Top 10 Car Buying Mistakes To Avoid
If you are a car enthusiast, then congratulations, you have chosen arguably the most fun way to spend money. A new car is a big purchase and one that will stay with you for years. You need to make sure you’re getting the right model.
However, we believe there is nothing more frustrating than buying a new car and later realizing all of your “mistakes.” The following article will discuss ten mistakes that people can avoid while they are in the process of buying their next vehicle.
Not Taking Time To Research Vehicles And Prices
One of the most common mistakes people make when they get ready to purchase a car is they don’t take the time to research different vehicles, research prices, and don’t do their homework in order to get the best deal.
You need to find out what makes each vehicle unique. There are many factors that can determine which automobile is right for you, including performance, style, and cost. Before you visit a dealership, know everything about the vehicle you want. Never settle for second best on your next purchase!
Time is money when it comes to buying a new car, so spend the time researching your options and finding the best value. Once you’ve decided what works best for you, be prepared to spend a little extra time dealing with dealership salesmen while they try to pressure you into something less than satisfactory.
Falling In Love With A Specific Model
Most people who buy cars are emotionally attached to their choices before taking the vehicle out for a test drive. This is fine only if your tastes always line up with what is most practical and fits within your budget because chances are they won’t.
This may lead you to make other purchases you don’t need or want simply because you settle for the car you’ve always wanted and must have. Before any purchase of this magnitude, it’s best to consider why you want the vehicle in question and compare that to what your budget can afford.
Not Taking A Thorough Test Drive
While test driving that new model, making sure you feel comfortable is critical. Try to go on roads that feature the conditions and types of roads that you normally drive on. If you are in a new car and are used to driving a truck or SUV, don’t attempt to drive this car around the block in an area with lots of bumps.
Spend some time getting a feel for how the vehicle handles specific road conditions. You do not want to buy something that doesn’t fit your current lifestyle, so take your time and get a car that suits your needs. If something doesn’t feel right during the test drive, don’t buy it unless it can be fixed properly.
Negotiating Down From M.S.R.P. (Sticker Price)
This is vitally important when it comes to buying a new car in the U.S.A. because you are dealing with different taxes and fees, so your price will vary based on where you live in the country you are doing business with – unless you have an idea of what price range you are going to be looking at.
We always recommend that new car buyers spend as much time as possible researching their cars and find out what their specific car is worth, which will let them negotiate a fair deal on the vehicle they want to purchase – saving money while they are at it!
Focusing On Monthly Payments Alone
Many consumers are fooled into thinking that the Monthly Payment is all that matters when it comes to buying a new vehicle. We would recommend against this practice unless you can handle a high monthly payment because you will be stuck with an unpayable car loan if things go wrong in the long run.
A much better way to see how much you are paying for your car is to look at what it costs to operate the vehicle over a set amount of time and ask yourself, can I afford to buy this? If not, then walk away – let someone else have that headache.
Relying On The Dealer For Financing
Many people get into the habit of relying on their dealer for financing when buying a car. This is fine unless you’re dealing with a used car with bad credit history because the lender will only want to ensure that they are getting their money back at the end of the loan.
Buying Unnecessary Extras
Buying extras can be a huge money-maker for dealerships because they know you will be returning for additional service and repairs, which means more money for the dealer. You need to understand that you can find everything you need online or at a garage sale.
Rolling Negative Equity Into The Car You’re Buying
A common mistake people tend to make is rolling the negative equity into the car they’re buying. This means that you are essentially buying a car with no value since you are taking on an additional loan with more negative equity than the total worth of the vehicle.
Not Knowing The Value Of Your Trade-In
Another major mistake people make when buying a new car is not knowing the value of their trade-in. This can lead to people paying more for the vehicle than it is actually worth. To avoid making this mistake, you need to shop around and estimate your trade-in’s value before you go to the dealership!
Not Having A Used Car Inspected
The last mistake that we’re going to talk about is skipping the inspection entirely. You should always have any used car you are buying inspected by a trusted mechanic before you buy it. This way, you will know exactly what you’re getting into and will be able to make an informed decision on whether or not the used car is worth the price you have negotiated.
