One of the major causes of buyer’s remorse is buying a car. Often many car owners begin doubting their choice the moment they put their signature on the dotted line. The truth is many people make mistakes when buying a car and quickly discover this mistake and this brings buyer’s remorse. To avoid experiencing a buyer’s remorse when you buy a car it is important that you avoid the common mistakes that other buyers make.
To help you get the right deal and buy a car you will love for many years to come, here are some of the common mistakes car buyers make and that you should avoid:
Putting too Much Focus on the Price
Many people often are afraid that they will be ripped off by the sales agent or the dealership. For this reason, many people start their car search with the price. You have probably heard someone say something “I am looking for any reliable car within $12,000- $15,000 price range. This is a bad place to start. You should thus not focus too much on the price but your needs. When you start with your needs and remain open-minded you are likely to get a better deal than when you focus on the price.
The truth is that the price of the car is an important element when buying a car. However, we should not let it stand in the way of getting a good car. When looking for a good car, it will work best to start by outlining your needs. For example, you may want a roomier car because you have a growing family or you may want a fuel efficient car because you drive a lot. By letting your needs drive your search and not the price you will end up considering superior models and in the end you may find a dealer willing to give you a great discount or even find a slightly used one that meets your need better. This way you won’t experience a buyer’s remorse once you buy your car.
Not Reading Between the Lines when it comes to the Financing Terms
Financing a car is always an expensive way to buy a car when compared to paying cash. However, many people forget this truth and instead focus on the price and getting a great dealing forgetting the finer details of financing a car. For example, a car buyer will fight with a car dealer to get the price of a given car down by $500 then go-ahead to finance the purchase at 6% for five years. At the end of the five years the buyer will have paid in excess of $2,000 over the price he fought over with the dealer.
Instead when seeking to finance a car you should read the financing teams and seek to negotiate the interest rate as you negotiate the car price. This is important because many people only look at the monthly payment which may look small but will end up costing you more. Thus it is important not just to look at the monthly payment but to calculate the actual cost over the years to decide if you are getting a good deal or not. This way you will end up with a better deal than just focusing on only negotiating the price down.
Letting Emotions Take Over
Many people buy car models that cannot meet their needs and they cannot afford. Why is this, the case? The truth is when buying a car many people let emotions run the show. You have a car model that you always want to own, right? Many people talk about their dream car and this is exactly where the problem begins.
When you fall in love with a car model it becomes difficult to think rationally. When buying a car you should consider important factors such as your needs, your driving requirements, the kinds of roads where you drive, and your budget. However, letting your emotions take over you will forget all these and instead just go with what your heart tells you. The result is that you end up with a car that does not meet all your needs and is too expensive for your income. This can create a big mess in your finances.
Falling in Love with the Deal
Many people buy the deal and not the car. Dealers and car salesmen offer great deals every time. Many people get tempted by these supper deals to buy cars they do not need. When seeking to buy a car you should learn to look through the deal being offered onto the car it is attached to. By focusing on the car instead of the deal you will be able to turndown great deals if the car is not what you want. This way you will buy a good car and not a good deal.
Not Preparing in Advance
Before you start looking for a car you need to prepare. If you know you will need to buy a new car in the next three to four months you need to start preparing today. Even if your car is totaled and you need a replacement as soon as possible you need to prepare in advance. This is important because when you have time to prepare you will be able to go over your needs and have a clear picture of the kind of car you are looking for.
Furthermore, you learn a few new things such as the advanced features of modern cars, financing terms and even places to get great deals. This way, when the time to buy a car comes you will know how to navigate the process and get the best deals. For example if you intend to finance a car you will have the time to consider different options and study and understand all the terms being offered before walking into a dealership to buy a car. This will mean that you get a great deal. If you plan to buy a used car you can have your mechanic available to inspect and test drive it for you to make sure it’s a good car.
Many people treat buying a car like buying groceries. They wait until they need a car, then they simply walk into a dealership without a solid picture of the kind of car they want and drive out with the best deal they can get. This should not be the case if you want to get the best car at a great price. You need to prepare, know what you want, avoid letting emotions get in the way, and most importantly remain focused on your goals.