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“A new car is a dream! Falling in love with a particular model or a particular make is universal.”
And no matter how much you love a particular make or model, buying with your brain and not with your heart is what is going to make you feel satisfied in the long run.
So here are the important tips that you must remember while buying a new car and simultaneously avoid the mistakes that may land you in trouble:
1. Let the budget be your number one priority:
Certainly, budget is the number one requirement. The love for luxurious and expensive cars is not bad. But buying impulsively may even show you the days of bankruptcy.
Hence, stick with your budget. However, there is no problem with having a little flexibility in your budget bracket.
2. Compare and Research:
Select a few models and compare them. Most of the cars which are in similar price ranges provide you with similar features. Thus, a thorough comparison will allow you to understand the differences in terms of offerings.
Furthermore, never skip the research. Research not only increases your knowledge but also helps you save from any misinformation and traps.
3. Don’t underestimate the lower of test driving:
Always take the advantage of test driving. It’s only this particular extra step that will help save you from any later regrets. This is because, with a test drive, you can rightly judge the comfort, legroom, driving stability, interior spacing, and overall feel of the vehicle
4. Never show your real budget and impulses in front of a salesman:
Often, in the midst of the thrill and excitement, we reveal our budget, impulses, likings, and preferences for a specific model. This information is processed by the salesperson's mind, and they can push and lure you into buying a higher version of the selected model.
It may seem unbelievable, but some salespeople are trained and smart enough to influence you, and they even have the potential to change your choice.
5. Buy for a purpose, not for show:
Undoubtedly, cars are both a fantasy and a purposeful thing. But selecting the right one means thinking about the purpose. It's not an intelligent idea to buy any model just because you love its make or brand. Be clear with your purpose:-
Think about why you want the car. Whether you want a car for — personal use, weekend rides, or a daily commute? How many family members will come along? Think and select accordingly.
6. Do your homework on EMI’s and loans from all the sources:
Before finalizing the deal, check the loan interest rates directly with the banks. Usually, some profit is earned by dealers on each piece of financing. Consequently, this margin means a slightly higher interest rate for the customer. Hence, searching multiple sources is helpful.
7. Buy according to the fuel type:
Currently, the four most popular fuel types are petrol, diesel, compressed natural gas (CNG), and liquefied petroleum gas (LPG). If you are going to drive long routes every day, then select diesel or CNG, Or LPG to save on your fuel bill.
But, remember that these 3 are more costly than petrol variants. Also, they require frequent maintenance. Additionally, their repair costs and parts are more expensive than the petrol variants.
8. Calculate not just the EMI, but also the depreciation value:
While taking the decision, remember it’s the car. Therefore, a yearly 20%-30% depreciation can be expected. But some models and makes have a high reputation for performance and reliability, which makes them popular choices.
Thus, selecting a model that earns a lesser depreciation value can make it a profitable deal for you.
9.Don’t hurry or buy emotionally:
It's been found by many researchers that–humans often buy emotionally. Hence, take sufficient time to analyze, search, and compare.
A decision taken with heart may cause you later frustration as you are bound to deal with the car's finances, maintenance costs, and similar things.
10. Consider buying a used one to save tonnes of money:
There is nothing bad in selecting a used one if it’s just like a new one.
Surely, certified used cars and less used cars can help you save money. In addition, you can have peace of mind with the returns that you will get in terms of value and usage. But, be extra careful when buying a used car and never buy without a test drive and a thorough car check-up by an expert mechanic.
Lastly, learn the tips to handle vehicle problems. Because the new and old both can show sudden problems at an unexpected time and place.
“For this reason, save a roadside assistance helpline number for any emergency assistance on the road.”
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