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 choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and evaluate information for free to help you make informed financial decisions. Bankrate has partnerships 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 who pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages, and other home loan products. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be open to you. SHARE skynesher/Getty images
4 min read Published June 15, 2022
Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. Written 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 control their finances by providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate guarantee
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This compensation could affect the way, location and in what order products are listed in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether a product is available in your area or at your own personal credit score can also impact the manner in which products appear on this website. While we strive to provide an array of offers, Bankrate does not include the details of each financial or credit item or service. If you don't like the thought of having to bargain with a dealership on the price tag for a brand new vehicle, then a car-buying service may be a solid alternative. You can do it from the comfort of your own home, and certain car buying services might have ways to put more money into your pockets. What are the best car buying services for you? The process of negotiating with dealerships can be intimidating. If fear of a bad deal has kept you away from checking out dealerships, a car buying service could be an ideal alternative for you. There are two primary types of car buying services: the concierge service and subscription-based. Concierge service can help you negotiate the price tag of the car and make the buying process more convenient for you, such as delivery of the car to your residence or the nearest center so you can test drive it before purchasing. Many organizations, like AAA, 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 in Heathrow, Florida. Nielsen says buyers who use these services to buy cars could save thousands on their purchase. "I have a friend who purchased a car from Our program that saved $2600," he says. Although consumers have the ability to save lots of money, not all car-buying services are alike, 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 company can gain from these deals and if their objectives are similar to yours. Tips on using a car-buying service If a car buying service is appealing to you, consider these tips before deciding. 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 , explains Fix. For example, Carvana, a popular car-buying service, provides fixed rates and can deliver the vehicle to your house for you to drive over the course of seven days. The cost can vary, and certain services charge a percentage of cost of the vehicle. For instance, at Meriwest Credit Union in San Jose, California, members can avail the Autoland car-buying service. Utilizing the service allows them to barely interact with anyone from a dealer, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with the auto advisor who can negotiate the price of your car on your behalf and collaborate with them to secure an auto loan by your credit union. 2. The free services are generally available to members only If you're a members of AAA, AARP, Costco, Sam's Club or a credit union, you might be eligible for their car buying services for free. Each program works differently, and some might provide the option of negotiating the cost of a car on your behalf, whereas others offer pre-negotiated, fixed rates. Some of these clubs and associations may have discounts, additional benefits and incentives that car manufacturers offer only to members of their organization. 3. Buyers should still do their research prior to working with an auto-buying service, Fix recommends looking up websites for auto research, such as Edmunds or Kelley Blue Book, to find the median cost of the car you want to purchase within your region. Another reason to do research prior to the purchase is that buyers will have a good idea of what they want before they reach out to the company, Nielsen says. "It's difficult to guide with your search if you're looking at minivansand sports vehicles or convertibles all at the same at the same time," he says. Nielsen suggests narrowing down your choices to your most preferred two or three options that include models, make, colors and choices, prior to contacting the car buying service. "Think about the kind of car you really want to buy and how much you'd like to invest," he says. If a company has that data, it can perform a better job of getting the car you want 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. For concierge service, they may charge a flat fee or a percentage of the value of the car. The car buying service usually negotiates lower prices with the dealer because of the sales volume that the dealer can achieve through this process, and they can transfer savings to the consumer. But consumers should be aware they could be directing them to certain dealers with who they've established a working connection, she says. "You should check to see if you get the best deal," Fix says. Fultz says referral fees may just not be the sole advantage the companies get. Credit unions often offer car-buying services to strengthen the customer's relationship with their financial institution. "It ensures that we keep our loans in-house on a much more frequent basis," he says. "It helps our members, us and the dealers." 5. Learn about the return policy. Customers must be aware of the policy on customer satisfaction before they buy the vehicle or car, Fix says. Otherwise, you might end up with a costly purchase that you're not happy with. It is possible to check on the car buying service's site, or by reaching out to customer service to find out what their return policy is. Besides how many days you're allowed to use after purchasing the car in order to take it back, make sure 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 over the limit. The car isn't able to be returned modified or damaged -- it has to be returned in the exact condition as the day it was given to you. The bottom line Using the car buying services could be a good option if aren't looking to negotiate with a salesperson on the lot, prefer not to walk on a car lot or if you are short on time. Before you make a call, do your homework and study the specifics including researching the cost involved, and the return policy of a platform that sells cars. Learn more
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Written by the writer who contributes to the project. 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
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