Buying your first vehicle can be an extremely exciting experience. However, it’s important to make a smart and informed decision. Failing to do so could lead to you encountering a lot of unnecessary stress. Here are a few car-buying mistakes to avoid.
1- Neglecting to Set a Budget
Before you even begin to shop for a vehicle, be sure to set a reasonable budget. The last thing you want is to put yourself in a financial hole. Ideally, your monthly payments and costs should be between 15-20% of your gross income. You should also factor in the vehicle’s estimated cost of maintenance. Only purchase a model that you can afford to upkeep.
2- Failing to Check Your Credit Report
Check your credit report prior to visiting the dealership. This critical step ultimately makes the entire car-buying process a lot easier. Remember, your credit score has a major impact on the auto loan interest rate. If you notice any errors on the credit report, be sure to dispute them ahead of time.
3- Skipping the Test Drive
For good reason, experts stress the importance of taking a proper test drive. Never buy a vehicle without first taking it out for a spin. Even if you have heard great things about a particular model, don’t take any chances by skipping the test drive. Some of the factors to consider include comfort, performance, and outward visibility.
4- Not Researching the Car Model
Doing a little extra homework will help ensure that the vehicle is truly right for you. It’s definitely critical to check the safety ratings before making a final decision. Fuel efficiency is yet another important element. Furthermore, don’t hesitate to read any reviews posted online by current owners.
5- Rushing to Make a Decision
While you certainly don’t want to miss out on a great deal by procrastinating, it’s still not in your best interest to rush to a decision. Take your time. Car shoppers who hurry the process are more likely to experience buyer’s remorse. In some instances, you may need to spend at least a couple of hours researching the vehicle.
6- Ignoring Pre-Owned Vehicles
Although there are some clear perks to buying a brand-new vehicle, don’t overlook the advantages of a used one. Drivers who opt to purchase a used car often end up saving thousands of dollars. Not only are pre-owned vehicles less expensive, but they can also deliver an equally satisfying driving experience. Some even come with a lengthy warranty.
7- Failing to Ask for Help
If you’re a first-time car buyer, it’s perfectly normal to feel a bit overwhelmed. For this reason, it’s a good idea to bring along someone with a bit more experience. They can make things a lot more comfortable by providing guidance.
8- Getting Unnecessary Extras
There is simply no need to waste money on unnecessary extras. You can save some significant money by purchasing a lower trim level. Many of today’s base models already come standard with a number of popular features.
