Planning to buy a car? If yes, you are in the right place. With festive discounts and other offers prevalent in the market, the timing couldn’t get any better. Also, with the imminent increase in car insurance premiums from the beginning of the new financial year, you can save your hard-earned money by buying a car right now.
In addition to the aforementioned reasons, we also have many new models of cars belonging to various segments that are about to be launched. These models come packed with the latest features making them very attractive choices for prospective buyers. The part of choosing the right car is quite crucial since it has a big impact on overall costs and convenience. Thus you must choose the car wisely, considering your requirements and other aspects about overall reliability. You can easily go about it by going online and visiting various forums that answer questions relating to buying a new car. To help you out, let us look at some pointers to get the best deal while buying a car.
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· Budget
While choosing the right car is vital, deciding on the budget is equally important too. Since buying a car is a significant investment on one’s part, you must chalk out the financial plan prudently to prevent any future distress. You can scour the internet for advice on the best car in a particular price segment and make a sound choice accordingly.
· Financing
The way you pay for the new car also needs to be given a thought. To begin with, the price of the car should not be more than your gross annual earnings. Going for a loan or paying the whole price upfront is the big decision you need to make. Some financial experts advise against taking a loan for a low-priced vehicle. In that case, you can save for the car well in advance by diversified investments such as a SIP. Depending on the car’s value and your income, you can arrange for the necessary capital in around 3 years. If you are not ready to wait for long, going with a car loan will help. When it comes to a loan, I always prefer a bank loan over a car dealer since, more often than not, banks offer lower rates.
· Choosing the right variant
Generally speaking, cars are available in three variants. As a general rule of thumb, it is better to go for a higher variant since several features can’t be upgraded or can cost a lot to upgrade. Also, certain safety features such as airbags and an anti-breaking system ( ABS ) should not be compromised. The ideal way is to find a middle ground by going with a mid-range variant and upgrading as necessary.
· Car Insurance
Buying the right vehicle insurance is very crucial, which many people tend to overlook. In addition to being mandatory by law, car insurance is also important for the safety and well-being of the car and the driver. You can reduce your car costs by comparing car insurance online and availing several discounts on offer. Also, you can take advantage of the No Claim Bonus by transferring the discount from your current car.
