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5 Car Buying Mistakes You Need to Avoid at All Costs

5 Car Buying Mistakes You Need to Avoid at All Costs

The pandemic has forced us all to shop online for just about anything and everything including cars. You may be under the impression that you can buy a car online and while in theory, you can, it may not be in your best interest to do that. Our Stoney Creek auto loans team has collated a list of common car shopping mistakes we've seen in the past. We hope this helps you avoid them!


Pitfalls of Online Car Buying

When you purchase something from an online retailer, if you don’t like it, you can simply return it or just call your credit card provider. If you bought a car online, the recourses you have if you are not satisfied are time-consuming and complex!


Doing research online about the various cars you are interested in is perfectly fine and encouraged, but when it comes time to make any buying decisions you should go to a local car dealership.


Reasons to Work With a Local Car Dealership

The primary benefit of buying from a local dealership is the relationship you will develop with them.


You are spending a considerable amount of money, you need someone who will be with you every step of the car buying process and even there to help you after you bought the car.


Are You Buying or Leasing Your New Car?

This is a question that most prospective buyers overlook and there are advantages to leasing that you should consider.


The interest rate for leasing a car is not the same as the rate being quoted for car purchases. Also, you are not buying the car but taking ownership of it for a predetermined amount of time.


At the end of your lease, you can choose to buy it at the price that was agreed to in your agreement or return it to the dealership.


With a lease, if you fall out of love with a car after a little while you can return it to the dealership when the lease is up.


When you buy a car, you could resell it or trade it in if you are no longer in love with it but you may not be able to get the same price you would with a lease agreement.


Buying the Wrong Type of Car for Your Needs

The average Stoney Creek car loan is 5 years give or take, so you should give some thought to what your needs will be 5 years from now.


Imagine buying a small car and all of a sudden you have triplets and need to upgrade from a sedan to an SUV!


Also, keep in mind the price of gas is only going to rise as governments around the world try to get away from fossil fuels.


Taking the First Offer

The dealership you work with is going to help you get a great deal but you need to hold firm to your budget and not buy more cars than what you can afford. If you plan on buying an entry-level SUV, don’t be tempted to buy a luxury SUV just because you qualify for it.


By keeping within your car-buying budget, you will not feel stressed about servicing not only the loan but all of the other costs that are associated with owning a car.


Just by keeping your finances in check and working with a great local car dealership, you will avoid the most common car shopping mistakes made by Canadians when buying a new car. We hope they help!


When you’re ready for a car lease or loan, get in touch with the Stoney Creek auto loan experts at Northway Ford for great deals on auto finance.


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Categories: Car Loan

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