With rising disposable incomes and long-distance travel needs, a strong urge is to get a car. It can be tempting and lucrative to purchase a car that is enjoyable to drive and looks stylish.
However, these should not be the only criteria for selecting a car. Budget, safety features, and other modern accessories that provide a relaxing experience are also crucial.
Read here to learn more about how to choose the best car for yourself, one that offers maximum value for money and all modern features.
Things to Look Out While Purchasing a Car for Yourself
Here are some factors that you need to look out for while purchasing a car for yourself:
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Driving Test
A driving test is always beneficial as it gives a first-hand account of the car you want to purchase. You can see whether the car is comfortable and relaxing for drivers and a live demo of the safety features.
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Choose the Right Body
Choosing the right body type is also important when purchasing a car. There are three body types:
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Sedan: Because of the enlarged chassis, sedans have a larger interior than hatchbacks. Sedans rank very high on grandeur and style quotient.
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Hatchback: This type of car is better suited for metropolis traffic and snarls. Due to their small size, hatchbacks are quite easy to manoeuvre. They are also quite adorable, and their fuel efficiency is very high.
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SUVs: The acronym stands for Sports Utility Vehicles. The last 10-15 years have been the period of SUVs as it has garnered a majority share and is quite popular among buyers. Their ability to negotiate tricky terrains is one feature that helps them stand out.
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Fuel Efficiency
Mileage or fuel efficiency is also important when selecting a car for personal use. The fuel cost has risen significantly recently, and long-distance travel has become quite expensive. If you have to travel long distances regularly, selecting a car with a higher mileage is wise.
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Safety Features
Car companies have incorporated various safety features in the wake of rising accidents. When purchasing a car, it is always important to take a serious look at the safety features offered by different car companies and their efficacy.
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Manual or Automatic
Car companies offer two types of gear systems: manual and automatic. The former is an old technology in which the driver manually changes gears. If you frequently travel intercity or interstate, automatic travel offers a greater advantage than manual travel.
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Budget
Having a clear idea about your finances will help you shortlist the car brands and models that are available within that budget. Getting a car loan is always a better option as it reduces the financial burden and also provides several benefits in the income tax return category.
Calculating the car loan EMI can sometimes be challenging. To overcome such issues, you can use an online vehicle EMI calculator. These are digital facilities in which you need to enter the principal, interest, and loan tenure, and they will provide a reliable estimate of EMIs.
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Resale Value
A car is a fixed asset and should have some resale value. Before purchasing a car, you should undertake market research and get an idea of its resale value. A definite resale value unlocks the true potential of the investment.
Additional Things to Consider While Buying a Car
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Warranty
Understand the warranty coverage offered by the manufacturer or dealership and consider purchasing extended warranty coverage for added peace of mind.
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Car Insurance
As per law, you need to have at least a third-party car insurance to be able to drive legally on Indian roads. For further coverage, consider a comprehensive car insurance plan that covers both third-party and own damages. Also, while comparing different insurers, it is ideal to opt for one that offers roadside assistance and has a reliable network of cashless garages.
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Title and Registration
Ensure that all necessary paperwork, including the title and registration, is completed correctly and transferred into your name.
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Future Needs
Consider your future needs, such as changes in family size, commuting distance, or lifestyle, and choose a car that will still meet those needs down the road.
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Mechanical Inspection