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How to Ruin Your Finances By Paying Way Too Much for a New Car

HOLLYWOOD, FL - OCTOBER 27: Salesman, JC Soto, (R) talks with customers, Paul Mulcahy and Sarah Even as they shop for a car on the sales lot of the Hollywood Chrysler Jeep dealership on October 27, 2011 in Hollywood, Florida. The sale of vehicles helped boost third quarter Gross domestic product (GDP), which grew at an inflation-adjusted annual rate of 2.5% from July through September, the strongest performance in a year.

HOLLYWOOD, FL - OCTOBER 27: Salesman, JC Soto, (R) talks with customers, Paul Mulcahy and Sarah Even as they shop for a car on the sales lot of the Hollywood Chrysler Jeep dealership on October 27, 2011 in Hollywood, Florida. The sale of vehicles helped boost third quarter Gross domestic product (GDP), which grew at an inflation-adjusted annual rate of 2.5% from July through September, the strongest performance in a year. There are many ways consumers could overpay for a new car. | Joe Raedle/Getty Images

Even though consumers have more information than ever at their fingertips, buying a car has not gotten much easier. Just when you think you are buying a well-rated car from an American brand, it could turn out the car was assembled in Mexico or China using parts from South Korea. Sometimes, you just can’t see the change-up coming, and dealerships do not exactly advertise such facts with the latest deals.

The same goes for a car’s resale value and long-term reliability ratings. Automakers might take several years to master production for a particular model. Buying a 2017 as opposed to a ’16 edition could end up costing you years of frustration and long hours having a recalled vehicle fixed. To avoid this problem, Consumer Reports always suggests approaching debut models with caution — or avoiding them altogether.

But there are other ways you could end up regretting a car purchase, and they have everything to do with your bank account. It’s easier than ever to overpay for a vehicle at a dealership. Here are seven ways consumers can end up paying way too much for a new car.

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