Cars are an indispensable part of most people’s everyday lives and every driver will inevitably need to purchase a car. There are mistakes you should do your best to avoid when buying a car or you may wind up with buyer’s remorse.
The Wrong Car
Every driver has a different set of needs and wants for the car he or she owns. One of the most common mistakes people make when buying a new car is not considering what they realistically need from a car before driving off of the lot. The car you think looks the coolest or most fashionable may not be the car that fits into your daily life. Ask yourself what the car you buy needs to do and make sure whichever model you choose fits those requirements.
Ignoring Used Options
A new car immediately depreciates in value and should not be looked at as a financial investment. A used car that is less than five years old and came from a good owner can offer all the amenities of a new car at a substantially lower purchase price. Long term or extended warranties also make buying a used car a practical option.
Monthly Payments Vs. Total Cost
A lower monthly payment does not mean you are paying less for the car or that the car is a budget-appropriate option. While shopping for your next car, remember that the salesperson is not trying to save you money. The salesperson is trying to sell you a car. As negotiations progress, remember to figure out how much the total cost of the car works out to. Do not make the mistake of focusing entirely on the monthly financing payments.
Cost of Ownership
Beyond the purchase price of a car there are costs of ownership you should keep in mind. A serious mistake people make when buying a car is completely overlooking how much money it will take to keep a car on the road, insured, and filled with fuel. Even if you can easily afford a luxury vehicle’s ticket price, be sure you are willing to keep up with the ongoing cost of ownership. Check to see if repairs, gas and other routine maintenance will cost more on the car.
The worst mistakes you can make when buying a car are all related to overlooking the true value of the purchase. Always stay focused on getting the most out of the deal while still driving away in the right car.
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