Owning a brand new car can make life a lot easier--all the parts are brand new, and you will have a warranty to cover the cost of any unexpected repairs. But purchasing a new car can be a stressful process if you walk into a dealership with no experience buying a new vehicle and don't know what to expect. If you plan to purchase a new car in the near future, avoid these common mistakes that many new car buyers make:
Not Doing Your Research Before Shopping
One of the biggest mistakes new car buyers make is going to a dealership without doing any research beforehand. If you want to be an informed consumer, it is in your best interest to compare the prices and features of several makes and models so you know what is available and which models are likely to best suit your needs. You are less likely to suffer buyer's remorse if you know what you want before visiting a dealership.
Only Test Driving One Car
If you have been driving an older vehicle for several years, getting behind the wheel of a brand new car is likely to be a great experience. But it is not a good idea to make a big financial investment after test driving only one car. You should try to test drive several vehicles that you are interested in so you can compare how each one handles and see which one has the best interior layout.
Being Afraid to Walk Away
When you're excited about getting a new car, it is natural to want to close the deal as quickly as possible. But if negotiations at the dealership fail, do not be afraid to walk out. In many cases, a car dealer will likely call you back in a few days with a more favorable deal. If a better deal is not offered, you are better of visiting another dealership and buying a new car at a price you are comfortable with as well as favorable terms.
Neglecting to Factor in the Cost of Auto Insurance
Many new car shoppers have a good idea of what size car payment they can afford to pay, but a lot of people fail to factor in the cost of auto insurance when purchasing a new car. If you have an auto loan, you may be required to carry full coverage insurance which can be costly. Insuring a brand new car can also cost more than expected because of its high replacement value. When figuring out how much you can afford to spend on a new car, it is essential to get some insurance quotes so you don't end up with a new car that is out of your budget.