5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and impartial content. This allows users to conduct research and compare data for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loans, mortgages,, and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. 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
Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate promise
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We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own website rules and whether a product is available in the area you reside in or is within your self-selected credit score range could also affect the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include the details of every financial or credit product or service. If you don’t like the thought of haggling with a dealer about the cost for a brand new vehicle, then a car-buying service might be an ideal alternative. You can from the comfort of your own home, and certain car buying services might have ways to save money in your pockets. Are car buying services a good fit for you? Negotiation at dealerships can be intimidating. If fear of a bad deal has scared you away from checking out the dealer’s showrooms, a buying service could be an ideal 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 determine the cost of your car and make the process of buying a car simpler for you, such as transporting the vehicle at 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 cost, according to 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 purchase. “I know somebody who bought an automobile through Our program that saved $2,600,” he says. Though shoppers have the potential to save lots of dollars, not all car buying services are alike, says Lauren Fix, founder of The Car Coach and Car Smarts and consumer auto expert. The consumer must know what the car-buying service has to gain from these deals and if their objectives are the same as yours. Tips for using a car buying service If a service for buying cars is appealing to you, consider these tips before seeking one out. 1. Businesses offer negotiation and convenience Car-buying platforms are for shoppers who have a tight schedule and aren’t able to locate and , as Fix explains. For instance, Carvana, a popular car-buying company, has fixed rates and can deliver the car to your home so you can test-drive it throughout the seven-day period. Prices can differ, and certain services charge a percentage of the cost of the vehicle. In Meriwest Credit Union in San Jose, California, members are able to take advantage of the Autoland car buying service. The service allows members to barely interact with anyone at a dealership, according to William Fultz, an auto broker at Meriwest Credit Union. Members are assigned the auto advisor who will negotiate the car’s price on your behalf and work together to get a car loan through your credit union. 2. Free services are usually for only members. If you’re a members of AAA, AARP, Costco, Sam’s Club or a credit union, you might be eligible to avail their free car buying services. Each program is different and some may offer the service of negotiating the price of a car on your behalf, while others will offer pre-negotiated fixed rates. Some of these organizations and clubs might have discounts, additional benefits and incentives that car manufacturers offer only to members of their organization. 3. Buyers must still conduct their research prior to working with a car-buying service, Fix suggests browsing websites for auto research like Edmunds as well as Kelley Blue Book, to learn the average sales price for your desired car in your area. Another benefit to doing your homework upfront is that buyers will have a good idea of what they want before they contact the service company, Nielsen says. “It’s difficult to guide with your search if you’re looking at minivansand sports vehicles or convertibles at the same simultaneously,” he says. Nielsen recommends narrowing your options to the most preferred two or three options, including models, make, colors and other options before you contact a car-buying service. “Think about what it is you really desire to purchase and the much you want to invest,” he says. If a company has that information, it will be able to work much more efficiently at finding the car you’re looking for at a competitive price. 4. Learn how car buying services are paid for. While these services may be provided for free to members, the cost is folded into any charges for membership. As for concierge service, they may 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 number of sales the dealership can earn due to this and can transfer savings to the consumer. But buyers should be aware the company could be steering them to certain dealers with who they’ve established a business relationship, she adds. “You should ask yourself if you really are getting the best price,” Fix says. Fultz says referral fees may not be the only benefit these companies receive. Credit unions often offer car-buying services to strengthen the relationship between the customer and their financial institution. “It ensures that we keep our loans in-house on a much higher base,” he says. “It is beneficial to us, the membership and the dealers.” 5. Know the return policy Consumers must ensure they know the policy regarding customer satisfaction prior to when they take possession of the car or truck, Fix says. Otherwise, you might end up with a costly purchase that you’re not satisfied with. You can check out the car-buying service platform’s website or contact customer support to inquire about what the return policy is. Beyond the time you’re allowed to use after purchasing the car to return it, you should check for a cap on the number of miles you are allowed to drive. If you go over the amount of miles, you most likely will be charged for each mile that is over the limit. In general, the vehicle cannot be returned damaged or modified the vehicle has to be returned in the exact condition it was in the day it was given to you. The main point to remember is that using a car-buying service could be an alternative if you do not want to bargain with salespeople on the lot, you would rather avoid stepping foot on a car lot or are tight on time. Before you call, do your homework and review the particulars such as researching the charges involved, as well as the policy for returning a car purchased through a service. Learn more
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Written by 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 writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
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