Buying Your First Car? 7 Mistakes You Should Avoid

January 13, 2022

Have you just got your driver’s licence? Are you looking for a car before university starts? Have you landed your first job and need a first car? Or is it finally time to get your first car?  

If you are looking for your first car then here are 7 mistakes that you should avoid.

buying your first car

Not Taking Time to Research 

When looking for your first car, you may have an idea of the car you would like, but that can all change. You may end up with a completely different car than what you thought. Both the new and used car markets have plenty of options. 

You should always do your research. The first thing to look at is the cars available to you and then decide what you want from a car and the type of car that is best suited to your needs.

Research makes and models, vehicle prices, read reviews on cars, find out what is available in your area and so on.

Not Test-Driving More than One Car

Once, you have done plenty of research, you will need to test drive the cars you like the sound of. A car may sound good, but getting behind the wheel will give you a good indication as to whether it is the right car for you. 

Take time to test drive more than one car so you can make the right purchase. Your first car will be with you for a number of years, so it has to be right.

Not Being Ready to Negotiate

You will find that the sticker price for cars is not always the final price, especially on used cars. There is usually room to negotiate on the price, which means you could save money on your first car purchase.

Only Looking at the Monthly Payment

You need to know what you can afford each month on a car repayment, but you mustn’t forget about the other expenses that come with owning a car like insurance, maintenance etc.  

Also, watch out for the terms of a finance agreement, which has been made to suit your monthly budget. The terms could mean that you are in a long-term loan with a high-interest rate. You could then end up paying much more than you would if you went for a short-term loan with a low-interest rate and paid a little more each month.

Saying Yes to the Extras

Once a sale has been agreed, the salesperson will then start to tempt you with extras like car accessories, warranties etc. However, you probably don’t need all these things and getting them will push up your monthly repayment.

Not Shopping Around for the Best Finance Offer 

You will most likely be financing your first car purchase and not all loans are the same. Just like shopping for a car, you will need to shop around for the best finance deals. Vehicle finance from banks usually offers competitive rates.

You will get a better idea of the loan you can get by shopping around. You will also know more or less what you can afford, which will put you in a better position to negotiate with the dealer.  

Not Walking Away from a Deal

There is no going back once the contract is signed. So, before you sign make sure that you are getting everything that was agreed upon. Also, don’t feel pressured to sign then and there. Take the contract home and go through it.

Don’t be afraid to walk away if the deal doesn’t feel right.

It can feel daunting to buy your first car, but by doing the necessary research, test driving cars and comparing vehicles, dealerships and finance offers, you will be prepared to make the right first car purchase.

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