But let me tell you, that’s exactly when you could fall into the trap of making a common car buying mistake.
Whether you’re looking for a new car now or later down the track, we’ve put together a list of some of the biggest car buying mistakes.
Shopping before researching
Start by having an idea of what you think would suit your needs as well as your budget. Diving straight into shopping and not establishing what you need from your car can be a dangerous strategy.
It can also mean you might commit to repayments that could stretch your cash flow a little too much if you don’t have a defined budget.
Not surfing the internet
Now, this is an easy mistake to avoid. The internet can provide you with fast and easy comparisons between different makes, models and deals in just a few clicks – so there’s no reason not to compare what kind of bang you can get for your buck.
You can also find some great deals on second hand car options, demo models and more. You might feel like it’s expanding your search, but it could present some great deals for you to consider.
Not knowing how much your trade in is worth
So, you currently have a car that you plan on trading in. Do you know how much it’s worth? Do you think it’s as little as the dealer is saying it is? Wrong!
Research to see how much you could get if you were to sell it privately. Once you have a rough idea of what it’s worth, head to the dealer with that information as it could work wonders in your favour.
If you’re undecided on whether to trade in or sell your car privately, check out our article to find out which could be best for you.
Skipping the insurance research
You found a car that you’ve fallen in love with, drove it home with the Compulsory Third Party (CTP) insurance that came with the vehicle registration. You then want to add comprehensive insurance coverage and faint from the sight of how much this will cost.
Try to have an idea of how much coverage you’ll want and how much this would cost depending on which car you choose, your driving history, etc.
It could add significantly more to what you initially thought when figuring out what a new car could cost you in the long run. You don’t want to leave yourself in a position you don’t feel financially comfortable with.
Not shopping around for finance
If you’ve fallen into this category before, we’re disappointed *shakes head* - we’re disappointed that there might have been a loan out there more suited to you! One of the biggest mistakes you could make is to not shop around for your finance before committing to buying a car.
Don’t just choose the car dealers' finance out of convenience, without giving anything else a thought. It pays to shop around to see who could beat it.
Better yet, chat to your local Mortgage Choice expert who can help you find a car loan that suits your needs. You can also save time with an expert on your side, who applies for the loan on your behalf and keeps you updated throughout the whole process, giving you more time to find the perfect car.
