5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare data for no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site come from companies who pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they appear in the listing categories in the event that they are not permitted by law for our loans, mortgages, and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that might be accessible to you. SHARE Skynesher/Getty Images
4 min read Published June 15, 2022
Written by Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-researched and well-constructed information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promises
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This compensation could affect the way, location and in what order products appear within listing categories in the event that they are not permitted by law. We also offer mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether or not a product is offered in the area you reside in or is within your self-selected credit score range may also influence 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 each financial or credit item or service. If you hate the idea of having to bargain with a dealership on the price tag to purchase a brand-new car, a car-buying service could be a good alternative for you. You can do it from the comfort at your home and certain car buying services may offer ways to keep more money in your pockets. Are car buying services a good fit for you? The process of negotiating with dealerships can be intimidating. If fear of a bad deal has scared you from visiting the dealer’s showrooms, a buying service can be a good option for you. There are two kinds of car-buying options: the concierge service and subscription-based. Concierge services are a great way to negotiate the price tag of your car and make the car-buying process more convenient for you, such as delivery of the car at your home or to a nearby center so you can try it out before you purchase. Many organizations, like AAA warehouse clubs, warehouse clubs and others, provide car-buying assistance for their members at no charge, says John Nielsen, managing director of auto engineering and repairs for the AAA National office in Heathrow, Florida. Nielsen states that buyers who avail these services to buy cars could save thousands of dollars off the cost of their purchases. “I have a friend who purchased a car from our program and saved $2600,” he says. While consumers can to save quite a bit of dollars, not all car buying services are created equal, says Lauren Fix, founder of The Car Coach and Car Smarts and expert in consumer automobiles. The consumer must know what the car-buying service stands to profit from these deals, and if their goals are similar to yours. Tips on using a car-buying service If a car buying service seems right for you, think about these guidelines before deciding. 1. Companies offer negotiation, convenience car-buying platforms for those who have a tight schedule and can’t find and fix, according to Fix. For example, Carvana, a popular car-buying service, provides fixed costs and will bring the car to your residence so you can test-drive it over the course of seven days. Costs can vary and certain services cost a percentage of the cost of the vehicle. For instance, at Meriwest Credit Union in San Jose, California, members can avail the Autoland auto-buying service. Utilizing the service allows them to barely interact with anyone from a dealer, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with an expert in auto finance who negotiates the car’s price on your behalf and collaborate with them on getting an auto loan through the credit union. 2. These services are typically available to members only If you’re a member of AAA, AARP, Costco, Sam’s Club or a credit union, you might be eligible for their car buying services for free. Every program operates differently, and some might offer the service of negotiating the price of a car on your behalf, while others will offer pre-negotiated fixed rates. Some of these clubs and organizations may offer discounts, benefits or incentives offered by car manufacturers exclusively to their members. 3. Buyers should still do their homework Before working with the car buying service Fix suggests looking through websites for auto research like Edmunds as well as Kelley Blue Book, to discover the average cost of the car you want to purchase in your area. Another reason to do your research before you buy is that buyers will have a good idea of what they want before they contact the service company, Nielsen says. “It’s difficult to help with your search if you’re looking at Minivans, Sports Cars or convertibles all at the at the same time,” he says. Nielsen recommends narrowing your choices to your top two or three choices which include the make, model, color and choices, prior to contacting the car buying service. “Think about the kind of car you really desire to purchase and the much you want to invest,” he says. When a company has that data, it can work much more efficiently at finding the car you’re looking for at a reasonable price. 4. Learn how car buying services are paid While these services might be offered for free to members, they are integrated into the membership fees. As for the concierge, they may charge a flat fee, or a percentage of the value of the vehicle. Car-buying services often can negotiate lower prices with the dealer due to the number of sales that the dealer can achieve as a result and can transfer the savings onto the customer. However, buyers must be aware that the company could be steering customers to specific dealers whom they have a commercial relationship, she adds. “You must determine if you are getting the best price,” Fix says. Fultz states that referral fees might never be the primary benefit the companies get. Credit unions often offer car-buying services as they improve the relationship between the customer and an institution. “It helps us keep our loans inside the bank on a higher basis,” he says. “It is beneficial to our members, us and dealers.” 5. Know the return policy Consumers should make sure they understand the policy regarding customer satisfaction prior to when they purchase the vehicle or car, Fix says. In the event that you don’t, you could be stuck with a huge purchase that you’re not pleased with. It is possible to check on the car buying service platform’s website or call customer service to inquire what their return policy is. Besides how many days you have after you purchase the vehicle to return it, you should check for an upper limit on the number of miles you can drive. If you exceed the limit then you’ll need to pay for every mile over the limit. In general, the vehicle cannot be returned damaged or modified the vehicle must be in the same state as it was the day it was given to you. The main point to remember is that using an online car buying service can be an ideal alternative if you aren’t looking to negotiate with a salesperson in the car dealership would rather avoid stepping foot on a car lot or are tight on time. Before calling, do your homework and look at the details including researching the charges involved, as well as a car-buying platform’s return policy. Learn more
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Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto 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 confidence to take control of their finances with precise, well-studied information that breaks down complicated topics into manageable bites.
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