The Indian passenger car market has reached a forecasted value of USD 23.23 billion in 2022. Despite the slowdown from the global pandemic and semi-conductor shortage, the auto market has shown an annual growth of 1.68 percent. New forecasts suggest the market to surpass the USD 31.7 billion by 2026. In addition, the interest from new global brands and the emergence of indie brands can help the market cross the 34-lakh mark before the end 2027. SUV segment is on the rise in the country and is currently valued at USD 9.44 billion in 2022.
With so many new car choices to select from and multiple online portals to browse through, knowing these tips before buying a new car online will help you get the best return on your investment. These tips will help you save money, avoid inconveniences, and help you buy a model that matches your idea of a dream new car. The blog has compiled a few tips to help you identify the best time to buy a new car. Knowing these tips before buying a car will help ensure you get the vehicle you want at a price you can afford. Knowing these tips goes a long way in purchasing the car you always wanted at an affordable price.
The first step is setting up a budget. It will help you narrow your focus and efforts to the new cars within your price range or budget before meeting that one that will not break your budget. First, calculate your monthly income and expenses. Second, categorise your expenses as fixed (rent, fuel, utilities) or discretionary (eating out, shopping). An accurate idea of expenses can help you cut back on unnecessary expenses and help you identify the money needed for a new car buying.
After you zero down on your financial budget, research the cars available in the price range. A website like CarLelo gives relevant information on the different models retailing in the Indian market. The buyer needs to get complete data before buying a new car, as there are different segments, models, and manufacturers.
Explore financing options
When you have narrowed down the new car list, time to analyse your financing options. If you wish to avoid burning your savings for a new car, a car loan is a way forward. In 2022, you can get a car loan through a bank, NBFC, or a credit institution. You need to apply to multiple lenders and get the quote in the shortest possible time. It will help you pick the right lender for financing your new car purchase,
We believe a test drive is one of the crucial factors in deciding on a new car purchase. Your new car buying depends on factors like ground clearance, mileage, seat height, features, and throttle. A test drive of half an hour helps you gain an understanding of the new car.
Do check the safety rating for the new car you are purchasing. Several cars might seem affordable but come with zero or 1-star ratings by NCAP. Buying an unsafe car puts your family at risk. Global NCAP ratings give information about the safest cars in the Indian market.
Despite setting a budget, you have to set aside extra money for expenditures to account for after purchasing the new car. These include insurance premium, service charges, down payment, service charges and other consumables. Also try to check for better offers for insurance throughout the internet. Many a times, you can save a large chunk of money and avail extra benefits by not option to go for the insurance option suggested by the dealer.
In some cases (especially in terms of EVs), eligible customers can also avail government subsidies when they buy a new car, helping them save more money in the long run.