It’s easy to make mistakes when buying a car. This is an exciting adventure for most people, but it also means that emotions can get in the way of making a rational decision. To avoid overpaying hundreds or thousands of dollars, here are some common mistakes you’ll want to steer clear of. Don’t let the initial excitement of shopping for a car turn into buyer remorse later on.
Mistake #1. Limiting your selection.
While it’s always good to define what you are looking for in a car, it’s best to keep your options open in terms of manufacturers and models. If you fixate on a particular model, you could miss out on other vehicles that will meet your needs and budget.
Mistake #2. Skipping the test drive or inspection.
A lot of used cars look good on paper but don’t translate this way in person. This is especially crucial if you’re shopping for repos online and relying on the pictures. Dealerships usually let their customers test drive their vehicles, but not all banks and credit unions do. If you’re buying a repo, at the very least, have an inspection done.
Mistake #3. Thinking about financing at the last minute.
Don’t wait until you’re talking with the seller to think about financing. Do your homework and research your financing options. Educate yourself on the latest interest rates and what you’re most likely to pay. This will help you calculate your monthly payments too.
Mistake #4. Not researching the value of the car.
Before you settle on a car, we recommend researching the value of the cars you’re interested in. Why? Because this will tell you what you’re likely to get if you trade in the car or sell it to a new owner. If you’re willing to put in the extra work, you can often get more by selling the vehicle yourself.
Mistake #5. Shopping at just one dealership.
It pays to shop around. Visit at least 2-3 dealerships either online or in person. View their inventory, ask for quotes and compare deals. When looking at repo inventory on RepoFinder.com, you can “shop” with different sellers. Simply click on your state and a list of banks and credit unions will turn up.
Mistake #6. Buying from someone you don’t trust.
A vehicle is a big purchase. Never buy one from someone you don’t trust. If anyone makes you feel uneasy or can’t answer your questions about the car, you don’t need to buy from them. Choose a different seller who is honest, transparent and helpful with your questions.
Mistake #7. Not considering repossessed vehicles.
When shopping for used cars, it makes sense to check out the repo inventory from RepoFinder.com. Our inventory contains a wide selection of cars, trucks, SUVs, etc. that have been repossessed from their owners. Many are in great condition and being sold at highly discounted prices.
As long as you avoid these seven mistakes, do your homework and keep a level-head, you should end up with a vehicle that you feel good about!