Article: Car Buyers' Worst Mistakes

Car Buyers' Worst Mistakes

Avoid these classic car-buying errors to save money.

1. Showing enthusiasm. If you act excited, the sellers know they have a unique product you want. The price goes up instantly. Keep that enthusiasm in check until you're driving home. 

2. Buying in a hurry. If you buy on your first visit to a dealership, you won't have time to compare models, features and pricing. Take your time and be willing to walk away. The price at most dealerships falls quickly if you move slowly.

3. Putting down a deposit before the dealer approves your offer. Feel free to give them a deposit if you really want a vehicle but not until the boss has said "yes." Some dealerships use deposits to keep you there while they try to convince you to pay more. You can't leave if they have your deposit — cash, a credit card, a driver's license, or your kids.

4. Switching to leasing without doing your homework.Dealerships make a much larger profit if they lease rather than sell vehicles. Even the best dealership may try to "switch" you. They'll try to convince you leasing is cheaper than buying but in most instances, it isn't. If you want to lease, that's ok. Just don't make the decision on the spur of the moment.

5. Trading in your old car without knowing its value in advance. You have a right to get what your car is worth but a dealership may try to give you less. To find out what your trade-in is worth, simply clean it up and try to sell it to several used car departments. The highest amount you're offered for it is your car's real value right now. Don't accept less than that amount in a trade.

6. Financing automatically at the dealership. Dealerships may not be the cheapest place to finance. To find out, bring a copy of the filled-out dealer contract to your nearest Advantis branch and compare contracts. If the dealership won't give you a copy, they're probably telling you they're not really the cheapest.

Big mistakes can mean big money out the window. We like to help you preserve your money — that's what credit unions are all about. Avoid these mistakes, and put that money to work rather than throwing it away.

Contact an Advantis Loan Expert Today

Enjoy the expert guidance of a local Advantis Loan Officer. From application through closing, our specialists can answer any questions you may have and help you find the best loan to fit your needs. Call 503-785-2528 or apply now online.