Avoid These 5 Costly Mistakes When Buying a Car
by Northern Life
It can be so easy to quickly decide to buy a car, especially if it’s a model you’ve had your eye on for a while. But whether you’re purchasing from a dealer or a private seller, it’s important to take the time to properly assess the vehicle before you go ahead and hand the cash over.
By avoiding these common car-buying mistakes, you could save money later down the line.
1. Not setting a realistic budget
The true cost of car ownership extends beyond the initial payment. You need to consider ongoing expenses such as insurance, road tax, servicing, and fuel – whether that’s petrol, diesel or electricity. If you miss any of these additional running costs, you could find that your new motor is too much for your budget.
Before you start looking at cars, consider your current financial situation. Assess your income, existing expenses, and any financing options available. If you plan to take out a loan, use online calculators to estimate your monthly repayments and ensure they are manageable.
2. Skipping the vehicle history check
A car may look perfect on the surface, but without a thorough background check, you could miss something. Many cars on the market have unresolved issues such as outstanding finance and accident damage, and fixing these can be expensive.
An HPI check can paint a picture of the car’s past. This report reveals important details like if the car has been written off, stolen, or still has finance attached to it. Running this check gives you peace of mind and can save you money in the long run.
3. Overlooking a thorough inspection and test drive
A car that appears pristine in photographs or even in person can still hide mechanical faults. Many buyers make the mistake of trusting a seller’s word without properly inspecting and testing the vehicle.
Before handing over any money, check the car in good daylight and check for signs of rust, leaks, or uneven tyre wear. Start the engine and listen for unusual noises.
Also, take it for a test drive. While on the road, pay attention to how the car handles, brakes, and accelerates. Issues such as engine trouble, worn brakes, or steering problems might not be immediately noticeable. If anything feels off, consider having a mechanic assess the car before making a final decision.
Beyond just purchasing a car, protecting your investment is crucial. Many buyers overlook the importance of shielding their vehicles from harsh weather, UV rays, and debris. Investing in durable car covers can help extend the life of your vehicle’s exterior and interior, reducing maintenance costs in the long run.
4. Failing to research market prices
Prices can vary significantly depending on the model, mileage, condition, and seller. Relying on a single listing without comparison shopping can result in paying far more than the car is worth.
Check online platforms, dealership listings, and classified ads to gauge the going rate for the car you’re interested in. Look at similar models with comparable mileage and features to ensure you’re being offered a fair price. If a deal seems too good to be true, be cautious. There might be hidden issues that the owner isn’t disclosing.
5. Ignoring vehicle documentation
Some buyers skip this step, only to later discover they own a vehicle with missing or fraudulent paperwork. This can lead to legal issues or difficulties when trying to sell the car in the future.
Always ask to see the V5C logbook and ensure it matches the seller’s details. A complete service history helps confirm that the car has been properly maintained, reducing the likelihood of mechanical problems.
Check the MOT certificate, too. This will confirm the car’s roadworthiness and any advisories that may indicate future repair costs. If any documents are missing or inconsistent, walk away – there are plenty of legitimate options available.
Spend some time researching the car you have in mind. Run background checks, and don’t worry about offending the seller. This is a big investment, and it’s important that it’s safe, roadworthy, and not likely to cost you more than it should.
