Common car purchasing errors

Sep 2 2010

Cars are a temptation that is hard to ignore and many fail to resist it. In this enthusiasm to buy a car, they end up making some common errors as under:
• Some feel that merely practicing driving in empty roads would enable them to drive their car in busy roads as well and find out that it is a different ball game and you require a different mental framework along with relevant skills to do so.
• Some others fail to determine the actual purpose for which they want the car and end up paying a high end model, only to end up grossly underutilising it. They also end up buying a car that does not suit their personality.
• The most common error is committing to a monthly repayment schedule that they find difficult to maintain over time and this places great stress on them and also leads to the credit rating taking a hit. That is again because of faulty planning and not taking into account the financial situation in a rational holistic fashion prior to buying the car.
• People who wish to trade in their car also make the mistake of letting the sales person know beforehand and end up losing money on the value of their used car.

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