A car is a major investment for most people, and so, you want to make a very informed decision when buying one. Here are five costly mistakes that you must avoid lest you regret.
1. Not planning for car maintenance expenses
Don’t let the excitement of buying a car override the reality of owning a car because owning one is an expense. You have to have money to maintain it and, therefore, you have to factor in the cost of maintenance and repairs.
If you decide to buy let’s say, a Volkswagen model, you have to know that you will take quite a number of trips to a Volkswagen repair service store, so you better find one as soon as possible.
2. Not thinking about the resale value
Statistics show that a person changes their car at least once every six years. That means that at some point, you will want to dispose of your car for one reason or the other and of course, you would want it to fetch you some good amount.
Therefore, when buying a car, consider the resale value of the car for some years to come. Some of the factors to look out for are the brand, car features and specifications, maintenance and, of course, the color. It is harder to sell a bright- colored car, so it’s advisable to go for black, white, or silver.
3. Buying unnecessary additional features
Additional features come at an additional cost. If you are not a smoker, then there is no point of you having an ashtray in your car. Buy only what you must have and has a greater value. Additional safety aids make sense because maximum safety is important to you and those you will be carrying in your car.
4. Rushing through the buying process
As much as it is exciting to buy a car, especially if it is your first car, remember that this is a major purchase. As such, you have to think through the decision to make the purchase. Spend time to collect information about the car you intend to buy.
Shop around to see which dealer has the best offer. Consider the pros and cons of the model you are about to purchase. All these tips will help you make an informed decision and save you some bucks.
Timing is also important. If you want to get a good deal, buy a car between the months of December and March when dealers are trying to clear their stock. It will be easier then to negotiate for a good discount as well as get a good model for quite a lower amount.
5. Going for prestige instead of needs
When buying a car, don’t go for prestige. Buy a car that serves your needs. Don’t buy a big expensive car when you can’t afford to maintain it. If you just need a car to drive within the city, then an off-road car is not of much value to you. In short, buy a car according to your needs and not just, so you appear cool.
As mentioned, buying a car is a major purchase, and so, a lot of things must be considered. Take time to research and consult so that you make the best decision. By avoiding mistakes, you will get yourself a good car at a good deal.