4 Major Issues People Always Forget When Buying a New Car

Whether it’s your first time buying a new car or a seasoned pro, it is an exciting time for most people. However, nearly every car buyer, even the experienced ones, make mistakes. Let’s take a look at four the biggest mistakes being made.

Ignoring Finance Terms

People will haggle for hours with car salesmen in order to get a few hundred dollars knocked off the price of the car that they are wanting. Then, when they feel they have won the battle, will finance that car with no money down. Depending on your credit score, whatever you negotiated off of the car will be paid back to the bank, plus more. The best way to buy a new car is with cash, but for many that may not be a possibility. However, if you save, the more you can pay down the better off you will be in the long run. If you wait to buy a car until you can afford it, you’ll end up saving money in the long run.

Underestimating Ownership Cost

You take home the car of your dreams thinking the hard part is over. However, you soon start to realize that the money you thought you would be saving on gas was way overestimated. Add in maintenance cost, taxes and insurance, simply owning a car can be costly. Compare models before you buy to see what cost you could be facing down the road. Read reviews from people who have owned the same model of car you’re interested in to see if there are maintenance or reliability issues you should be concerned about.

You won’t save any money if you buy the car for cheap, but end up getting caught up in maintenance and repair costs. If you’re buying a used car, be sure to check the VIN to see the car’s history. There are a number of online tools and apps, like Instavin, that will report the car’s history for a small fee that could save you from getting a lemon.

Too Much Focus on Price

The price of a car is but only one factor when car shopping. Other factors have to be considered as well, such as gas mileage, reported maintenance issues and dependability, insurance cost and how much you will have to pay in taxes every year. Giving only the sticker price too much focus could result in you overlooking these other important factors.

Setting Your Expectations Too High

People tend to have unrealistic expectations when they are shopping for a new car. Your next car is more than likely not going to be the best car in automotive history. Additionally, the stress of car buying will often leave us feeling like we were ripped off in some manner when everything is all said and done. Avoid this by doing your homework before you begin the buying process. Being armed with information will help to ensure you are less likely to be ripped off.

There you have it. Keeping these tips in mind will help you to avoid some potentially costly mistakes when you buy