Festivals in India are a time when car sales pick up due to a high demand for the purchase of new things. Many people tend to upgrade their existing cars or even buy a new one to add to their garage. Buying a new car is also seen as a financial milestone for many and brings about a sense of achievement. If you are someone who is buying a new car this festive season, it is important to choose one that isn’t only right for you, but also for your family.
In present times, cars have become an indispensable mode of transport, with public transport costing people their valuable time. At times, it can often get confusing deciding which car is right for you. This article helps you to clearly lay down a checklist so that you buy nothing but the best car according to your needs.
Considering your finances
The first step in buying a new car is to know your financial capability. Knowing if you have a limited budget or a good handful of cash to splurge on a luxury car is essential. For instance, a family of three or four might choose a hatchback with good fuel economy. On the other hand, someone willing to go for a luxury car might not think so much about the money. At this point, you also need to consider the financing option for your vehicle. If you are opting for a car loan, make sure to consider the impact of EMIs on your future cash flows. *
Check the available options
After knowing your requirement and your budget, the next step is to shortlist a few cars that fit within all your parameters. Some brands deal in some specific car segments, while a few others cater to all segments. At this stage, you will know which brands fit your checklist and which models will be a suitable fit. When skimming through the different alternatives, keep in mind the unique selling proposition of each car and how it stands out from the rest. While it may seem time-consuming, you should not rush through this process. *
Look for any available deals
When buying a new car, keep an eye on the deal a manufacturer has to offer. Some auto dealers may provide a hefty exchange bonus that significantly lowers the price of your new car. A few others may even provide a patronage bonus for buying from the same brand. You need to keep an eye out for such deals at purchase. *
Opt for the right insurance cover
It is a legal requirement, as per the Motor Vehicles Act, that all registered vehicles in the country have insurance cover. The same is applicable for new cars too. The RTOs require you to have insurance coverage to even register a new vehicle in the country. Thus, you can choose to either buy car insurance online
or opt for a dealer-suggested policy.
Car insurance policies are essentially available in two types—third-party car insurance or comprehensive car insurance. When you opt for third party car insurance online
, you only get protection from legal liabilities payable to a third person. On the contrary, comprehensive plans offer coverage for the damages to your car in addition to a third-party cover and a personal accident cover. Comprehensive insurance policies further allow you to customise the coverage, however, they do increase the car insurance prices
Do not forget the test drive
What most buyers do not realise is that a car might feel different as compared to the specifications that it reads on paper. Hence, you must always ensure you test drive it before making any payment. *
* Standard T&C Apply
With these tips to help you buy a suitable car, make sure to take home this festive season a brand new car from the showroom. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.