Common Car Myths Busted

19 January, 2022

Buying a car is a topic most people will give you great advice on – but it’s also a topic that can throw up a lot of myths.

Myth 1: The price at dealership is final.

If you are trading something in, always talk about the ‘cost to trade’. That is the difference between the price of the car you’re
trading in and the price of the car you want to buy.

If you are buying a straight deal, well then if it’s a new car, try to negotiate over the options on the car. Things like alloy wheels or
the colour of the car, metallic paint. Those kind of options where it’s not actually a big cost in the car but it equates to a discount if
you get it free, right?

There is always room to maneuver over the price of a second-hand car.

Myth 2: It doesn’t matter what time of the year you buy a car.

If you buy between January and July you are at the high point of the year. If you want to save money, try to buy what they have in
stock and outside of those times for a new car.

For a used car though, at the end of every month all of the new cars are sold out and all of the used cars are traded in so it is worth
looking at the end of every month.

Myth 3: PCP is the most flexible form of car finance.

PCP restricts you to what dealership you are able to get serviced in. It also restricts your mileage per year. Any damage done to the car gets added onto the balloon payment at the end. It really is worth checking out exactly what kind of financial arrangements suit you best before you get into any of them.

If you’re in the market for a car loan contact First South credit union today!