To “expand his job opportunities” and “achieve some independence,” a student made mistakes by hastily purchasing his first car. It’s an experience he will remember for a long time.
• Also read: Car consumption: “van life” is more expensive than you think
• Also read: “My patience was running out”: eight-month delay due to discontinued part
A bioecology student at CEGEP, Jérémy Brisson expresses regret when he reflects on his recent experiences.
“It was a valuable life lesson. If I could advise young people like me, I would say take your time before making such a purchase,” he states.
“I didn’t take the time to compare prices or study various models or visit multiple dealerships.”
Amid exam week, he arrived at a Montreal dealership and noticed a 2013 Honda Civic he liked, which had 150,000 kilometers on the odometer. The selling price was $11,500.
After a test drive, he observed rust on two doors and a noticeable dent on a third. He was about to leave the dealership, but the seller assured him they would replace the three damaged doors. He also mentioned a complete mechanical inspection would be done before the car was handed over to him.
“I trusted the seller, but I should have had an inspection carried out at another garage to get an accurate assessment,” adds the 23-year-old. “I wasn’t shown the inspection report when I took possession of the car.”
The exhaust pipe falls off
A few weeks later, Jérémy Brisson discovered that his vehicle’s mechanics were far from reliable. Corroded by rust, his muffler eventually fell on the ground. Following this incident, he decided to seek a thorough inspection by an experienced mechanic.
The findings were harsh. Several crucial mechanical components necessary for the car’s proper functioning were at the end of their lifespan. The repair bill totaled $2,000.
Fortunately, after a productive discussion with one of the dealership managers, where he made his purchase, he was able to have his car repaired at no cost.
“It was more frightening than harmful. I know I was fortunate since there were no remaining warranties. Moving forward, I’ve learned that I must be cautious of seller promises.”
He hopes his story will encourage other young individuals his age eager to hasten their pursuit of freedom.
Insurance to consider
When visiting dealerships, some young consumers have grand aspirations. They often want to purchase a sports car to impress their friends, but caution is advised!
“We often advise our young clients to compare insurance options before coming to see us,” explains Dominique Durocher, owner of the dealership with the same name. “They might have models in mind, like Honda Civics or Mazda 3s.”
“They can afford the monthly payments, but when they factor in the potentially high insurance premiums, they realize it may not be feasible.”
5 pitfalls to avoid when making your first purchase
1- Manage your expectations
Before you begin looking for your first car, establish clear parameters. Understand from the start that the car will primarily serve as a means of transportation from point A to point B.
2- Set a budget
Even though the prices of used vehicles have decreased somewhat in recent months, potential owners should create a budget that includes monthly payments, insurance, maintenance, registration costs, and fuel. They should be prepared for unexpected expenses when compiling this budget.
3- Secure financing
This is a critical aspect. Some teenagers have managed to save the full amount before making their purchase through odd jobs or generous gifts from their parents. Others may have part of the required amount for a down payment and need to finance the remaining balance. However, interest rates at various dealerships remain high.
4- Shop for insurance
This step is also vital. As we know, insurance premiums have surged in recent years. It’s essential to look for the company offering the best coverage at the most competitive price. A thorough comparison can save you money every month.
5- Allocate funds for maintenance and potential repairs
This is one of the risks associated with owning a used vehicle. A comprehensive mechanical inspection before purchase does not guarantee that issues won’t arise within the first year. Don’t forget to set aside funds for oil changes, tire rotations, and other maintenance needs.
Lessons Learned from Rush Buying Your First Car: Jérémy Brisson’s Experience
To “broaden his job prospects” and “gain some independence,” a student made mistakes by rushing to buy his first car. An experience he will remember for a long time.
• Also read: Car consumption: the “van life” is more expensive than you think
• Also read: “My patience was running out”: eight-month delay due to discontinued part
A Cautionary Tale: Jérémy Brisson’s Journey
A bioecology student at CEGEP, Jérémy Brisson reflects on the series of missteps and valuable lessons learned over the past few weeks after purchasing his first car. “It was a life lesson,” he comments. “If I can give advice to young people like me, I would say to take your time before making a purchase like that.”
Jérémy’s experience began during a hectic exam week when he visited a Montreal dealership and found a 2013 Honda Civic with 150,000 km on the odometer, priced at $11,500. The allure of owning his first vehicle was powerful, although initial inspections revealed rust on two doors and a dent on a third. Despite his instincts, Jérémy was persuaded by the seller’s assurances of replacements and a mechanical inspection before delivery.
The Unveiling of Reality
Fast forward a few weeks, and Jérémy faced the unfortunate reality of car ownership. His vehicle suffered a mechanical failure when the muffler succumbed to rust and fell off. Realizing he needed a more thorough inspection, he sought out a qualified mechanic, only to be hit with a staggering $2000 repair bill due to multiple part failures.
Fortunately, a candid discussion with the dealership helped Jérémy avoid expense, as the manager agreed to cover the repair costs. Despite being grateful, Jérémy reflects on his experience: “There was more fear than harm. I know I was lucky because there were no more guarantees. For the future, I learned that I had to be careful about the promises of sellers.”
Essential Considerations Before Buying Your First Car
Many young consumers arrive at dealerships with high aspirations, often influenced by personal desires to impress friends or showcase independence. However, there are fundamental steps to ensure a sound purchase.
5 Trapdoors to Avoid When Buying Your First Car
- Don’t Have Too High Expectations
Before embarking on your car search, establish realistic parameters. Remember, the primary purpose of your vehicle is to serve as a reliable means of transport. - Establish a Budget
It’s crucial to outline a budget that encompasses not just the purchase price but also ongoing costs such as insurance, maintenance, registration, and fuel. Anticipate surprises that might emerge during vehicle ownership. - Find Financing
For many first-time buyers, financing the vehicle will be necessary. While some save up or obtain gifts from family, others will need loans. Note that interest rates may be high across various dealerships. - Shop for Insurance
Insurance premiums can significantly impact affordability. As many young buyers discover, a seemingly affordable car can come with sky-high insurance costs. It’s wise to compare rates from several providers. - Provide Cash for Maintenance and Possible Repairs
Owning a used vehicle carries inherent risks. While initial mechanical inspections are valuable, they don’t guarantee repairs won’t be needed shortly after the purchase. Always ensure you have liquid cash available for eventualities.
Insurance Insights
Dominique Durocher, co-owner of Entrepôt Durocher, advises young buyers to thoroughly research insurance before making a purchase. “We often see young clients come in targeting budget-friendly models like Honda Civics or Mazda 3s. They can handle monthly payments, but high insurance premiums can thwart their plans,” he explains.
First-Hand Experiences: Common Mistakes to Watch For
Case Study: A Lesson in Buyer’s Remorse
Many first-time buyers, like Jérémy, face buyer’s remorse when realizing that impulsive decisions lead to unexpected financial burdens. A combination of excitement and pressure often pushes young individuals into hasty purchases. Here’s a brief list of common scenarios:
- Falling for Aesthetics: Focusing solely on the visual appeal of a vehicle rather than its functionality can lead to regrettable purchases.
- Overlooking Vehicle History: Not checking the vehicle’s history for past accidents or service records can result in hidden surprises.
- Ignoring Qualified Opinions: Failing to seek third-party advice from trusted friends or mechanics can cloud judgment.
- Neglecting Test Drives: Not adequately assessing the vehicle through a comprehensive test drive can mask performance issues.
Practical Tips for New Car Buyers
Entering the car-buying market can feel like stepping into uncharted waters, but a few practical tips can help mitigate risks:
1. Research
Conduct thorough research on the makes and models you’re considering. Online resources and forums can provide insights into common issues and ownership experiences.
2. Compare Options
Don’t settle for the first option. Visit multiple dealerships to compare different vehicles, offers, and financing options.
3. Mechanical Inspection
Always invest in an independent mechanical inspection before finalizing any purchase. This step can save you from unexpected costs down the line.
4. Negotiate
Don’t hesitate to negotiate the price. Dealerships often have some flexibility, and there’s no harm in asking.
5. Understand Your Coverage Options
Make sure you comprehend the specifics of your insurance coverage to avoid any surprises after the purchase.
Discussions and Expert Opinions
As learned from Jérémy’s experience and the advice shared by car sales professionals, patience and preparedness are critical components of a successful first car purchase. Conversations about these shared experiences can foster a community of informed buyers who can avoid the pitfalls that often accompany the first foray into car ownership.
