5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct research and compare data for no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site come from companies that pay us. This compensation may impact how and when products are listed on this site, including such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews you see on this site. We do not cover the entire universe of businesses or financial deals that could be accessible to you. SHARE skynesher/Getty images
4 min read Published June 15, 2022
Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing concise, well-researched and well-constructed information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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We receive compensation for the placement of sponsored products and, services, or through you clicking specific links on our site. This compensation could affect the way, location and in what order products are listed and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own rules for our website and whether or not a product is available within the area you reside in or is within your personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include information about every credit or financial product or service. If you don’t like the thought of having to bargain with a dealership for the cost to purchase a brand-new car, a car-buying service could be a good alternative. You can do it from the comfort at your home and some car buying services may offer ways to put more money into your pocket. Can car-buying services work for you? The process of negotiating with dealerships can be intimidating. If the fear of getting a bad deal has kept you from visiting dealer lots, a car-buying service can be a good option for you. There are two types of car buying services that include the concierge service and subscription-based. Concierge services are a great way to bargain the price of your car and make the buying process simpler for you, like delivering the car to your home or to an area center so that you can try it out before purchasing. Numerous organizations, including AAA warehouse clubs, warehouse clubs, and others, offer car buying services for their members at no charge, says John Nielsen, managing director of auto engineering and repair for the AAA national office in Heathrow, Florida. Nielsen states that buyers who avail these services to buy cars can save thousands of dollars on their purchases. “I have friends who purchased a car from the program, and saved $2600,” he says. Although consumers have the ability to save a good deal of dollars, not all car buying services are alike, says Lauren Fix, founder of The Car Coach and Car Smarts and a consumer expert on autos. She advises consumers to be aware of what the service stands to benefit from these deals and if their goals are similar to yours. Tips to use a car-buying service If a car-buying service seems right for you, take a look at these suggestions before deciding. 1. Businesses offer negotiation and convenience car-buying platforms for those who are short on time and don’t have the time to search and fix, according to Fix. For instance, Carvana, a popular car-buying service, offers fixed rates and can deliver the vehicle to your house to allow you to test drive it over the course of seven days. Costs can vary and some services charge a percentage of cost of the vehicle. For instance, at Meriwest Credit Union in San Jose, California, members are able to take advantage of the Autoland auto-buying service. Using the service allows them to not interact with anyone from a dealership, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with an auto consultant who negotiates the price of your car on your behalf and collaborate with them to secure an auto loan through the credit union. 2. The free services are generally available to members only If you’re a participant in AAA, AARP, Costco, Sam’s Club or a credit union, you may be eligible for their free car buying services. Each program is different and some provide the option of negotiating the cost of a car on your behalf, while others provide pre-negotiated fixed costs. Some of these clubs and associations may have discounts, additional benefits and incentives offered by car makers exclusively to their members. 3. Buyers should still do their homework Before working with an auto-buying service, Fix suggests looking through websites for auto research like Edmunds as well as Kelley Blue Book, to find the median price for your desired car within your region. Another benefit to doing research prior to the purchase is that buyers will be aware of what they want before they contact the service firm, Nielsen says. “It’s difficult to assist with your search if you’re looking at minivans, sports cars, and convertibles all at the time,” he says. Nielsen recommends narrowing your choices to your top two or three choices, including models, makes, colors and choices, prior to contacting a car-buying service. “Think about the kind of car you really want to buy and how much you’d like to pay,” he says. If a business has this information, it will be able to be more efficient in finding the car you’re looking for at a competitive price. 4. Learn how car buying services are paid. Although these services could be offered for free to members, the costs are folded into any fees for membership. For concierge service, they might charge a flat fee or a percentage of the cost of the vehicle. Car-buying services often can negotiate lower prices with the dealer due to the volume of sales the dealership achieves as a result and can transfer savings to the buyer. But consumers should be aware they could be directing customers to specific dealers whom they have a commercial relationship, she says. “You should ask yourself if you really get the best deal,” Fix says. Fultz states that referral fees might just not be the sole advantage the companies get. Credit unions usually offer car-buying services as they improve relationships between customers and an institution. “It keeps our loans within the institution on a more frequent base,” he says. “It benefits our membership, as well as dealers.” 5. Be aware of the return policy. Consumers must be aware of the policy on customer satisfaction before they buy the vehicle or car, Fix says. In the event that you don’t, you could end up with a costly purchase that you’re not satisfied with. You can on the car-buying service’s site, or call customer service to find out the return policy. In addition to the number of days you’re given after buying the vehicle to return it, make sure for a cap on the amount of miles you can drive it. If you go over the amount of miles, you most likely will be charged for each mile over the limit. Typically, the car can’t be returned modified or damaged — it must be in the exact state as it was when it was delivered to you. The bottom line Using an online car buying service can be a good alternative if you don’t want to negotiate with an agent in the car dealership prefer not to step foot in a car dealership or if you’re short on time. Before calling to make a decision, you should do your research and review the particulars, like researching , the costs involved and the policy for returning a car purchased through a service. Learn more
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down complicated topics into manageable bites.
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