Buying a car is an investment and it requires proper research. We bring for our readers ten mistakes which most of us commit while buying a vehicle. By adopting these simple tips one can buy a car worth the amount spent on it!
The Indian Auto Market has undergone vast changes in the last decade. With rise in job opportunities created by various industries, especially in the IT field, the spending capacity of the middle class Indian has also risen. This has led to an augment in the sale of two and four-wheelers.
With many first time buyers plunging into the auto market, there is a sharp increase in sales of cars. Though, there are no hard & fast rules on ‘how to buy a car’, most of the first-timers make some common mistakes.
We bring for our readers ten such common errors committed by buyers while buying a car, to prevent them from indulging in them.
1) Inadequate Research:
With all information readily available on the internet, it is imperative to make good research about the car, including its safety features, resale value, maintenance & repair costs, availability of parts, and more. Most car owners regret not doing an investigation prior to buying the car.
2) Miscalculation of the True Cost:
Apart from the basic cost of the car one must ascertain other costs too, including recurring costs of fuel, repairs, and maintenance. Miscalculation can have dire consequences, on the financial front.
3) Impulsive Buying:
Most people fall prey to the enticing talks of the salesperson at the showroom, which is another big blunder. It is always better to take time to reconsider one’s decision and the buyer should not indulge in impulsive buying.
4) No Information on Insurance:
Most people do not perform proper fact-finding on the car insurance. Buying the right insurance is as important as buying the car itself.
5) Test Drive:
We recommend all prospective buyers to take a test drive of the car to get a firsthand experience of the vehicle. This helps in choosing the right car.
6) Unnecessary Add-ons:
Most buyers get influenced by the dealer and invest in unnecessary add-ons. Always buy what is necessary.
7) New or Used?:
Most buyers have this misconception that used cars are not a good investment. However, at times used cars are not only economical, but a better worth for money too.
8) Zero Self-Investment:
Taking the car on 100% loan, is not desirable. We advise our readers to deposit the maximum amount as down payment. Buyers may in the future, face problems to pay for huge installments, as well as, recurring expenses.
9) Car Leasing:
Avoid taking a car on lease. Most lease contracts favor the leasing company and they have huge penalties attached too.
10) Not Buying at the Right Time:
Many car manufacturers offer cars at discounted prices, at fixed times of the year. Not waiting for the right time to buy a car is certainly a big gaffe.
Above-mentioned are the most common blunders that most of us do while buying a car. Though, this is not a comprehensive list, we request all our readers to consider these tips while buying a new car.
Our best wishes to all those who are looking forward to buying a vehicle, and we hope our tips would help them selecting their dream car!