When making big financial decisions, it’s easy to get caught up in the excitement and emotion of the purchase. But if you rush into buying something without doing your research or weighing the pros and cons, you might find yourself suffering from buyer’s remorse.
Buyer’s remorse can be described as a feeling of anger, disappointment, or even depression after making a big purchase that you regret. It’s common with major purchases, like real estate, boats, and vehicles, which often involve a long-term commitment.
Before you purchase a new car, it’s important to consider all your options, stick to your budget, and make the best decision to avoid buyer’s remorse.
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What Causes Buyer’s Remorse
Most people have experienced buyer’s remorse at some point in their lives. While buyer’s remorse is unpleasant, it’s very common, according to Psychology Today. The severity of buyer’s remorse depends on several factors, including:
- How much time and money were invested in the decision.
- How involved the purchaser was in making the decision.
- Whether or not the purchase aligned with the buyer’s needs and goals.
Buyer’s remorse may also arise when you’re forced to choose between multiple options. For example, if you’re experiencing buyer’s remorse, the following questions might be coursing through your mind:
- Should I have waited on this purchase?
- Was this purchase worth the money?
- Will I use this item as I intended to?
- How will this purchase affect those around me?
Car Buyer’s Remorse
You can have buyer’s remorse over anything, whether it’s an item of clothing, an electronic, or a new vehicle. Unlike clothing, however, you usually can’t take a car back to the dealership if you decide you no longer like it.
You might experience buyer’s remorse if you have any of these feelings:
- Was the price too much for the car?
- Is this the car that I really wanted?
- Did I let the salesperson talk me into this?
- Will the car suit my specific needs?
- Am I going to be able to afford the car for as long as I need it?
- Did I leave out features that I may regret later?
- Will my family and friends agree with my decision?
Car buyer’s remorse is sometimes justified, but it can also occur for no valid reason. Even people who take time to weigh the pros and cons and do their due diligence still sometimes suffer from buyer’s remorse. Yet, with these types of cases, buyer’s remorse is often short lived.
How To Avoid Car Buyer’s Remorse
There’s no guaranteed way to avoid buyer’s remorse. After all, purchasing a vehicle is a big investment. It’s normal to have second thoughts after spending a large amount of money on something that you’ll probably have for many years.
One way to reduce the risk of buyer’s remorse is to do your research beforehand. Ask yourself the important questions before you decide to buy a new car. Some questions to consider include:
- Is this car something I really need?
- Will I enjoy having this car?
- Does this car suit my lifestyle and needs?
- Can I afford this vehicle?
- Will I want to have this vehicle for a long time?
- Is there a better option out there?
Another way to potentially avoid buyer’s remorse is to create a list of your wants and needs before you start looking at cars. When you shop with a goal in mind, it’s often easier to filter out options that aren’t the right fit.
Saving money should also be a priority before shopping for cars. If you’re feeling secure in your financial situation, spending money on a new or used car might be less stressful. Not to mention, you may be able to avoid buyer’s remorse around purchasing a car that’s too expensive for your lifestyle.
Finance & Insurance Editor
Elizabeth Rivelli is a freelance writer with more than three years of experience covering personal finance and insurance. She has extensive knowledge of various insurance lines, including car insurance and property insurance. Her byline has appeared in dozens of online finance publications, like The Balance, Investopedia, Reviews.com, Forbes, and Bankrate.
