Buying a car is like getting into a new relationship—because you have to make room for it in your life, you have to make sure your life is ready for such commitment. It requires careful thought and preparation, and means you have to answer several important questions: what kind of car do you want? Is it a good fit for your lifestyle? Can you afford it?
Since purchasing a car is one of the biggest investments you will be making in your lifetime, it’s important to do it right. If you’re planning to purchase a car for yourself or for your loved ones any time soon, we’ve put together 6 mistakes you should avoid in the process:
1. Lack of preparation
Buying a car is something that needs tending to even before acquisition. Parking, for example, is a huge factor to think about. Do you have parking space at home? Have you discovered which parking spaces around your workplace are most cost-effective? If not, it may be time to do some research.
2. Lax budgeting
Before deciding to purchase a car, make sure you know what you’re getting into financially. This includes not only the cost of the automobile itself, but all the maintenance costs as well—fuel, registration, tune-ups, insurance… even periodic car washes. To take care of your car properly, you’ve got to keep your budget in check as well.
3. Spending on “the car you aspire for”
Sure, it’s a 208-horsepower four-wheel-drive with pristine interiors. Sure, it’s got an exterior that’s going to make you look like a big shot. But is it fuel-efficient? Is it reliable? And more importantly, is your choice of make and model a practical one? Does it suit the lifestyle you’re living now? Sometimes, the choice isn’t just about getting the best-looking one, but also getting the most out of your money.
4. Being a brand snob
While you may have had your eye on that Italian luxury car for years now, it will do you some good to get to know other names in the industry before deciding on the car you want. In the long-run, it pays to know about a particular brand’s rep—for example, if its parts will cost you less once you need repairs, if it’s got a great resale value, etc.
5. Purchasing in a rush
As tempting as some promos are, it’s important to take a minute to tell yourself that buying a car is a long-term commitment. Even if it seems cheap now, if you’re not completely ready for it, there may be consequences in your near future. Proper research and preparation is key in maximizing your future car’s value.
6. Not getting the best deal for your purchase
You owe it to yourself to get the most of your hard-earned money. So you’ve done your part—did the appropriate research, browsed for the perfect vehicle, and now you have your eyes set on the best candidate. What you need now is a partner to help you purchase the one.
And BDO may just be the partner you are looking for.
With a BDO Auto Loan, you can drive home your very own car sooner than you think! Application is fast and easy, and can be done online through their website. They even have an Auto Finder and Loan Calculator that will help you compare models and compute for an auto loan package that suits your budget.
As an added incentive, you can even get a FREE dash cam or waived fees of up to P20,000 when you apply for a BDO Auto Loan from now until September 30, 2017!
So, are you ready to apply? For more details about BDO Auto Loan, click here.
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