Car Buying Tips and Mistakes to avoid - (Good timing, Basic info, Interest rates and Insurance)

Summary

The video provides car buying tips, focusing on timing purchases around major holidays and end-of-year sales to get the best deals. It advises setting limits on interest rates and insurance costs before committing to a car, and being prepared to walk away if needed. Having basic car knowledge helps avoid getting scammed. It notes the importance of considering safety features and not just going for the cheapest car. Overall it aims to equip first-time and experienced buyers with strategies to get good deals on cars while avoiding common mistakes.

Takeaways

• 😊 The best time to buy a car is around major holidays when dealers offer specials.
• 😣 Black Friday car deals are not always actual discounts.
• 💡 Target outgoing models when new versions are coming out to get good discounts.
• 💰 Set a maximum interest rate you're willing to accept based on your credit profile.
• 🚘 Don't commit to a car without first checking how much insurance will cost.
• 📚 Learn basic car, insurance and finance knowledge to avoid getting scammed.
• 🚗 Consider safety features and crash test ratings, not just price.
• ⏰ Good timing when purchasing can save you money.
• 😠 Avoid accepting the first finance offer without negotiating.
• 🔍 Do online research on models to make informed decisions.

Q & A

What are some good times of the year to buy a car when dealers offer specials?

Major holidays like Easter, Christmas and New Year are good times when dealers run specials and you can get good deals without negotiating. You can also get good deals towards the end of the financial year when businesses are wrapping up their books.

What is the issue with trying to get deals on Black Friday?

Sometimes the Black Friday specials and discounts are not real. Dealers may increase the regular price and then claim a Black Friday special price which is not actually a deal.

How can you save money by timing your car purchase when new models come out?

When a new model or facelift is coming soon, dealers will offer huge discounts on the outgoing models to clear out old stock. However, the new models often have better tech and features.

Why is it important to set a target for the maximum interest rate you will accept on car financing?

If you don't set a limit on the interest rate, you may end up accepting a very high rate just to get approved. By setting a target rate based on your credit profile, you can negotiate better or walk away from a bad deal.

What should you do before committing to buy a particular car model?

Before committing to a car, get insurance quotes to understand how much it will cost to insure. Some models have very expensive premiums and high excess amounts.

Why is it important to have basic car knowledge before buying?

Having basic knowledge about cars, insurance and financing makes it harder to get scammed. Understand model lineups, specs, etc. to make informed decisions.

What two car models does the narrator have serious issues with and why?

The narrator has issues with the Ford Figo and Hyundai Atos - they are very cheap but offer poor safety in a crash so you or your family may get seriously injured.

What terms should you understand regarding car insurance?

Important insurance terms to know are premium, excess, shortfall, exclusions.

When can cheaper cars actually be more expensive overall?

The cheapest car to buy upfront may end up being more expensive if it has poor safety, leading to injury and hospital bills in a crash.

What topics does the narrator cover on his YouTube channel?

Topics covered include: buying used cars, car finance, insurance, selling/trading cars, what to do if you can't pay, and car buying tips.