We all know someone who does not like their current vehicle but is unable to get rid of it. We also know people who are simply not able to pay for their vehicle because their budget doesn’t allow it anymore. These unpleasant situations are often caused by poor planning before the car is purchased, and they can be avoided.
The important thing is to take the time to understand our needs, establish our budget and choose the right purchasing solution for us. By doing all of this, we avoid the following three mistakes that can come back to haunt us after buying our vehicle.
Not considering additional expenses that come with a car
Before buying a vehicle, we must establish our budget. Now, some buyers only look at the monthly payment of the car regardless of any additional expenses that may come with it.
These expenses such as gas, insurance, summer and winter tires, maintenance, registrations and even tickets and parking fees can be very expensive and must be considered. Ultimately, you must add at least 50 percent to the monthly payment amount to ensure that you will be capable of handling the expenses that come with owning a car.
Buying a car that doesn’t meet our needs
We must avoid buying a vehicle that we love today, but that will not be able to adapt to our future needs. Young families or couples who could start a family should be particularly aware of this pitfall. That two-door sports car is a real beauty, but if you finance it for five years and you have children in two years, you will not be happy at all with your choice.
Not choosing the right financing or leasing solution
It is true that leasing is more affordable than financing in most cases, but it also comes with mileage restrictions. Financing can be interesting too, but not if we have to change our vehicle before the end of the contract. Ditto for renting. Once you have prepared your budget and have determined your needs, it is important to choose the purchase option that best suits both.
Thank you to Turner Volkswagen for their advice.