Buying a car, even one that’s pre-owned, is a big decision. It’s essential to take your time and consider all the options to ensure you’re getting the best vehicle for your needs, budget, and lifestyle. If you do your homework, you can find many great deals, and you’ll know exactly what kind of car you want and how much it’s worth.
However, there are several mistakes that can cost you if you’re not careful when buying. Here are the five most common ones to watch out for.
Not Planning how You Will Pay for It.
Before buying a car, you should consider your financing options. Unless you have the bucks to buy a car outright, you’ll most likely have to take out a loan. Use an auto loan calculator to find out what kind of loan term and interest rate will fit your budget. Then, meet with several lenders and compare their rates and terms.
Lining up financing allows you to determine your budget, which in turn makes it easier to negotiate with dealers. We recommend getting pre-approved for a loan before looking for your car.
Skipping the Test Drive.
Buyers of used cars often don’t test drive the vehicle before buying it. On the other hand, first-time buyers of new cars tend to test drive seven or more different vehicles before purchasing one. If you don’t test the car, you risk experiencing buyer’s remorse.
Not Having It Checked by A Mechanic.
Having a mechanic look at any used car you’re thinking about buying is a good idea. You might have to pay for the inspection yourself, but it could save you money in the long run.
If the seller is a car dealer, the inspection will likely be included in the offer. If you’re dealing with a private seller and want the inspection paid for by them, you’ll need to ask for it.
Forgetting to Run a Vehicle History Report.
In addition to performing a test drive and having your mechanic inspect the car, you should run a vehicle history report. This will tell you if the car you’re buying has been in any accidents or had any problems, and how many previous owners it has had.
Buying a Car Based on Looks.
Before you even begin looking for a pre-owned car, ask yourself what you want from your next vehicle. If you’re looking for a commuter car, don’t consider trucks. If you want to tow a trailer and need a vehicle with some muscle, don’t look at sports cars.