The 5 Biggest Mistakes People Make When Buying A Car
Buying a car is probably one of the biggest purchases we will ever make besides buying a house. Yet all too often we fail to put a lot of thought and effort into the purchase. This is probably because it is something that we all really hate doing. We’re terrified of making the wrong purchase and ending up with a car that breaks down all the time or of being taken advantage of by the salesmen and paying over the odds. Read our list of the 5 biggest mistakes people make when buying a car and see if we can make the whole process easier for you.
1: Not valuing their time
All too often we spend a huge chunk of our time trying to hunt down the best deal. Is this really the right thing to do if you value your time though? Have a think about how much your time is worth and weigh this up against your potential savings. That way you can see if the search for the perfect deal is really worth it.
2: Focusing too much on price
Many of us worry so much about getting a good price for a car because of our fears of car salesmen. Whilst we understand this fear, it is important to remember that they are just trying to make a profit like every other business everywhere. They have a bad reputation but it is not necessarily deserved. Try to stop focussing on the price of the car but think more about how much the car meets your needs. Take a look at our post on how to choose the right car for your budget if you need some help.
3: Ignoring financing terms
All too often we haggle with a car salesman over every last penny but then accept a really poor deal when it comes to financing your new vehicle. Getting a car on finance means that you will be making payments for many months. Do you really want to overpay on this unnecessarily? Spend time focusing on getting the best finance deal rather than being overly concerned with the price of the car.
4: Underestimating the total cost of ownership
Making the right decision when it comes to purchasing a car is also about estimating the total cost of owning a particular car. Think about the likelihood that something will go wrong based on the number of miles on the clock and also about what the resale value is likely to be. Try and remove emotion from the sale as much as possible. If in doubt, use a calculator to work out the total cost of ownership for any vehicle.
5: Setting their expectations too high
There are so many choices that we can make when purchasing a new car that it can become quite stressful. We are terrified of making a poor choice because it makes us feel bad about ourselves. Why not give lowering your expectations a go? Don’t worry about finding the perfect car, rather try and find the right car for the right budget, taking into account the total cost of ownership.