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 decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content. This allows users to conduct research and evaluate information for free and help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 site are from companies that pay us. This compensation could affect how and when products are listed on this site, including for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other products for home loans. However, this compensation will not influence the content we publish or the reviews that appear on this website. We do not cover the vast array 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 is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down complex topics into manageable bites. The Bankrate promises
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We receive compensation for the promotion of sponsored goods and services, or when you click on certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order items are listed, except where prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether a product is available in your area or at your personal credit score could also affect the manner in which products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. If you are not a fan of haggling with a dealer for the cost to purchase a brand-new car, a car-buying service may be a solid alternative. You can do it from the comfort of your own home, and some of the car purchasing services could offer options to keep more money in your pockets. Can car-buying services work for you? Dealing with dealers can be daunting. If the fear of a bad deal has kept you away from checking out dealerships, a car buying service could be an ideal alternative for you. There are two types of car buying services that include concierge services and membership-based. Concierge services are a great way to bargain the price of the vehicle and make the process of buying a car easier for you, such as delivery of the car to your residence or 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 to their members free of cost, says John Nielsen, managing director of automotive engineering and repair at the AAA headquarters at Heathrow, Florida. Nielsen claims that those who utilize these services to buy cars could save thousands of dollars on their purchase. “I have friends who purchased the car through our program and saved $2600,” he says. While consumers can to save a good deal 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. She says consumers need to be aware of what the company stands to benefit from these deals and whether their goals are similar to yours. Tips on using a car-buying service If a car buying service seems right for you, consider these tips before seeking one out. 1. Companies offer negotiation, convenience car-buying platforms for those who have a tight schedule and don’t have the time to search and , as Fix explains. For instance, Carvana, a popular car-buying service, offers fixed costs and will bring the vehicle to your house so you can test-drive it over the course of seven days. The cost can vary, 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 from a dealership, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with an expert in auto finance who negotiates the price of your car on your behalf and collaborate with them on getting an auto loan by the credit union. 2. Free services are usually for members only If you’re a participant in AAA, AARP, Costco, Sam’s Club or a credit union, you might be eligible to avail their free car buying services. Each program works differently and some may offer the service of negotiating the cost of a vehicle for you, while others provide pre-negotiated fixed rates. Some of these organizations and clubs might have discounts, benefits or incentives that car manufacturers offer exclusively to their members. 3. Buyers should do their research prior to contacting the car buying service Fix suggests browsing auto research websites like Edmunds or Kelley Blue Book, to learn the average sales price of your dream car in your area. Another benefit to doing your research before you buy is that buyers should have a good idea of what they want before they contact the service firm, Nielsen says. “It’s difficult to help you when you’re considering minivansand sports vehicles, and convertibles all at the same simultaneously,” he says. Nielsen recommends narrowing your search to your top two or three choices which include the models, make, colors and options, before contacting a car-buying service. “Think about what it is that you truly would like to purchase and how much you’d like to pay,” he says. If a business has this information, it will be able to work much more efficiently at finding the car you’re looking for at a reasonable price. 4. Know how car-buying services are paid While these services might be free for members, they are folded into any charges for membership. For concierge service, they might be charged a flat amount or a percentage of the cost of the vehicle. The car buying service usually negotiates lower prices with the dealer due to the volume of sales the dealership can earn due to this, and they can transfer savings to the customer. But consumers should be aware they may be directed by the company them to dealers who they’ve established a commercial relationship, she says. “You have to ask yourself if you really are getting the best price,” Fix says. Fultz says referral fees may not be the only advantage the companies get. Credit unions often offer car-buying services because they strengthen the customer’s relationship with an institution. “It ensures that we keep our loans inside the bank on a higher basis,” he says. “It helps us, the membership and dealers.” 5. Be aware of the return policy. Consumers must ensure they know the policy on customer satisfaction before they take possession of the car or truck, Fix says. Otherwise, you might end up with a costly purchase and something you aren’t happy with. You can on the car-buying service platform’s website or by reaching out to customer service to find out what their return policy is. Besides how many days you’re allowed to use after purchasing the car for returning it you should check for an upper limit on the miles you can drive. If you exceed the limit, you most likely will need to pay for every mile past the limit. The car isn’t able to be returned modified or damaged and should be in exact state as it was when it was delivered to you. The main point to remember is that using a car-buying service could be a good option if don’t want to negotiate with a salesperson on the lot, would rather avoid stepping foot at a car dealer or if you are short on time. Before you make a call make sure you do your research and study the specifics, like researching , the cost involved, and the return policy of a platform that sells cars. Learn more
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Written by the writer who contributes to the project. 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 manage their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
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