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Purchasing a car is not a decision that should be made lightly, especially a luxury car. Buying a luxury vehicle is a huge investment that requires careful planning and preparation. Avoid these five common mistakes car buyers often make when shopping for their new luxury vehicle.
1. Not Doing Enough Research
Making the decision to buy a luxury car requires extensive research and shouldn’t be based on impulse. Consider the different makes and models available to find the best one for your needs. Two major concerns are speed and horsepower. You don’t want to commit to buying a car only to discover it fails to meet your expectations. Check out blogs, dealer websites, and auto enthusiast magazines to explore all your options.
2. Not Visiting Multiple Dealerships
It takes time to go to multiple car dealerships, but it’s worth the added time to ensure you get exactly what you’re looking for. Luxury vehicles are more profitable for the dealership, and they’ll be anxious to get it sold. Consider the price the dealership pays for the car. You’ll give yourself an advantage by negotiating a deal favorable to your terms while they still make money.
3. Skipping the Test Drive
You might want to get in and out of the dealership to seal the deal as quickly as possible, but skipping the test drive is a huge mistake. You probably have an idea of what you’re looking for, but getting behind the wheel is a different experience. Get a feel for how the car drives, and determine how comfortable it is. Make sure there is enough space without feeling cramped. Everything needs to be ideal if you’re making such a large investment since you’ll own the car for years.
4. Not Considering Other Financing Options
Don’t jump to take the first deal offered to you. The interest rate on your loan could make the difference between hundreds and thousands of dollars over the life of the loan. You’ll likely get a better deal by securing financing through your own bank or credit union instead of trying to negotiate at the dealership. Financing through your bank also gives you less to worry about when you’re buying the car.
5. Buying Instead of Leasing
Ask yourself why you want to own a luxury vehicle. If it is to have a fresh and new car every few years, a car lease might be more favorable for you. Leasing costs less than buying and can save you money. More than half of luxury vehicles are leased instead of purchased. Consider this option if you get bored with vehicles easily.
If you are interested in leasing or purchasing a luxury vehicle, get in touch with the trusted auto brokers at Below Invoice. We can help you find the perfect car to suit your needs. Give us a call today at 949-630-0303 to schedule an appointment.