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How much money do car brokers make?
I am having trouble finding the exact car that I want. I was thinking about using a car broker, but I don't want to get ripped off on the broker fees. How much money will they make from the sale of the car?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It can be hard to find the perfect car, so your instinct to use a car broker is spot on! But, believe it or not, you can save a good bit of money by using a broker over going to a dealership.
Brokers can work for a flat fee or a commission, but this often works out to be less than what the dealership charges. You can expect to pay a retainer fee of around $100 and then a flat rate fee between $200 and $1,000.
It is crucial to find an independent broker for just this reason. A broker connected to a dealership or even one that says they work for free might not have your best interest in mind. They may be more concerned with how much they will be making off the deal rather than finding you your perfect car.
Here are a few more advantages to using a broker:
- They look for cars within your set budget.
- They are usually very experienced former dealers, so they know what to look for to ensure the car is in good shape.
- They have built strong relationships with many funders, so they have access to better deals than you and I would.
While you are pricing out which car broker to go with, don’t forget to add in the cost of your
car insurance
policy. Want to make sure you are getting the best deal around? Download the Jerry
app for help. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.Good luck–and have fun–looking for a new car!”
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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