It marks a milestone in any person’s life when the day arrives that they buy their first car. It’s a memorable moment, and it’s easy to be so overwhelmed by the achievement that judgment becomes slightly clouded. Sometimes the excitement makes a person act on impulse instead of thinking things through.
Below are some common mistakes that are made by those making first-time car purchases, which you should avoid to make sure you make the best choice possible.
Omitting Insurance
A first time car buyer may have many new expenses, ranging from car instalments to pay for fuel and car accessories. Sometimes in the event of limited finance, the car owner opts not to take out insurance. This choice is a huge pitfall.
Cars get bumped, scratched, and stolen frequently. Insurance gives the owner peace of mind in case any unfortunate event occurs.
Not Calculating Finance Properly
The total price of a car is much higher when car finance is used. The best way to calculate how much the owner will be paying is to multiply the instalment amount by the period of the loan and the interest rate.
If this action is taken before making the purchase, the prospective owner can make an informed decision as to the worthiness of the investment.
Skipping the Test Drive
It’s easy to trust reviews of a particular vehicle and excitedly make a purchase. A car is a long term investment, and if the customer isn’t happy, it’s not going to be easy to fix. Test driving a car will give a feel for the vehicle and help the buyer assess if it’s what they’re looking for.
Not Making Provision for Long Term Ownership
Cars need frequent services, and things don’t always run smoothly. Technical and mechanical faults sometimes occur and need to be fixed almost instantly for the vehicle to remain roadworthy. Provision needs to be made for these expenses.
The more high end the car is, the more pricey the maintenance will be. Every few months, routine services such as oil change and fuel filter changes need to be made. These come at a cost. Some dealerships offer warranty plans which assist these additional expenses.
Not Shopping Around
It’s sometimes not a bad thing to delay committing to a specific dealer. Asking around and visiting several dealerships can save a car owner thousands of dollars in the long run.
Conclusion
Purchasing a vehicle is a great achievement, but it’s essential to pay attention to the financial implications. Avoiding those five common mistakes will make the experience of buying a car more pleasurable, and you’ll find the right vehicle for you.
