Are you planning to buy your first car? That’s excellent news! A car is a smart investment, especially once you find the vehicle that is perfect for your needs and budget. But do you know that it is not uncommon for some buyers to feel remorseful after making their first-car purchase? To help you avoid regretting a car purchase, here are some of the things you need to keep in mind:
Shop around
One good way not to get the best deal from a car purchase is to buy from the first car dealer you come across with. Some car buyers are so excited to finally buy a car that they forget that they have unlimited options to choose from. This leads to a feeling of remorse after finding that the next car dealer has a cheaper and a better Skoda for sale. Take note that you have the freedom to do your research, check the reviews, and schedule an appointment to check out a car you wish to buy. Make sure that before you buy, do your homework.
Opt for a lesser car or buy with a bigger down payment
Some dealers will do everything to persuade you to buy – even if it means allowing a longer period to repay the loan. Many first-time car buyers take the bait, thinking that they can get a good deal out of this. Who wouldn’t want to get that car you have always wanted and only have to pay for a lower monthly car payment?
But the lower your bill is each month, the longer it will take for you to repay the loan back, and the higher interest you’ll have to pay. To avoid expensive interest rates and a long repayment plan, put a higher down payment. You can also wait it out until you have more money to pay upfront or choose another car.
Shop for your car loan
Many car buyers take out a car loan to be able to buy their first car. Now, most dealers have their own lenders and will persuade you to use their lenders instead. Many will opt to do as their dealer has suggested since you no longer need to look for your own car loan. But some end up overpaying for their car after being taken advantage of.
You can avoid feeling guilty of the wasted money by arranging car financing before going to a car dealer. There are many reasons to line up a car loan first before buying a car. The best reason being that it gives you the confidence you need to take control and negotiate a better deal.
Let a trusted mechanic check the car before buying
There are car buyers who think that bringing a mechanic during the inspection is just a waste of time and money. But car dealers aren’t always honest when it comes to the vehicles they are trying to sell.
Unless you’re mechanic yourself, it’s best to find a trusted mechanic who can check the car that you wish to buy. They can check if there are issues the dealer is not letting you know and estimate the costs of maintenance and repairs needed. If the dealer is not open for an impartial inspection, consider it as a bad deal.
Buying a car is no easy task. You don’t want to bring home your first car only to realize that it’s not worth it. Be wise and avoid car buyer’s remorse by keeping this list in mind.
