So, you are looking to purchase a new car? Is this your first vehicle? Or, maybe you are looking to upgrade? No matter what applies, it is important that you approach the buying process with care. There is a lot to take into account. Not only do you need to decide on the make and model you are going to go for, but you need to think about whether you want to buy from the used or new market. There are then plenty of other factors to take into consideration, including insurance and your specific needs, i.e. whether you are buying a family car or a company vehicle. With that being said, read on to discover more about the common pitfalls you need to avoid when buying a car.
Skipping on the homework phase
There is only one place to start when it comes to shopping for a car, and this is by doing your research. When purchasing a car, a lot of people make the mistake of diving right in. It is understandable. You are excited and you want to get your hands on some new wheels as soon as possible. However, if you do not do research, you could end up purchasing a car that is known to have a number of different problems, which is the last thing you want. This is why you are advised to spend some time doing a bit of research online so you can determine what car is right for you. Read reviews that have been left by past customers in order to get a good understanding.
Only considering the new car market
There are some products whereby people do not want to consider the used market because they fear that they will fall victim to a lack of quality and end up wasting their money. This is not the case when it comes to the auto market. After all, you can still benefit from guarantees if you buy a used car from a dealer. So, why do used cars come advised? Of course, they are cheaper, but you also need to consider the fact that new cars quickly lose their value. The moment that you drive a new vehicle out of the showroom, it will lose about a third of its value.
Overlooking insurance when choosing a car
Another important factor that you need to take into consideration when buying a vehicle is how much it is going to cost you in terms of insurance. You need to know how much money you will be spending on an insurance plan if you choose a specific make and model of vehicle. This is because some cars are much more expensive to insure than others. For example, sports cars and flashy cars are expensive to insure because they are more likely to be targeted by car thieves. Before you purchase any vehicle, use one of the insurance comparison websites to find out how much it is going to set you back. This will give you a good understanding of how much the car is going to cost you overall in terms of running expenses so you can make sure that you can actually afford it.
Selecting a car that is not suitable for your needs
Before you go car shopping, you really need to think about what you require from your vehicle. Are you looking for a family car? Do you expect to do long road trips in the vehicle? Or, are you simply looking for a small runaround that is going to get you to and from every work each day? By figuring out what you really want from a vehicle, you will be in a much better position in terms of selecting a car that is right for you. You will know whether you need a car with a lot of boot space or whether fuel economy is the most important factor, for example.
Succumbing to feature creep
This is another mistake that a lot of people make when purchasing a car, especially when they buy a new vehicle. When you go down the latter route, you are going to be presented with so many different extras that you can add to your vehicle. Before you know it, you will have agreed to everything from fancy alloy wheels, to a number of different tech gadgets, to red leather seats. Your car will end up doubling in price, so make sure you are strict with yourself and avoid feature creep.
Not considering all options in terms of financing
There are many different options available to you when it comes to financing your new vehicle. This includes guarantor loans for car finance, which are definitely worth thinking about if your finances are not in the best state at the moment. Aside from this, you can also look into car finance as well as lease to purchase deals.
Hopefully, you now have a better understanding of the different pitfalls you need to avoid when you are buying a car. If you can stay away from the blunders that have been mentioned above, you can give yourself the best chance of choosing a vehicle that fits your needs, both in terms of the car itself and financially. Not only should you consider all of the options you have available to you in terms of financing the car, as mentioned in the final paragraph, but you also need to make sure that you consider the used market too. As discussed earlier, there can be a lot of value to gain by going down this route, so it is certainly something that is worth looking into.