Whether you are buying your first car or shopping for a second car there are a few mistakes that you want to swerve from. 30% of Australians make poor decisions. Before you drive away with your new gleaming set of wheels here are five car buying mistakes that you can avoid making sure that you live with no regrets on your purchase.
Not taking the time to find the right fit
We are a car-loving nation, no doubt! Who wouldn’t love the ease of getting from A to B in style and convenience! The Australian Bureau of Statistics (ABS) released data in 2016 showing that 76% of the Australian population owns a car.
However, rushing to purchase a car without putting in the necessary work of research can be costly. According to the credit card agency Equifax, this has caused 59% of Australians who end up buying a dud. If not a dud, lack of research can leave you forking out the costly amount of maintaining a car that you do not need. Doing the necessary research can help you bargain better, find a car that is suitable for your budget, and easy to maintain. It’s always best to Shop around before you place the final offer on a car.
Do you really need all those bells and whistles?
Yes, having a fancy car that has gadgets and buttons that make you wonder ‘I wonder what this button does’ can be great, but do you really need it? Especially if this is your first car. You will have to consider how these extra’s will affect your car insurance premiums because you surely want all of that covered should anything happen to your wheels.
A general rule of thumb is to go for the cheaper car in the lot, but also be wary that you don’t focus on how much you can save, or you could end up buying a dud. One thing you should also keep in mind is the fuel economy of the car. You will need already have a set budget in place if it is a guzzler and it’s also a high maintenance car.
Not shopping around to finance your car
Always look for options that are available to you either than what the dealer has on offer. Not shopping around can cause more harm to you than good. Try by setting aside some time where you look for car loans that will help you make a purchase on the car. If the expenses of the car need you to readjust your budget significantly then it’s best to search for another one. Shop and compare interest rates that come with car loans and see if your lender offers flexible terms that come with it.
Insure your wheels
You spent a lot of time searching for the car that understands both your driving and financial needs, not getting it covered will be an injustice. Car insurance is to make sure that your car is protected should anything happen to it.
Getting adequate insurance that matches the value of your wheels will be something that you won’t regret. Life has been made easier with finding car insurance that is a click away, but it’s best that you keep in mind to always compare to find the best deal for your buck.