executivechronicles.com | First Time? Here are Five Mistakes to Avoid When Buying a Car | There’s no need to tell you that buying your first automobile is a huge investment. Given the amount of money a typical diver spends on their first car, it comes as no surprise they expect to get the best bang for their buck. Yet, getting ready for your first car purchasing and signing the papers to own one can be both exciting and confusing. And who can blame you? There are tons of things we overlook in our day-to-day lives, let alone when making an important purchase.
The mistakes that build this post are, unfortunately, common ones that novice car owners are likely to make while completing their purchase. Sometimes you will forget all the questions you need to ask or read the contract thoroughly. You’re out and about to purchase your first car, so you quickly become overwhelmed with all the add-ons and options. So, it’s easy to make an unnecessary purchase when you don’t research properly. Likewise, a novice car buyer may get into trouble if they don’t thoroughly understand how their insurance works or all the pros and cons of long-term financing.
Read on to discover common mistakes you are likely to make while purchasing a car for the first time and how to avoid these common pitfalls.
You Focus too Much on Price.
What kind of words do people use when talking about their fears of car buying? Do they mention “paying too much,” or “getting ripped off,” or “getting ripped off on price”?
The price you pay for your first automobile is only one element of buying a new car, and perhaps the largest. When we purchase a car, we ask ourselves: Are there any ford dealerships near me? Did I get a good deal? For this year’s model and make I purchased? In simple terms, you want to find out whether you paid more or less than the average person for that particular model. Among identically equipped new vehicles, it’s possible to find this out and proper websites that you can try. Indeed, due to condition and mileage factors, no two used vehicles are identical, so this is a much challenging game.
However, more important than price is whether you can find the right automobile for your needs and not buying a much more expensive car than you afford. Or should you consider a used recent-year automobile instead of a brand new one? In doing so, you will save far more than you can bargain off a new model price.
Skipping the Research
You thought when you finished college that you’d never again need to hit the books or do a deep-dive research project online? Yet, there will be plenty of major purchases in life that to get the best deal will necessitate a bit of study. Luckily for you, there’s an abundance of car websites, news articles, and personal finance websites that provide statistics and advice on which automobile models hold up the longest or have the best mileage. Contrary to most inexperienced beliefs, spending time on research does pay because you can save lots of money in the long run.
Don’t Ignore Financing Terms.
It doesn’t make sense when you haggle with your dealer for three hours to get an extra $400 off the price and then to finance the vehicle with no money down at 6 percent for four years at the cost of over $2,000.
People often do that because, in their perspective, those $500 they saved now on the sticker price is concrete while the $2,000 they’re paying to finance the purchase isn’t. When asked about any regrets they had about their first car buying experience, novice car buyers said:
- “The loan!”
- “We should have put more of a down payment.”
- “I didn’t research enough my loan rate.”
- “My only regret is that I let them rip me off with an 11% interest out of the gate…”
Not researching your loan can quickly cost more than savings you will get negotiating on price.
Buying Based on Looks
You will plunge in excitement as you will see your first ride. No biggie, but sometimes novice car buyers tend to settle on the first vehicle they fall in love with. Maybe the flashy design or the impeccable detailing caught your attention. But sometimes, what happens is that you will fail to consider both the usability and practicability of the vehicle, leading to a bad investment.
Pay attention to details if you want your first car to meet all your needs. While you will look great in a sports car, it’s not a great option if you need to commute every day. The same goes for an SUV. It may look and feel great for camping, but SUV’s are hard on gas when you’re driving to and from work on a daily basis.
Not doing a test drive.
Most novice car buyers assume that new cars will offer the same smooth, nice ride, so they skip the driving test. From our perspective, that’s a huge mistake because every single automobile model has its unique cons and pros. On the other hand, a test drive will tell you how comfortable you actually feel in that car and lets you consider things like the flow of the dashboard and blind-spot locations. Also, once you drive off with your new car, it’s yours to keep.
What’s more, going for a new model means you know what you’re getting, and you generally can expect nothing major going wrong for good years. A used vehicle, however, can be a smart choice if you are more economical.
What to avoid? Thinking with your heart. You should use your head when making a reasoned, rational decision that will serve you well not only in the moment but through your many years of car ownership. Before you throw yourself on the first deal, carefully reconsider your decision.