5 tips to save money on a new car purchase | The Financial Express

5 tips to save money on a new car purchase

Tips to save money on a new car purchase. Here are 5 easy ways to save money on a new car.

tips to save money on new car purchase

Cars are an investment these days, as prices have constantly been on the rise. A car is the second most expensive thing owned by many, after a house, and when this is the scenario, saving every rupee matters when buying a new car.

If you are in the market looking to buy a new car, here are 5 tips to save money on a new car purchase.

Opt for your own insurance

The on-road price of all cars includes insurance. Carmakers usually quote more than what it costs, so one of the easiest ways to save money is to get the insurance done yourself. Check with multiple insurance providers to see offers not necessarily the cheapest deal, but the best for your money.

Also, if you have the insurance policy of your older vehicle, use that to see how much you can save on offers and the No Claim Bonus. This usually saves a significant amount of money.

Drop the accessories

Accessories are another great way to save money on. Car dealerships convince you to opt for rain visors, perfumes, floor mats, seat covers, etc. Say no to them. If you think any of the accessories are needed, buy them outside, not at the showroom. This helps save a significant amount of money.

Look for the best loan offers

Most car buyers take out a bank loan to buy a car. When opting for a loan, check with multiple banks to see who offers the best deal and the lowest rate of interest. This saves a lot of money in the long run.

Extended warranty – is it necessary?

Many cars are sold with a standard 2 or 3-year warranty, while all carmakers offer you an extended warranty to cover the first five years. However, this costs money. See if this is needed, as modern cars are built to a certain standard that nothing breaks or falls off. Just servicing the car on time and regular maintenance is enough to make the vehicle last more than what any warranty covers.

Choose the variant wisely

The biggest savings happen while deciding on the variant. Sure, the top-spec trims are tempting but think if you need features such as an advanced infotainment system, sunroof, wireless charging, leather upholstery, etc. If you think they don’t matter, choose a variant lower, and this saves you a lot.

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First published on: 25-02-2023 at 10:00 IST
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