Buying a car can feel really stressful. Dealerships want to sell you a car, so they use high-pressure tactics. And with all the negotiated prices, it's hard to know if you're getting ripped off. It's enough to make your head spin! That's why planning before you walk into the dealership is so important. Knowing what to do and what not to do beforehand helps even the playing field. It makes the car-buying process feel less scary and more in your control.
Equipped with the right information, you can feel confident and avoid mistakes that could cost you big time. This guide covers all the dos and don'ts of car buying to help you find the perfect vehicle without hassle.
1. Set Your Budget: The first and foremost rule of car buying is to fix your budget. This will help narrow down options and prevent you from overspending. Be sure to factor in the car’s sticker price, insurance, fuel, maintenance, and interest on the loan (if applicable). Leave some buffer for any unexpected repairs or additional expenses down the line.
2. Research Extensively: The internet has made gathering information much easier. Use online car portals and expert reviews to shortlist vehicles that meet your preferences and budget. Consider factors like seating capacity, fuel efficiency, after-sales service, etc., before zeroing in. The ACKO Drive website is one of the best platforms to find information about different car models and decide based on your budget.
3. Take a Test Drive: No buying decision is complete without taking the car for a thorough spin yourself. This gives you a first-hand feel of the comfort, handling, acceleration, etc. Take it on different road conditions during your test drive. Check blind spots, seat adjustments, boot space, etc. Pay attention to any weird sounds or vibrations. Don’t hesitate to flag concerns to the dealer during the drive.
4. Examine Financing Plans: Not everyone can afford to buy cars outright in cash, making financing inevitable. Many dealerships offer in-house loans or tie-ups with banks and NBFCs. Compare interest rates and processing fees before choosing the loan product. Also, consider the repayment tenure and EMI amount in alignment with your income and budget. Avoid stretching your limits to the extreme.
1. Avoid Impulsive Buying: It’s easy to fall for a car’s looks and make an impulsive purchase. But snap decisions often lead to future regrets. Follow the research process diligently before deciding. Don’t let the salesperson push you into buying on the spot with ‘limited-period’ offers, etc. Discuss with family, too, for big purchases. Making a prudent call will leave no regrets later.
2. Don't focus only on monthly payments: Dealers can extend loan terms to lower the monthly payment, but you'll pay more overall with interest. Instead, look at the total purchase price and loan terms.
3. Don't take the first deal offered: Research fair prices for the car you want. Be prepared to walk away if you need more than your desired price. The dealer may come back with a better offer.
4. Don't feel pressured into add-ons you don't want: Things like extended warranties, rust-proofing treatments, and fabric protection can substantially increase the price. Only opt for extras you truly find value in, and say no firmly to ones you don't.
5. Don't trade in your old car too early: You'll likely get more money selling it yourself rather than the wholesale value dealers offer. At least get quotes from other dealers and see if they can beat the trade-in amount. Consider selling privately if there's a significant difference.
6. Don't focus only on the advertised price: Fees like documentation and destination charges can quickly increase the out-the-door price. Include tax, title, license, and all fees in your budget.
Buying a car is a big deal! You want to feel good about the entire process, so you have no regrets. The best way to do that is to be informed and prepared. Set your budget ahead of time and stick to it. Do your research on models, prices, and financing. Take test drives and inspect the car closely. Don't let monthly payment tricks or add-on pressure sway you. Focus on the real bottom-line price before making any decision.
Most importantly, take your time with everything. Making smart choices about your car can save you money for years down the road.
