Common Financial Mistakes to avoid when Buying a Car in the UAE

What are the financial mistakes to avoid when buying a car in the UAE according to car industry experts?

Car industry experts recommend avoiding the following financial mistakes when buying a car in the UAE:

  1. Not considering the overall cost of ownership, including fuel consumption, insurance, parking, and maintenance costs.
  2. Using a car loan to pay for the deposit, which can put the customer in a difficult situation, especially if they need to leave the country quickly.
  3. Not doing proper research and comparing all options considering the total cost of ownership, resale value, and depreciation. Experts suggest buying high-quality used cars instead of new ones as they tend to depreciate faster.
  4. It is also recommended to check the car’s chassis number on Google to know its accident history, and to look for a long-term warranty to minimize financial risks. Additionally, purchasing a service contract upfront will likely have a cost-saving.
  5. Lastly, customers should be cautious of overpaying for the car and falling for freebies or value-added services, as they might end up paying more than the car’s actual value.

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