6 Simple Tips For First-Time Car Buyers

By | December 23, 2015

6 tips for first time buyers

Buying a car for the first time is an exciting experience as it gives us a sense of achievement. If you have a family, it’s even more gratifying since daily conveyance and weekend getaways are now within easy reach. If you’re a rookie to the world of automobiles, a little bit of caution and homework can make the experience a delightful one. Let’s discuss some of the underlying aspects in this regard by providing some intriguing tips for first-time car buyers in India.

Choose The Brand Wisely

The Indian car market has never been so vibrant before. A host of indigenous and foreign car makers offer options to suit the needs of various income groups. From Luxury SUVs to affordable hatchbacks, we have it all. Some of the brands have won the hearts of millions of Indians for decades whilst some are average performers. It’s important to consider various facets by way of feedback through family and friends before choosing a brand or two.

Make a List of The Models You Want

The next task is to drill down the type of car you want based on the requirements and affordability. Is it a sedan, hatchback or an SUV that pleases you and your family members is an area that needs good scrutiny. Give it a holistic view. Some of the factors to be considered are family size, road conditions, frequency of use, utility etc.

Decide if It’s a Brand-New Car or A Pre-owned Unit

In India, some of the first-time buyers do not want to test the waters by buying a new car owing to psychological factors coupled with budgetary constraints. There is also this theory about upgrading in the near future to a better model or make. In such situations, decide if you would like to kickstart your journey with a brand-new car or a used one that comes at a much lower cost.

Inspect Your Budget

Perhaps the most vital aspect of this deal. Scrutinise all financial resources such as savings and liquefiable instruments to check affordability. You don’t want to end up in a trap where a lion’s share of monthly income is routed towards paying Car Loan EMIs! If you’re procuring the car on loan, make sure you are making a downpayment that balances current and future financial implications.

Apply For A Car Loan

Considering the bare fact that most of the cars in India are owned via the loan route, it might make complete sense to get a Car Loan as it ensures minimal burden to begin with. A plethora of loan offers are available in the market that come with pleasing benefits complemented by flexible terms and rates. The interest charges are quite affordable in the sense that you do not feel that sharp pinch. Loans are available either directly with the banks or through exclusive schemes administered via dealership networks.

Scout for Offers and Negotiate

If you decide to apply for an auto loan to fund the costs involved in buying the car, do not jump into a specific product without considering the hidden elements that may come back haunting at a later time during loan repayment. Factors such as the loan term, quantum of loan amount, interest rates, misc. fees and charges should be taken into account. Use a neutral loan comparison web portal to get latest information about banks and their loan offers.

Lookout for exclusive offers that are made on specific makes or models and also scout for promo deals, tailor-made to suit corporates, govt. employees or professionals. Do make it a point to negotiate the rates and terms to sync it with your short and long-term financial goals.

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