Picture your favorite car. Is it the car's sleek lines, the speed it goes from 0-100, or the spaciousness of it's interior that makes you love it and daydream about owning it? Now just imagine that the time has come to sign on the dotted line and for you to drive off the showroom floor.
Being able to finally buy or upgrade our own set of wheels can, however, also be a stressful experience with the potential to make what can be expensive mistakes.
The following are some of the things people should before purchasing a car:
1. Not doing your research beforehand
You should ideally have some idea of the type of car you want to buy, do your research online before going to your nearest dealer. Compare different options to see where you will get the best price and find out about the different pricing and financing terms available to you.
2. Focusing on price at the expense of the financing terms
While price is obviously a major factor you have to consider, remember that the price tag you see is not what you will actually pay in the long term with interest and other costs like maintenance and service plans. Discuss all of these factors with the dealer so that you know exactly what your monthly obligation will be, and ensure that you will be able to meet this commitment.
3. Purchasing used vehicles
Whilst you can usually get a better deal on a used vehicle, it is important that you do your research thoroughly beforehand and visit a reputable dealer. Also be sure to check if the car is still on a motor plan, and if not find out about what options are available to you and what they will cost over and above your monthly repayment. Ask what a major and minor service typically costs on your model of choice, and calculate whether it makes more sense for you to purchase a formal plan or put money aside to cover each service-but make sure that you actually put money each month aside if you choose to go that route.
4.Failing to consider all your options:leasing versus buying
Most people are looking at leasing rather than buying because it allows them to enter a shorter contract usually at a lower rate and change their car at the end of the contract, including a maximum number of kilometres that you will be penalised for going over.
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