`10 Worst Car Buying Mistakes'
LOS ANGELES--July 1, 2002--This year, American consumers will purchase more than 16 million new cars and trucks and 42 million used vehicles. With a car being the second-biggest purchase a consumer will make, mistakes can prove quite costly. The experts at CarsDirect.com, the leading multi-brand online car buying service, have compiled a list of the "10 Worst Car Buying Mistakes" to help car buyers make better-informed decisions before they step into a showroom or visit the Web to buy their next vehicle."Purchasing a car is one of the most important buying decisions a consumer can make," said Bob Brisco, CEO, CarsDirect.com. "Making hasty or uninformed decisions can cost car buyers hundreds or thousands of dollars, or leave them with a car that is not suitable to their needs. The abundance of car buying information available on Web sites like CarsDirect.com puts today's shopper squarely in the driver's seat, with unprecedented access to comprehensive research, pricing and financing information."
Following is CarsDirect.com's list of most common mistakes and tips on how to avoid these common pitfalls when purchasing a car:
#1 Not determining exactly how much you can afford to spend BEFORE you begin the shopping process. You should consider the cost of both principal and interest, and any possible increase in your car insurance rate for the vehicle you are considering. (Of course, these costs may be offset somewhat by repair costs for your current used vehicle.) #2 Not shopping around for financing first. You should always check with your bank, car dealers, car manufacturers and other sources of financing such as your credit union. An abundance of low-rate auto loans are now available online for new and used cars. #3 Not knowing what kind of car you're looking for. Don't start out all over the map -- decide what kind of car you either want or need. Take into account the driving distances you normally encounter, the number of people that will be using the vehicle, and your own personal preferences for comfort and style. Establish criteria that include attributes important to all those who will be driving the vehicle. It's also important to look three to five, even 10 years down the road, to determine what type of car you'll need and whether this purchase will be appropriate when your needs change. #4 Not taking a test drive. NEVER buy a car without driving that make/model first. Quality is so consistent in today's vehicles that you don't need to drive the exact vehicle you're going to buy. But you will want to drive at least the base model of the car or truck you're interested in to make sure you like how the vehicle handles. #5 Forgetting to search online for product information. There are many online car buying services and also car manufacturers' Web sites that have detailed product information. Many Web sites have vehicle comparison tools that enable you to compare four or more vehicles side by side to see which has the best features for the money. For example, one four-door sedan might come with anti-lock brakes standard, while a similarly priced sedan might list anti-lock brakes as a costly option that adds to your price. #6 Forgetting to search online for pricing information. Many manufacturer and independent Web sites list information such as MSRP and invoice pricing for a specific vehicle. Keep in mind that invoice and MSRP are merely yardsticks, and not likely the price that you'll end up paying. The only way to know if you're getting a good deal is to know the exact product and its out-the-door price. A good source for this information is CarsDirect.com, which lists actual sales prices for every vehicle. #7 Not checking for available rebates and customer incentives. Rebates and incentives have become the norm rather than the exception over the last year or so. Keep your eye out for TV commercials that mention special vehicle promotions and check auto Web sites and your local paper to see if there's a rebate available for your desired vehicle. #8 Dealing before you have established the value of your trade in. From online sites to guidebooks to your local classifieds, you should know what your car is selling for before you ever begin negotiations about its trade-in value. #9 Not putting your cards on the table. You should let your salesperson know exactly what your expectations are. Let the salespeople know your criteria up front; that way they'll realize you have put effort into this decision and they'll more likely treat you as a serious buyer. #10 Not knowing a car's history. Never buy any car or truck without first talking to people who already own the same make and model. If it's not a first-year model, investigate its quality and service record. There are many consumer publications and online sites where you can read about new vehicle complaints. If buying a used car, use services such as Carfax.com to uncover any unreported damage.
About CarsDirect.com
Los Angeles-based CarsDirect.com (www.carsdirect.com) is the leading multi-brand online car buying service, providing new and used automobiles and related products and services, such as loan and lease financing and in-demand aftermarket products including extended warranties. CarsDirect.com is the first online car provider to offer visitors three distinctive car buying options: buying a new car online through the company's award-winning direct channel; being matched with a top-quality new car dealer of their choice via the CarsDirect Connect channel; or locating and purchasing a previously owned vehicle through the CarsDirect Used channel.
CarsDirect.com has been named one of the "50 Best Websites" by Time Magazine, chosen a "Forbes Favorite" three times by Forbes Magazine, selected as a "Gold Star Site" by Yahoo! Internet Life Magazine, and received the highest ranking for an online car buying site from SmartMoney Magazine. Technology experts at PC Magazine, PC World Magazine and PC Computing have also recognized CarsDirect.com as a leading e-commerce Web site since its inception in May 1999.