Mistakes To Avoid
In Singapore, buying a car is the second most expensive purchase you could make. This is a purchase that costs tens of thousands, at least.
Aside from purchasing a house, a car is truly one of the most costly purchases you’d make. Therefore, like with buying a house, it’s important to ensure that you don’t make any major mistakes. This is especially as the value of a car depreciates quickly. Therefore, any mistake made would be a costly and regretful one.
To help you out, we have come up with an article on the five common mistakes people make when buying a car. By reading this guide, we hope that you’ll be able to avoid these mistakes and instead, purchase a car that suits your needs!
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Mistake One: Not thinking things through
Like buying a house, buying a car is a big decision. It’s not one that should be made quickly or easily. It’s different from buying a new phone or laptop.
It’s a big purchase and it’s one that will continue to incur costs as you use it. It is not a one time purchase. You have to consider the cost of running and using your car! Many people don’t think things through and hence, this results in them making a purchase that they can’t completely afford. Or they make a purchase that they regret. Always think about it thoroughly and make comparisons with other cars too!
For a list of costs that your car will incur – there are the road tax costs, insurance premiums, parking costs, fuel costs, maintenance costs (which include things such as engine oil change, tire changes, and unexpected necessary repairs), and for some, monthly payment instalments.
This can all add up to a considerable amount. You may initially be able to purchase a slightly higher-end model, however, will you be able to afford it in the long run? Or, will it prove to be too costly? If so, you should purchase a less expensive car model.
Mistake Two: Being Too Impatient and Rushing
Secondly, many people often get too impatient or emotional. And thus, they rush into signing and buying a car. This is a huge mistake and it can result due to different reasons. Firstly, you might be too excited about buying a car and hence, agree to a deal too quickly.
Or, the car salesman might be too pushy and pressure you into a deal. These are all terrible situations. It is important to be rational and careful when buying a car. It is understandable to be excited, impatient, or pressured but, you must hold out. Always think things through!
If you move too fast, you might end up making a bad deal. You might find the car cheaper at another dealership. Or you might find a car that you like better. Therefore, always be rational and careful. Don’t overthink but do remember to sleep on it for a day or two. This will ensure that you make the best possible decision.
Mistake Three: Being Too Narrow-Minded
Another mistake often made is that people are too narrow-minded and choose to neglect certain cars. It is understandable that you might have your own thoughts and plans when buying a car, however, don’t be too rigid and narrow-minded in this. Be open-minded.
Originally, you might only want a car from certain brands. However, this will result in you excluding many potential car models that suit your needs! Therefore, be open-minded and look around. If you ultimately choose to stick with what you originally intended. That’s okay! But, at least, you’ll know that you looked at everything and truly made the best choice!
Mistake Four: Not Considering Your Personal Needs When Choosing A Car
Buying a car is a big purchase and of course, you’d want to get your dream car. This is especially if it is your first car. However, you should still remember to consider your needs when purchasing your car.
For example, you might have always dreamed of driving a two-seater convertible. However, if you’re a family of five, this car would not suit your needs as you wouldn’t be able to fit your entire family into the car.
Or, if you’re someone who travels often, this wouldn’t be comfortable for long drives too. Therefore, you’d have to consider this and include this in your decision-making process. Furthermore, such a car might be too costly and not suitable for your budget. If so, it might satiate a temporary want. But in due time, this will become a burden and cause you more trouble.
Therefore, always remember to think of your needs. Wants are temporary. If your needs are not met, you would face more troubles and this will be far more burdensome.
Mistake Five: Buying At The Wrong Time
Lastly, the fifth mistake is buying a car at the wrong time. This will usually mean that you end up purchasing a car at a far higher cost than you should have.
When it comes to cars, the prices fluctuate all the time. These fluctuations are often unpredictable and hence, you wouldn’t know when’s the best period to buy a car. However, with some research, you would be able to see an overall trend of when cars are cheaper.
Expectedly, it is best to buy a car when its price is low. And if you choose to sell a car, you should do so when prices are higher. When it comes to Singapore, the best time to avoid buying a car is during the peak COE period. This is when the car will be the most expensive.
These are the high most common mistakes that people make when buying a car. The main result of these mistakes is spending far too much on a car. Or, you might end up buying a car that doesn’t suit your lifestyle and needs. From reading this guide, we hope that you’ll be able to avoid these mistakes and instead, buy the best possible car for you.