Buying a new vehicle isn’t always an easy process. Whether you’re buying a car or a motorcycle, it can be a stressful event for someone who doesn’t that experienced with cars. There are a lot of ways that someone can get taken advantage of, whether it’s a private seller or a dealership. Therefore, it’s not shocking that a lot of people are wary of making mistakes during the process.
The best way to guard yourself against making mistakes is to learn from others. By knowing the most common mistakes, you can equip yourself with the best methods to protect yourself.
Look below to read some of the most common mistakes that people make when buying both new and used vehicles.
Not Doing Your Homework
Before you visit a dealership, it’s essential that you are familiar with manufacturer models and what the going rates are. Failing to have an idea of what the going rate is could put yourself at risk for being overcharged by a dishonest salesman.
Instead, make sure that you do your research so that you feel confident about negotiating. Having a price range in your mind of the highest amount that you’re willing to pay based on what’s out there is beneficial.
You’ll also know when you’re in the presence of someone that you probably don’t want to be doing business with. If a salesperson starts throwing out prices that are much higher than the going rate for the kind of car you’re looking at, then you should walk away.
Not Going For a Test Drive
Any time that you’re considering buying a car, it’s important that you take it for a drive to get a feel for how it runs. Sometimes you may have your mind set on a certain car based on what you’ve read, but once you actually get behind the wheel, you may find that it’s not a good fit at all.
Never drive off a lot without getting a feel for how it runs on the road!
Getting Suckered Into Extras
Car dealerships are famous for trying to talk you into all sorts of extra costs when you buy a car. The truth is that you probably don’t need half of the things that they’ll try to upsell you on. Any sort of upgrade that the dealership will try to sell you on can be done for a fraction of the price at a car garage after you buy it. If you really want an upgrade, don’t waste your money paying for it at the dealership.
Looking at Monthly Cost Instead of Total Price
Don’t allow yourself to get suckered into a car contract based solely on the appeal of monthly payments. You should look at the total cost you’ll end up paying in the long run. You should also think about how much money you are initially saving and how you are going to be able to do that, for example, you could look at credit cards provided by companies like SoFi, which are specially designed to aid in helping you to save and invest, so this could be a great option for you to buy the car you actually want instead of the one you can only just barely afford at the time of purchase.
Infographic created by O’brien Toyota