Money Management

3 Tips to Save Big On Your Next Car

Bargaining with the rickshaw drivers over daily fares, paying a hefty amount during heavy traffic & downpour has become an everyday affair. Had you guys owned a vehicle here, life would have been much simpler. Buying a car would be the best choice to make whenever you’re contemplating a quick decision. However, different factors must be considered before arriving at a choice!  Generally, buying a car is a high stakes purchasing decision and requires your clear focus. So, gear up and start your exhaustive research to choose nothing but the best. Since such an investment is kinda permanent, there’s no looking back after.

What makes buying a car, an irreversible decision?

What’s noteworthy to understand here is that the value of a car will depreciate in the longer run. So, once bought, you wouldn’t get the same price back. And there’s absolutely nothing to stop the depreciation. Hence, the below mentioned points to be kept in mind while paying such a heavy amount to buy a car:

We keep hearing how stuck we are in the rut to call for a public conveyance every day.

  1. Conduct a Thorough Research:

Once you land at the decision to buy a car, give your time to do your research well. Explore different options and variants and decide your suitable most car. To be able to make a decision, it’s important to take a few factors into consideration. Factors like the lifestyle, travel time, pyramid of needs/wants and more decide whether you need a car or not. So you opt for a diesel car when you have to travel long distances and you need to trip down on a regular basis. You will have to go through all the relevant information sources to pick up your best material.

In fact, go for firsthand information for the most suitable information. People who know the basics of cars will help to make things a lot easier.

Read More: Best 3 Money Management Strategies with an Irregular Income

  1. How Financially Pumped up are you?

Many aspire to have expensive cars, however, you need to assess whether you have sufficient financial backing or not. It’s funny to give up on your essentials to buy a nice car. We must keep our expectations matching reality. After you buy a car, you have to keep paying the monthly installments on time. Evaluate your capacity to pay EMIs before you opt for a loan for your car. This is not the gross amount towards car EMIs, there are a lot more payments to be done alongside. Additional charges like denting, polishing, insurance, parking, etc must be counted for gauging the total financial costs.

In addition, calculate the fuel costs in advance & include in the overall expenditure. Since, as a driver, you do not stay limited to a specific budget.  And when you’re fully sure of the proposition, then go ahead.

  1. Look for Easy Loans-

After you have an equitable decision at hand, then it’s time to look at the interest rates. Start with the online portals to read the personal loan offerings and corresponding interest rates.

Please note: Every financial institution keeps a close tab on your credit score before proposing a loan offer. So avoid requesting too loan providers for a loan. This can negatively charge your credit score.

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