Automobile Dealers / Manufacturers promise
fabulous discounts for the customers who wish to buy car. However, you as a
buyer should keep in mind the following factors:-
- Never buy a car which you cannot afford for. Make sure that the price of the car should not be more than 60% of your annual income. And if you avail vehicle loan from banks, your EMI should not exceed 15% of your post-tax income after meeting all your expenses.
- Before buying a new car, if you want to dispose your old car, make a market research to know how much maximum you can expect as most car dealers offer much lower than price.
- Look closely in to the free offers as dealers tend to inflate the value of free accessories to make their deal more attractive. Go for cash discounts than free accessories.
- If you want to get full return from the car, you should use your new car at least for 8 years. Automobile manufacturers, to clear their year-end inventories, usually offer big discounts. If you buy at year-end, in a few days, it will become an old model (last year) car. However, if you want to buy the car at discount at year end, you should be ready to use for at least 7-8 years.
- Petrol
is costlier car fuel than petrol cars. Diesel is inexpensive. Whether you want to
go for Petrol or Diesel or CNG purely depends upon the usage per day.
You have to keep in mind that Diesel cars are costlier than petrol cars and require higher maintenance. CNG is the cheapest fuel of all, but its availability is a big issue. Also, CNG cylinder will consume a lot of space in your vehicle. - You can also transfer your no-claim bonus from old car to new car. To get no-claim bonus, buyer will have to submit the copies of sale agreement, transfer documents, insurance note and the car's registration certificate along with a letter requesting the policy's termination, to the insurer. The latter issues a no-claim certificate, which will get the discount on the new car's insurance.