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 offering you financial calculators and interactive tools as well as publishing original and impartial content, by enabling you to conduct research and compare data for no cost and help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that compensate us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they may appear in the listing categories, except where prohibited by law. This applies to our loans, mortgages,, and other products for home loans. But this compensation does affect the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be available to you. SHARE Skynesher/Getty Images
4 min read Published June 15, 2022
Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-researched and well-constructed information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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We are compensated in exchange for placement of sponsored products and, services, or when you click on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own website rules and whether the product is available within your area or at your own personal credit score could also affect the way and place products are listed on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. If you hate the idea of haggling with a dealer about the cost to purchase a brand-new vehicle, then a car-buying service may be a solid alternative for you. You can do it from the comfort at home, and some car purchasing services could offer options to keep more money in your pockets. What are the best car buying services for you? Negotiation at dealerships can be intimidating. If the fear of getting a bad deal has kept you from visiting dealer lots, a car-buying service might be the best option for you. There are two primary types of car buying services that include Membership-based and concierge. Concierge services are a great way to negotiate the price tag of the vehicle and make the car-buying process easier for you, such as delivery of the car to your residence or the nearest center so you can try it out before purchasing. Numerous organizations, including AAA warehouse clubs, warehouse clubs, and others, provide car-buying assistance for their members at no cost, says John Nielsen, managing director of automotive engineering and repair at the AAA National office in Heathrow, Florida. Nielsen states that buyers who avail these services for buying a car could save thousands of dollars off the cost of their purchases. “I know somebody who bought an automobile through Our program that saved $2,600,” he says. While consumers can to save lots of dollars, not all car buying services are the same, according to Lauren Fix, founder of The Car Coach and Car Smarts and consumer auto expert. The consumer must be aware of what the service can profit from these deals, and if their objectives are the same as yours. Tips on using a car-buying service If a car buying service is appealing to you, consider these tips before seeking one out. 1. The companies offer negotiation and ease of use. Car-buying platforms are for shoppers who are tight on time and can’t find and , explains Fix. For instance, Carvana, a popular car-buying company, has fixed prices and can bring the car to your residence so you can test-drive it over the course of seven days. Prices can differ, and some companies cost a percentage of the cost of the car. For instance, at Meriwest Credit Union in San Jose, California, members can take advantage of its Autoland car buying service. Utilizing the service allows them to not interact with anyone from a dealership, says William Fultz, an auto broker at Meriwest Credit Union. Members are assigned an auto consultant who will negotiate the car’s price on your behalf and collaborate with them on getting a car loan through the credit union. 2. These services are typically available to only members. If you’re a member of AAA, AARP, Costco, Sam’s Club or a credit union, you may be eligible to tap into their free car buying services. Every program operates differently and some provide the option of negotiating the price tag of a vehicle on your behalf, whereas others provide pre-negotiated fixed prices. Some of these clubs and associations may have discounts, benefits or incentives that car manufacturers offer only to members of their organization. 3. Buyers should do their homework Before working with a car-buying service, Fix suggests looking through websites for auto research like Edmunds as well as Kelley Blue Book, to find the median price of your dream car in your area. Another advantage of doing your research before you buy is that buyers will be aware of what they want before they make contact with the company, Nielsen says. “It’s difficult to guide with your search if you’re looking at Minivans, Sports Cars, and convertibles at the same at the same time,” he says. Nielsen suggests narrowing down your choices to your best two or three choices, including models, makes, colors and options, before contacting the car buying service. “Think about the kind of car that you truly want to buy and how much you’d like to spend,” he says. If a business has this data, it can be more efficient in getting the car you want with a price that is competitive. 4. Learn how car buying services are paid. Although these services could be free for members, the cost is included in any fees for membership. In the case of the concierge, they may charge a flat rate or a portion of the price of the car. The car buying service usually negotiates lower rates with dealers due to the volume of sales the dealership achieves through this process and transfer the savings onto the customer. But consumers should be aware the company could be steering customers to specific dealers whom they have a working relationship, she says. “You should determine if you are getting the most value for your money,” Fix says. Fultz believes referral fees could never be the primary advantage these companies receive. Credit unions typically offer car buying services to strengthen the relationship between the customer and their financial institution. “It helps us keep our loans in-house on a much higher level,” he says. “It helps us, the membership and the dealers.” 5. Learn about the return policy. Customers should make sure they understand the customer satisfaction policy before they buy the vehicle or car, Fix says. In the event that you don’t, you could end up with a costly purchase and something you aren’t pleased with. You can check out the car-buying service’s site, or by reaching out to customer support to inquire about the return policy. Besides how many days you’re given after buying the vehicle for returning it make sure for an upper limit on the amount of miles you are allowed to drive. If you exceed the amount of miles that you can drive, you’ll be charged for each mile past the limit. The car isn’t able to be returned damaged or altered the vehicle has to be returned in the exact condition as when it was delivered to you. The final word is that using the car buying services could be an alternative if you do not want to bargain with a salesperson on the lot, would rather avoid stepping foot at a car dealer or if you’re short on time. Before you call make sure you do your research and study the specifics including researching the costs involved and the return policy of a platform that sells cars. 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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with concise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
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