There’s no question that a dependable automobile is likely to set you back a bit. With the exception of homes, vehicles tend to be the priciest purchases most people make in their lifetimes. As such, there’s little wonder as to why so many of us try to be as cautious as possible whenever it comes time for a new car. Considering how much money is at stake, it’s only natural that we’d seek to find savings wherever we can. However, despite all this caution, we often wind up spending more money on vehicles than we need to. So, if you’re hoping to get the best possible deal on your next car, be mindful of the following behaviors.
Refusing to Consider Second hand Cars
Used cars often get a bad rap in popular media. For example, it’s impossible to count the number of instances in which television shows and movies have portrayed pre-owned vehicles as comically undependable. Although this stereotype may apply to certain used cars, it’s far from the norm. However, because a negative image of pre-owned vehicles has been deeply ingrained in their minds, many consumers won’t even entertain the idea of buying used.
While being hesitant to purchase a car that has years of use under its belt is understandable, many certified used cars are highly cost-effective and dependable. When you open yourself to buying pre-owned, you’ll discover that you have a much greater variety of options from which to choose. The number of in-vehicle amenities you can afford is likely to increase, as well. As an added bonus, a used car is likely to depreciate in value much slower than a brand-new vehicle, as it will have undergone the bulk of its depreciation by the time you come into possession of it.
Of course, none of this is to say that you should close yourself off to purchasing new vehicles. Rather, you should always keep yourself open to going the preowned route.
Failing to Research the Value of Vehicles
Before proceeding to purchase a new or used vehicle, make a point of researching the car’s value. In addition to looking up its Kelley Blue Book value, do some online research into what local dealerships are asking for it. This will put you in a good position when it comes time to make a deal and help ensure that you’re not taken advantage of.
In addition to researching a vehicle’s cost, take care to read reviews of the car in question on both consumer review sites and feedback boards. For example, if you’re looking to buy the most dependable SUV in 2022, it’s imperative that you do your homework.
Not Paying off the Vehicle Immediately
Many of us have no choice but to take out car loans when purchasing vehicles. After all, not everyone just has tens of thousands of dollars lying around in savings. However, if you are able to pay off a vehicle immediately, it’s generally beneficial to do so. While parting ways with a large sum of money all at once can be disheartening, this financial sacrifice ultimately stands to save you a small fortune in interest. Furthermore, since many dealerships prefer full payments to car loans, you may be eligible to receive additional discounts if you agree to pay in cash.
Not Considering the Cost of Insurance
Even after paying for the car itself, your vehicle-related financial obligations are far from over. Filling up the tank, going in for regular oil changes and tending to other maintenance issues are just a few of the ways in which you’ll continue putting money into your car for years to come. There’s also car insurance, without which you cannot legally drive in most states. Since some vehicles cost more to insure than others, make sure to research insurance princes for any vehicle that strikes your interest before proceeding to get started on the paperwork.
It’s not hard to see why so many car buyers obsess over getting the best possible deal. After all, considering how much money’s at stake, it’s only natural that people would seek to save as much as they can. Still, despite having every intention of exercising frugality, many of us wind up costing ourselves more money than we need to spend when shopping for new vehicles. To help prevent yourself from making costly mistakes at the car lot, take care to avoid the behaviors discussed above.