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 providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare information for free to 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 Money The offers that appear on this site come from companies who pay us. This compensation may impact how and when products are listed on the site, such as, for example, the order in which they 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 you read on this site. We do not contain the universe of companies or financial offers that may be open 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 writes about auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances with precise, well-studied facts that break down complex topics into manageable bites. The Bankrate promise
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This compensation could affect the way, location and in what order items are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether the product is available within your region or within your personal credit score could also affect how and where products appear on this website. We strive to provide an array of offers, Bankrate does not include information about each financial or credit item or service. If you hate the idea of haggling with a dealer about the cost to buy a new vehicle, then a car-buying service might be an ideal alternative for you. You can from the comfort of your own home, and some car buying services might have ways to put more money into your pocket. What are the best car buying services for you? Negotiation at dealerships can be intimidating. If fear of a poor deal has kept you from visiting dealer lots, a car-buying service could be an ideal alternative for you. There are two main types of car buying services such as concierge services and membership-based services. Concierge service can help you negotiate the price tag of the car and make the car-buying process simpler for you, such as transporting the vehicle at your home or to an area center so that you can try it out before you purchase. Many organizations, such as AAA warehouse clubs, warehouse clubs, and others, offer car buying services to members free of charge, says John Nielsen, managing director of automotive engineering and repair at the AAA headquarters located in Heathrow, Florida. Nielsen claims that those who utilize these car-buying services can save thousands of dollars off the cost of their purchase. "I have a friend who purchased a car from Our program that saved $2600," he says. Though shoppers have the potential to save a good deal of money, not all 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 service has to gain from these deals and if their goals are the same as yours. Tips on 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 services are designed for buyers who are tight on time and don't have the time to search and , as Fix explains. For example, Carvana, a popular car-buying service, provides fixed prices and can bring the vehicle to your house to allow you to test drive it over the course of seven days. Costs can vary and some companies cost a percentage of the cost of the car. At Meriwest Credit Union in San Jose, California, members are able to take advantage of the Autoland auto-buying service. Using the service allows them to communicate with no one from a dealer, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with the auto advisor who will negotiate the cost of the car on your behalf and collaborate together to get an auto loan from Meriwest Credit Union. 2. These services are typically available to members only If you're a members of AAA, AARP, Costco, Sam's Club or a credit union, you could be eligible for their free car buying services. Every program operates differently and some provide the possibility of negotiating the price tag of a vehicle on your behalf, whereas others will offer pre-negotiated fixed rates. Certain organizations and clubs might have discounts, benefits or incentives offered by car manufacturers exclusively to their members. 3. Buyers must still conduct their homework Before working with an auto-buying service, Fix suggests browsing sites for research on autos, such as Edmunds as well as Kelley Blue Book, to discover the average cost of the car you want to purchase in your area. Another benefit to doing research prior to the purchase is that buyers will know what they are looking for before they make contact with the firm, Nielsen says. "It's difficult to help you if you're looking at Minivans, Sports Cars or convertibles all at the same at the same time," he says. Nielsen suggests narrowing down your choices to your top two or three choices which include the models, make, colors and options, before contacting the car buying service. "Think about what it is that you would like to purchase and how much you want to invest," he says. If a business has this information, it will be able to be more efficient in getting the car you want with a price that is competitive. 4. Learn how car buying services are paid While these services might be free for members, the costs are integrated into the fees for membership. For concierge services, they may charge a flat rate, or a percentage of the value of the vehicle. Car buying services typically negotiate lower prices with the dealer because of the sales volume the dealership achieves as a result and can transfer savings to the consumer. But buyers should be aware the company could be steering customers to specific dealers who they've established a commercial relationship, she adds. "You must ask yourself if you really are getting the most value for your money," Fix says. Fultz says referral fees may not be the only benefit that these businesses receive. Credit unions usually offer car-buying services as they improve the customer's relationship with an 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. Be aware of the return policy. Consumers must ensure they know the policy on customer satisfaction before they take possession of the vehicle or car, Fix says. Otherwise, you might be stuck with a huge purchase that you're not happy with. It is possible to check on the car buying service platform's website, or by reaching out to customer service to inquire what the return policy is. Besides how many days you're given after buying the vehicle in order to take it back, check to see if there is a cap on the amount of miles you can drive it. If you go over the limit then you'll have to pay for every mile past the limit. In general, the vehicle cannot be returned modified or damaged the vehicle has to be returned in the exact condition it was in when it was handed over to you. The final word is that using the car buying services could be an option if do not want to bargain with an agent at the dealership, you would rather avoid stepping foot in a car dealership or if you're short on time. Before you call to make a decision, you should do your research and review the particulars such as researching the costs involved and 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 is a writer on auto loans. Written 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 confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
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