Date: Wednesday January 20th, 2021
A car is often considered a luxury, a vehicle which gives you the freedom to travel when you want. The decision to buy a car is a big one and if you’re in the market looking to buy a new car, research is going to be a crucial asset. There are many factors that need to be considered before you find the right car, suited for your needs. Here are some key factors to consider:
Identifying the need for a car
The first and foremost being, identifying the need for it. There are numerous reasons for buying a car and having a clear idea about your needs will help you narrow down your options. This will help you decide the features that are non-negotiables for you. For example, if you’re buying a car for your family, space and safety features are non-negotiables for you.
Once you have a clear idea of why you’re purchasing a car, the next step is finalising your budget. This will be the biggest determining factor for your purchase. It will greatly narrow down your options. You need to keep in mind that you’re not only budgeting for the purchase of the car but also insurance costs, maintenance costs, registration fees, etc. It is necessary to keep that in mind and finalise your budget accordingly. You also need to decide whether you’re going to opt for a one time payment or an EMI option. The budget for the latter is determined by how much you can spend each month. Once you’ve finalised the budget, it’s time to start searching for the right car for you.
New or Second Sale?
It is important to consider the option of buying a used car. It’s more pocket friendly, has lower insurance and registration costs, and lower depreciation while reselling. Although the feeling of driving a brand new car is superior, it will be a lot more distressing when it inevitably suffers some damage. You need to consider the pros and cons of both options and decide on what works best for you.
Here are some things you need to keep in mind before purchasing a used car:
You might be confused between buying a petrol or a diesel car. Although diesel is cheaper than petrol, buying a diesel car is considerably more expensive. So it isn’t an entirely cost effective choice. You also have the option of going for a CNG or electric car. To decide, you must evaluate your daily running and look into the mileage of each option. Once you know what works best for you, start looking for a car that’ll work best for you.
A car is one of the biggest investments in a person’s life which is why it’s important to thoroughly evaluate the returns you’ll get. A car’s value depreciates each year so if you do decide to eventually sell your car, you’ll recoup a significantly smaller amount. It is therefore important to understand the concept resale value before you purchase a vehicle. Find a car that has a high resale value to ensure that you don’t lose a hefty amount on your investment.
Once you’ve done your research and shortlisted some models that you’d like to buy, weigh out the pros and cons of each model before making the final decision.
We hope that this guide helps you make an informed decision.