flexdee: This is a very good one.

Dizzybizzy: BY OKECHUKWU NNODIM

A car is an important aspect of life, and most people want a vehicle that is reliable,
comfortable, and maybe even a bit stylish. The vehicle choices are almost endless, so finding the right combination of wants and needs with an affordable price tag can be challenging.
Below are 12 mistakes to avoid when buying a car:

Mistake 1: Not doing your homework
The Internet has democratised the car-buying process. Now, anyone can get access to facts and figures about vehicles, features, pricing and financing. There’s no reason to step foot in a dealership without having first researched vehicles and their competitors. (Forbes.com)

Mistake 2: Choosing the wrong car for your needs
With all of the choices available on the dealer’s lot, you have to have a very good idea of how you need to use your car so that you can find a car that suits your needs. How often will you really carry seven passengers in that big SUV? Don’t saddle yourself with a car that only suits occasional needs — you’ll do better matching your general needs, and renting a vehicle for the special occasions, like family road trips. (Forbes.com)

Mistake 3: Skimping on the test-drive
Many car buyers fail to spend enough time behind the wheel to really get familiar with a vehicle’s performance and features. A thorough test drive
should include a wide range of conditions, including bumpy back streets and smooth highways. The time to discover that your car is noisy and harsh at 65 miles per hour is not after you’ve already taken delivery. (Forbes.com)

Mistake 4: Buying new when used would do
A vehicle is not an investment. Local car dealers say that vehicles depreciate in value quickly, so when you buy a new vehicle, you can expect it to continuously decrease in value. Every potential new car buyer should consider used vehicles before buying. Certified Pre-Owned programs by many of the manufacturers have raised the bar for used cars. Most include a detailed vehicle inspection and refreshing, along with an extension of the new car powertrain warranty that might run up to seven years/100,000miles. Used car financing is cheaper than ever before – in many cases competitive with new car financing.

Mistake 5: Succumbing to feature creep
“Feature Creep” is when added optional features suddenly become necessities the longer the car-buying process goes on. A buyer who enters the process convinced that the stock radio is sufficient finds that only the latest surround sound/factory navigation system will do, and that leather seats are a necessity. Make a list of the features that you absolutely must have, and don’t allow new features to creep onto your list unless they are within your budget. (Forbes.com)

Mistake 6: Rushing to buy
Cars are commodities, and there will always be another one coming down the road. This much is certain. So don’t rush into the purchasing decision.
Take your time, even if it means that you have to rent a car for a few weeks in order to bridge the gap between your old car and your new one. Car dealers love buyers who are in a hurry — it shifts the negotiating leverage toward the dealer because the buyer is much less likely to walk away without making a deal. (Forbes.com)

Mistake 7: Blowing the budget
You’ve done your research. You’ve arranged for financing. You’ve assessed your needs. Then, you go to the dealership and get talked into a car that
costs way more than you’ve budgeted for. Stick to your budget, make sure that you can afford the car that you’re buying, and avoid buyer’s remorse. (Forbes.com)

Mistake 8: Failure to pre-shop for financing
Once the dealer’s F&I (Finance and Insurance) guy gets his hands on you, the opportunity for mistakes escalates. If you haven’t taken the time to pre-shop for financing at your personal bank or credit union before you step into the dealership, you are ripe to be pushed into financing that profits the dealer more than it helps you pay off your debt. Know how
much you qualify for, and what interest rates you can get on your own. Better yet, arrive at the dealership with a loan pre-approval in hand. Then,
you will be in a position tow assess the offer that the F&I guy slides across the desk. (Forbes.com)

Mistake 9: Trading in your old car
This is a big mistake that will always cost you money. Even if you owe money on your old car, you’ll do better selling it on your own, or even selling it to a dealer, if you don’t get involved in the trade-in process. Trading in your old car gives the dealer one more opportunity to profit on your convenience, and a chance to muddy the waters on the details of your new car purchase. (Forbes.com)

Mistake 10: Focusing on the payment
The most important part of the financial transaction is the purchase price. When you focus on the payment, you’re leaving yourself open to getting
locked in to loan terms that are not as good as you might qualify for. You may get that N50,000 per month payment, but you may wind up paying
an inflated percentage rate for a longer term than you hoped. (Forbes.com)

Mistake 11: Leasing instead of buying
Leasing makes sense for a lot of buyers, however, it advisable that you only lease after consulting your accountant to make sure that you are a candidate for tax benefits — very few of us are. (Forbes.com)

Mistake 12: Not taking into consideration other costs
The actual cost of the vehicle is important, but what is often overlooked are all of the hidden long-term maintenance and insurance costs that go along with a vehicle. Keep in mind that car insurance premiums typically increase with the value of a vehicle, so buying a more expensive vehicle will increase your annual insurance costs. This can amount to thousands, if not millions of naira per year. (About.com)


www.punchng.com/am-business/12-mistakes-to-avoid-when-buying-a-car

KOMBE: This was copied from a website...we need something that is specific to Nija

st. Engima:
@OP nice thread, even though some of these are not very much applicable to the 9ja clime.

@god2man
Must you quote the whole article or post, and most annoyingly saying nothing at the end.
Your only contribution being waste of space, bandwidth and "forumites" time.
Lets change these annoying attitudes. Waste is a sin.

@Moderator, I think its high time you start banning peeps for this act of lawlessness, at best open a thread to teach newcomers how to contribute to posts in a thread.

patuwa2: OP, what kind of car will you suggest for me, that I will be able to maintain, because am doing my postgraduate full time in Benin and am working in Warri? Thanks