To begin, the most common mistake in buying a used car is not setting a realistic budget that includes the real cost of ownership. Buyers tend to focus squarely on the purchase price or monthly payment, and yet overlook ongoing expenses such as insurance, tax, maintenance, servicing, and fuel. This can easily lead to unexpected costs and buyers remorse.
Other common mistakes:
- Not doing your due diligence on the car’s service history and MOT, it’s model reliability, and market price.
- Rushing your decision or impulse buying, especially when you find your dream car. Don’t let emotions rule your head and cloud critical judgement.
- Not having a test drive or independent inspection, this risks missing mechanical issues, while a test drive will also confirm the vehicle’s driving comfort.
- Ignoring the necessary documentation and legal requirements, which could lead to complications and unexpected costs. Don’t rush things, do it right. Check the logbook (V5) for ownership, check for a valid MOT certificate.
Setting a realistic, all-encompassing budget and conducting due diligence are important steps to avoiding buyer’s remorse when purchasing a used car.
Avoid these mistakes and you can have the advantage of piece of mind when buying a second hand car and ultimately enjoying it.
