Every single person dreams of owning a car. It’s understandable: a car epitomizes independence, success, stature and mobility and the freedom to go your own way.
Driving a brand-new car can be one of the great experiences of life but the decision of purchasing a new car can be fraught with many challenges. They include; what car to buy? What one can afford as well as the servicing requirements, among others.
These are the most common car buying mistakes that people make when they buy their first new car.
I. Wrong Decision Type of Vehicle one Wants
Shopping for a car isn’t like looking for a new pair of shoes or even a smartphone. There are many different kinds of vehicles on the market, and one’s choice – a sedan, hatchback, coupe, 4×4, pickup, sports car or SUV – will be defined by the motoring requirements.
One needs to do research online first so as to compare costs and features, read expert reviews, and estimate financing costs.
II. Shopping in Few Dealerships
Shopping in more dealers increases the competitiveness of the negotiating and you will receive lower car quotes as a result. It involves getting more quotes from at least five dealers.
III. Not Taking a Test Drive
Once you’ve decided on a short list of vehicles, you need to take each one for a test drive. It’s a good idea to test drive the car on roads that you will typically drive on once you have purchased the vehicle.
IV. Dickering on Sticker Price
The window sticker may quote a higher price than the deal offered by the dealer. This sounds like a good deal but there are more incentives to this price and the best thing is to go on line and find the invoice price for your car which the price the dealer pays.
V. Not Considering Fuel Consumption and Other Related Costs
Many first car buyers do not consider the costs involved in fueling the car as well as the costs accounted for in carbon dioxide gas emissions to the environment.
VI. Relying Solely on Dealer Financing
Many buyers finance at the dealership, but they may not be getting the best deal. This enables the dealers to make high profits since they get their loans at low interest rates and charge the buyers high rates. It’s advisable to either buy cash or else shop for a loan before contacting the dealer.
VII. Negotiating the Purchase Price, Trade-in, and Financing
One should not negotiate the vehicle price, financing, and a trade-in all at one time. It is a good idea to do research ahead of time, know the competitive price for the vehicle, know what your current vehicle is worth, and shop around for a low interest rate.
VIII. Safety Features
Most first car buyers do not check the safety features before doing the purchase. It’s advisable to consider the most essential safety features before getting the new drive.
IX. Not Shopping for Insurance
Insurance is an essential characteristic in owning a vehicle. After car purchase, it’s advisable to call the insurance company or go online to get the insurance quote.
X. Not Considering Color
Color is important due to resale values. Cars in popular colors may be easier to sell and boast a better resale value.