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When you buy a new car online, just like any other transaction anyone makes, it should be safe, simple & straight forward.
Technology has, thankfully, made the process of buying a new car a safe, streamlined and somewhat pleasurable experience. Still car buyers online need to follow a procedure and go through simple steps and follow a process before buying a new car online.
What was once a small market, quickly grew in size as car markets started to realise the benefits of connecting buyers to their vehicles from the comfort of their own homes. Some of the best services on the market can even organise an inspection, test-drive and final delivery of the vehicle to almost any location.
Some major advancements in Virtual Reality technology can now allow car manufacturers to give people an enhanced buyer experience with the aim of improving the buyer’s journey from research to purchase. In an article by ScienceSoft In 2019, the global VR market in the automotive industry accounted for $759.3 million and is forecasted to grow up to $14,727.9 million by 2027 at a CAGR of 45.1%.
What are the Benefits of Buying a Car Online?
The most obvious major benefits of buying a car online are the massive potential cost savings,
- to the buyer – bargain prices available online
- to the dealer – the potential reduction & elimination of costs such as
- property,
- staff and
- holding stock.
All of which, in one way or another affect the final price of a vehicle.
As with most purchases, buyers at the start of the process just don’t want to go to a dealership and meet with a car sealer face to face. They want the time to research and compare the model, features and prices of the cars you can buy online.
Car Buyers Online Guide to The Four Major Steps to Buy a Car Online?
Now that we’ve covered the basics and benefits for car buyers online let’s delve into the four (4) main steps to becoming a car buyer. This covers how to best prepare yourself ahead of the process, compare the auto-market, discover the best deals, book an inspection, secure financing and negotiate the best price.
1. Research and Comparisons
After buying a home, buying a car is one of the most expensive items people purchase. So we recommend that you don’t rush, the first thing that you need to do is a good amount of market research into the cars you can buy online. Read as many car reviews and comparisons as you can, until you have a shortlist of vehicles you are interested in. Reading these reviews as part of your research will help you compare not only prices, but the different vehicle features that are available on the market.
2. Financing
Now that you have finally found your ideal vehicle, it’s time to organise some vehicle financing, just as with vehicle research, the vehicle financing should also be compared, so that you get the best deal. There’s a number of key financial considerations.
Some of the best ways to compare car loans and vehicle financing involves taking a close look at:
- Interest rates
- Loan terms
- Minimum repayments
- Fees
- Insurance requirements
3. Vehicle Inspections And Test-Drives
Regardless of whether you are buying a used or new vehicle we highly recommend that you get a visual inspection, you need to see, drive and touch the vehicle. This is really the only way you can genuinely tell if all of the research you did at the beginning delivers.
When it comes to test-drives, we recommend that you take the vehicle for the longest-possible journey that the vendor will let you, but make sure to ask them first. Different vehicles provide different experiences so a short trip around the block may not be enough to gauge the;
- Engine’s power,
- Suspension and,
- Interior comfort
There could be any number or things that may annoy you in the long-term, so it’s best to find these out as soon as possible.
4. Negotiation
Everyone loves a bargain, but in saying that, it is vital to be realistic about vehicle prices when negotiating them. Whether you’re dealing face to face at a dealership, or negotiating the price online, it’s essential that you take a look at a manufacturer’s suggested retail price (MSRP), as this will give you a good indication of a vehicle’s cheapest price.
It’s worth noting that on platforms like Car Search Brokers buying service, we can help not only find your preferred vehicle, but also give you a list of multiple quotes for you to compare, which are often some of the most competitive prices on the market.