We’ve all been there. We have all bought something and regret it afterwards. Me? I have a popcorn maker that’s gathering dust in a kitchen cupboard. For some, it’s much more painful than that. They regret the car they’ve just bought: one of life’s major purchases. It’s tough driving around a car that’s either cost you a ton of money, doesn’t work as it should or is just plain unpleasant to drive. Here are some of the biggest regrets car buyers have.
Car doesn’t work properly
Buying a faulty car is a common experience among those with car buyer remorse. In fact, according to research done in the UK, a third of people buy a faulty car and regret it afterwards. It might be that the car developed problems over time, which costs money to fix, or was a “lemon” – just wasn’t right from the start. Most people aren’t mechanics and, so it pays to have a friend that is to come along with you when you’re buying. Another option is hiring an independent assessor to have a look over the car before you buy.
Didn’t research the car before buying
In today’s switched on age, there’s no excuse for not doing your homework. You can get impartial reports on how green a car is, how safe it is and even how it handles. According to the UK report, one in eight people say they didn’t research the car they were about to buy and ended up disappointed. Also, look up serial numbers on the Personal Property Securities Register to make sure you aren’t buying a write-off or a stolen car. Get as much information as you can; a smart buyer is a happy buyer.
Huge running costs
You might’ve gotten a steal on your car from the dealer, but after a few months you find yourself shelling out more than you bargained for. Factoring in fuel economy, car insurance and regular log-book services on top of just the retail car price might end up costing you way more in the long run. It is also important to budget for the car you are thinking to buy.
Car depreciated quickly
It’s true: when you drive your new car out of the dealer’s lot, it’s a used car. Add to that, you’ve paid stamp duty, CTP and other fees and charges. The value of cars will generally depreciate 14% in its first year and 6-8% after that. If you are buying a car using motor vehicle finance, you could be paying off a car with little residual value as time goes on. This means the car very hard to sell once you pay off the loan. Some cars hold their value better than others do, but you’ll have to do your research using a service like Glass’s Guide.