Today’s shopper is all about efficiency. Thanks to the Amazon Effect, we expect a speedy browsing, checkout and delivery experience in every aspect of our lives — including car buying. A recent study found the average shopper is spending nearly an hour less researching and shopping for cars than in 2017.1 Luckily, online commerce has expanded its reach to vehicle sales, so you can purchase or lease a new car from the comfort of your own home.
Virtual car buying is quickly becoming the new norm, with 61% of consumers shopping online and only 20% visiting a dealership.2 This increase is partially due to the technology-driven world we live in, offering engaging multimedia resources, which explore vehicle models and features. Plus, shopping online increases efficiency with users, saving an average of 45 minutes signing paperwork and negotiating outside of a dealership.1
Looking online can take the stress and fatigue out of buying or leasing your next car. Follow our tips below to ensure you have a firm understanding of what you’re getting before signing on the virtual dotted line.
Set Your Standards
Before navigating into a virtual showroom, it is important to understand your desired budget as well as the qualities and features you’re looking for in a car. If you have kids to transfer to and from various events, you may prioritize space, sliding doors and high fuel economy, whereas other buyers may prioritize vehicle appearance over convenience.
Research, Research, Research
A disadvantage of buying a car online is that you are not able to see the dealership, vehicle or salespeople face-to-face. Do your due diligence and research the dealership’s history and reviews extensively to protect yourself and your wallet. Many online dealerships even offer virtual test drives for your vehicle. Also, understand the exact services, warranties, taxes and fees, and extras that are included in the price of the vehicle before you buy. Look at the manufacturer’s suggested retail price (MSRP) for a solid idea of what you should be paying for the car, then check out APGFCU AutoSMART to compare vehicle pricing, search our dealer inventory and take the stress out of car buying.
Get It in Writing
Nip pricy misunderstandings and unofficial offers in the bud while leveraging a better deal. Having a contract or disclosure in writing allows you to bargain with other dealerships. Make sure you have a written agreement before committing to any deal.
Compare Rates and Financing Options
Finding the best financing option with the lowest rate for your new car can be tricky and cause many shoppers to throw in the towel. Just as you invest time finding your dream car, spend time researching and comparing auto loan rates and payment methods to find the right option for you — it could save you thousands down the line. Discover our loan options and how we could help you get behind the wheel today.
The convenience and efficiency of online car buying is hard to beat, but understanding exactly what you’re buying can be tricky. By utilizing the tips above, you can be confident you’re getting the best deal on your next purchase.
*All loans are subject to credit approval.
1https://www.coxautoinc.com/news/car-buyers-visiting-fewer-dealerships-making-faster-decisions-as-online-engagement-rises/
2https://www.findthebestcarprice.com/car-buying-statistics-trends/