Though it’s one of the most essential means of transportation, cars in recent years have become a money guzzler for a variety of different reasons, whether its outstanding debt due to huge car loans or crazy maintenance fees. All of that will not be a problem if you don’t do the following things
- Having the False Idea That You Can Afford Any Car: Follow the golden rule that you use to buy anything. If a car is way above your pay grade, then it’s out of your league. Don’t rely on a credit card or some type of generous loan to get a Mercedes when all you can afford is a Toyota. It’s not practical. If you choose an expensive car, you’ll drown yourself in debt and pay a fortune to cover the maintenance costs (especially if the car was in an accident). Though only buying a car that you can afford may take a toll on your ego, at least it will spare your bank account!
- Not Doing Your Research on the Cars: Do your research on cars and try to be practical as to what criteria you will use to select your car. This will save you a lot of money in the long run. Select a car that will serve your needs of getting around. You don’t need a Jeep Cherokee if you are single and don’t need to take the kids to soccer practice. It wouldn’t make sense to buy a MiniCooper if you are married and have five kids either. Consider several factors including size/capacity, fuel consumption, endurance (how much mileage the car can take), and maintenance (how costly it is to make repairs).
- Not Being Selective About Your Car Dealership: Do research on the car dealership you choose to buy your car from and be selective as to who you do your business with. Be sure to read all the customer reviews and avoid the ones that have a bad reputation. Have caution when dealing with the sales executive at a car dealership because they don’t have your best interests in mind. When they see you, they see a big fat sales commission. To adapt a more informed approach in being picky with the showroom you choose to deal with is something that can save you thousands in the future.
- Rushing to Decide on the Car: Sales people always want to close the deal on the car you might be interested in and make you sign on the dotted line without reading the fine print. Yet, it wouldn’t surprise you to learn that all the important information you would really need to know is actually written in fine print. Take the time to read through all paperwork before signing anything and never rush into choosing one car or another. Do your research and make sure that the car that you are thinking of choosing will be suitable to your lifestyle.
