1. Money

Your suggestion is on its way!

An email with a link to:

http://moneyfor20s.about.com/u/ua/gettingoutofdebt/Car_Buying_Mistakes.htm

was emailed to:

Thanks for sharing About.com with others!

You can opt-out at any time. Please refer to our privacy policy for contact information.

Readers Respond: What's the Worst Car Buying Mistake You've Made?

Responses: 36

By

We all make rash decisions, and foolish purchases occasionally, but when you do it with a car you may end up paying for it for a long time. What's the biggest mistake you've made? Or that you've watched someone else make?

Buyer's Remorse at its worst.

I owned a 2010 Chrysler Sebring Limited that was a really nice car. It had the HO 3.5 v6 and almost every option. It only had 51000 miles on it. My payments were an awesome $293.66 a month, I loved the car. For some reason I decided that I was too good for a used vehicle. I traded it in and rolled over negative equity onto a 2014 Dodge Grand Caravan. I love the van but my payment went from $293.66 a month to $603.74 a month. The Grand Caravan has less than my Sebring in options. I don't know why I just had to have this van. Everytime I drive past the dealer and see my Sebring sitting there I feel like crying.
—Guest apretex

Stupide

I bought a 08 Honda accord less than 6 months ago, already have to take in for popping in steering wheel and today would not start at first. The dealership is getting fed up with me and I am with them as well, I knew I should have went for another brand of car.......
—Guest Cyndi young

Sorry About Trade

I bought a 2011 Honda Accord in December 2013 with a 5-year loan and $237.94 payments. Great car, no problems, loved it. Guy at dealership said in 6 mths. I could have it refinanced to get lower payments. I'm on Social Security and disabled, so needed lower payments. Took car back to dealership for refinance and wound up trading for a 2012 Mazda 5 Minivan for 84 mths. and payments of $230.00 mth. Sick about it. Honda dealership will not reverse the deal and give Accord back. May try and sell minivan on Craig's list or Ebay Motors once I get title. Owe $17K +. Should have gone to bank to try and refinance. Don't recommend Honda dealership in Ardmore, Oklahoma.
—Guest Jasmine

Second Thoughts

I had a 2007 F150 that I purchased in December. I traded in a vehicle (which I had negative equity in) and was upgrading to the ford. Well the ford had high miles (103k... Yeah real high) and I started to worry about it breaking down. I am self-employed and my vehicle is important to my business... So I decide I would start looking for a truck. I purchased a 2010 F150 yesterday (5/23/12) and my payments went up over $200! Im worried to death about keeping up with all the debit I have gotten myself into. I have a house, credit cards, etc and now a truck.... I've worked hard to maintain credit and I hate to flush it all down the drain because I HAD to have a new truck. I'm 22 yrs old.... Any advice on how I should handle this? It's 4 am I can't sleep... Stressin... Inks not even dry on the paperwork and I'm stressin. What was I thinkin!!!
—Guest Z

I can't pay

I had a car with no lights and the electical problems kept my brake lights out over 200,000 miles so I traded her off and bought a 8999.00 Chevy Trailblazer and now lost my job and 2 payments late NSF fees and late fees I put it on automatic debit and loosing my job slapped my emotions and I didnt remember to cancel my auto debits. Now they want the payments caught up they want a payment they want the truck if I can't pay. 21% interest $256.00 a month ...I need a job I need my SUV to get my children to and from and I have Oncology appointments and finance company wants their money.
—Guest Sandi

rkidd

I went into the dealership to look at trading my truck off, they ran my credit and said they couldn't help me. a friend of mine was with me he wanted to co-sign they told him it would be better to have him purchase the vehicle in his name and leave me off the loan. My question is was it legal for the dealership to take my truck in trade for another vehicle that isn't in my name?
—Guest robin

learned early

My current car (a 2005 pontiac) was initially paid for by my mother. However, after a year, she could no longer afford it and handed the payments ($450 per month) off to me. Suprise! Boy, do I hate car payments. Her APR had been 18%. First thing, I refinanced the car down to 5%. Then, I paid a pretty big chunk of my disposable income ($1000) per month for almost two years and was finally able to pay it off. After that grueling experience, 1) I am never again buying American, just sayin', 2) I am never again buying new, 3) I will never accept an interest rate higher than 5%, 4) I will pay all of my future cars off ASAP and will drive them as long as it's economical. Not having a car payment feels sooooo good!
—Guest Jen

Getting upsidedown

We were financing my husband's van at the time. I really needed some new wheels too and the finance company only financed 1 vehicle per household at a time. So, they "paid off" the van and added the balance owing on my new vehicle. I'm now paying for 2 vehicles in 1 loan. THEN! my hubby's van was turning into a lemon (over $7K in repairs in 1 year and needing more) so we had to get rid of it. On paper it was paid off so we sold it. Now I'm paying for my car and for a van that we don't even have anymore! $600/month for several more years....Yeesh! It's killing us.....never again!
—Guest Cybertina

Never go into a car dealer alone...

I recently had a chapter 7 bk. I have been having financial problems. I had been driving a 2009 nissan sentra for 3 years. great car, payment 430 cause of negative equity from prevous deal. I have a handicap and have hand controls that cost arond $500 to install. I can't drive car well without hand controls. I did not reaffirm the debt on this car so I didn't owe any thing on the nissan just had to pay nissan financial. long story short i was behind on the payments and paranoid it would repo. so i went to a honda dealer. they had told me they could lower my payment and transfer the hand controls no problem. at the dealer 4 hours end up in a brand new civic, with leather, and moon roof and they whacked me with a $2000 warranty payments $558 and they didn't transfer the hand controls. they had already taken my hand controls out of my old car. I was obsessed with the car and the guy said you pay $125 a week for10 months wellswap you out. already behind on payment. help
—Guest chris long island

Can't Sleep

I had a 2007 KIA and I liked it. No problems. Owed about 2 years worth of payments yet and then I could retire. For some reason I went to KIA today and bought a 2012. I can't sleep. I'm sick to my stomach. I owe for 6 years. I could cry. There needs to be a law that says we have 24 hours to change our minds.
—Guest Gayle

Stupid Raptor!!!!

So I luv Offroading right, do it every week end with my buddies I Own a 95 Wrangler thats all fixed up lifted big tires lockers the works its my beater...I fell In love with the ford raptor..so of course the dealer only got like one every three months so I had to special order one. and It got here and I was stoked to it home @ 46K after 4k down out the door $780 payment. Ive had it for 5 months its got like 2500 miles and the payment kills me everytime. Always stressed out about money aaaaa,,,and the worst part is I still always use my jeep especially offroad cuz...God forbid I get a scratch on my Raptor....And the GAS God it gets like 11 miles to the gallon...Seriously thinkin about selling it and getting an older tacoma or something..
—Guest Leo

Think before you sign!!!!!!!

Don't sign on the dotted line if you can't afford the payments. I purscased a car in my name because my spouse credit was not good. He made the payments. Then the car needed major work. Instead of waiting until we were w able to repair I let him talked me into trade it in a another car that more expensive in which the payments almost dubbled. The marriage went sour were are no longer together and I'm stucked with the car. He didn't want it and would not make the payments. Now I can't trade there is too much negative equity. And I can't afford the payments. Think before you sign. Not everyone keeps their end of to deal.
—Guest Doris

Too many ppl are getting ripped off

Do we need to have more regulation on car buying? Too many ppl are getting ripped liked the banks did with mortgages. I sold a paid off nice truck 2001 Sequoia with no problems , I thought the miles were too high - (dumb)! while i was leasing a 2005 Jag XL8, then paid cash for a cpl clunkers got tired of them bought an 03 Element and traded it at a lost of course for a 2007 Cad with a 5 year payment (dumber) I'm sick thinking about it. Buying a good used cash is the best way but do your homework to see if you are getting good price. Just walk away from the new car salesman if it's not right
—Guest Guest C L

Im stuck and my car is taring up

I needed a car fast or lose my job, so in 2009 I got a used car it was a 2006, it was my 1st ever; had no worthy consigner and got high interest rate & despite the money down I'm paying $400/mo and 3 yrs left to pay on it and now I'm paying alot for repairs :-(. I can't afford the repairs and the payments too. It guzzles gas for a sedan... Don't know what to do....
—Guest Guest-daphne

Car buying mistakes

If you buy a new car you need to run it into the ground. Also american cars are crap. Its no secret. I bought a 2007 tacoma prerunner and it is worth almost the same as i paid. I paid 25k otd and now its worth 23k. Plus it wont cost anything cause they run forever. People make the mistake of buying with their heart instead of their heads.
—Guest Sean

©2014 About.com. All rights reserved.