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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 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 — so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including 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 website are provided by companies that pay us. This compensation may impact how and when products are listed on this website, for example such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not contain the vast array of companies or financial deals that could be available 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 write about automobile loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promises
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We receive compensation for placement of sponsored products and, services, or through you clicking certain hyperlinks on our site. So, this compensation can impact how, where 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 elements, such as our own website rules and whether a product is available in your area or at your own personal credit score could also affect the manner in which products appear on this site. Although we try to offer an array of offers, Bankrate does not include details about each financial or credit item or service. If you hate the idea of haggling with a dealer for the cost to buy a new car, a car-buying service could be a good alternative. You can purchase a car from the convenience at your home and certain car purchasing services could offer options to put more money into your pocket. What are the best car buying services for you? Negotiation at dealerships can be a bit intimidating. If fear of a bad deal has scared you from visiting dealer lots, a car-buying service might be the best option for you. There are two main kinds of car-buying options that include Membership-based and concierge. Concierge service can help you negotiate the price tag of the car and make the buying process easier for you, like delivery of the car at your home or to an area center so that you can test drive it before you purchase. Numerous organizations, including AAA warehouse clubs, warehouse clubs and others, provide car-buying assistance to their members free of cost, says John Nielsen, managing director of auto engineering and repairs for the AAA national office at Heathrow, Florida. Nielsen says buyers who use these car-buying services can save thousands of dollars off the cost of their purchase. «I have friends who purchased an automobile through the program, and saved $2,600,» he says. Although consumers have the ability to save a good deal of money, not all car-buying services are created equal, says Lauren Fix, founder of The Car Coach and Car Smarts and a consumer expert on autos. The consumer must know what the car-buying service has to profit from these deals, and whether their goals are the same as yours. Tips for using a car buying service If a car-buying service is appealing to you, think about these guidelines before seeking one out. 1. Businesses offer negotiation and convenience Car-buying services are designed for buyers who have a tight schedule and can’t find and , as Fix explains. For instance, Carvana, a popular car-buying service, offers fixed rates and can deliver the vehicle to your house for you to drive over the course of seven days. Prices can differ, and certain services charge a percentage of the cost of the car. For instance, at Meriwest Credit Union in San Jose, California, members can take advantage of its Autoland car buying service. Utilizing 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 an auto consultant who negotiates the car’s price on your behalf and collaborate with them to secure a car loan through the credit union. 2. Free services are usually for only members. If you’re a member of AAA, AARP, Costco, Sam’s Club or a credit union, you might be eligible to tap into their free car buying services. Every program operates differently and some may provide the option of negotiating the price tag of a vehicle on your behalf, while others will offer pre-negotiated fixed costs. Certain clubs and organizations may offer discounts, benefits or incentives offered by car makers only to members of their organization. 3. Buyers should do their homework Before working with an auto-buying service, Fix recommends looking up auto research websites, such as Edmunds as well as Kelley Blue Book, to learn the average sales cost of the car you want to purchase in your area. Another reason to do your research before you buy is that buyers should have a good idea of what they are looking for before they reach out to the company, Nielsen says. «It’s difficult to guide you when you’re considering Minivans, Sports Cars, and convertibles all at the same simultaneously,» he says. Nielsen recommends narrowing your choices to your most preferred two or three options which include the models, makes, colors and options, before contacting an auto-buying service. «Think about the kind of car that you truly want to buy and how much you’d like to invest,» he says. If a company has that data, it can work much more efficiently at finding the car you want with a price that is competitive. 4. Learn how car buying services are paid While these services might be offered for free to members, they are folded into any charges for membership. As for concierge service, they may charge a flat rate or a portion of the value of the vehicle. Car-buying services often can negotiate lower prices with the dealer because of the sales volume the dealership can earn as a result, and they can transfer the savings onto the consumer. However, buyers must be aware that they could be directing customers to specific dealers who they’ve established a business relationship, she adds. «You must ask yourself if you really are getting the most value for your money,» Fix says. Fultz states that referral fees might just not be the sole advantage the companies get. Credit unions usually offer car-buying services because they strengthen the relationship between the customer and the financial institution. «It keeps our loans inside the bank on a higher basis,» he says. «It helps our membership, as well as dealers.» 5. Learn about the return policy. Customers must be aware of the policy regarding customer satisfaction prior to when they take possession of the vehicle or car, Fix says. Otherwise, you might end up with a costly purchase that you’re not pleased with. You can on the car-buying service’s site, or contact customer service to inquire what the return policy is. In addition to the number of days you have after you purchase the vehicle for returning it you should check to see if there’s an upper limit on the amount of miles you can drive it. If you exceed the number of miles, you most likely will need to pay for every mile that is over the limit. The car isn’t able to be returned modified or damaged and has to be returned in the exact condition it was in when it was delivered to you. The main point to remember is that using the car buying services could be an option if do not want to bargain with a salesperson at the dealership, you prefer not to walk in a car dealership or if you are short on time. Before calling, do your homework and review the particulars such as researching the cost involved, and the policy for returning a car purchased through a service. Learn more
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Written by a 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 late 2021. They are dedicated to helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.
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