People often list death and taxes as the things they fear the most. Yet, for many, the process of buying a new car hovers close behind.
A LendingTree survey found that nearly 40 percent of consumers who have purchased a vehicle have buyer’s remorse. The most common regrets include wishing they’d spent more time looking for a better deal instead of buying an unaffordably expensive car.
If you’ve been putting off buying a new car because of increasing anxiety, it’s time to squash your fears and get busy finding the car of your dreams. It’s possible. Read on for tips and strategies.
Why the car buying process creates anxiety
Buying a new car is possibly one of your most expensive purchases. If you settle into a high monthly payment, you’ll be paying for it for years. And while costs alone can keep you up at night, plenty of other factors can cause stress.
Too many choices
What car manufacturer should you look at? How about make and model? Should you get a sedan or a crossover? What about the accessories?
Most people start the car buying process with a few ideas in mind. A quick search will tell you a lot has changed since the last time you purchased a car. Should you buy a hybrid or an electric? Should it have the full multimedia experience? And what about all the safety features, such as lane departure and road assist?
That many questions quickly add up to a lot of stress.
Unknown buying process
We’ve all read horror stories of car-buying sessions that are high-pressured and high-stress, where the buyer walks away feeling intimidated and taken advantage of. You may have even experienced that yourself.
Negotiating is hard. It’s not something most of us do regularly. It’s only natural to have anxiety around an experience you don’t understand very well.
Increased financial responsibilities
Most financial experts will tell you that a car payment should be about ten percent of your monthly budget. Spending a few minutes online looking at prices may tell you where your expectations lie. Are you dreaming too big? Is your dream car unaffordable based on the income you have coming in?
This is where shopping around can make a big difference. Have you compared buying to leasing? Have you considered a car shopping service to help you find the best deal? Don’t get pulled into signing at the first dealership you visit. There are many ways to approach your final purchase.
How you can reduce anxiety around the car buying experience
What causes anxiety? Change. Humans are creatures of habit. We like when things stay the same. The moment we have to step out of our comfort zones, stress starts to build. When you do anything out of your comfort zone, anxiety escalates. But you can take back control of the car buying process by doing a few simple things.
Do your research
Thanks to the internet, you can do much of your research before stepping onto a showroom floor. Simple searches can lead you in many directions and provide you with a wealth of knowledge about the different makes and models. You can also get a good idea of pricing and financing.
This is a good time to grab a notebook and start taking notes. One decision will lead to the next. Start with the makes and models you’d like to test drive. You can also narrow down financing options. The more knowledge you have, the fewer surprises you’ll encounter as you move into the negotiation phase.
Schedule test drives
Because a new car is a big decision, you should take the time to test drive your narrowed-down selections. Getting behind the wheel will allow you to experience your final few choices and let you try out how each feels on the road. Don’t just take it around the block. Test it out with city and highway driving. Play with the systems and gadgets and see how they feel. This is the only way you’ll learn how each model handles, which will help you to narrow down to the right choice.
Set your budget and stick with it
Dealers love pushing upgraded options and advanced features, trying to up the sale. They’re looking at profits and their bottom line. And it’s easy to be swayed, especially when they “promise” they can make you a good deal.
This is also the number one reason for buyer’s remorse. Don’t be swayed by their tactics. This is where your notebook will be your best friend. It will give you a sense of reason and help you make the best decision. Focus on what you need most and how it helps you stick to your budget. Only then should you sign on the dotted line.
Don’t forget about warranties
All new cars come with warranties. Many dealers have warranty programs that apply to used cars as well. If you’ve faced mounting repair bills with your old car, knowing you have a warranty on a new car can provide you with peace of mind. Be sure to get into the details to understand what is fully covered.
Take your time
You don’t have to take the first deal. You can walk away at any time. If you need more time to think about it, go back another day. If a specific car you’ve been looking at is no longer there, other vehicles are always available.
This is about buying a car that’s right for you and suits your needs for the next few years. Give yourself all the time you need to make that decision.