Buying a car can be a stressful endeavor. Regardless of what you are buying or how much it will cost, buying a car is usually a commitment to it for at least a couple of years. So naturally you’d want to get such a purchase correct and not buy the wrong car. That’s why most people do extensive amounts of research on many different cars before finally pulling the trigger. This way, they end up with the car that will give them the most pleasure over a given amount of years.
However, sometimes the purchase goes a bit wrong.
Sometimes, people buy a car out of necessity or they buy a car quickly out of laziness and aren’t willing to do the research necessary, or sometimes a car just has some unforeseen quirks or unreliability issues that make it a bad car. In which case, said buyer ends up with a car that they aren’t particularly happy with. However, it’s too late to go back at that point, the chicken’s done. Car buying isn’t like buying a TV, you can’t just bring it back because you don’t like it.
This kind of regret is known as Buyer’s Remorse. It can happen with anything, not just cars, but cars are usually a biggie because they are very expensive items that stay in your possession for years. I’m sure there are some of you out there that have experience this. I know I have on other items, never a car, however, as I’ve only bought two in my short driving tenure and like each of them.
Car Buyer’s Remorse is especially worse with a new car. When purchasing a new car, it’s likely that the buyer is either going to be financing or leasing, so there’s quite a bit of long term commitment there. The buyer is then in bed with the dealership and the bank, so there’s more than just one player in the game.
When buying a used car, especially from a private seller, if the buyer is having strong doubts about the purchase afterwards, they can always just sell it quick with little financial loss, if any at all. This probably happens quite often with seconds cars or project cars. Someone might buy an old car as a project, realize there’s just too much needed in it and decide it isn’t worth it, so they turn around and sell it. This is no biggie.
But when the banks are involved and there’s a long term commitment made, things can get hairy and Buyer’s Remorse can be an awful, sinking feeling. This is why due diligence must be done and cars must be researched extensively before buying. So if any of you fellow readers have ever had an experience with Buyer’s Remorse, let us know. Maybe it’s an old project you had and decided it was just too much to finish or you ended up buying a car that you just didn’t realize you’d hate in the long run. Either way, share your Buyer’s Remorse experience if you’d like.