Buying your first car can be very exciting. But instead of wasting time and money, think about the common mistakes first-time car buyers are making. While we can?t pinpoint what will work best for you, there are ways that you can avoid these costly mistakes.
Failing to Do Your Homework
Buying your first car is a financial decision that will affect you for the coming years. Thus, it would be wise to do some research before coming to any conclusion. With the availability of internet resources today, it is relatively easy to find reviews, pricing, and rebates on any car make or model. You?ll eventually get into a contract that you should read and understand to ensure that everything?s right. Keep in mind that there are other fees you?ll have to pay with your purchase such as sales tax and registration fees.
Failing to Check Your Credit Score or Shop Around
Because you?ve never bought a car before, you may have limited credit. Nowadays, there are websites that can help check your credit rating for free. Doing so will ensure that you?re aware of where you stand before stepping inside the dealership. It will also keep them from offering you a higher interest rate.
Although it may be convenient for you to do one-stop shopping at the dealership, it?s a great idea to shop around for financing first. That way you?ll have an idea what you?ll qualify for. Always be prepared. Bear in mind that it would be difficult to get your car loan approved so it would be more beneficial to have it co-signed.
Not Considering Buying a Used Car
Certified pre-owned (CPO) cars offer a great deal for first-time car buyers. Although CPOs may be a wise choice for you, there are things that you should remember. Whether you?re buying privately or from a dealership, you need to access the car?s history report. If you?re buying from a dealer, ask to see the mechanic?s inspection report. If you?re buying privately, have a mechanic ready to perform a purchase inspection.
Not Test Driving the Car
Since you?ll likely spend a good part of your day behind the wheel of this car, it would make sense to test drive it. Don?t just let the salesperson direct you around the block, rather feel free to take your time and really get a good feel for driving the car.
Check out if there are kinks that would make it not the ideal car for you. You can even try to park it, drive it up the hills, and come to a quick stop.
Forgetting About Insurance
If you?re planning to buy a car for the first time, it?s important not to forget about the insurance cost of your new car. Your new car may look and sound sweet, but that won?t be the case if you can?t afford the premiums.
Velox Insurance is an independent agency that is dedicated to helping you get the best car insurance that fits your budget and needs. We have a list of insurance carriers that offer policies for a reasonable price. To know more about our offers, you may call us at 1-855-468-3569 or visit us today. You can also get a free auto insurance quote by clicking here.