Buying a used car online allows buyers to avoid much of what they hate about the traditional dealership experience. Here are the pros and cons.
While the pandemic and a computer chip shortage continue to upend the auto industry, online used car dealerships are thriving. Sales at the three biggest online retailers — Carvana, CVNA, +0.52% CarMax KMX, -2.05% and Vroom VRM, -3.26% — are up more than a third year over year, according to 2021 fiscal reports from the three companies.
Armed with a bit of knowledge about the online buying process, you can zero in on the car of your dreams while binge-watching your new favorite show. But when you’re ready to buy, the process requires a different approach from a traditional dealership. Convenience. You can search online inventories, set up a loan and have the car shipped to your home or office — wherever you prefer to sign the paperwork.
You can’t inspect it. Online used car sellers tout their thorough pre-purchase inspection. But, hey, it’s a used car — it will have wear and tear. You can only see the actual condition of the vehicle you’ve bought once it’s shipped to you. Shop for your own loan. These car sellers offer their own financing, but it’s always a good idea to shop several lenders for a preapproved loan. This step will reveal any problems with your credit and give you an idea of what interest rate you’ll have to pay.
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