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Buying a vehicle

Buying a vehicle online

As the Internet became a household appliance in the late 1990s, consumers began to use it to seek the best interest rates for auto loans, best prices for autos, and other vital information about vehicles and their various options.

To meet this swell in public demand for information, auto dealers and auto-industry sites provided free search engines at their Web sites for selecting an auto, reviewing the specifications, and obtaining a "haggle-free" quote.

Buying an auto online is difficult. You can't touch, test-drive, or even smell it. Perhaps it's the excitement and heightened stimulus of touring a new-auto showroom that is the deal-clincher for many buyers. It's unlikely that much more than a small fraction of the 15.5 million autos sold in the U.S. in 2013 were sold online.

However, the Web is loaded with sites aimed at information gathering and purchasing an auto. For starters, you may wish to browse the Web sites of makers whose autos interest you. All the major makers have search engines that allow you to browse, learn, and -- yes -- purchase.

You may also wish to use the search engine that is sponsored by the National Automobile Dealers Association of America (NADA).

Online auto shoppers sometimes complain that a dealer's price quoted on the Internet is different from the quote that is offered in person. If an auto dealer or maker quotes a price that is materially different from what it quoted online, ask for an explanation of the difference. If you aren't given one and remain unsatisfied, you may decide to take your business elsewhere.

If you feel a dealer is misrepresenting prices on its Web site and is unwilling to explain, you may wish to notify NADA or the U.S. Federal Trade Commission (FTC). The FTC is the federal agency that is responsible for regulating interstate commerce and ensuring fair consumer-reporting practices.

Next, we take a look at some of the major components of financing a vehicle.
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Calculators are provided by LeadFusion, Inc., a third party that is not affiliated with M&T Bank. M&T does not endorse or guarantee the accuracy or results provided by the calculators or any accompanying information and M&T has no responsibility or liability whatsoever in connection with the use of the calculators or any related material. The information provided by/with the calculators is for illustrative purposes only and may vary from your actual loan, mortgage, investment, or savings results. Interest rates are hypothetical and are not meant to represent any specific investment. Rates of return will vary over time, particularly for long-term investments. Reliance on any information provided by/with the calculators is solely at your own risk.