Buying a car is one of the most important financial transactions you can make. And since it’s such a big investment, there are all sorts of things that can go wrong. The key to avoiding the most common car buying mistakes is identifying them before you buy.
By knowing what to look out for, you can steer clear of these common mistakes, and make better informed decisions with your money. Here are some of the biggest mistakes to look out for to help you navigate through the often tough process of buying a vehicle.
Buying A Car Based on Price Alone
Although a good deal is important, and undoubtedly ideal for your wallet, there’s so much more that goes into the total transaction. Though the buying price may seem attractive, the truth is that there may be all sorts of problems with the car later down the road that will ultimately cost you even more.
In other words, don’t buy the wrong car solely based on buying price. There are many other factors to consider from vehicle type, to fuel economy, to comfort. Although a good deal may seem like it boils down to the initial buying price, the truth is that a good deal comes down to being happy and safe in your vehicle for years to come with little to no repairs.
Many people are under the impression that they have to buy a new car in order to get the best vehicle possible. This could not be further from the truth. Buying a used vehicle can be one of the smartest things that you do for your finances. The truth is that a vehicle is considered used the minute that it’s driven off the lot.
So, you could conceivably find yourself with a brand new car that’s only been driven for a few minutes with thousands of dollars knocked off of the initial price. Buying used requires a little more effort and research on your part, however, unless you’re a millionaire which is quite rare, then chances are you want to save money wherever you can. Always consider buying used first to save yourself the most amount of money.
Not Doing Research on Dealers
Many people do a quick Google search for car dealers and go to the first one that they find. However, this can be disastrous. Just because someone is listed as a dealer doesn’t mean that you’re going to have a positive experience doing business with them. The same as you can’t assume that every restaurant you come across is going to be good, not all dealers are created equally.
Do your research by asking around and reading reviews on the dealers in your area. Get to know the latest feedback, and compare positive experiences and bad experiences that people have had with that dealer. Choosing the wrong dealership can cost you a considerable amount of money, and ultimately a car purchase that you regret.