Top 10 Tips to Save Money while Buying a Car for the First Time

Buying a Car for the First Time? 10 Smart Tips to Save Money

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Buying a car is a critical financial decision that calls for considerable planning. Therefore, this article highlights the best tips to save money so that you can buy your favorite model without a hitch. It discusses everything essential from using a car loan EMI calculator judiciously to ascertaining a car’s resale value.

Let’s begin!

Top 10 Tips to Save Money while Buying a Car for the First Time

1. Time the Purchase

Did you know that you can avail better deals by timing your purchase correctly? To do so, it is recommended that you buy a car during the following periods:

  • End of the Year: In India, showrooms are packed with outgoing models during the months of October and December, which are ideal for fetching discounts.
  • Early in a Week: Dealerships are usually busier during the weekends. Therefore, you will enjoy specialized attention when buying a car early in the week.
  • End of the Month: Dealers try to fill in their monthly quotas, thereby offering good prices at this time.

In addition, you can halt your purchase till the arrival of seasonal discounts/festive discounts, such as those offered during Diwali, Independence Day, or Christmas sales.

2. Explore Various Financing Options

Just like several dealerships, individuals must compare the different financing options available. Moreover, when opting for a loan, one can use a car loan EMI calculator and ascertain the cost of purchase beforehand.

Read more: 6 Personal Loan Buying Tips You Need to Know in 2021 

3. Choose the Right Insurance with Dealers

It is mandatory to have a third-party (TP) cover to drive a car out of the showroom. However, remember to read up the details of a policy and ensure that it offers the right coverage. Furthermore, bear in mind that lesser premiums could sometimes indicate inadequate cover. So, it is suggested that you research car insurance online, weigh in your options, and then make a decision.

4. Note the Exclusions of a Plan

Before signing up for car insurance online or offline, it is imperative to check the exclusions. Plans generally include a number of exclusions, such as the damages caused due to the following:

  • Usage beyond limits
  • The car used for illegal purposes
  • Driving under the influence of alcohol or drugs, etc.

5. Learn the Benefits of an

Insurance Policy

Leading car insurance policies in India offer an array of benefits. These vary between different insurers and can include the following:

  • Breakdown Assistance
  • Zero Depreciation Cover
  • Passenger Cover
  • Engine and Gearbox Protection

Read More: 10 Benefits of having Travel insurance while you travel abroad

6. Check the Network Garages Available

When buying car insurance, ensure that your insurer has a wide tie-up with garages, preferably in your vicinity. These network garages offer cashless repair services to customers.

7. Ascertain a Car’s R-sale Value

Once you drive home a new car, its resale value begins to reduce over time. However, some models are known to depreciate slowly. So, opt for a car with a higher resale value, such as Toyota Innova Crysta, Maruti Suzuki Swift, and Honda City.

8. Compare Offers from

Multiple Dealerships

When buying a car, you should explore a number of car dealerships. Moreover, compare the offers extended by them, such as corporate discounts, insurance assistance, finance discounts, exchange bonuses, loyalty bonuses, and free accessories.

Also Read – 5 Reasons You Should Review Your Medical Insurance in 2021

9. Opt for Free Servicing

Some brands of cars offer complimentary scheduled maintenance upon purchase. That said, the inclusions vary widely, wherein some offer a free servicing session, while others provide tyre rotations and oil changes for a couple of years.

10. Research About Spare Part Prices

Buyers should bear in mind that car maintenance can be expensive. Therefore, they must note the cost of a model’s spare parts, which will allow maintenance without causing financial strains.

These were some of the top tips to save money when buying a car. We suggest that you keep them in mind and make the best purchase.

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