Last Updated: October 12, 2015 1

TrueCar

Found In: Shopping

Have you ever felt cheated out of a deal? I have had instances of buyer’s remorse, especially after finding out that I could have purchased a product for a lesser price. Everyone had one of these moments. Imagine how bad it can be when you found out you have been short-changed in buying your car.

Many considers a car is one of the most expensive of investments. In fact, it is only second to buying a house. In making important purchase decisions such as this, one cannot be too careful with researching the market and transacting with car dealers. Indeed, buying a car can be a tedious, if not painful experience.

What Is TRUECar

TRUECar is an online service that is reinventing how we buy cars as we know. The company believes that car buying should be transparent and stress-free. They aim to address and resolve the primary stress point of buying a car which is the negotiation and haggling of the price.

TrueCar uses information to enable a hassle-free car-buying experience. Their objective is to make the car-buying process fair and pleasant. To do this, they analyze the pricing information and how much buyers paid. Then, they present it to users in a simple way – making it easy to understand and available to all.

This new kind of pricing information will allow potential buyers to recognize a fair price based on what others actually paid. As a result, both parties – the buyers and sellers now have a guide that helps them establish trust based on an average price-point.

How TRUECar Works

How does it work? TRUECar partnered with car dealers whose policy is the same with theirs: transparency. They show you the average price that other people have paid for the car that you want to buy. This gives you guarantee that you are not being cheated out of your bucks. This also gives you confidence that TrueCar Certified Dealer prices are fair.

While pricing information is essential, price isn’t the only thing that matters when buying a car. Most people wanted the satisfaction of having bagged a great deal. By seeing what others paid, you won’t overpay. This eliminates buyer’s remorse but more importantly, you know that you had best deal you could get and you had a great experience.

TRUECar has experts on studying and analyzing data. They study millions of purchase transactions each year. They also monitor daily how much buyers are paying for their car purchase that’s why the price report is as recent and timely as you can get.

No More Unpleasant Surprises

When car buyers are uninformed, one can be taken advantage of in the sales process. Sometimes, there are even surprise fees and deductions. TRUECAr hopes to eliminate this by presenting pricing information upfront. Their certified dealers are clear and transparent on the pricing at the very first price presentation.

The Logic and Statistics Behind TRUECar

TrueCar gathers information from well-known data collecting agencies within the automobile world. This ensure that they have accurate pricing information. They also get other data such as vehicle registration and insurance data, vehicle configuration, and financing and loan data, to name a few.

TRUECar is confident in their data integrity and prides themselves for being among the most timely and comprehensive in the automobile industry. In fact, they have 99.1% confidence that their projected price in each week is within $20 of the average price of all sales in that week across the country.

7,700 Dealers Strong

Since they started, the reputation of this company has been heard nationwide. TRUECar is now affiliated with American Express, Progressive, Allstate, USAA, Geico, Consumer Reports and has been mentioned by the Wall Street Journal, Orange County Business Journal, Automative News, ABC News, Forbes, Chicago Tribune, and the Los Angles Times, to name a few.

With its policy on fairness and transparency, the word has spread and as of now, there are over 7,700 Certified Dealers nationwide. In 2013, nearly 400,000 TrueCar users bought their cars from TrueCar Certified Dealers.

How To Get Started

At TRUECar’s main-page, www.truecar.com, you can immediately get started by selecting the car you want to buy. Click on the orange button that says “Select a Vehicle”. This will take you to the brand selection page. Here, you can then select the brand and make of the vehicle of your choice. Next, you will enter your zip-code to search for a custom-fitted list of sellers available in your location. The next page is the price-report page. You’ll see the estimated dealer price and by how much percentage it is below or above the MSRP (Market Suggested Retail Price).

The layout is pretty straight-forward. The site will give you a verdict if the seller’s price is “Good”, “Great”, “Unusually Low”, or “Above Market”. You will see the information you needed in a visual presentation. Additionally, an estimate of the monthly loan payment and the amount of savings you will be getting will also be displayed.

Scrolling down the page, specs and technical information of the car you intended to purchase can be seen. Further down the page, a very detailed pricing summary is available. The average paid price trending is explained. The inclusion of destination fees, incentives/rebates if available, how your chosen car ranks in sales, and how the monthly payment is computed are also discussed.

Clicking the “Next” button will prompt you to sign-up for the service by entering your e-mail address. You can also choose to register with your Facebook, Google, or Yahoo! account details.

If you are interested to buy a used car, scroll down at their main site and click on “View used cars for sale.” At the next page, you will be asked to enter the make and model of the car you’re considering and after, the same sign-up page.

How To Contact TRUECar

As our needs for material things grow, the needs for basic virtues such as honesty and fairness are also emphasized. TRUECar is one of those companies who can attest that businesses are not only run by products, but moreso by people with virtues.