Cars are often one of our most significant purchases. But just because cars can cost a lot of money, this does not already mean all buyers did their research before completing a purchase. Even with the abundance of resources both online and offline, many still have major regrets after completing the transaction.
Millennials may love web research and often do lots of digging before deciding on buying a product. But even this research-loving and financially-conscious generation often fall victim to many car-buying mistakes. They may be making informed decisions when it comes to their auto purchase, but they still have their own fair share car buyer’s regrets, such as the following.
They often fall for the lifestyle creep trap
Most millennials love creating opportunities for themselves, which often paves way for a better and higher monthly income. But just because you are now earning more than before, that already meant you can now get used to indulging in things that cost more money. When it comes to cars, Gen-Yers are fond of upgrading their vehicles the moment an opportunity presents itself. You may have more funds to buy a more expensive car. But spending more without thinking about what you truly value can be a dangerous route.
Let’s say you got a raise so you decided to treat yourself with a better car. You may deserve a new ride. But are you willing to go through the car-buying process again and prepare for the future costs of your new purchase?
They fail to anticipate high maintenance and repair costs
According to a survey conducted by NerdWallet, 70% of Gen-Yers are surprised by car ownership costs. You may have the funds to buy a vehicle, but are you ready to pay for the other costs, including the maintenance costs? If you own a house, you will be the one to pay for home maintenance fees. If you own a motorcycle, you need to shoulder motorcycle repair and maintenance costs. The same goes for your beloved car.
Car maintenance is not a luxury, but an actual need. Your car may be working perfectly as of the moment. You may even have bought a brand-new car for extra measures. But that does not mean you no longer need to pay for maintenance fees in the future. If you take car maintenance for granted, you are already setting yourself up for a higher and more expensive bill.
They think they don’t need car insurance
According to a 2019 study, only 52% bought auto insurance. Some millennials believe they are great drivers and won’t need car insurance anytime soon. This can be a risky move considering no one can anticipate when, where, and how a vehicular accident can happen. If you don’t want to end up paying more than necessary, make sure to rethink your strategy and invest in the right auto insurance.
Some people think millennials have a love-hate relationship with cars. But this is not the case. Certain economic factors affect millennial’s decisions when it comes to buying cars. But that does not mean when they do decide to buy a vehicle, they don’t make mistakes due to their conscious buying decisions. One needs to be careful if you don’t want to end up regretting your car purchase.