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6 Car Buying Mistakes You Might Have Made: by Katrina Ramser


Posted on Nov 10, 2009

A vehicle owner is likely to find less than two issues with their new car in the first three months of ownership, states a J.D. Power sales satisfaction study. Small things surface, such as the climate control knob not feeling just right or the stitching on the leather seats appearing cheap. But is something more serious gnawing at your investment?

Hopefully it's not the transmission, but more or less uncommon buying mistakes. No one likes to be pointed out the auto you so proudly acquired through hours of careful research and tough negotiations could actually be taking you for a long and tiring ride. If we don't learn from our mistakes we're destined to repeat – and pay huge monthly sums year in and year out for them – so here's 6 big ones. 
 

Mistake # 1: Didn't hold your cards long or close enough

You traded your old car in before you settled on a final price for the new one. When the salesman asked what you wanted to pay each month, you named a figure. You didn't wait to purchase at the end of the year when dealers need to sell cars the most to make not just monthly and quarterly but annual goals. If any of the above sounds familiar, you took a few dings.
 

Mistake #2: Paid extra for too many new standards

There was a day when power windows came at an extra cost, but this oh-so-standard feature is a given – as are many other flashy new standards many carmakers are sticking the cost to you. Great buys honoring new standards as part of the overall vehicle package include an economic buy like the Subaru Impreza WRX, where the GPS navigation system, leather steering wheel and heated mirrors are built in the price; or an upscale Acura TSX offering a healthy size of features at one affordable price. Your knowledge of new standards could have been a negotiating chip.

 

Mistake #3: Bought way too small (or big) for your lifestyle

To slim down your transportation budget, you went with micro-wheels. But you failed to calculate long destination drives in small cars stink and now airplane rides add astronomical carbon emissions and costs. Breakthroughs on the mid-size SUV front include the Toyota Highlander Hybrid garnering an average of 24-mpg and a huge cut in greenhouse gases. Solo commuters stuck in traffic with half-ton, big-engine vehicles are also feeling their own private regrets. 

Mistake #4: Erred on calculating unexpected costs of ownership

You did your homework and narrowed in insurance, gas and maintenance costs on top of your monthly car payment before you signed. But did you figure you'd tire of washing your big truck and need bi-monthly professional washes at $50 a pop, expensive accessories like roof racks or a Yakima, or gas prices would get goofy? The only way to accurately trace what your personal total monthly car budget looks like is to track receipts and tally up on a spreadsheet – unfortunately you’re now the defining experiment. 
 

Mistake #5: Deal was short on cash, but long on an assortment of payments

Car loans are a necessity, but not payments blown into 72-month long oblivion. You'll pay thousands on interest no matter the rate. Always shoot for a three to four-year loan. Signing up for an extended warranty has proven itself to be a colossal a waste of dollars. Also, making a 20 percent down payment on big purchases is how society used to deal with these financial issues 30 years ago – its time for cash to make a comeback.


Mistake #6: Had your heart set on just this one car

To reach objectivity or simply a state of blasé, you've got to test cars like an auto journalist. That means inspecting dozens of cars, inside and out, for what attracts you and what doesn't. I've loved the looks of many rides only to change my opinion once seated inside them; I've also detested first appearances only to be sold after a week long driving affair. There might be brands more reliable as a whole than others, but lesser-than-thou makers do come out with some outstanding cars.
 
Don't feel like a chump if any of the above mistakes made contact with your ego and pocketbook. Fortunately, there are a lot of moves you can make today to ease the financial and emotional burden these 6 unforeseen mistakes caused.

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