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11 Money-Saving Tips for those in the market for a new car

Whether you’re looking to buy your first car, best compact SUV in India, or just want to upgrade, there is always that moment right before you actually start shopping where it finally strikes that one should think about what exactly they would like to own.

Here are some of the most important Money-Saving Tips

1. Research thoroughly: 

This means not only finding out the prices of various models available in the market but also checking their features and pros and cons. Websites like Carorbis can be very helpful here as they offer unbiased customer reviews along with estimated price ranges for various brands and models, creating awareness about which areas you should work upon to save more money.

2. Car Loan: 

Buying a car with a loan is always cheaper than cash payment or bank transfer because banks offer some sort of interest on the amount you pay through them. Some purchase cars on hire purchase, which is yet another way of borrowing money to get your dream vehicle at pocket-friendly rates.

3. Insurance Coverage: 

We all know that buying insurance for your new car is important but not many people actually put enough thought into it while buying an insurance plan for their vehicles. One must keep in mind that the value of the car decreases every year and so do its insurance premiums; therefore, if you can’t afford to buy full coverage, then opt for basic packages which cover theft, arson, accident, and natural calamities.

4. Analysis of market rates: 

This is one of the most crucial tips to save money when buying a new car in India. You must have a keen sense of market prices so that you can negotiate effectively with dealers and get your favorite model at an affordable price range for it. Carorbis show comparisons between various brands and models to help customers avail their cars at pocket-friendly rates; be sure to check them out regularly before buying!

5. Test drive: 

It’s always good to test drive a car before finalizing your purchase because no matter how experienced and cautious you are, there will always be certain things which only come up during the test-drive. A test drive will also give you a clear picture of what to expect from the car in terms of performance, mileage, etc.

6. Car Insurance rates:

 It is wise not to get too carried away by discounts or amazing offers on insurance plans because they are lucrative but only for limited time periods. Opt for online buying of your car insurance plan instead because it can save you money through various discount packages and cashback deals offered by different companies.

7. Promotions at showrooms:

 Manufacturers frequently come up with attractive schemes that allow customers to avail price reduction for their cars while dealerships organize special promotions on certain models or combinations just before festivals like Diwali and Gurpurab so try to take advantage of such schemes to save the maximum amount of money.

8. Check for local dealers: 

Local dealerships provide better prices than showrooms that are located in faraway places because transportation costs eat away a large part of your savings, so make sure to check with your area dealer before finalizing the deal you like. You can get excellent discounts up to Rs. 2 lac if buying directly from the dealership instead of purchasing through an agent; however, it has its own set of difficulties because mostly, these dealerships will demand cash payment and no bank loan.

9.  Documents: 

Always take care of your car’s daily records and maintenance reports in order to get an idea about when was the last time it underwent a checkup, which area needs attention, etc. These things can save you thousands of rupees in terms of overhauling and repairs because checkups add up to the cost quite quickly.

10. Accessories: 

Wheels, bumpers, spoilers, etc. basically all exterior accessories come at a price so if you want to save money on them then ready cash is not the way. Look for dealerships that provide EMI options and other schemes which allow customers to pay for these additions in installments instead of one lump-sum amount.  You can also buy car accessories online at Carorbis to make your car look stylish and better.

11.  Insurance Plans: 

Buying a car insurance plan can be a hectic task for people who have never purchased one before so, if you are in this category, then don’t fret about it and visit an agent without wasting too much time because they know their job and will guide you through the whole process. Also select reputed insurance companies because such brands offer excellent benefits like multi-coverage plans, cashless garages, free towing assistance, etc.

You can also add some car decoration items to make your car interior appear better.  It is always advisable to follow these tips when buying a car because they will help you save money while you can still get the best model that meets your needs. Remember, it’s not about which car you buy but how much you pay for it.

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