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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 goal is to help you make better financial decisions by offering you interactive tools and financial calculators as well as publishing original and impartial content, by enabling you to conduct research and compare data for no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site come from companies that compensate us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not include 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 is a writer on auto loans. Written 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 the confidence to take control of their finances through providing precise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee
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This compensation could affect the way, location and in what order items appear in listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether a product is available within your region or within your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every financial or credit product or service. If you hate the idea of haggling with a dealer for the cost to purchase a brand-new car, a car-buying service could be a good alternative for you. You can from the comfort of your own home, and certain car buying services may offer ways to keep more money in your pockets. Can car-buying services work for you? Dealing with dealers can be intimidating. If the fear of getting a bad deal has scared you away from checking out dealerships, a car buying service could be an ideal alternative for you. There are two main types of car buying services that include concierge services and membership-based services. Concierge services can help you bargain the price of your car and make the buying process more convenient for you, for example, delivering the car to your residence or an area center so that you can test drive it prior to purchasing. Many organizations, such as AAA, warehouse clubs and , offer car-buying services to their members free of charge, says John Nielsen, managing director of auto engineering and repairs for the AAA national office in Heathrow, Florida. Nielsen claims that those who utilize these car-buying services could save thousands of dollars on their purchase. "I have friends who purchased a car from the program, and saved $2,600," he says. Though shoppers have the potential to save a good deal of money, not all car-buying services are alike, says Lauren Fix, founder of The Car Coach and Car Smarts and a consumer expert on autos. She advises consumers to be aware of what the company has to profit from these deals, and if their goals are the same as yours. Tips for using a car buying service If a service for buying cars might be a good fit for you, take a look at these suggestions prior to pursuing one. 1. Businesses offer negotiation and convenience Car-buying platforms are for shoppers 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 to allow you to test drive it for seven days. The cost can vary, and some companies charge a percentage of the cost of the car. 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 assigned the auto advisor who negotiates the price of your car on your behalf and work with them on getting a car loan from your credit union. 2. The free services are generally available to members only . If you're member of AAA, AARP, Costco, Sam's Club or a credit union, you could be eligible for their car buying services for free. Each program is different and some provide the option of negotiating the price tag of a car for you, while others offer pre-negotiated, fixed costs. Certain clubs and organizations may offer discounts, other benefits, or incentives offered by car makers only to members of their organization. 3. Buyers should still do their homework Before working with an auto-buying service, Fix suggests browsing websites for auto research, such as Edmunds or Kelley Blue Book, to discover the average price for your desired car within your region. Another advantage of doing research prior to the purchase is that buyers will have a good idea of what they are looking for before they reach out to the company, Nielsen says. "It's difficult to assist you when you're considering Minivans, Sports Cars and convertibles at the same at the same time," he says. Nielsen suggests narrowing down your choices to your top two or three choices that include make, model, color and other options before you contact an auto-buying service. "Think about what it is you really desire to purchase and the much you want to spend," he says. If a business has this information, it will be able to be more efficient in finding the car you're looking for with a price that is competitive. 4. Learn how car buying services are paid. Although these services could be free for members, they are integrated into the membership fees. In the case of concierge services, they could charge a flat rate, or a percentage of the value of the vehicle. Car-buying services often can negotiate discounts with dealers because of the sales volume that the dealer can achieve due to this and can pass along the savings to the customer. But consumers should be aware they could be directing customers to specific dealers which they've a commercial connection, she says. "You should determine if you are getting the best price," Fix says. Fultz believes referral fees could just not be the sole advantage the companies get. Credit unions usually 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 greater level," he says. "It benefits us, the membership and dealers." 5. Learn about the return policy. Customers must be aware of the customer satisfaction policy before they take possession of the vehicle or car, Fix says. In the event that you don't, you could end up with a costly purchase that you're not satisfied with. You can on the car-buying service platform's website or call customer service to find out the return policy. In addition to the number of days you have after you purchase the vehicle for returning it make sure for a cap on the miles you can drive it. If you exceed the amount of miles that you can drive, you'll be charged for each mile past the limit. The car isn't able to be returned damaged or modified and must be in the same state as it was when it was handed over to you. The bottom line Using the car buying services could be an alternative if you don't want to negotiate with salespeople at the dealership, prefer not to step foot in a car dealership or are tight on time. Before calling make sure you do your research and look at the details including researching the charges involved, as well as a car-buying platform's return policy. 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. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances with concise, well-researched and well-researched content that breaks down complicated subjects into bite-sized pieces.
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