Description
Car shopping has long suffered from one frustrating problem: hidden fees. You find a vehicle advertised for $24,995, only to arrive at the dealership and discover several hundred dollars in mandatory dealer or documentation fees added before you can sign the paperwork. While these fees may be legal, they often weren't reflected in the advertised price, making it difficult for shoppers to compare vehicles fairly.
The Federal Trade Commission (FTC) has urged dealers to include all mandatory fees in advertised vehicle prices, and several states, including Massachusetts, now require dealers to advertise prices that already include those required charges.
To help make pricing more transparent, CarGurus is asking dealers to disclose their mandatory fees so shoppers can see a more accurate price upfront. Listings that include all required dealer fees will display a "Price includes fees" label, while dealers that haven't yet disclosed their fees will be identified with a "Fees not disclosed" message. Shoppers can also use a new Transparent Pricing filter to view only listings from dealers that have provided complete fee disclosure.
Listen to the Driveway, a podcast available on all platforms: https://cargur.us/1d5zzf
Presenters: Elliot Haney and Matt Smith
#ftc #price #transparency
----------------
0:00 Breaking Pricing News!
0:31 Higher Prices Are.... a Good Thing?
1:35 What Is Changing?
2:33 Why Now?
4:43 How to Use the Filters
6:03 What if a Dealer Doesn't Disclose Fees?
6:55 What Fees Aren't Included?
7:41 A Note on Dealers
8:22 A Win for the Consumer