Five Common Car-Buying Mistakes
 
  
Talking too much
Three things to never say on the lot: "I need this car now" (desperation breeds price inflation); "I love this car" (don't let emotions control the buying process--it only makes you vulnerable); and "This is how much I can afford to pay per month" (once dealers know how much you want to pay per month, they'll find other ways--fees, warranties, financing--to make up the difference between that and how much they must make on a sale. Talk about the absolute price of a car, not the monthly payment.)

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Not doing your research
Walking into a dealership open to any ideas the salesperson has is a bad idea--it makes you vulnerable to impulsively buying something you don't need, can't afford or ultimately won't want. Determining the market value of your car will help you know where to begin negotiations on the starting price of the vehicle. Use Kelley Blue Book, NADA Guides, Cars.com, AutoTrader.com, and Edmunds.com to find the true market value and the expected residual value of the car you want.

 
Not being realistic about what you need
Before you hit the showroom floor, take a hard look at the kind of driving you do. Don't assume you need a brand-new car, and consider keeping a driving journal for a week, or even a month, to chart exactly when, where and how far you drive each day. Then buy a vehicle according to those needs--not aspirational needs, like thinking "maybe someday we'll need to tow a boat, so I need a truck with three-ton towing capacity."

 
Leasing a car because you can't afford the down payment
Lease payments, especially for luxury cars, don't require a down payment and are often cheaper per month than what it costs to buy the car outright. But they don't always pay off. You've got to determine if having a new car every two or three years and with no down payment--but no ownership and no stake in the residual value--is more important than long-term cost savings and ownership of a vehicle you will eventually pay off.

 Assuming you'll use the dealer's financing
Dealers often set monthly payment amounts assuming they'll make up the difference with the financing agreement. Instead, arrange for your own financing at your own bank or credit union, and choose the shortest-term car loan you can: Long-term loans coax people into buying cars they can't really afford by stretching the payments out over such a long period of time that the car is almost fully depreciated by the time it's paid for.

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