Buying A New Car? Here Are 5 Things To Avoid Doing
Buying a new car can be a joyous occasion, but it can also turn out to be a total horror show if you do not make the right decisions.
Buying a car can be a joyous occasion, but it can also turn out to be a horrible experience if you do not make the right decisions. Buying a car isn’t a small decision to make, nor should it be done hastily. If you make the wrong choices when buying a car, it will not only be a huge financial mistake and burden, but it can also result in a lot of frustration.
Aside from a house, the next biggest purchase would be a car. Easily costing tens of thousands of dollars or more, it is a decision that should not be made in haste. Making all the wrong choices when buying a car will not only be a financial mistake, it can also result in unending frustration.
Here are five fatal car buying mistakes that you must avoid at all cost.
1. Not planning ahead
Planning ahead before you buy a car is one of the most important things you can do. There are many costs to owning a car, and while some may not look like a lot, they will all add up considerably in the long run.
Owning a car involves many running costs, which can add up considerably, which is why you
need to think far enough before you buy one. There are monthly instalments, road tax, insurance, maintenance costs, and repair charges, if any. All these costs will add up substantially over the years.
Always keep a cool head and remain calm and rational before you make the final decision to buy a car. It helps to do your research and to find out more about the car you’re about to buy before making any decisions.
2. Making impulse decisions
Carmakers are running advertisements by the dozens, and we’re all inundated daily by various brands letting us know why we should buy. There are also plenty of sales for cars as well, which may test your resolve against purchasing. However, it’s a dangerous thing to rush into a special deal or sale. Take a step back, and make a rational decision even if the salesperson is intent on closing the deal. You might end up buying a car at a higher price, or worse still, ending up with a car that will cost you more than what you thought you have saved. The key thing is to avoid making impulse decisions, which you might regret later.
3. Not considering all options available
There is one thing which a lot of people face: a fixed mindset or idea. One example is brand snobbery. What this means is that you dismiss a certain brand completely, and nothing will be able to change your mind. However, it’s better to keep an open mind when you’re buying a car. You may gloss over an entire range of cars simply due to your existing prejudice, causing you to disregard amazing cars. By not keeping an open mind, you may also believe that buying a new car is the only way to go, and miss out on an opportunity to buy a relatively new used car for a great price. It’s good to consider all your options and not be too quick to dismiss any options.
4. Focusing on wants instead of needs
Many people buy cars that they want, not cars that they need. This is a mindset that should change, especially when you consider the affordability option. For example, you may WANT to drive around in a Mercedes Benz, BMW or a Porsche, but can you really afford it in the long run? A sports car may look cool, but is it able to fit your whole family? Sometimes, it’s better to take a step back and buy a car that will satisfy your needs, not your wants. It will definitely help you in your financial status.
5. Getting the timing wrong
Car prices in Malaysia tend to fluctuate, especially when car dealers here tend to “throw” prices around the holiday seasons. If you’re looking to buy a new car, this will be the best time for you to get the best deals. However, do bear in mind that car prices depreciate greatly, so if you’re looking to sell, it may be best of you do it when car dealers aren’t having promotions. You can always research and observe the market trends to minimise the probability of buying a car at the wrong time.
We hope this article has helped you in your quest to buy a new car. So what do you think? Leave a comment below!