Avoid These 6 Pitfalls When Investing In A New Car

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Here are some things to ponder if you’re considering buying a new car.

Even if you ride around in an old inherited four-door that’s definitely seen better days, it’s an investment that you can’t just throw money around on, unless you rake in the cash.

According to Brandroom, buying a car is like a “getting into a new relationship—because you have to make room for it in your life, you have to make sure your life is ready for such commitment. It requires careful thought and preparation, and means you have to answer several important questions: what kind of car do you want? Is it a good fit for your lifestyle? Can you afford it?

And they aren’t wrong!

If you’re a first time buyer, you might get intimidated with all the paperwork and business jargon thrown around, and unknowingly get yourself sucked into a world where you never know when the next auto-related bill pops up.

Since purchasing a car is one of the biggest investments you will be making in your lifetime, it’s important to do it right. Here are 6 mistakes Brandroom wants you to avoid in the process:

1.) A Lack of Preparation

Buying a car is something that needs tending to even before acquisition. Parking, for example, is a huge factor to think about. Do you have parking space at home? Have you discovered which parking spaces around your workplace are most cost-effective? If not, it may be time to do some research.

2.) Lax budgeting

Before deciding to purchase a car, make sure you know what you’re getting into financially. This includes not only the cost of the automobile itself, but all the maintenance costs as well—fuel, registration, tune-ups, insurance… even periodic car washes. To take care of your car properly, you’ve got to keep your budget in check as well.

3.) Spending on “the car you aspire for”

Sure, it’s a 208-horsepower four-wheel-drive with pristine interiors. Sure, it’s got an exterior that’s going to make you look like a big shot. But is it fuel-efficient? Is it reliable? And more importantly, is your choice of make and model a practical one? Does it suit the lifestyle you’re living now? Sometimes, the choice isn’t just about getting the best-looking one, but also getting the most out of your money.

4.) Being a brand snob

While you may have had your eye on that Italian luxury car for years now, it will do you some good to get to know other names in the industry before deciding on the car you want. In the long-run, it pays to know about a particular brand’s rep—for example, if its parts will cost you less once you need repairs, if it’s got a great resale value, etc.

5.) Purchasing in a rush

As tempting as some promos are, it’s important to take a minute to tell yourself that buying a car is a long-term commitment. Even if it seems cheap now, if you’re not completely ready for it, there may be consequences in your near future. Proper research and preparation is key in maximizing your future car’s value.

6.) Not getting the best deal for your purchase

You owe it to yourself to get the most of your hard-earned money. So you’ve done your part—did the appropriate research, browsed for the perfect vehicle, and now you have your eyes set on the best candidate. What you need now is a partner to help you purchase your car, and your most trusted bank might have the car loan suited just for you.

It’s important to have people who will guide you in the loan process and the eventual process, so you won’t have any regrets in purchasing a chariot to get you from A to B and everywhere in between.

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