Buying a car is one of the most significant purchases you’ll ever make. It’s an extremely exciting time, but it’s also one where you must be careful and use caution.
There’s a reason car salesmen are notoriously untrustworthy. There are a lot of different ways that you can lose money when buying a car, especially if you aren’t fully aware of how the process works.
If you’d like to avoid making car purchasing mistakes, read our guide below.
1. Not Doing Research
Rushing into buying a car is never a good idea. There are so many different types of cars, and the first one you see may not be the ideal one for you.
Consider what your needs and wants are. Check out the safety ratings and gas mileage, and read up on vehicle history records like the one here.
Doing this research, reading online reviews, and comparing car prices can help you have the background knowledge you need when you arrive at the car dealership. Otherwise, the salesperson could tell you just about anything, and you wouldn’t know the difference.
2. Not Being Thorough on Your Test Drive
Some dealerships will try to get you just to make a few turns on your test drive. Yet, you need to make sure you will like driving the car, so thoroughly test driving cars is key.
Make sure you are making both right and left turns. Look at all the various buttons and knobs, and adjust your seat and steering wheel to be comfortable.
See how loud the car is on the highway and how the visibility is in the city. Feel how the tires act on various surfaces. You have the right to inspect the car as much as you need, so take your time.
3. Focusing Only on the Monthly Payments
If you are only focused on the price of the monthly payments, you may get tricked into paying more over time. For example, the dealership could extend the lease or loan over a longer period, lowering your monthly payments and adding additional interest.
They may also try to ask for a larger down payment, which will lower your monthly payments, but again increase your overall cost.
4. Buying What You Don’t Need
Whether you’re buying used or new cars, you’re going to be excited during the process, and the salesperson is going to try to sell you more than you need.
You don’t need rustproofing, and you don’t need windshield coating or whatever else they may offer. Say no in the moment, and if you want it, later on, you’ll save money by doing it yourself.
Avoid These Car Purchasing Mistakes
It’s easy to make car purchasing mistakes, but being prepared can help you avoid this. Keep the tips above in mind when browsing for cars, and you’ll be sure to get the best deal possible.
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