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Dealer fees: What to know and how to avoid them Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools as well as publishing authentic and objective content. This allows you to conduct your own research and analyze information for free — so that you can make financial decisions without trepidation. Bankrate has agreements with issuers, including but not limited 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 that compensate us. This compensation could affect how and when products are listed on this site, including for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. However, this compensation will have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offerings that might be available to you. SHARE: Photographee.eu/Getty Images
3 min read published July 14 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-researched and informative facts that break down complex topics into manageable bites. The Bankrate promises
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If you have questions about money. Bankrate has answers. Our experts have been helping you manage your money for over four decades. We strive to continuously provide consumers with the expert advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and precise. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. The content created by our editorial team is factual, objective, and not influenced from our advertising. We’re honest about how we are capable of bringing high-quality content, competitive rates, and helpful tools to our customers by revealing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products or services, or when you click on specific links on our site. 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. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own proprietary website rules and whether the product is available within the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include details about each credit or financial item or product. Once you negotiate the price of your new vehicle, you may be surprised to see a final sales number that is hundreds, perhaps even thousands, higher than the price you initially agreed to. A majority of these additional fees, also called dealer fees, are required by law, for example, taxes, title and licensing fees. However, some fees are dependent on the particular dealer and can be negotiated . Fees for dealers you can eliminate and negotiate Not every fee a dealer throws your way is mandatory or non-negotiable. Make sure you are ready to refuse unnecessary options and haggle the costs of the items you’re looking for. Dealer or vehicle preparation fees Dealer or vehicle preparation fees are charges the dealer adds to get the vehicle ready to be delivered. This includes cleaning the car, taking any «bump protectors» off the doors, or getting rid of the protective covers for the floor or the seats. This can cost hundreds of additional dollars, and is worth paying attention to. How to avoid: U nless the dealer did something more above the normal preparation process, you should not be forced to pay these dealer charges. Dealer-installed accessories and extended warranties These extras are purchased during the purchase, but only if you requested these items and were able to prove that you’re being charged a fair price for the product or service. This could be the stolen vehicle recovery devicesuch as LoJack — paint sealant, or an aftermarket sound system or wheels . Avoiding the problem: If a dealer tries in requesting payment for one of these items and you did not ask for them, decline to pay the associated fee. If you did request these items, do some research to ensure that you are paying a fair amount since you can obtain all of these items once you own the vehicle. VIN etching or vehicle identification number is the grouping of 17 characters which identify the car. The procedure of VIN engraving is to protect yourself. The number is etched onto the windows of your car. It can cost between $150 and $300, so it is recommended to stay clear of this cost and tackle it on your own. It’s one of the most straightforward fees you can avoid. So make certain to prepare to keep it from slipping into the paper cracks . Tips to avoid it Say no to this extra charge and cut costs by going directly through the body shop for this service. You can even find a DIY kit online that costs between $20 and $40 . Extended warranty: This is an additional fee that can cover potential car repairs once the manufacturer’s warranty for the vehicle expires. However, they’re not necessary for all drivers. If you’re concerned about the price of possible repairs to your vehicle, it might be wise to rethink the you’ve chosen to purchase. If it’s worth the cost, consider other options instead of relying on the dealer’s offer. Avoid: increase the amount of this fee with the likelihood that it’ll actually be used before signing off on it . Gap insurance Guaranteed asset protection or, is an additional cost you might be met with if you are leasing a car. It covers the difference between the price of the vehicle and the loan payment if the car is totaled or stolen . What to do: nless you have a long loan term and put no money down, this fee is something you should avoid. At least 20% on your down payment so that it’s unlikely that you end up on your loan. Unavoidable dealer fees There are also dealer fees which you aren’t able to avoid, but you can prepare yourself for them . Tax, title and license fees The fees for title and license will cover the procedure requires to obtain an auto title and a license plate. The price tag attached to the tax fee will depend on the state’s sales tax rate, and is not negotiated . To learn more about the procedure in your state, visit the state’s Department of Motor Vehicles (DMV) website. Documentation fee This fee is the cost for processing all the paperwork associated with a new car purchase and is something you will be required to pay. Certain states have an annual fee for this item that is typically well less than $100. Some states do not have any specific specifications, meaning that a dealer is free to charge whatever they want. Remember that the amount you pay for will differ based on the state you live in and the dealer you deal with. To understand what’s typical, look up local laws. The fee for destination is the amount it takes for the dealership to take the vehicle out of the manufacturer. Kelley Blue Book notes that these charges can cost upwards of $1700. According to Edmunds the process of picking up your vehicle at the factory will not save you the cost of delivery — you’ll likely still be charged the entire amount. The bottom line is that this fee can’t be changed and could be an enormous portion of the cost. The bottom line: While some additional dealership fees are necessary but knowing which ones can be negotiated or removed altogether is the key to saving money when it comes to your next car purchase. Before you step into a showroom , conduct some study and calculations before you go to know .
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to buy a car. 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 the confidence to manage their finances with precise, well-researched and reliable facts that break down complicated topics into digestible pieces.
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