Festive season has just begun, so have the attractive offers by banks and car manufacturers to lure potential car buyers. While it may not harm to give in to the temptation of buying a new car, there are a few things you should take care first before you splurge on your new ride.
EMI: Buying a car may not be that difficult these days, but saving money for your monthly EMI can be a bit of a hassle. Calculate your EMI and see if you have enough monthly income to pay for fuel and maintenance costs. Since a vehicle is a depreciating asset, think it through before you take the EMI route to finance your car.
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Parking: Once you've bought your vehicle, parking it can be a challenge if you live in a cramped neighbourhood. The best way to avoid it is by choosing a small hatchback instead of going for a long sedan. A small hatchback can be easier to move around in narrow lanes.Insurance: Choose a premium depending on your budget and service of the insurance provider. It is advisable to choose a cashless car insurance as you won't be asked for an upfront payment in case you go for accidental repairs. Most of the insurance companies charge a nominal fee of Rs 1000 to process the repairs, so you only pay the amount which is not covered in the insurance.
Thefts: The menace of carjacking can be real in this country. To prevent your new car from being stolen away, it is recommended that you install an anti-theft GPS tracker. You can further make your car's security fool-proof by using a gear lock.
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