Mistakes to avoid when buying a new car.

Buying a brand-new car, especially in Vietnam – where most first-time car buyers are one of the biggest financial decisions in a person's life – can take months. Therefore, you might want to consider the following five common mistakes.

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Buying a car at the wrong time of year.

Car dealerships typically receive new models at the beginning of the year and start their sales campaigns from scratch. Therefore, during this time, you're less likely to negotiate a good price or get the big discounts and promotions you might find at other times of the year. If you're considering buying a new car, it's best to wait until late summer or early autumn, as this is when dealerships are trying to meet their targets and are forced to offer incentives to attract customers.

Go to one dealer only.

Visiting only one dealership and immediately choosing your desired model can be a big mistake. Other dealerships, especially newly opened ones, might offer better deals. Customers should visit multiple dealerships, at least three, to carefully examine the vehicles, ask necessary questions, take photos, and compare prices. This will give you a comprehensive overview before making the smartest decision.

There is an inappropriate payment method.

Given the current economic difficulties, buying a car on installments will be a popular payment method in many countries, including Vietnam. The immediate benefits are undeniable: only needing to pay 20-30% of the car's value upfront, with the remainder financed at interest rates of 8-15% (depending on the bank) and loan terms up to 3 years. Depending on the loan term, car model, and the customer's financial capacity, banks may lend up to 90% of the car's value (usually below 70%). However, advice from those who have used installment loan services is to only borrow around 30-50% of the car's value. This relates to the buyer's ability to repay the loan and limits the risk of interest rate fluctuations.

Don't fall into the trap of sales consultants.

Analysts at Car and Driver suggest that car dealership salespeople worldwide are employing a tactic that's not new, but rarely gets old: encouraging you to buy the car on the spot. They're clearly luring you with sweet talk, claiming it's the best car of the day and that no other car could be a better fit. Therefore, Car and Driver advises you to be vigilant and look around. Even after negotiating a satisfactory price, carefully examine the available vehicles to avoid missing out on an even better option. If you haven't found what you're looking for, go to another dealership or return the next day.

Skipping research before buying a car.

Similarly, even if you've already decided on a particular car model, thoroughly research its value and specifications before visiting dealerships. According to Business Insider, you should print out a detailed document when visiting car dealerships. Even if dealerships say they'll do it for you, they're likely to use tricks to get a "perfect" printout. Therefore, you'll have a better decision when you understand exactly what you're buying.

However, with the launch of popular new car models and high demand, Vietnamese customers are easily tricked into buying additional accessories to get their cars sooner. Cross-checking the car you intend to buy with competitors, both in terms of equipment and accessories, can help you make an informed choice and select the right car that suits your budget.

According to Baogiaothongvanvai