Driven by endless options, the automotive industry is wooing car lovers like never before. As the industry is throbbing with trendy designs and technological innovations, it is not hard to believe that 77.5 million cars were globally sold in 2019. Simplifying your commute from point A to point B, a car is tantamount to any other momentous investment you make in life. Just like how you would not buy your new house on a whim, buying a car also requires a lot of research and planning. Arming yourself with all the crucial information can help you get through the process of buying a car smoothly.
Here are 5 important things to know before buying a car.
Fix The Model
The most important step before buying a car is to decide what you want. Do you want your car to be flashy or just functional? Do you want to tell the world that you are rich or that you are a nature lover? What kind of roads is your car going to tread? Do you need a masculine SUV or a compact hatchback? What are the basic features you want your car to have? Do you have a garage? How much is your parking space? All of these questions can help you narrow down your option to that perfect car model. You should also keep in mind your budget, and the number of family members before you buys your car.
Decide Your Budget
If you have set your mind on the brand and the model, it is time to decide your budget. The trick is to be as realistic as possible about your budget, based on which you can decide if you should get yourself a new or used car. If you want to avail a car loan, check how much monthly payment you can afford and what kinds of car loans you qualify for. With a satisfactory credit score and the confidence to meet the eligibility criteria laid down by banks, you can purchase your dream car. The conditions include the age to avail the loan, the annual income, the country of residence, the type of employment, and so on.
Check For Warranty
Warranties are a promise from the dealer or the manufacturer that your car will have certain standards and qualities for a specified period of time. You need to get your hands on information such as how to enforce the warranty, what repairs will the warranty cover, how long will it be valid, and so on. Whenever your car fails to perform as expected or requires replacement in certain parts, you can use your warranty. Since warranties vary from manufacturer to manufacturer, never forget to ask the dealer what aspects of the car the warranty will cover for you.
Research On Your Dealer’s Reputation
According to a survey conducted by SalesFuel, 59 percent of car buyers chose their car dealers based on their reputation. This includes customer experience, the selection of car models, room for negotiation, and so on. You do not have to settle for agents who do not take no for an answer and seem to be pushy. Dealers who offer the best customer experience are often associated with quality and a great reputation. Suppose your quest for that perfect car that fits your parking space requirements, budget, and warranty needs leads you to Honda Jazz. Even if your car meets all of these requirements, it should not stop you from finding a good Honda Dealership with a great reputation.
Know Your Discounts
It is important to find out the scope for negotiation while buying a new car if you are looking for a better deal. According to Carwale, there are several types of discounts you can ask a dealer for. Adding up all of these discounts can get you a total discount of 10 percent in total. Here are some of the discounts:
Also called the dealer discount, this discount is often offered by the dealer or the manufacturer on a new car. You might not get this if the car you want to purchase is of great demand.
This discount intends to attract employees from big companies by offering discounts to people who work with MNCs.
If you are trading in your old car for a new one, you are eligible for the exchange bonus, which usually comes up to 5 percent.
If you already own the car from the same manufacturer you are entitled to the loyalty bonus. This bonus amount is usually 1 to 5 percent of the total amount.
Discount On Insurance Premium
This lets you demand a discount on your car’s insurance premium. You can claim up to 30 to 35 percent discount on the total price. You can get this done by the dealer or by yourself.
Buying a new car does not have to be a daunting experience. Empower yourself with all the information about making a car purchase, make room for negotiation. Also, do not forget to test drive where you find out how comfortable driving your car is.