Buyer's remorse is one of those unfortunate experiences some people go through after major (or minor) purchases. You may have even experienced it yourself. Imagine a time when you made a purchase decision, only to reflect on that decision later on and wish you'd done something different. That's buyer's remorse in a nutshell. Now, while this feeling is completely natural, there are ways to protect yourself from it.
4 Steps to Preventing Buyer's Remorse
It's easy to get swept up in the car buying process and make decisions you regret later. Making a vehicle purchase should be fun and exciting, not filled with fear or regret.
Follow these tips to give yourself the best possible opportunity to avoid buyer's remorse.
Figure out what features you need and what features you want, and take the time to understand why those features matter to you. This way, you can make a purchase based on reason, not emotion.
To get started, you can use our Car Buying Checklist to help you prepare for a dealership visit.
2. Avoid a Monthly Payment that's Too Low
While it can be appealing to budget a lower monthly payment, that equals a longer payback period (loan term), and it increases your chances of ending up in a negative equity situation. Plus, the longer payback period means you're more likely to own the vehicle longer, so if you do end up feeling remorseful after your purchase, it'll take longer to rectify.
3. Work with a Dealership that Offers a Return Option
Some dealerships do allow returns of vehicle purchases within a certain number of days and/or miles after purchase. If you feel you might experience buyer's remorse, it's a great idea to stay proactive and buy from a dealership that does provide a return option.
4. Consider Leasing
Lease terms offer a shorter commitment period than finance agreements. Typically, a lease term lasts for three years, which is half the time the average American spends between vehicle purchases. Also, at the end of your lease term, the dealership resumes ownership of the vehicle, and you're left with a clean slate to finance or lease your next vehicle purchase.