understanding that considerable repairs would be necessary.
I was intrigued and went to see the dealer. He told me that if I bought it, he'd get it fixed up and make it better than new. I'd been around the block before and wasn't prone to being fooled by a sweet talking car salesman, but there was something different about this guy. I knew he didn't have a track record, but he talked a really good game and seemed awful darn sincere, to boot. And, he said everything with such confidence that it was hard not to trust him.
So, I bought the car and gave the dealership the go ahead to give me an estimate of the repair costs. The amount nearly blew my socks off. The dealer, however, assuaged my concerns to the best of his ability. He convinced me that something worthwhile hardly ever comes cheaply. Plus, he told me that his repair shop used parts that were far better than the originals. In essence, he guaranteed me that the car would come back better than new—transformed, if you will.
It took a while, but the car was finally ready. The dealer even personally delivered it to my home.
I was giddy with excitement.
Unfortunately, my enthusiasm quickly waned.
I hopped in and took it for a ride. Much to my chagrin, it was riddled with problems. The front-end was mis-aligned; the gas mileage was about one third what it was supposed to be; and the tail pipe was blowing some incredibly noxious fumes...just to name a few of the issues.
Needless to say I took it back to the dealership and complained vigorously.
The dealer said, "...Let us take another shot at the repairs, but you should also really think about purchasing an extended warranty. Vintage cars like this can be fickle and very costly to maintain. It will cost you a little more in the short run, but over time, it will more than pay for itself."
I'm thinking...now he tells me, but I'm all in at this point, might as well go with the extended warranty, too. I walked away with a bad taste in my mouth, but hoped it would all work out for the best.
Well, a week or so later the car was ready again and delivered to my house. It shook a little less. The mileage was marginally better. And, the smoke was not quite as black and billowy. But, it was nowhere near right.
This back and forth to the dealership has gone on for the past three years.
Finally, I decided that enough is enough and marched into the dealer's office.
He says, "What's the problem? The car's running better now; isn't it?"
I said, "Indeed it is, but it's nowhere near the car I know it can be, nor is it the one you promised it would be. Plus, even if the next set of repairs happens to make it run as you swore it would, I just had to endure 3+ years of hell to get to that point when a competent dealership could have made everything right much, much sooner"
He said, "I don't know about any of that, but the important thing is that the car is running better now."
I replied, "You clearly haven't heard what I've been telling you. The car still doesn't operate properly and it has been an enormous expense and inconvenience to me and my family over the past three years."
He responded, "I'm sorry you feel that way, but I don't feel responsible; I've done everything I know how to do. Tell you what, though...let's talk about trading you up to this sweet baby right over here. I am really excited about this car! It's the 2013 model, but can be ordered come November."
Moral of the story: Be really damn careful in November.
lmao....very clever.
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Yes, we all must be careful of listening to the candidate that has never experienced family economic hardship. By them not walking in the shoes of the people that they are governing they can't understand the impact of the economic decisions that they would be forced to make. How well do you relate to the candidate and how close is his or her life experiences are to your own is typically what people think when they enter the ballot box.
The one fact that all candidates must understand is that there are three branches of government that must agree to make a change. Every new President quickly realizes that it is much harder than they anticipated to make change.
The one thing that we all realize is that only a small percentage of the economic class can afford a sports car and engage in a project to fix it up.
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Maurice, I disagree with your analysis. We're an aspirational country (at least we have been historically). People are not especially inclined to vote for people of like background. They want to elect people who understand their circumstance (as you mention), but also provide hope that a less fortunate life can become fortunate and an already fortunate life can become more fortunate. They want that for themselves and for others. That's what won the presidency for Kennedy, for Reagan, and for Obama...not to mention others before them. It's unfair to imply that people of means and or no color do not have the capacity or desire to help make a better life for those in need. Many believe that true compassion and dignity comes from teaching/helping a man to fish, rather than entrapping him in a life of dependency. It's a different philosophy and not one ounce less noble than one that prefers to transform us into a social democracy. In fact, I would argue that it's far more decent.
And by the way, the metaphor of my blog entry is no different with a Honda Civic than a sports car.
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I wasn't as clear as I should have been. What I should have added is that people vote their interest. You have participanted and profited from Private Equity. I was a victim of Bain Capital, that cost me significant financial hardship. My issue with companies like Bain is that if you are recommending reduction in workforce that should include a portion of management. Give our experiences you see my point. Yes, there are winners and losers in capitalism, but it seems like one side is always loosing. I would never vote for Romney. However, I would vote for Huntsman. I am impressed with his honesty of the real problems out there. I am not critizing all people of means. Just people that profit off the pain of others. I argue that we should all teach a man to fish, just don't charge him predatory interest rates for the rod and the bait.
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When capitalism is allowed to work we all win because opportunity becomes much more abundant. The great mistake/threat comes from those who compare a well-functioning capitalist environment to a utopian ideal. Unfortunately, capitalism always loses in that comparison...which prompts endless tweaking in an attempt to achieve the unachievable. In the process, the formerly functioning capitalist environment no longer works so good and lots and lots of opportunity goes out the window.
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See Chuck I read your Blogs. I agree that is a clever piece however I have to agree with Maurice.
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JT, I appreciate your readership.
See my response to Maurice. What I neglected to include in that response is that many people who have achieved success came from very humble beginnings, and as such, have an implicit understanding of what struggling is all about. I, for instance, grew up without a father and with near zero resources. My wife (then girlfriend) and I, while in college shared a biology book. We sold that book back prior to the final so that we could purchase a box of spaghetti and jar of sauce to cook on a hot plate in a dorm room. Nobody can perfectly appreciate another person's circumstances, but it's unfair to assume that many can't empathize and or can't offer solutions good for those who need a hand up.
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