There’s quite a demand for cars in Malaysia. A report published in 2014 by Nielsen stated that Malaysia is placed third in the global market (93%) in terms of car ownership. The intent to buy a car and the conversion ratio looks promising too, with more Malaysians planning to invest in a new or a used car.
If you are planning to buy a car in Malaysia, make sure to create a checklist to avoid any hassle. Here’s a list of some common mistakes that people make while buying a car and here’s how you can avoid them.
1. Not Conducting Proper Research
It may seem basic, but it is the most important factor while buying a car. There’s a chance of falling for word-of-mouth advertising. However, it is essential to visit multiple car dealers to check the car models in person. Or you can compare different car models online as well.
Do your homework thoroughly if you do not want to end up regretting your purchase later. Collect brochures from various car models, talk to different dealers, showroom representatives, and car owners, and also read online reviews about that brand/model before buying it.
2. Not Understanding Your Needs
What do you need a car for? Understand your needs before buying it. If you need a car only to make a short trip to office every day, you may want to consider a used car and save on your finances.
Similarly, even when you are buying a new car, you need to assess your needs. If you have a big family and you are a frequent traveller, you may want to consider an SUV over a sedan model. If you are an occasional car-user, a sedan or any normal-range car can suit you well.
3. Turning a Blind Eye to Specifications
Checking out a car’s specifications before buying it is important in many ways. This will give you an idea about the comfort level you can obtain from that vehicle.
Make a list of requirements you’re looking for in a vehicle. Check this list against various car models to find a suitable match. This also includes, the type of fuel that goes into the vehicle, color of the car, interiors, or engine capacity, etc.
4. Purchasing in a Hurry
Never buy a car in a hurry. You can end up getting a more expensive deal or a wrong car model. Even when you want to purchase the latest car model, wait for sometime after its launch. Most people will share their reviews of their car, and only buy it if it meets your requirements.
Also, do not rush to make a purchase with the very first car dealer that approaches you. There is always a difference between prices sent by two different dealers. Talk to the representatives of different sellers, ask them to send quotations, and don’t hesitate to negotiate.
Some sellers also have online websites where you can check and compare the costs of different car models. Use these tools, figure out your budget and then take a call.
5. Forgetting About the Maintenance and Other Costs Involved
A car is an expensive investment. Remember, when you’re buying a car, it will come with a lot of financial responsibilities. The maintenance costs of a vehicle vary with the types of cars.
You also need to consider other miscellaneous expenditures such as car servicing costs, regular oiling expenses, etc.
6. Skipping the Test Drive
Do not miss a test drive before buying a car. Taking a test-drive is very important to understand the level of comfort a car offers. A test drive will also give you insights on the car’s accessories, specifications, and its performance.
A salesman may take you to a good, well-maintained route for a test-drive but you should check the vehicle’s functionality on your regular roads too. Don’t hesitate to ask him all the questions and doubts that may be clouding your mind.
7. Not Considering Insurance and Car Loan Liabilities
Having car insurance is mandatory in Malaysia. Therefore, along with your loan repayments, you need to consider your insurance bills too.
Talk to your insurance provuder and figure out what type of car insurance you need and what will it cost. Always double check if you are purchasing an insurance cover from your car dealer.
8. Falling Prey to Marketing Gimmicks
Last but not the least, do not fall for glossy, over-the-top advertisements, or promotional discounts offered for a car model. Discounts are tempting, but make sure you are not drifting from your goals and needs by falling for a promotional offer.
However, this does not mean that you should ignore all the promotional privileges that a dealer is offering. Sellers offer attractive prices for older models, especially during festive times, or just before the launch of a new model of the same brand. If the model is good and if it serves your requirements, grab the offer and make a purchase.
Consider these pointers when you decide to buy a car. It is important to understand your needs and budget before making a purchase.