Photo Credit: ESB Professional/Shutterstock
Each week, I hear from listeners who�ve been thwarted by making classic car buying mistakes, without even knowing it. So, here is a handy list of 8 common mistakes people make and tips on how you can avoid them.
#1: Not Trusting Your GutMistake number one is not trusting your gut. This one�s easy to avoid. Trust your instincts, you have them for a reason. If something doesn�t feel right, either with the business or salesperson, leave.
#2: Believing Everything You Read OnlineMistake number two is believing everything you read online. A lot of what�s out there is opinion, not fact. So be careful where you go to research a vehicle or get dealership info. You can�t verify it most of the time, so look for a trusted and reputable source.�Also, understand that often dealership prices are �bait and switch� prices just to get you in the door.
#3: Rushing The Paperwork ProcessMistake number three is rushing the paperwork process. Do yourself a favor. Slow down. Read what you sign so you aren�t surprised down the road to find out you�ve purchased extras you didn�t know about or an extended warranty. Paperwork is tedious, but read it all because you are signing a legal, binding contract.
#4: Taking An Improper Test DriveMistake number four is taking an improper test drive. Don�t buy the car of your dreams without driving it. A �similar� vehicle won�t do. Test drive the one you want to drive off the lot with, so you don�t start out with problems or overlook options that are important to you.
#5: Not Knowing Your Credit ScoreMistake number five is walking into a dealer without knowing your credit score. Know where your credit stands. Less than trustworthy dealers will try to work bad credit to their advantage and could result in you paying a higher price and interest rate.
#6: Playing Games With The DealerMistake number six is playing games. Don�t withhold info from a dealership, like whether or not you have a trade-in, or how you are paying for the car. Good dealerships won�t play games with you, so in return, you shouldn�t play games with them.�
#7: Not Knowing Interest RatesMistake number seven is not knowing what interest rate you can get. If you have a bank or credit union, find out what rate they can give you. Then give the dealership the chance to meet or beat the rate.
#8: Leasing When You Shouldn�tDon�t get caught up in a lower monthly payment if there is any risk of driving over the mileage limits. It�ll cost you a pretty penny in the end. Also, long-term 42-month or longer leases are a bad idea, and I also never recommend 3rd party leasing companies. Check out the leasing section on the Car Pro FAQ page for more on this.
If you can avoid these mistakes, you�ll get a much better overall deal and a happy ownership experience.
Photo Credit: ESB Professional/Shutterstock.com