Planning to buy your dream wheels?
Things to consider before you purchase
- By Admin, on April 22, 2021
- Categories: Analysis & Features, Buying & Selling
Planning to buy your dream wheels? Things to consider before you purchase
Ticking off things from your bucket list brings a lot of satisfaction, and buying yourself a car certainly tops the list. No matter how much you may earn, you would always want to fetch the best car deals to purchase.
Since buying a car is one of the most significant financial decisions of your life, you must also consider its after-effects on your finances. Because, of course, nobody wants to buy a Mercedes without having the money to refuel it later.
Hence, here are some parameters that should be kept in mind to make an informed decision:
Deciding on which car to buy
This is the first and the most critical step towards making the purchase. This step alone has various aspects that should be considered before you make the car deal.
Budget vs. Income
In a world where we have options for all sorts of premium cars, the hard truth is that there is always an income constraint that comes into play. First of all, make a range of the budget to allocate to buy a car. Making a budget itself can be a tedious task because there are many added expenses other than just buying a car.
1. Monthly EMIs of a Car Loan (If applicable)
2. On-Road Price (Mostly 10-25% more than the ex-showroom price of the car)
3. Yearly Premium of the Insurance (1-3% applicable on the car price)
4. Annual Maintenance (Around 0.5% - 1 % of the car price, depending on the repair/maintenance schedule)
5. Fuel Expense (As per your daily travel)
6. Buffer for accidental/sudden repairs
Selecting the Car Type
This is more of a personal choice for selecting the type of car, from a sports car to a luxury car. To select the car type, consider things like parking space at home, the number of family members, utility, etc. However, you will always come across other car-type options within or lower than your budget, which could be the best fit.
Automatic vs. Manual
Though deciding between the two is also a personal choice, it depends on your travel type. An automatic car is comfortable for city driving; a manual car is suitable for Hills/Highway driving.
Fuel intake type
The fact that a Diesel variant of the same car would be at least 10-12% costlier than a Petrol variant of the same car can also be a deciding factor. Additionally, with a view of environment sustainability, most of the brands have launched or are planning to launch electric cars which could bring down the running cost of the car.
Having said that, it is more of a person-specific choice to choose a variant with either of the fuel type.
Shortlisting a few options in the preferred brands
Basis the above points, shortlist at least five options from your preferred brands to finally decide on the best car deal. The next step should be to take test drives of all the shortlisted cars and compare the details like features, exteriors, interiors, mileage, extras, etc.
While you compare the car features, there are some additional points that you should be considering before you decide on the most suitable option. Consider things like the car's resale value, availability of service centers near your place, after-sales support of the brand, etc.
Following the above checklist will help you in selecting out the best car deal for your family.
Check for Special Discounts
You should always keep a check for any upcoming sales/discounts on the selected one. Usually, discounts are offered at the end of the year or before the launch of a newer model soon. It is always better to wait for a month or two to avail of these discounts for the best car deal rather than to shell out a few more bucks from your pocket.
To sell or not to sell
Lastly, it is also essential to decide if you wish to sell/ exchange your older vehicle (if applicable). This is to get some financial support and also to make space for the new baby.
Buying a car is undoubtedly a huge decision for a person, and hence, it should be based on a lot of research keeping financials as an essential factor to make an informed decision.
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