Rocket Auto Review: Will I Get A Good Price?
Rocket Auto claims to offer an “easier way to buy your next vehicle”.
But is Rocket Auto really a good program for buying or selling a car?
It can be, but it’s still worth comparing other offers. Here is my review of the new Rocket Auto program and if it’s worth using.
Table of Contents
- What is Rocket Auto?
- How Does Rocket Auto Work?
- How to Buy a Car Through Rocket Auto
- How to Sell a Car Through Rocket Auto
- Does Rocket Auto Provide Financing?
- Can You Negotiate with Rocket Auto?
- Can I Refinance an Existing Loan Through Rocket Auto?
- Rocket Auto Fees – What’s the Catch?
- Does Rocket Auto Offer Protection Plans or Warranties?
- Rocket Auto Review – The Good & Bad
- Rocket Auto Customer Reviews and Complaints
- Alternatives to Rocket Auto
- Best Car Deals by Category
- Frequently Asked Questions
What is Rocket Auto?
Rocket Auto is an online vehicle marketplace for buying and selling vehicles. Their goal is to improve the car-buying experience through customer-centric shopping.
The brand was started in Detroit, Michigan. In addition to Auto, they also have related brands, including Rocket Mortgage, Rocket Homes, and Rocket Loans.
Can I Trust Rocket Auto?
Rocket Auto is under the broader “Rocket” brand, which has a solid reputation. It is a legitimate company that you can rely on logistically. However, that doesn’t always mean Rocket Auto is the best place to buy a car.
They claim to provide a customer-centric approach; however, they also market their services to dealer partners, leveraging their large market of buyers and claiming they nurture clients until ready to purchase.
In essence, Rocket may be a good place to go to buy or sell a car, but they are not only looking out for your best interests.
How Does Rocket Auto Work?
You are not buying or selling directly to Rocket, but rather from their network of dealerships.
How to Buy a Car Through Rocket Auto
Here are the steps to buying a car through Rocket Auto:
- Browse. Narrow down selection based on the model, make, style, features, etc.
- Compare. Directly compare vehicles side by side.
- Start Purchase. Once you’ve found the right vehicle, hit “Start Purchase”.
- Speak With a Rocket Auto Expert. They will answer your questions and connect you with the seller when you are ready.
- Choose Delivery. Finish the sale and choose the best delivery option for you.
- Help With Negotiating. Rocket Auto aids with negotiation, as you don’t speak with the dealer until you have a “structured deal”.
How to Sell a Car Through Rocket Auto
You can also sell a car through Rocket Auto.
- Provide Details. Enter the make, model, or body style. Then include information about its history and condition.
- Receive Your Guaranteed Price. Rocket Auto searches through their dealer network to find you the best quote. One of Rocket Auto's trusted partners includes Vroom [review].
- Schedule Payment With the Partner and Complete the Sale. They do not provide details about when or how to expect payment. This likely varies depending on which dealer purchases your vehicle.
Can You Trade-In a Car Through Rocket Auto?
Yes, Rocket Auto also allows trade-ins. They do not provide clear steps on the trade-in process, but likely you begin by entering your vehicle information as if you are going to sell.
You will receive an instant cash offer. From there, you can speak with a Rocket Auto expert to facilitate the trade-in.
Does Rocket Auto Provide Financing?
Rocket Auto also offers financing through its dealer partners. Their partners provide financing through popular banks, so it may make sense to also get your own financing quote.
Rocket Auto also clearly states that your credit score, down payment, and more can impact your ability to qualify for financing. This suggests that those with very low credit scores may not be eligible.
Can You Negotiate with Rocket Auto?
It’s unclear if you can negotiate with Rocket Auto. Since they promise dealerships a structured deal, you won’t be able to negotiate once you are in contact with them.
However, you may be able to negotiate with Rocket Auto on the deal before completing the transaction with the dealer.
Can I Refinance an Existing Loan Through Rocket Auto?
At this time, you cannot refinance an existing loan through Rocket Auto. Instead, they offer to help you sell your vehicle through their dealership partners.
Rocket Auto Fees – What’s the Catch?
There are no fees (yet) for customers to use Rocket Auto. This could change in the future, but right now you do not have to pay any service fee.
How Does Rocket Auto Make Money?
Since customers do not pay to use Rocket Auto, how do they make money? It seems that they make money from the dealership partners.
Essentially, Rocket Auto serves as a marketing tool for dealerships to get their inventory in front of buyers. Rocket Auto also promises to deliver them structured deals to streamline sales. While they do not say how much, Rocket Auto charges the dealer partners to be part of its network, which is how they make money.
Whether this is in the form of a subscription fee, commission fee, or both is unclear.
Does Rocket Auto Deliver or Pickup Vehicles?
Some vehicles on Rocket Auto allow delivery, but all may not. Rocket Auto states that you must explore delivery options directly with the seller. This means that it’s up to the dealership if they provide delivery and what the delivery fee is.
What is Rocket Auto’s Return Policy?
Rocket Auto does not specify a return policy, but they state that they are not responsible for the final purchase. This suggests that they do not facilitate returns and that the return policy will come from the dealership.
Inquire about the return policy with the dealer you are purchasing from.
Does Rocket Auto Offer Protection Plans or Warranties?
Rocket Auto does not offer protection plans or warranties. They specifically state that they do not guarantee the quality or performance of vehicles.
Furthermore, they state that you are responsible for confirming the correct final purchase price and fees with the dealership.
Rocket Auto Review – The Good & Bad
As a relatively new platform, Rocket Auto is in its infancy. Here are our thoughts so far:
Pros: Here’s What I Like About Rocket Auto
- Selection. Huge selection of vehicles (over 35,000 from 300 dealers).
- Growth. Relatively new, just started earlier in 2021. A lot of potential for rapid growth and new partners.
- Customers. Client-first mission.
- Reputation. Rocket Companies brings vast experience guiding customers through processes like mortgage and personal lending. They have a strong reputation as a company.
- Fast. Instant cash offer.
Cons: Here’s What I Don’t Like About Rocket Auto
- New. It just launched this year. There are very few reviews and it’s in its infancy.
- Speak With Member. As of right now, you must speak with a team member to complete your purchase.
- Better Prices Elsewhere. May be able to negotiate a better deal on your own.
Rocket Auto Customer Reviews and Complaints
Right now, Rocket Auto is less than two months old. There are not many reviews yet of the company. We have not yet been able to find reviews for the Rocket Auto service.
Alternatives to Rocket Auto
While Rocket Auto can help you find a good deal to buy, sell, or trade-in a vehicle, the company is still in its early stages. There are many great alternatives to consider using as well:
- FindTheBestCarPrice: Get the best price on a new vehicle with our network powered by Rydeshopper. We make it easy to compare vehicles and prices. We also offer a wealth of helpful resources for car shopping, selling, and negotiating.
- Costco Auto Program: Costco members get access to the Costco Auto Program. The program connects members with partnered dealers. Read our full review here.
- Sam’s Club Auto Buying Program: This program is powered by TrueCar. It connects Sam’s Club members with offers for new and used cars. If you already have a membership, it’s worth checking out. Learn more in our full review.
- Carvana: Buy and sell used cars via Carvana’s online platform. All deals are haggle-free, and they offer financing options as well. Learn more about Carvana in our review.
- Carmax. CarMax is available nationwide for buying and selling used cars. They have plenty of in-person and online options, with delivery available. Read our CarMax review here.
Frequently Asked Questions
Is Rocket Auto free?
Yes, Rocket Auto is free for customers to use to buy or sell their vehicles.
Is Rocket Auto legit?
Rocket Auto is part of Rocket Companies, which owns well-known, established brands like Rocket Mortgage. While the auto segment is very new, it’s backed by a credible brand with a strong reputation.
Is Rocket Auto worth it?
Since Rocket Auto does not cost you anything extra to use, it’s worth exploring. You should always compare the quotes with ones from other sources to ensure you get the best deal.
Does Rocket Auto lease cars?
No, at this time, you cannot lease cars with Rocket Auto. You can buy, sell, or trade-in a vehicle.
Where is Rocket Auto available?
Rocket Auto is available throughout the United States. They’ve partnered with over 300 auto dealers across the country. You can enter your zip code and preferred distance when searching for vehicles.
Does Rocket Auto check credit?
If you apply for financing through Rocket Auto’s network, they will check your credit score. They explicitly state that a credit score impacts your financing eligibility. However, you can still buy through them with low credit. You would just need to source your own financing.