Tips for Buying a New or Pre-Owned Car this Festive Season - MoneyTap Blog
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Tips for Buying a New or Pre-Owned Car this Festive Season

Tips for Buying a New or Pre-Owned Car this Festive Season

The period from Dussehra to Diwali is considered the most auspicious time of the year for new beginnings, including vehicle purchases. Most Indians put off buying a car until the festive season, even if they aren’t religious. This is because manufacturers and retailers offer amazing sales and discounts around this time.

Let’s see how you can make a car purchase using a vehicle loan or money you’ve saved up, without spending too much.

Why Should You Buy a Car between Dussehra and Diwali?

With the current slowdown in auto sales, you can expect to get some great deals when you buy a car or bike this Dussehra and Diwali. If money is tight, you can always consider a loan that allows you to pay for your vehicle purchase in installments! 

Should You Choose a New or Second-Hand Car?

The answer to this question really depends on you. Your unique needs, preferences and financial abilities will determine which is the better choice.

Both have their own benefits and disadvantages, and here’s an overview:

  • Pre-Owned Cars – The biggest advantage of buying a second hand car lies in the cost savings. You don’t need to invest as much as you would with a new vehicle. However, be careful about checking the condition and comparing prices before putting any money down for it. 
  • Brand New Cars – When you buy a new vehicle, you get a warranty and assurance of its condition. A new car may not need repairs for a while, and the first few service/maintenance sessions are often included in the package. But, buying a new car is expensive.

8 Smart Tips for Buying a Vehicle during Dussehra and Diwali

If you’re planning to buy a new or used car this festive season, here are some things to keep in mind:

  1. Analyze Your Budget – Buy a car you need and can afford, rather than being swayed by discounts. Also make room in your monthly budget for EMIs, fuel, maintenance, etc. 
  2. Compare the Discounts – Check which promotions and deals are actually of value for you. Free accessories and add-ons may not be as useful as exchange or cash discounts. 
  3. Check Insurance Plans – New vehicles often come with free insurance plans for a certain period. If you’re buying insurance yourself, shop around for quotes to get the best price. 
  4. Apply for a Car Loan – You can buy a pre-owned vehicle with a second hand car loan, or use a personal line of credit for new car financing (making the down payment). 
  5. Look for Low Interest – Shop around to find loans at the best rates. Many auto dealers offer financing through bank tie-ups, but you can also get low-cost loans online. 
  6. Explore Hidden Deals – Many companies provide corporate discounts on car purchases for both private and government employees. Don’t be shy about asking for these! 
  7. Leverage Brand Loyalty – If you already own a vehicle from the same brand as the one you’re buying, you may be eligible for loyalty exchange offers or other bonuses. 
  8. Invest in the Extras – When it comes to any large purchase, extended warranty and assistance are both worth the investment. These will save you money in the long run.

Looking for an affordable vehicle loan before the festive season? Download Moneytap and apply for one today!

MoneyTap

India’s first app-based credit line, MoneyTap is a Bangalore based business that lends money with flexible interest rates, making credit quick and easy.

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