Buying a new car may not be as easy as walking into the nearest car dealer’s lot and driving away in your newly acquired dream car. Since purchasing a vehicle is a heavy financial commitment, you need to be careful to get the best deal.
However, every car buyer needs to be aware that some salespeople may tell costly lies to close the deal. It’s even worse when you want a used car because you can easily fall into the worst mistakes when buying such cars.
Here are the worst ever mistakes you can make while buying a car.
Buying a car but failing to do research
If you fail to do your homework well, chances you’ll walk out with a bad deal. The numerous TV adverts may not be accurate because they are designed to attract you to the dealers.
Turn to the internet to do a little research of your own. Get information on which models are available and what features they pack to see which one suits your needs. If you’re not sure where to start, try cars.com or autoweb.
Too tired to compare different dealerships
Like any other kind of shopping, buying the right car requires prior window shopping so that you can compare prices. If you don’t take your time to shop around, you may not get the best bargain.
Several reasons may push car buyers into the trap of only visiting one dealer. But you need to sacrifice your time and effort. Visit different dealers to check out what they have on offer so you can work with someone you trust.
Doing a noncommittal test drive
You sit behind the wheel of your prospective car, and the salesperson takes the other seat. They signal you to turn the ignition. You drive down the street, make a few turns, and head back to the lot. Everything was smooth.
But is that enough to help you determine how the car handles different situations? A test drive should be an opportunity to test all the features of the vehicle. Make a checklist of what’s available and what’s not, depending on your needs.
Keep in mind the salesperson is in a hurry to close the deal, so they’ll rush you through the process. You have to take time to assess the hidden risks of buying this car.
Failing to consult your insurance agent
It should be evident to anyone that insurance is a significant determinant when buying a new car, but many buyers skip the insurance agent and eventually find themselves in a big mess.
You may fail to consult your insurance agent because the car dealer is handling everything for you. What you don’t know is that you are likely to overlook specific crucial issues, such as asking for a Carfax report. The dealer may not remind you about the Carfax report because it’s an added financial responsibility on their part.
Not shopping around for finance options
Not looking around for financing options and letting your car dealer handle everything is another big mistake you can make when buying a car. Don’t fall into the trap of the “one-stop” shopping experience.
Be smart enough to check with your local bank or credit union for car financing possibilities. You may also consider obtaining a car loan even before you stroll up to the car dealer. This way you will also know exactly how much you will be spending in the long run, rather the monthly figure that the car dealer will give you once they have procured the loan with hidden conditions.
Falling for the “deal of a lifetime” car buying gimmick
Most car buyers fall for the “deal of a lifetime” trick when shopping for their next vehicle. It may seem right but walking into a dealership and driving away in your new car a few minutes later could be one of the biggest mistakes you can ever make. Take time to shop around for the best bargain, test-drive the vehicle, and find out the various financing options available before committing to buy.
Buying a car is a significant financial decision that can affect you for many years down the line. Most of these mistakes have a common theme, not shopping around and taking your time. You need to be aware of these common mistakes so you can avoid them.