When we were kids, we made a few promises to ourselves. Some of these promises were significant milestones. For instance, buying a family house, going for a family vacation abroad, or buying a car.
Growing up, we’ve all had our own car of dreams. While some of us have still held on to that car, a few others have found a new dream car owing to the massive changes in trends. But what stays constant is buying a car. And whatever it is, you do not want to let that kid down, whose dream was to at least buy a car in the first place.
So, to help you make the right decision I’ve compiled a list of things you must consider while purchasing a car.
- Hatchback, sedan, SUV and MUV
If you start with anything but this, you are bound to get stuck. Buddy, it’s 2022, there are a zillion options if you try to filter your car options with factors like price, ground assistance, offers, loan facilities, and whatnot.
So, it is always better to first zero down upon the type of car and then come to other additional factors. This will reduce your workload by quite a bit, and make things a lot easier. There is no hard and fast rule on which one among them is the best.
All four are significantly different from each other so it all depends on your personal preferences. Consider factors like parking hassles, ease of driving, size of family, and how often will the car be used. This will help you make a more informed decision.
- Manual or Automatic?
Isn’t automatic an obvious choice? Well, yes, for the ease of driving it comes with, it is an absolute no-brainer. The fact that you don’t have to deal with constant gear shifts in traffic jams already surpasses all the other benefits of a manual car.
However, automatic vehicles are also costlier, both to buy and maintain. They give lower mileage and are very sceptical of damage. On the other hand, manual vehicles are priced better, offer better mileage, and are easier to maintain.
So, if you are thinking an automatic car must be an obvious choice, think again. If you’re ready to bear the costs in exchange for comfort, go for it!
- Diesel or Petrol?
Again, people might think diesel is the obvious choice. Not really. The price difference between diesel and petrol is narrower than ever before. Further, petrol vehicles have a higher resale value, despite the fact that diesel vehicles are more expensive.
Also, diesel cars need more maintenance and have a shorter life. The general rule of thumb is if your vehicle is used in high frequency, you opt for a diesel variant. Otherwise, the petrol variant has a significant advantage.
- The resale value and price
Cars are highly depreciating assets and no matter how sad it sounds, let me tell you, that as soon as you buy your car, it may be half the value in the next six months.
While talking about resale values, some factors are also in your control, like, the maintenance of your car. On the other hand, you need to consider the fact that the resale value of a car is highly determined by the brand the car belongs to.
Some brands have an upper hand when we talk about resale values. For instance, Maruti, Toyota, Hyundai, and Honda are known to have a good resale value. While the other less-popular brands offer less resale value.
- Finance
You must know the answer to how are you planning to pay for your future vehicle. Most people never go for payment in full, even if they can. This is because the option of applying for a car loan is a win-win situation for all the three parties, the bank, the seller, and you.
Different sellers have different bank options with different car loan schemes. Some have a high initial installment and low-interest rate, while others have low initial installment and a high-interest rate. Go for what you think would benefit you the most. This completely depends on your current and future financial stability,
As I said, you cannot let that kid down, who first saw that dream. So, buddy, it’s time to make him proud and buy your first vehicle!