What Research Says About Buying a Car
Buying Car: The Best Money-Saving Tips Part 2
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver,” Ayn Rand, novelist, and philosopher.
Once you have decided to buy a car, next comes the action stage: Deciding the type of Car. Let’s analyze the various factors to check for choosing the best car that suits your requirement from a flooded market.
Pre-buying stage
New Car vs pre-owned car: Major automobile players have subsidiaries that sell pre-owned cars. You can buy used cars too with financing from lenders at an EMI. Ensure to get it checked by a mechanic before purchase. Another option is to search within your known people, friends, and contacts. Automobile experts say that it is wise to buy a relatively new second-hand car as it has already passed the value-loss stage that happens immediately after the purchase. Yet you get all the parts and accessories in their new condition which is worth it.
EV or petrol diesel: Choose the type & model based on necessity, family size, and frequency of ride. Electrical vehicles are getting popular and it is assumed that they help to save fuel costs and understand the other side too. EV cards are suitable for driving within the city. Considering the mileage getting by one-time charging for long-distance driving where charging stations may not be available it will be a risk.
When it comes to petrol or Diesel, the cost being more or less the same in the past few years you may go for any.
Buying stage
Get quotations from a few showrooms and check and compare all the elements.
– Compare prices with different dealers- Enquire prices directly or from the internet, and do a
thorough research.
– Understand components of total cost and all dealership charges that include in the final
price. Salesmen may not reveal this in the beginning.
– Check resale value- Some cars have a higher resale value, hence consider this point
in case you need to sell it in the future.
– If you are planning to trade in your old car, don’t reveal this at the beginning itself.
– Check about the cost of insurance- The cars which have high resale value, carry higher
insurance premiums.
– Add-on things can be gotten from elsewhere, this can help you save a lot.
– Avoid extended warranty which is expensive wherever the manufacturer’s warranty is
available.
– Always negotiate the price. Learning the art of negotiation can help you save a lot in the
long run.
– Test-drive and get yourself satisfied fully before the buying decision.
Have a happy ride to a wonderful destination with the money that you had saved by using these tips!
She Writer Sandhya Naren, MBA, CAIIB is a Branch Manager of a Public Sector Bank, a Writer, Storyteller, and Certified Women-Coach in Personal Finance. She’s the Co-founder of Manasa Learning Solutions, Life Skills Training Academy for women and children.
