5 Car-Buying Mistakes First-Time Buyers Should Avoid

Personal cars have become a necessity rather than a luxury, especially with the new norm of social distancing. More people are buying cars, and according to Statista, the global car sales for 2021 peaked at 66.7 million. Buying your first car is a huge financial investment. But most people make some costly mistakes that leave them stuck with a vehicle they dislike. Here are five common car-buying mistakes first-time buyers should avoid.

1. Failing to Shop Around

Buying a first car is a huge milestone. And since you spend a lot of money, you cannot afford to make mistakes. Don’t rush to buy a vehicle without doing proper research. Explore different car models online and find the models you like or those that suit your daily needs. 

For example, if you have kids, check out cars with enough space to accommodate your family comfortably. Look up other crucial information such as the price difference between new and used vehicles. Sites such as Kelley Blue Book and Edmunds will give you price estimates for each model. You’ll walk into a dealership with all the necessary information.

2. Buying the Deal Instead of the Car

First-time car buyers are easily enticed by discounts and promotions that they forget to look for a car they love. If you buy the deal without looking at the car’s features, you’ll end up with a car you hate. Do prior research and identify the models you like. 

What are your reasons for buying the car? To transport kids to school, farm produce to the market, or for your contracting business? When you walk into the dealership, know the particular models you want then work on negotiating the price of your favorite.

3. Not Carefully Choosing a Used Car

You can get a great deal by skipping a new ride and getting a secondhand one. You get the same great features at a lower price. Shop around for second hand vehicles by searching for “buy used car” or “best used car” online. Alternatively, check out used car dealerships near you. 

However, don’t trust the salesman too much and forget to thoroughly inspect the car. Hire an independent auto mechanic to inspect the used car and give unbiased feedback.

4. Proceeding Without Pre-Approved Financing

You set yourself up for manipulation if you start the car-buying process without pre-approved financing. You might get a car loan with high interest and get ripped off. Shop around for loans and get bank pre-approval before walking into a dealership. 

Besides getting pre-approved for an auto loan, avoid long-term repayment. You may pay smaller monthly installments for an extended period, but you end up paying a lot more for your car.

5. Skipping the Test Drive

Most first-time car buyers are so excited to own a car that when the salesman brings the paperwork, they sign on the dotted line without hesitation. Once you sign the papers, you can’t exchange the car even if it has a problem. Take the car for a test drive before signing the papers. There are many things to look for when on a test drive. They include ride comfort, acceleration, braking, and visibility.