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 choices by offering you interactive financial calculators and tools as well as publishing original and impartial content, by enabling users to conduct research and evaluate information for free and help you make financial decisions with confidence. 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 products that are featured on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our loan products, such as mortgages and home equity and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews you see on this site. We do not cover the universe of companies or financial offerings that might 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 write about automobile loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and well-constructed information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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We are compensated in exchange for the placement of sponsored products and services, or when you click on certain links posted on our website. This compensation could influence the manner, place and in what order items appear in listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether a product is offered in your area or at your self-selected credit score range could also affect how and where products appear on this site. 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 on the price tag for a brand new vehicle, a car buying service may be a solid alternative for you. You can from the comfort of your own home, and some of the car buying services may offer ways to save money in your pockets. What are the best car buying services for you? Negotiation at dealerships can be intimidating. If the 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 main types of car-buying services: concierge services and membership-based services. Concierge services can help you determine the cost of the car and make the process of buying a car simpler for you, for example, delivering the car at your home or to a nearby center so you can try it out before you purchase. Many organizations, such as AAA warehouse clubs, warehouse clubs, and others, offer car buying services to their members free of cost, says John Nielsen, managing director of automotive engineering and repair at the AAA National office located in Heathrow, Florida. Nielsen says buyers who use these services for buying a car can save thousands of dollars off the cost of their purchases. “I have a friend who purchased an automobile through the program, and saved $2,600,” he says. While consumers can to save a good deal of money, not all buying services are the same, according to 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 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 deciding. 1. The companies offer negotiation and ease of use. car-buying platforms for those who have a tight schedule and can’t find and fix, according to Fix. For instance, Carvana, a popular car-buying service, provides fixed costs and will bring the car to your residence for you to drive throughout the seven-day period. The cost can vary, and some services charge a percentage of cost of the vehicle. In Meriwest Credit Union in San Jose, California, members can take advantage of its Autoland car-buying service. Using the service allows them to not interact with anyone from a dealer, says William Fultz, an auto broker at Meriwest Credit Union. Members are assigned an auto consultant who will negotiate the cost of the car on your behalf and work with them on getting an auto loan from your 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 could be eligible to avail their free car-buying services. Every program operates differently, and some might provide the possibility of negotiating the price of a vehicle on your behalf, whereas others offer pre-negotiated, fixed costs. Some of these clubs and organizations may offer discounts, other benefits, or incentives that car manufacturers offer only to members of their organization. 3. Buyers should still do their research prior to contacting the car buying service Fix suggests browsing sites for research on autos like Edmunds as well as Kelley Blue Book, to find the median price of your dream car within your region. Another reason to do your homework upfront is that buyers will know what they want before they reach out to the company, 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 suggests narrowing down your search to your most preferred two or three options which include the models, make, colors and other options before you contact a car-buying service. “Think about the kind of car that you truly would like to purchase and how much you’d like to spend,” he says. When a company has that information, it can be more efficient in finding the car you’re looking for at a reasonable price. 4. Learn how car buying services are paid While these services might be provided for free to members, they are included in any charges for membership. As for concierge services, they might charge a flat rate or a portion of the price of the car. Car buying services typically negotiate lower prices with the dealer due to the volume of sales that the dealer can achieve as a result and pass along the savings to the consumer. But consumers should be aware they may be directed by the company them to certain dealers with who they’ve established a commercial connection, she says. “You have to determine if you are getting the most value for your money,” Fix says. Fultz states that referral fees might not be the only advantage these companies receive. Credit unions often offer car-buying services to strengthen the relationship between the customer and the financial institution. “It ensures that we keep our loans inside the bank on a greater level,” he says. “It is beneficial to our members, us and dealers.” 5. Be aware of the return policy. Consumers must be aware of the customer satisfaction policy before they take possession of the car or truck, Fix says. In the event that you don’t, you could be stuck with a major purchase and something you aren’t happy with. You can on the car-buying service platform’s website, or call customer service to inquire what the return policy is. In addition to the number of days you have after you purchase the vehicle in order to take it back, check to see if there’s a cap on the number of miles you can drive. If you go over the limit, you most likely will have to pay for every mile past the limit. In general, the vehicle cannot be returned damaged or altered and should be in same condition it was in the day it was given to you. The bottom line Using an online car buying service can be a good option if aren’t looking to negotiate with salespeople at the dealership, prefer not to step foot on a car lot or if you are short on time. Before you call make sure you do your research and review the particulars, like researching , the costs involved and the policy for returning a car purchased through a service. Find out more
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Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.
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