Wednesday, October 21, 2020

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Buying a new car? Here are 6 financial factors to consider while buying

Buying a new car is exciting – or should be! Of course, this entails financial implications to a person or family who is making the decision.

Hence, every person needs to consider the financial factors before making that big purchase.

CarDekho lists down six important factors which should be considered while buying a new car:

1. Planning the finances

The primary factor to consider of course is your budget – how much are you willing to spend on it. Setting a realistic budget is a financially smart move.

If you are buying on a car loan, then calculate the EMIs against your budget to avoid any delay or difficulty in paying it later.

2. Resale value

A car that is trending in the market has many eyeballs to it and the same can be said for cars with a long list of discounts and offers.

Hence, with the aid of proper and dedicated research, you can make considerable savings when selling your car in the used car market.

Go for a car that will give you a lucrative value on resale and make sure it is maintained properly.

3. Credit Score

Indians often prefer to buy a car with car loans, this enables them to plan their expenditure in the long run.

In such cases, your credit score determines how much loan you can expect from the financial institution.

Make sure you pay every bill on time and try not to rack up the balance on your credit cards for the best credit score.

4. Fuel capacity: Mileage

Mileage is an important factor when buying a used car, but is often overlooked.

One can get swept away on cars offering the best mileage, or other measures of efficiency, but low or high mileage affects the value of the car during purchase and sale.

So does the likely cost of maintenance and servicing.

5. Car Loans

In case the car is not purchased outright through a full down payment, it’ll have to be financed in some way.

It might seem strange to shop for loans before car shopping, but it’ll give you a better idea of what kind of interest rate and loan amount one can expect once the time comes to secure a financing option.

Compare rates from bank or credit union to other lenders to see who offers the best option.

If possible, it’s smart to get pre-approved financing before walking into the dealership — that way, the cards are stacked in your favour.

6. Car Insurance

This is one of the most confusing things! There are so many inclusions in a car insurance policy that buyers often get confused and end up paying more than they need to!

We are not saying that this will help you save lakhs but every penny counts. Although a comprehensive policy is a good option while buying a new car one should thoroughly check what all is included in the premium you are paying.

Also, compare various insurance providers for the benefits they might provide in a similar price range.

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