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A car is the most expensive investment an individual makes in his life, after a home of course. Owing to this fact a lot of thought is given before making a car purchase. Every aspect is given keen thought and its own little research. Let us bring to you some not so obvious thoughts you might miss out on.
A few things you should know when you are planning to buy a new car.
December is the time when many companies come out with big discounts, the major purpose to do so is to clear their inventories before bringing in a new model or hiking the prices of the existing models. So, if you plan to make use of your car for say about 7 to 8 years then you can think of buying a car in the month of December with a registration date of the same month, where the fact that within few days the model will be called a last year model wouldn’t hamper you. However, if you plan to use the car for a minimum as 3 to 4 years then in order to yield a good resale value the registration number plays a vital role. If a car is a very crucial investment you are making then remember to use if for a full 8 years in order to yield complete the investment you make, for if you sell it earlier you might incur a certain amount of loss.
It is true the bigger the car the chunkier is the discount. But don’t get lured by the discounts on offer and end up making a purchase you really cannot afford. The thumb rule when buying a new car is you shouldn’t exceed your budget beyond 60% of your annual take-home income. For instance, if your monthly take-home salary is Rs 60,000 then don’t go for a car costing you beyond Rs 4.32 lakh, that is 60% of annual income (Rs 7.2 Lakh). Another rule you shouldn’t tamper with is of the EMI not exceeding 15% of your post tax monthly income. Follow these rules earnestly and you will not regret the decision.
The offers may sound lucrative but it is very important to give them a keen check. Always opt for cash discounts over any freebies, as they are usually inflated to make the offer sound more attractive. Also, don’t fall for the exchange offer as well, as the price offered by the car dealer for your old car is comparatively less than what you might achieve if you sell it elsewhere. Under such circumstances just a little market research is necessary.
Petrol or diesel variant is always a dilemma. But you need to know as a matter of fact that diesel is cheaper than petrol but a diesel variant is more expensive by 75000 or a lakh than a petrol variant. Diesel cars also call for high maintenance. The distance travelled everyday should also be given a thought before making a call on either of the variants.