10 of the Biggest Mistakes in Buying a Car
I think about cars daily (hence I have a car blog), and I even had to ease up on my writing because I got so juiced up about buying a car from just reading about them! But there’s some big, big mistakes you and I can definitely make when buying a car that can easily be avoided, such as:
- Thinking only about monthly payments. I used to think like this, and some of my close family members and friends have done so in front of me recently, but it’s the wrong way to think! Think about a) how much the overall cost is, then b) if you can really afford it in the long run (especially if something happens physically or financially) and c) how much will you be spending extra in interest.
- Buying more than you need. Heck, I bought a new car thinking we were going to start a family, but that family never came and we were stuck with a gas-guzzler.
Why You Don’t Need A New Car
The economy has been fluctuating up and down, but you’re either a car geek (like me) or you just don’t like/want your old car. What to do?
While many boomers will say that the golden age of motoring is long gone, I would beg to differ. Speed, gadgets and safety have never been cheaper, as are interest rates, and supplies are staying high on many new vehicles.
So why wouldn’t you buy a new car if you’re looking at one?
Well, I have a few arguments against buying a new car. Some are common sense, some not. And being a car geek myself, I know that many of you will just try to reason yourself out of many of them anyway, but here goes…
Money
The first obvious reason, although maybe it isn’t that obvious to some, is the instant depreciation of your vehicle when it’s signed over into your name and you drive it off the lot. Maybe you negotiated thousands off the price or got a 0% interest rate, but you’ll still lose money on the deal thanks to the taxes you paid and the value lost from the title transfer (you’re now owner #1 and each new owner makes the vehicle lose more value).
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