The car buying process is a fun and exciting one. After all, who doesn’t look forward to driving home the car that they’ve worked so hard for? Nevertheless, it must be said that the road to car ownership can be equally perilous, especially if you fail to do adequate research not only on the car buying process itself, but also the car that you want to buy and the dealer you’re getting it from. Quite simply, you need to be sure of every aspect of your car purchase to ensure you don’t have any regrets later. And separating reality from myth is a good place to start. Here are three of the common myths about car buying that you should stop believing from now on.
Myth #1: Paying cash is the best way to go
Cash may be king, but as with any mode of purchase, there are pros and cons to the method. For instance, when you pay cash, you may not have enough left for emergencies. Also, saving for a car takes time, which means it may be years before you can afford your dream car. Consult with a financial advisor to make sure you are making the right decisions for your situation.
Myth #2: A lower monthly payment is always-ideal
It’s easy to be enticed with a low monthly payment loan, but before you bite, make sure you’re also looking at the bigger picture. Yes, you could save thousands of pesos each month by prolonging your loan period, but the longer you pay, the more you end up paying more than the car’s actual worth.
© Toyota Motor Philippines Corporation
Myth #3: You need to buy now before the deal disappears
That discount that the salesman is saying will soon end? Well, chances are, it will still be there next week, or even next month. The thing to keep in mind is that cars are expensive commodities, and not many people are rushing to buy them unless supply is limited or the price tag has reached rock bottom levels. So don’t be too quick to rush into a purchase, especially if you’re short on cash. Take the time to research the car’s value before you proceed with the purchase.