Top Car Buyer Regrets Include Overpaying for a New Car and Not Doing Enough Research

New York, NY –While car buyers regard price as a top consideration, roughly a quarter (23%) say that their worst mistake when purchasing a car was overpaying for a new car that quickly depreciated in value, according to a new survey of over 1,000 U.S. adults conducted by Ipsos Public Affairs on behalf of CarMax.

Worst Car Buying Decision

Nearly a quarter of respondents (23%) say that the worst decision that they have made when buying a car was paying too much for a new car that depreciated. This is particularly true among those with a household income of $50,000 or more (28%), married adults (28%) and 35 to 54 year olds (29%).

One in five (20%) say that their worst mistake was not doing enough research. One in seven admit to buying the wrong car (14%), or buying from an untrustworthy source (14%). Those without a college degree are nearly twice as likely as college graduates to say that they bought a car from an unreliable source (16% vs. 9%).

Less than 10% regret not getting the extended service plan (9%) or not reviewing the paperwork before signing on the dotted line (7%). Twelve percent of respondents have never had the chance to make these mistakes, saying that they have never bought a car.