(GuestPost)— So you’ve decided to make one of your dreams come true by buying your first luxury car – congratulations! But buying a luxury car, even second hand, is a big investment potentially so you need to make sure you get it right.
It’s not just buying the car which you need to consider, but looking after it, where you are going to keep it to avoid thieves, specialist care and servicing which it will need and the added costs of fuel, insurance and repairs on top.
There are many aspects to think about when you are shopping around for your first luxury car so here are five of the most common mistakes people make, which you need to avoid.
1.Not being prepared
Before you even begin to visit the shiny showrooms, you need to be prepared and carry out some basic research into the kind of car you think you might like. Don’t just turn up and buy on impulse because it will be the most expensive mistake you could make.
Make a list of the qualities you want from the car – what’s most important for you – is it the speed, colour, the brand name, the interior or the safety features? You need to know exactly what you want before you start looking for it.
Compare different makes and different models and do a lot of research via blogs, websites, enthusiast magazines and check out the pros and cons for each model which seems to meet the criteria you have in mind.
Also, bear in mind your budget – you need to know exactly what you can and can’t afford and to be realistic about what type of cars you could buy and run and manage, within your price cap.
2. Not shopping around for your car
Once you have carried out your research and you know which make and model you want, don’t just buy it from the first dealership you find. It really does pay to shop around and go to numerous dealers to see what’s on offer.
A dealership will be excited to secure a sale of a luxury car so you have the advantage as the buyer and can negotiate a good deal potentially by comparing prices and extras on offer in numerous places.
See which one is willing to go the extra mile with discounts, added extras and features before you part with a single penny.
3.Not bothering with a test drive
You are planning a big investment in this car so buying it without driving it first is just crazy. You need to experience what it’s like behind the wheel, what the car feels like and how you get on with it.
It might the most uncomfortable car on the forecourt even if it looks great, or you might struggle with the steering, so never skip out on the test drive, much as you might want to speed up the buying process.
You might notice problems with the car while out on the road as you need to try out all the electronics, lights, radio etc.… to make sure everything is in good working order before you commit to spending so much money.
4.Not looking at a variety of ways to fund the car
Unless you have the cash up front, making such a large purchase is a big financial decision as much as anything else so do your research into all of the finance options open to you before committing.
You should talk to your bank before you head over to the dealership as they might well give you better rates on a loan than you would get from car finance from a dealership – it could be the difference between paying thousands of pounds extra in interest payments.
Always look at all the options available to you first and shop around for credit deals if you need to. This is an expensive long-term purchase so you don’t want to lose the car due to incredibly high monthly payments which you can’t afford further down the line.
5.Not thinking about leasing the car
If finances are an issue or if you are not keen on all the potential costs for repairs and servicing every year then it might be worth looking at a lease car instead of splashing out and buying one.
With a lease car you will get a brand new one every few years and it will cost you less than buying outright so it might well be a better option, particularly if you like to change your car regularly.
Buying your first luxury car is incredibly exciting but it can also be fraught with potential pitfalls so make sure you follow our guide and at least you will avoid the five most common mistakes which people make.