You can screw up your first car purchase. Perhaps you think that you have all the bases covered. After all, you have the money, your credit is good enough to get you approved for a loan and you need a car. So what can go wrong?
The short answer is: a lot. Truth be told buying a car for the first time is much more art than science. There is no shortage of options and there is no shortage of mistakes. Let’s go over them and help you through this exciting, but dangerous, process.
Don’t Look Eager
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Yes, there are things you should say to your car salesperson, but “I must have this car” and “I’ll give you every dime I have for it” are not some of those things. You need to be smarter than that or you’ll end up with the best possible car you can’t afford.
What you Should Do:
Be interested but don’t let on too much. Never tell him how much money you are holding and never give him the maximum dollar amount that you are willing to pay. Buying a car is a negotiation. You have to have some wiggle room.
Don’t Let the Look Fool You
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You’re probably eying a beautiful sports car right now. Sure, it’s a 10 year old model with a door handle that doesn’t work, goes from 0 to 60 in two and a half weeks and can’t start when the temperature is below 50, but why would you ever let that stop you from buying a car?
What You Should Do:
Think about what is inside the car first and foremost. There is nothing more important than how it runs. So be sure to check out the consumer reports on a new car, and have your best mechanic look at the car if you’re buying used. The frame and the body might seem tempting, but it’s what’s under the hood that really counts.
Don’t Max Out
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Sure we’re all tempted by a new car, and it can get to the point where we are ready to dump every penny onto the table. But emptying your bank account won’t feel good for you in the long run. Especially not when a repair comes up that has to come out of your pocket and you end up having to sell your blood plasma for cash. Avoid spreading yourself too thin with the cost of a car.
What You Should Do:
Leave ample money in your bank account to pay for the cost of the insurance deductible, a few minor repairs, and for the cost of the insurance. At the bargaining table you should leave money in your monthly budget for all your bills comfortably, even if that means going the sensible route of plaingreenloans.com.
Buying your first car isn’t as easy or as simple as it sounds. There are a lot of moving parts and variables. The best thing you can do is make sure you are letting your head control your decisions and not just your heart.
