Driving You Crazy: How Long It Really Takes to Buy a Car from a Dealership
Patience: a commodity not so easily attained in the fast paced modern world of instant results and gratification. Maybe we take it for granted, but today’s definition of being patient has more to do with waiting the forty milliseconds for Google to load top recipes for puffed spinach than anything that actually requires extended time spent doing seemingly nothing. Regardless, time is precious and no one likes waiting for anything, especially if there is an alternative to speed things up.
Buying a vehicle is no different and yet, according to a survey by Cox Automotive, the average time it takes to buy a car from a dealership is around three hours. This is after the average eleven hours already spent researching online in order to attempt to streamline the in-store process. Still, many hours are spent getting everything finalized before you can hop into your new ride. Lets take a look at the factors that effect the time spent and why it takes as long as it does in the first place.
Factors Affecting the Time It Takes to Buy a Vehicle from a Dealership
Financing Options - The type of financing you choose can impact the time it takes to buy a car. If you're applying for financing through a third-party lender, it can take longer to secure financing than if you're financing through the dealership. Additionally, depending on your credit position and credit score, pre-approvals in general can take longer as multiple lenders need to be contacted individually in order to attain financing. This also doesnt account for shopping around, which is recommended in order to get the absolute best interest rate for your position.
Trade-in Evaluation - If you're trading in your old vehicle, the time it takes to evaluate it can vary depending on the dealership and the condition of the vehicle. Dealers typically perform a preliminary inspection of the vehicle in order to compare it to others on the market in similar condition to be able to properly evaluate it.
Test Drive - Taking a test drive is an important step in the car-buying process, but it can also add time to your dealership visit. If the dealership is busy or inventory levels are low (which we have seen over the last couple of years), you may have to wait for a vehicle to become available for a test drive.
Negotiation - Negotiating the price of a vehicle can be very time-consuming, especially if you're not sure what you're willing to pay or what fits into your budget. It's important to go into the negotiation process with a clear idea of what you want and how much you're willing to pay. Be aware that if you only have an idea of what monthly payment fits into your budget, dealers can simply extend the term of the loan to fit that budget. However, by doing this, your overall cost of ownership increases from higher amount of interest paid over the term.
Paperwork and Documentation - Once you've agreed on a price for the vehicle and/or finance structure, there's paperwork and documentation to fill out. This can take some time, especially if you're not familiar with the process.
Vehicle Inspection and Delivery - Before you drive your new vehicle off the lot, it will need to be inspected and prepped for delivery. Generally, this is done on the day that the purchase is finalized and a pre-determined delivery date/time is scheduled for you to pick up your new vehicle, so you’re not waiting in the dealership.
So, how can you reduce the time you spend at the dealership?
Do your research and preparation ahead of time. Know what you want and how much you're willing to pay as well as what fits into your budget. This can help speed up the process significantly. Thankfully, Carbeeza can help get that all sorted for you before you ever set foot in the dealership. Carbeeza anonymously and accurately predicts your financing options based on a few questions and matches you to vehicles that meet that criteria. That way you know exactly what fits your personal budget, what you qualify for and at what rate.
Know what fits your budget and be clear and firm about what you want and what you're willing to pay. This can help make the negotiation process much quicker. Carbeeza creates a complete outline of your deal with all of the specifics already filled out. That way, you know you’re getting the best deal and the dealer knows what you’re expecting from your purchase.
So, buying a car can be time-consuming, but by understanding what factors can affect the time it takes, and using the right resources, you can make the process significantly smoother and faster. Recapture your time and get into that next dream car with Carbeeza and stress-less in the process!
