Tips for Saving Money When Buying a New Car

Tips for Saving Money When Buying a New Car

Cars are now considered an investment, as prices continue to rise. A car is the second most expensive item many people own, after a home, and when this is the case, every rupee counts when purchasing a new vehicle.

If you are in the market for a new car, here are five tips to help you save money on your purchase.

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Choose your own insurance

The on-road price of all cars includes insurance. Carmakers usually quote more than the actual cost, so one of the simplest ways to save money is to get your own insurance. Check with multiple insurance providers to see who offers the best value for your money, not just the cheapest deal.

Also, if you have your older vehicle’s insurance policy, use it to calculate how much you can save on offers and the No Claim Bonus. This usually saves a lot of money.

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Remove the accessories

Accessories are another excellent way to save money. Car dealerships persuade you to purchase rain visors, perfumes, floor mats, seat covers, and other accessories. Say no to them. If you believe any of the accessories are necessary, purchase them outside of the showroom. This saves a significant amount of money.

Search for the best loan offers

Most car buyers obtain a bank loan to purchase a vehicle. When applying for a loan, compare offers from multiple banks to find the best deal and lowest interest rate. This results in significant long-term cost savings.

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Is extended warranty necessary?

Many cars come with a standard 2- or 3-year warranty, but all automakers offer an extended warranty that covers the first five years. However, this is not free. See if this is necessary, as modern cars are designed to ensure that nothing breaks or falls off. Simply servicing the car on time and performing regular maintenance is sufficient to extend the vehicle’s life beyond what any warranty covers.

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Choose the variant wisely

The biggest savings occur when deciding on a variant. Sure, the high-end trims are appealing, but consider whether you require features such as an advanced infotainment system, sunroof, wireless charging, leather upholstery, and more. If you believe they are irrelevant, select a lower variant, which will save you a significant amount of money.