If you’re planning on purchasing a new car but don’t have a lot of time or the means to do all the legwork on your own, engaging a car broker can be an excellent option. A car broker can save you a lot of time and hassle and will help you secure the best possible deal.
What exactly is a car broker and what do they do?
A car broker is a third party engaged by you, the buyer, to assist you with buying a new car. Essentially, it is a car brokers job to make your job easier when it comes to buying a new or used car.
When purchasing a new car, a significant deal of research is recommended to ensure you’re getting the best price on the car. A car broker will complete all this legwork for you, including researching and negotiating a price across their database of dealerships. Using their networks, they’ll be able to do this for you much faster, and often more effectively, than you’d be able to on your own.
A full service car broker can complete the entire process for you, from finding the car to completing the transaction. They will take you along for test drives, help you sell your existing vehicle if you have one and some even provide ongoing benefits such as finding you discounts on insurance. Otherwise, you can employ an online car broker who will work remotely to find you the best deal in your area. They too will conduct all the necessary research, saving you time, effort and money.
Ultimately, the benefit of engaging a car broker is the minimisation of hassle and the maximisation of savings. Additionally, you’re placed on equal footing with professional car sellers by employing a professional car buyer who can negotiate you the best deal.
What is the catch?
There isn’t really a catch when it comes to car brokers, but it is important to remember that a car broker is doing a job and, at the end of the day, needs to get paid just like everyone else. Engaging a car broker will incur a fee. Generally car brokers charge either a flat charge or a commission or percentage payment.
Flat fees will usually be based on the type of car you are buying. Other factors, such as whether you are buying a new or used car, may also affect this rate. A new car will generally attract a lower fee than a used car as there is less research involved in locating the specific vehicle.
Find out how much money you’re going to be paying your broker and weigh this up against how much you’ll save.
What else do you need to know?
- If you’re going to use a car broker, make sure that the car broker you have chosen is operating independently. You do not want to engage a car broker that is tied to a brand or dealership. If this is the case, they will not be acting in your best interests at all.
- 2. Conduct your own research. This sounds counterintuitive, especially as you are paying for the broker to do this research for you, but a little bit of research on the side will make sure that the broker is acting in your best interests and not leading you astray.
Ultimately, if you are short on time or just don’t want the hassle of going from one car dealer to the next to find the best price on the car you want, a car broker will make your life a lot easier.
This is a Professional Post from the team at Private Fleet