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:
- Not considering the overall cost of ownership, including fuel consumption, insurance, parking, and maintenance costs.
- 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.
- 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.
- 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.
- 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.