Purchasing a new car brings about a form of excitement that we rarely experience from anything else. But in all the euphoria, there are mistakes that could ruin the whole experience and make the purchase regretable. We’ve provided 21 of these mistakes that we see many people make.
Ignoring the Total Cost of Ownership
Bankrate shares that “based on AAA’s data, the average monthly cost of owning and operating a car is $894.” Sadly, many people only consider the cost of getting the car, and they then struggle to keep it in good condition, essentially shortening its lifespan.
Skipping the Research
Researching using resources like Consumer Reports and Edmunds allows you to find the cars that best suit your specific needs. However, many people choose to buy cars impulsively instead. They go to dealerships without knowledge about fuel efficiency, car performance, and safety features like anti-lock brakes and stability control, which are some of the most important factors to be aware of.
Falling for Dealer Add-Ons
Dealerships often offer additional add-on deals with cars, like extended warranties and paint protection. Many people fall for these money-draining schemes. Don’t get us wrong—some of these add-ons are beneficial. But, most of the time, they are unnecessary, and you should consider their cost carefully before opting for them.
Neglecting the Test Drive
Another significant mistake many make is skipping the test drive. It is crucial to experience how the car handles, its comfort level, and any potential issues firsthand, and a test drive can reveal aspects of the car that you might not notice by simply reading reviews. Make sure to test on different road types to get a complete feel.
Overlooking the Fine Print
Contracts and warranties often contain fine print that can impact your purchase, so it’s crucial to carefully read and understand all terms and conditions. Some of the tiny details to look for are hidden charges and typos in contracts, and clarifying any confusing points with the dealer, sometimes through legal representatives, can prevent future misunderstandings.
Underestimating the Importance of Safety Features
Safety should be a top priority, yet many buyers overlook crucial safety features. Research reveals that Hyundai and Kia tend to have the overall best ratings when it comes to safety. Advanced systems like collision warning, automatic braking, and blind-spot detection can prevent accidents and save lives. Prioritizing safety features ensures better protection for you and your family.
Overlooking Financing Options
Many buyers stick with dealer financing without exploring other options, like checking with banks, credit unions, and online lenders, which can often secure better rates. Comparing different financing options ensures you get the best deal. For instance, a pre-approval from a lender can also give you more bargaining power at the dealership.
Not Considering Resale Value
Ignoring a car’s future resale value can be costly. Some cars depreciate faster than others, affecting your long-term financial outlook. When you consider how well a car holds its value, you make a smarter investment. As a rule of thumb, you suffer the most depreciation with high-value luxury vehicles.
Focusing Solely on Monthly Payments
A lower monthly payment might seem attractive, but it often means a longer loan term and higher overall interest costs. It is essential to look at the total amount paid over the loan’s duration rather than just the monthly figure. Use online calculators to see the full cost implications.
Forgetting to Check the Car’s History
If you are buying a used car, checking its history report is vital, as issues like accidents, title problems, or previous damages can affect the car’s performance, usability, and value. A thorough history check can prevent unpleasant surprises down the road, and thankfully, there are services on the internet that provide detailed vehicle histories for you to use.
Underestimating Insurance Costs
Different cars have different insurance costs, and it’s only normal that high-performance or luxury vehicles often come with higher premiums. Getting insurance quotes for the models you’re interested in can help you budget more accurately. You can use websites to get a range of quotes to compare against your budget.
Not Taking Future Needs Into Account
A car purchase should consider future needs as well as current ones. Changes in family size, job, or lifestyle can influence the type of car you need, and planning ahead ensures your vehicle remains suitable over the years. For instance, SUVs or minivans might be better if you anticipate a growing family.
Disregarding Dealer Reputation
Not all dealerships have the same level of service or integrity. A reputable dealer offers better service and peace of mind, and researching dealer reviews and ratings can prevent you from dealing with unscrupulous practices. Thankfully, there are many platforms on the internet that provide valuable insights into dealership reputations.
Rushing the Decision
Making a hasty decision without weighing all options can lead to buyer’s remorse while taking your time to compare models, prices, and dealers ensures a more satisfactory purchase. A well-thought-out decision prevents regret later, and here, it can be helpful to create a checklist of priorities and needs before shopping.
Ignoring New Car Incentives
Manufacturers and dealerships frequently offer incentives like rebates, low-interest financing, or discounts; keeping an eye out for these deals can save you a significant amount of money. Always take advantage of available incentives to make your purchase more economical, and you can use platforms on the internet to stay on top of these.
Not Negotiating the Price
Dealerships often have room to lower the price, especially if you’ve done your research, but we still see many buyers accept the sticker price without negotiating. Negotiating can lead to substantial savings on your new car, and you should always be prepared to walk away if the dealer doesn’t meet your price.
Forgetting to Factor in the Warranty
Warranties provide peace of mind by covering repairs and maintenance for a certain period of time. Understanding the warranty details, including what is covered and how long, helps make an informed decision. A good warranty can save money on unexpected repairs, and you should always look for comprehensive coverage, not just powertrain warranties.
Relying Solely on Online Reviews
While online reviews are helpful, they shouldn’t be the sole basis for your decision. Personal preferences and needs vary, so experiencing the car firsthand is important. Combining reviews with personal experience ensures a well-rounded decision and allows you to choose the best car for your needs.
Not Considering Alternative Fuel Options
Gasoline isn’t the only option. Hybrids, electric vehicles, and other alternatives offer benefits like lower emissions and fuel costs. Exploring these options can lead to a more economical and environmentally friendly choice. Consider the availability of charging stations and the car’s range for electric vehicles.
Forgetting to Plan for Maintenance
Maintenance is crucial to car ownership as different cars have different maintenance needs and costs. Understanding the maintenance schedule and potential costs helps you plan your budget and prevent unexpected expenses. You can check the manufacturer’s recommended maintenance schedule and compare service costs for different models.
Not Seeking Expert Advice
Consulting with experts or experienced car owners can also provide valuable insights. Their experiences and knowledge can highlight potential issues and advantages you might not have considered, and seeking expert advice ensures a more informed and confident purchase. Automotive forums, social media groups, and car enthusiast clubs are good places to start.
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