4 Mistakes To Avoid When Buying A Car
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
Unlike other purchases, it’s not possible to return a car if you get home and decide you don’t like it. While the dealership might be
required to repair any faults, it’s important to get it right at buying time to avoid any costly mistakes. Here are four mistakes you should
avoid when the time comes to buy a car.
NOT DOING YOUR HOMEWORK
When you start looking for a car, it's important to look at a lot more than just the type you might like to drive. By doing your research into different makes and models, you can get a very clear understanding of what the car might be worth at that point in time. This will also allow you to negotiate better as you’ll have an understanding of what the vehicle’s true value might be.
NOT NEGOTIATING
Whenever you buy a car there is often a bit of room to move with the price. That’s why it's important to understand what the vehicle is actually worth. Aside from negotiating on price, it’s also possible to negotiate for additions. That might be a new set of tyres, or to replace parts that aren’t functioning properly. It’s also worth noting that there are certain times that are better to buy a car from a dealer. Typically, towards the end of the month salesmen might be more willing to compromise on price.
NOT GETTING THE CAR INSPECTED
One of the most important things to do is give your vehicle a test drive before you buy it. You need to know the car handles correctly and that it is mechanically sound. If you aren’t confident in the mechanical side of things, it’s possible to get a professional to make an independent assessment of the car. If there are any issues, you can use this to negotiate for them to be repaired or for a lower price.
NOT GETTING FINANCE APPROVED IN ADVANCE
Arguably the biggest mistake you can make when buying a car is getting finance through the dealership. Dealers normally have one finance provider, and they are not likely to be looking at all options to find you the very best rate. In some instances, dealers have been known to offer a lower price on a car and charge higher interests on their finance products. You’re far better off speaking to a finance broker and getting pre-approved before starting your search. That way you know exactly what you can spend and negotiate accordingly.
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