Plan to drive home your dream vehicle this Dhanteras!

Share

The first day of the Diwali Season, Dhanteras is considered to be a very auspicious day to buy precious items as a sign of good luck. While traditionally people buy gold, silver and utensils, these days people even purchase land, vehicles, make investments and commence new business enterprises on this day. Most customers want to take delivery of their vehicles as well on Dhanteras. Thus this is a bumper day for auto companies and dealers, and it usually marks the highest sale on a single day in this festive season.

 

However this year, the spiralling petrol prices and soaring interest rates make owning vehicle a very costly affair, leading to customers postponing their purchases. Hence auto dealers are offering even more incentives to customers to boost sales. Apart from rebates and discounts, many dealers are offering free assured gifts such as electronics, gold and even free holiday packages on purchase of vehicles.

 

On this auspicious day, we at Fpguru.com suggest a few points you should bear in mind before buying your new vehicle.

Account for all the costs associated with purchasing a new vehicle, in your budget, prioritise between your goals, plan your finances and only then decide which vehicle you can afford to own.

Choosing the right vehicle is the most important decision. You must choose the segment, make and model as per your requirements. Factors such as number of people in your family, purpose of buying the vehicle, usage per day should be considered before deciding on the variant of the vehicle. While petrol is more expensive than diesel, diesel vehicles are much more expensive as compared to petrol vehicles. Thus the actual benefit from buying a diesel vehicle is derived only if the daily running of the vehicle is high.

If you are opting for an auto loan, carefully evaluate the various loan schemes offered by different institutions and then decide on one. You must understand the various components of a loan such as, the term of loan, interest rate and EMI amount, the down payment required etc. These days, applying for an auto loan has become much simpler and this facility is available at various banks, financial institutions and dealers. 

Along with the actual cost of the vehicle there are many hidden maintenance and repair costs that need to be accounted for. There are various operating costs such as oil changes, routine maintenance, gas costs etc that drive up the daily expenses involved with owning a vehicle. In particular luxury cars the replacement parts need to be imported, which could turn out to be very expensive.

Insurance for your vehicle is a must, you should review policies offered by various companies to make the right choice. It is important to bear in mind that the more expensive the vehicle the more is the insurance cost.

As most auto companies are offering various incentives such as festive discounts, rebates and special offers at this time of the year, make sure you avail of them and take maximum benefit.

There is nothing like the feeling of owning a new car, but it comes at a price. As cars depreciate sharply in the first two years of use, it might be a good idea to buy a pre-owned car that is only a few years old and is available at a much lower price. As these days second hand car dealers are easily available, many people are opting for them. In fact most auto makers have their own pre-owned car showrooms for the same.

Of course last but not the least you must test drive the vehicle to ensure it has all the features you require before you drive it home.


A big investment or small, your daughter’s wedding or buying a vehicle, financial planning is essential for any financial decision. So ensure you do your research well, get your paperwork in order and drive your dream vehicle home safely this Dhanteras!

 

By Riddhi Agarwal

The writer is working with Fpguru.com


Add comment


Security code
Refresh

Related Articles