Buying a new car is exciting, but it can also be stressful, particularly if you consider the many car buying pitfalls out there. Sometimes our enthusiasm gets the better of us, and we rush into making a decision without being entirely comfortable. So how do you make sure you purchase the right car for you and at the right price? Keep reading to discover some of the most common car buying mistakes, so you are fully informed for your next car purchase.
Lack of Research
Ensuring you are informed is critical when it comes to making an investment and buying a car is no exception. In other words, you need to spend some time researching. Having a clear idea of what you want (and what you want to spend) is even more important if you intend buying a car through a dealership. Otherwise, you leave yourself open to being talked into something bigger, better and more expensive, in other words, a car you do not want or need.
Luckily, researching online is easy, and most importantly, it’s free! There are are some excellent car websites where you can read reviews, make comparisons between models and discover what different features mean (and whether you need them.) Try CarsGuide and Carsales as a starting point.
Buying the Wrong Car for YOUR Lifestyle
Buying an impractical car is probably one of the most common mistakes, and one of the most simple to avoid. For example, you might like the look of a largish 4WD or SUV but ask yourself if it’s more than you need. Do you frequently have to find parking in a busy CBD? If so, you may be better off with a medium sized car that still has plenty of room but is easier to park. Of course, you want your new car to look good and be a reflection of your personality, but it’s important to be realistic when shopping for a new car.
Getting Bamboozled by Finance
Not everyone can afford to pay for their new car up front. However, your financing decision also needs to be an informed one. Always try and avoid putting zero deposit down as you will be left with a huge debt and far more to pay off than what your car is actually worth. Even a small deposit can make a difference in the long term.
It is also important to read the fine print of any financing deal you are considering. While dealer finance has a bad reputation, it isn’t always expensive. In fact, in-house finance is often comparable with car loans from other financial institutions; sometimes it’s superior.
Most importantly, if you are short on time, why not engage the services of a car broker. Your Buyer can do all the groundwork for you, including expert advice on makes and models, tendering and negotiating a great price and arranging delivery.