Since the country is going through the season of festivities, car manufacturers are offering cash discounts, exchange benefits, free insurance and other schemes so as to lure price sensitive domestic customers. As the demand of new vehicles have been sluggish since the start of 2013, car makers in India are trying hard to woo customers into buying their vehicles. With lucrative offers and schemes doing rounds, people tend to buy those vehicles that are not suited to their means, thereby making a big mistake. What generally needs to be done while buying a new vehicle is to ascertain whether or not the car fulfils the criteria for buying it. Industry experts are of a view that it is the first and foremost rule that one should buy a car, going by his needs and affordability options.
According to an industry expert, “First see if you can get a deal on the car you have decided to buy as per your needs rather than going with a car, just because there is a good discount on it." After chalking out on a particular car, decide whether he/she wants a diesel or a petrol variant while evaluating the resale value of old car. Generally, car companies tend to offer additional benefits on big cars to push sales, which does not mean that one should go for buying a sedan while having budget for hatchback. Looking at different aspects like EMI options, fuel economy and parking space are quite essential before choosing any particular car. For example, the headlamps of a hatchback would cost around Rs. 2000 while the figure for the same could go by Rs. 30000 to Rs. 40000 for big cars.
As seen in high priced vehicles, the EMI is much higher owing to the comparatively small down payment amount that people generally pay. For example, one pays an EMI Rs. 10,773 for Rs. 5 lakh loan at 11 per cent for five years while in case of higher priced vehicle, the loan amount shall increase depending on the sum of down payment that in turn doubles up the EMI. Also to mention, the rising fuel costs and maintenance are other major issues that need to be looked upon before buying any new vehicle. As the fuel costs heavily impact the expenditure of individuals, it is recommended to check the car's fuel economy. According to an industry expert "If one drives more than 1200 km per month, it would be viable to buy a diesel car rather than petrol.”
With lucrative exchange offers, people resort to trade-in their old vehicles at less value without giving due respect to the make or model of their cars. It is advisable to advertise the vehicle at online web portals that specifically deal in such business. Otherwise, one can take the route of second hand car dealers, in order to improve upon the chances of getting a higher resale value.
