Buying a new car can be overwhelming; there are a ton of things to consider when making a decision. To help, we have listed 10 mistakes to avoid when purchasing a new vehicle.
We understand that buying a car is a major investment and there are many things to consider. Avoiding these mistakes will help you with your purchase – you’ll drive away happily in your new car without any buyer’s remorse.
1 | Don’t Make a Purchase on the First Visit
Use your first trip to a dealership as an opportunity to collect information. Let the sales person know that you are in the research stage of buying a car and that you’re not interested in making a purchase today. Letting them know this in advance means they won’t hover over you and you will have time to collect the information you need to make a decision.
2 | Don’t Make a Purchase under Pressure
Take your time when buying a new car. You should never purchase a car in a rush or under pressure. Visit several dealerships and be ready to walk away or else you could end up with a car that you paid too much for, that you might not like and that may not fit your needs or lifestyle.
3 | Don’t Forgo a Test Drive
Never skip the test drive! This is when you will be able to decide if it is the right car for you and if it measures up to your expectations. A
4 | Don’t Forget to do your Research
Don’t wait until you go to a showroom to see what’s available. You should take the time to learn what’s out there, compare costs, decide on what features are important to you and set a budget.
5 | Don’t Forget to Pay Attention to the Price
You should pay attention to the overall price of the vehicle and not just small, attractive loan payments. Set a realistic budget for yourself, compare costs and negotiate – you can also shop around for the best deal. While a long term car loan means your payments are lower, these types of loans may also lead you to spend more than you can afford and may require you to pay more interest over the life of the loan.
6 | Don’t Forget to Get an Auto Insurance Quote
It is important that you ask your broker for the navigational limits in your policy. Boat insurance policies contain restrictions as to where you can operate your boat. If you operate your boat outside of the restricted area, you will not be covered by your policy.
7 | Don’t Neglect to do Research on your Trade-in
If you plan to trade in your old car when you buy your new one, you should know the true market value of it. You can do a quick search online to calculate the average value based on the car model and year. You should also compare with vehicles that have similar mileage. When you have this information, you will know if a dealership lowballs you on the trade-in offer.
8 | Don’t Forget to Consider Other Costs
There are other costs associated with owning a car such as fuel consumption rates. Gas is a regular car expense and should be considered before you make a new car purchase. Calculate how much on average you can expect to spend on gas to help with your decision.
9 | Don’t be Unprepared for Negotiations
Be prepared to talk money with the car dealer. In order to negotiate a fair price, you must do some research and keep your budget in mind. You should also ensure the manufacturer incentives are already knocked off the price before negotiating and look at additional fees that come along with the purchase such as the dealership’s administration fee. Don’t let the extras, like floor mats, interfere into the sale. Try to keep the negotiations focused on the price of the car itself.
10 | Don’t Let Your Guard Down
After you have negotiated your price, be aware that you may be passed off to another employee who will try to talk you into an extended warranty or rust protection. Be prepared to say no if they are offering you something you are not interested in.