Do NOT buy a car before reading this!

Buying a car holds different meanings for different people. While for some it is what you need for convenience. To drive around the city and run errands. While for others it is that one thing you had wanted since you were a child; and being able to buy that same car comes with a tremendous sense of accomplishment. Whatever be the motivation, one thing is for sure. Buying a car is a huge financial commitment, and you don’t want to do that before doing thorough research. Today we have brought to you a few pointers that you must keep in mind before you commit to a car:

What is your budget?

By budget we do not mean the sum of money you have left in your account, minus rent and the little you need to survive on tacos all month. Set a realistic budget that you can afford to shell out without feeling the pinch of the EMIs, and also estimate an amount for repairs or any unforeseen costs. Also, the EMI should be a number that you can afford to pay off quickly. If you pay EMIs forever, you are actually shelling out a lot more interest money than what the car is worth.

To buy or to lease?

This is one of those questions that seems to bother even seasoned car buyers, because there is no single answer to this. It all depends upon how much rough handling your car will go through, how many miles you will be driving it around approximately, whether you intend to stick with this car for a long time or it is a short-term commitment for convenience’s sake which you intend to swap for the next better model or your next pay hike, and a host of other factors. We advise you to take a deep look into your lifestyle and needs for this part. For the other part, that is getting a good deal on a car lease, there is nothing like scouting the markets organically and talking to dealers and banks for the best deal.

New or used?

Again, there is no definite answer. If this car is for the sake of convenience and you plan on reselling it in a few years then we suggest buying a used one as you have paid lesser while buying, so the loss in resale price won’t pinch as much. Again, if you feel your car will be subjected to rough handling, buying a new model will over the initial repairs under warranty. On the whole, if you manage to find the model of your choice, used for less than 3 years, in a fairly good condition at a good deal, we recommend going for it.

When to buy?

Is it true that certain cars are cheaper in certain seasons? The answer is yes. Once you have zeroed in on the model, find out what time of the year it is cheapest and buy it then. Even if you do not drive it around for a few months, it is still a great deal. Case in point: The whole world wants to cruise around in a convertible on a sunny summer afternoon. Hence convertible prices are at the highest during summer. In the winters, comfortable 4-wheel SUVs are most in demand. It makes sense to buy your vehicle in a non-peak season and save a few bucks without having to make any sacrifices.

Do your research!

This is our ultimate advice for anybody thinking of buying a car. Scout around the market for old models, visit the showrooms, take a test drive on the few you have shortlisted, visit banks for best rates on loans and thoroughly read up online about the models you are considering. Lastly, choice of dealer is also very important. Read reviews about the dealership and ask around in your social circle if anyone has bought a car from them before, and what was the experience like.

These were some of the things you absolutely have to consider before buying a car, so that when you turn on the engine, you feel happy. Not just about the beautiful sound of the engine coming alive, but also about the great deal you got on it.