Is Auto Buyer Remorse a Real Thing? 8 Tips to Avoid It with Your Purchase

Buyer’s remorse is an extremely negative response directly after purchasing an item. An expensive purchase such as a vehicle is even more susceptible to buyer’s remorse. Not only can the process be an overwhelming experience but it’s also a large amount of money you have to part with.

The anxiety of spending so much money on a single item can trigger car buyer’s remorse. Factors such as having made a wrong choice for your family and lifestyle can add a layer of anxiety. Feeling that the car you chose is not what you truly want can be depressing.

There are steps you can take to prevent car buyer’s remorse or at least lessen its effects. Here are eight things you can do.

1. Do The Prep Work

Before you can set off on your search for a new car, you should know what it is you’re looking for. Vehicles come in all sorts of shapes and sizes with many different features. It’s a good idea to have a clear understanding of what kind of car you intend to purchase before you look at any vehicles.

Make a list of features that you need and can’t do without. Then make a separate list of nice to have features that you would like. Understand why any of them matter to you and have a solid grasp on which ones you can live without and which ones you consider deal breakers.

2. Get A Good Deal On Financing

Because vehicles are expensive, their purchase is more prone to car buyer’s remorse. You may be more satisfied with your purchase if it makes solid financial sense. Take care with how you finance your vehicle and pay attention to the details.

Auto financing can add hundreds if not thousands of dollars to the overall purchase price of a car. Shopping around for the lowest interest rate that you can get can save you quite a bit of money. Additionally, getting your financing sorted ahead of time will give you a better understanding of what you can afford.

3. Do Your Research

Once you know what you are looking for in a vehicle, it’s time to do some research and find cars which check all of your boxes. Look for vehicles which meet all of your needs, some of your wants, and are within your budget. One to three models should give you plenty of choices while keeping you from getting overwhelmed.

4. Consider The Future

Just because a certain car will work for you right now doesn't mean that it will continue to be the right vehicle for you some months or even years down the road. A sports car may not perform too well in a foot of snow while no ac might be a real burden in the blistering heat.

Keep an eye on the horizon and be mindful of lifestyle changes that may be looming. Will you be starting a family before you’re ready to purchase the next vehicle? Are there children in the home that may be nearing driving age? Do you plan on taking up a new hobby which may require traveling with cargo?

5. Avoid Choosing A Long Term On Your Loan

A loan with a long term may sound appealing with smaller monthly payments but it comes with the cost of a higher interest rate. The loan term is the amount of time you have to pay back the money that you borrowed. Longer term loans spread out your payments over a longer period of time but end up costing you more over the life of the loan.

If you do suffer from car buyer’s remorse, having a long term on your loan means a longer payback period. In all likelihood this means you will likely have to own that vehicle for a longer amount of time. Being stuck with an expensive long term loan will make it take longer to rectify a potentially bad decision.

6. Ask Questions

Never be afraid to ask questions and if you’re still unsure, ask again. A car is an expensive purchase and when you are expected to hand over that kind of money, you should know exactly what you’re getting into. Get answers to all of your questions and ask about everything you don’t fully understand.

7. Do A Thorough Test Drive

A brief test drive is simply not sufficient to get a good feel for a vehicle. This is your chance to get acquainted with a vehicle to see if you actually like it and if it will work for you. Be thorough..

When you take the vehicle out on the road, go beyond just basic handling and lack of obvious mechanical issues. Take a close look at the layout of the controls. Are they easy for you to find and operate? If not, perhaps a different vehicle would be a better choice.

8. Consider The Hidden Costs

Cars are expensive to buy but they are also expensive to keep on the road. Consider how much any vehicle you are thinking about buying will cost you to own and drive. The price tag on driving different makes and models of vehicles can vary substantially.

Basic maintenance, such as oil changes, can be more expensive on some vehicles than others. Replacement parts that you may need down the road can be much more costly for some cars. Even the kind of gas a vehicle requires can make a big difference on your costs of driving.

Spending large sums of money can be overwhelming. Even if the purchase was a good idea you may still question your choices and suffer from car buyer’s remorse. Doing the right things and understanding what you are looking for should help you prevent or at least lessen its effects.

It’s much easier to avoid auto loan financing remorse, especially when you can easily compare auto financing offers side by side. Be happy with your auto loan and your car too.