Every new year is special in one way or the other. For a lot of people, it marks the beginning of new lives and new ventures. Properties and cars often figure at the top of their wish list during the propitious beginnings. If you are also looking forward to buying your dream car this New Year, you are in for a treat.
During the New Year festive season, carmakers offer good discounts and freebies jostling for your attention. It is raining special offers, cashback, corporate discounts, affordable comprehensive car insurance and low-cost finance options. These offers are tempting! However, before you make a final decision to buy a car, do consider these four crucial aspects:
1. Figure Out Your Short & Long-Term Needs
Before visiting a dealership, you should have a sense of what kind of car you need. You might want to own a powerful-looking SUV that makes 4×4 romping look like child’s play or you might want to buy a city-friendly small car for convenience. It’s great that you know what kind of car you’re going to buy but it’s better to be practical. Make sure that the car that you purchase fits into your lifestyle and caters to all your needs just right.
2. Decide the Budget for the Car
It is nice to aspire for beautiful things in life. But keep in mind your budget while selecting a car. You might have your heart set on a Range Rover but not enough funds to buy it. In this case, look at similar cars within your price range. While you figure out the budget, you should also have an idea of how the transaction is going to be financed: through the car dealership, bank loan or credit union. This will make you understand how much money you’ll need to allocate towards your car payment. Once you’ve calculated that, you can move forward in deciding the final budget of the car.
3. Look Out for Car Loan options
While it is alright to buy a car in cash, it is always better to opt for car loans as it makes car payment easier. However, you need to check your loan eligibility first. Researching for a car loan and its possible EMIs is very important especially for such a significant purchase during New Year. You should also make sure to look at car loan offers from more than one bank and make a comparison. If you are salaried, then this is a critical decision you will have to make. So, once you get a reasonable offer, assess it and drive home happy.
4. Get Car Insurance from a Renowned Insurer
Another crucial aspect while purchasing a new car is to look out for the safety of your vehicle as well. While the Indian Government is making traffic rules to make the safety norms more stringent, you should do your part and get comprehensive car insurance for the safety of your car. One of the primary reasons to choose a car insurance policy is to protect yourself from third party liability costs.
Other than this, not owning a car insurance can make you liable to pay Rs. 2000 or imprisonment up to 3 months or both for the first offence. Apart from this, be careful to not drive recklessly. Insurance is a shield, but your life and the life of others is more valuable.
Being aware of these aspects and taking them into consideration will make your entire purchase experience better. So, celebrate this New Year by buying a new car and enjoy your new set of wheels over the holidays.
