If you are on the market for a new or used new car, you should be sure you will be getting the best value for the money you spend on your next car purchase. Car buying is something most people only do once every five to ten years, so more than likely you are like most people and have very little experience and practice in finding the right vehicle. Below are some common mistakes that you must avoid, if you don’t you may end up losing serious sums of cash or buying the wrong type of car.
The first thing you should do when buying a new car is lineup financing before shopping. Going straight into the dealership without having financing lined up could cost you lots of money if you opt to pay via dealer financing at a premium. Often times dealers will add additional interest to the financing provided at wholesale value. The consumer can provide his or her own financing by getting preapproved for a loan by the bank. If you get pre- approved you may find that the dealer may able to match the bank’s rate, if so using the dealer’s financing offer is fine but pre- approval helps to make sure you don’t pay more for financing than you have to.
When car shopping you may be doing so within certain budgetary constraints, however you should not make your purchase decision based on the monthly payment amount. It goes without saying that you should not agree to a monthly payment amount you can’t afford, however opting for longer payment periods and lower sums can result in your paying much more in interest. Also if you are considering leasing a car based on the monthly payment, consider the fact that you could buy a car that you get to keep for the same monthly payment amount when the financing period has ended. Buyers must also consider insurance and maintenance costs when purchasing a car, low monthly rates may be attractive however all things must be considered in order to get the best bang for your buck.
Never ever skip the test drive. One fifth of car buyers neglect to test drive the vehicle, you shouldn’t go with the first car option either, try testing four to seven different car prior to making your decision so that you definitely will be getting the car that suits your needs, going with a recommended vehicle or buying based on car reviews is not a bad idea however you may not agree with the author or recommending parties, the right car for you may be one other than the one that is most visually appealing and considered to be a good buy. Visiting car shows is also a good idea and can help you find what suits you best, at car shows you can sit in the vehicle and get the feel of a car as well as more information than a dealer or car review might provide.
Whenever you negotiate the terms of a car deal, you should do so after comparing prices of various dealers. Once you have done your homework, you then should call or email the dealer. Having the buyer come down to the dealership gives the salesperson the advantage, if you have done your research and know the price scale and exactly what you want, you are much less likely to pay a price higher than what you had in mind. Negotiating via phone and email puts you in control of the sale.
Buyers who are buying used cars often may make the mistake of not getting the car checked out by a mechanic. The fact that the car is showroom ready and being sold by a dealer does not mean the car doesn’t have problems. Not getting the car checked out can cost you a whole lot of money, often times the car may have an engine or transmission problem, or both while the dealer has covered it up. The odometer may be altered and you wouldn’t know it whereas a technician could spot such things. Whenever you get the car checked out, make sure the technician is certified and also run a Carfax report to find out if the car was ever in an accident or needed major repairs.
Lastly, never buy a car that does not fit your needs. A person’s needs and lifestyle should be considered in choosing the type of car that buyers will purchase and varies case by case. Consider the length of your commute and how fuel efficient of a vehicle you need. Also consider things such as trunk space, you may need more room to transport items such as golf clubs or other equipment or you might only need a smaller car that gets you to and from. If you buy something other than what suits your lifestyle you may be making a big mistake, a car purchase is a major decision that must be done with all factors carefully considered. Always make sure you are making your purchase decision in a logical way, car advertisements are often flashy and sales persons are often slick and smooth talking, stick to your priorities and you will end up buying the right car for you.