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Buying a car should be a fun and exciting activity. You’ve saved up, run the numbers, and are confident that you have done adequate research for the next vehicle you want and what you’re looking for. But before you hop into the driver’s seat and drive away in a new or new-to-you vehicle, it’s important you take a minute to stop, check, and assess if you’re making the right decision and not driving away in a financial mistake.
Because from time to time everyone makes mistakes; it’s a natural part of life, but when buying your next vehicle, it’s the last thing you want to happen. So taking a step back now can save you a lot of hassle down the line. Let’s take a look at what you need to know before committing to your next car purchase so you don’t make a massive mistake.
Skipping A Budget Reality Check
It can be really easy to get carried away if the monthly repayment is under your max budget, or you have been offered a too-good-to-be-true deal. But not looking past what the initial purchase price is going to cost you can be a big mistake, and a salesperson waving an attractive offer under your nose might not have your best interests at heart, just their bottom line.
You need to consider costs such as fuel, cleaning, servicing, insurance, interest, fees, and even depreciation when you’re running the numbers. Don’t be sucked in by a lower price than you anticipated; make the checks and do the calculations, you’ll be grateful you did, regardless of the result.
Not Researching the Car Itself
Most people have an idea of the make and model of car they want; however, impulse buying if something new catches your eye isn’t really the best idea. While this might work well for a new coat or pair of shoes, impulsively buying a vehicle can be a huge red flag. You need to know things like full efficiency, safety ratings, history from previous owners, if applicable, how it actually feels to drive, not to mention its features, and if it works for what you need.
Never purchase a car on a whim; always check that it’s exactly what you need and are looking for before signing away and taking possession. And never skip a test drive. Ever. A test drive is your opportunity to ensure the car meets your expectations and needs, providing you with reassurance and confidence in your purchase.
Trusting The Wrong Dealer
An easy mistake to make, especially if you’re not clued up on cars or you’re easily swayed by sales patter. Not all car dealerships are made equal, and not all car salespeople are honest and genuine. A sleek showroom and slick sales patter aren’t always to be trusted.
And you need to not only be researching the vehicle you want to purchase, but the dealership too. What are other people’s thoughts on it? Do they have a good reputation? Whether you’re looking to buy new BMW X1 cars or you’re after a new Honda or Chevrolet, you need to find the right dealer who specializes in the car you’re after and has a good reputation to back it up.
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