There are a lot of things to consider when buying a new car. You want something practical, ideal for your needs, comfortable and also stylish. The purchase process will certainly be easier if you have already gone through again it in the past. But there are still chances that you will make a mistake or two and end up regretting spending a whole lot of money on your new car. To avoid the pitfalls, learn what and where they are.
1. Inadequate knowledge
We all love to think that we know more than we actually do. This mentality can mess you up if you go to the dealer without first doing your homework. No matter how much you know about cars, some extra research never hurts. Find out information about the specific model you want including estimate market value, features and performance and ease of maintenance. With enough knowledge at hand, you will be able to make a much better decision.
2. Putting your emotions into it
When you go to negotiate with a dealer, think about it as a business meeting. Think clearly about the offer on the table without letting emotions cloud your judgment. Sure, that new Mercedes C Class touches a special place in your heart but it will wreck your bank. You are also more likely to get a raw deal from the seller when you let emotions get in the way. Emotional buying is what makes people buy the wrong cars for their needs, replacing their hard earned money with bitter regret.
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3. Negotiating in terms of monthly payment
This is a mistake a lot of people keep on making and end up paying thousands of dollars more for a car. When you go to a new car dealership, chances are that you plan on making monthly payments rather than paying all the cash up front. The dealer knows this and will trick you into signing a monthly payment agreement that leaves you with a huge bill. They can adjust the interest rate, monthly payments or repayment periods to ensure you pay more than the car is worth.
To avoid this pitfall, always negotiate in terms of the cash price. Pretend that you are going to pay for the car immediately. After you decide on the cash price you can then negotiate an agreeable repayment period and interest.
4. Taking a short test drive
It’s a good thing that you know the importance of test driving a car before you buy it. But you are still making a mistake if you take it for a two minute test drive. You come to discover later after you have bought it that it gets squeaky at a certain speed.
You need to test the car in a variety of conditions including high speed, rough road and on the highway.
5. Getting fooled by nonessential addons
The dealer would have you believe that your car cannot function without the surround music system or plush leather seats. You end up paying for things you don’t really need. Know what is necessary for the car and only add the extras out of your own volition not because the dealer pushes you into it.