Many people tend to get carried away with getting the best car on the market that they fail to address the next critical factor. Getting an expensive car loan can ruin any gains that you might make while buying the car.
Most people walking into a dealership have on great underlying fear – getting ripped off – notes a Chevy dealer in Warren County. While this might be a legitimate concern, don’t get so hung up on beating the seller that you make other mistakes.
While some car salesmen have in some quarters less than a stellar reputation, times have changed, and the industry is on the mend. In addition to wanting that commission, they do indeed want you to get the best wheels. Instead of just fighting the upsell, you need to pay attention to other pitfalls that can cause you to bleed money when buying a car.
Ignoring the money bit
Excited by the prospect of buying a car, most people go full throttle on the research comparing prices among dealers. They also make a note of the lowest prices on the market, and they pressure sellers to match them. While there’s nothing wrong with that, such buyers make one crucial mistake.
They are so focused on getting the best deal on the car but fail to shop around for the best rates on the car loan. In doing so, they contend with high-interest rates that counteract any gains they made when buying the car. For the best results, shop around for the lender with the lowest rates on the market.
Going too high end
Wooden accent, leather trim, heated seated and a state of the art navigation systems. They’d make an excellent addition to your new ride and give it a touch of luxury and sophistication. Of course, you have every right to travel in style and comfort. But the question remains, can you afford it? Or more importantly, are such features worth getting into debt?
Luxury models carry a hefty price tag, which means you must get a hefty auto loan. The interest rate on such a loan makes these features quite pricey in addition to ruining your finances.
In addition to shopping around for the best model when looking to buy a car, you need to address the money bit as well. Doing so ensure that you get the best of both worlds.