Things to Keep in Mind before Buying a Car this Festive Season
The festive season is deemed to be the most auspicious time of the year and therefore, it is the time to begin new journeys, start new businesses and make big purchases. This is the reason this time of the year has become synonymous with buying and selling in our country. It has been observed over the years that the rate of buying cars increases considerably near Diwali. So, if you are planning on buying your first car or simply your next one this festive season, then there are some things that you must keep in mind.
Know your requirements
Be it diesel vs petrol, performance vs features or simply looks vs comfort, all these factors must be chosen based on your requirements. Hence, make a list of your requirements before making up your mind on which car to buy. Travel needs must be kept in mind as well as they might determine whether you need more mileage. List down all your needs and then make an informed decision.
Decide between New and Used Cars
The first thing a buyer must decide before buying a car is whether it should be a brand new car or a second hand car. On one hand where a brand new car has its novelty, buying a used car can be a great money saver. Another contributing factor to keep in mind while making your decision is whether you need a car loan for both options as there are used car loan interest rates and other offers.
The festive season is the time when companies usually come out with new launches and products as there is a high demand in the market around this time. Customers often start saving for new and upcoming products that launch at the end of the year and hence, companies offer big discounts on their launches during festival time. From brand new launches to latest avatars of the existing cars and even added accessories, companies often pull out all the cards during this time of the year to attract maximum customers.
Offers on bank loans
With a rise in buying and selling, leading banks also offer attractive schemes during the festive season to woo the potential customers. So, if you are considering a loan to buy your next car then you must keep an eye out for these offers that may include interest rates as low as 8.7%. Banks also offer other interesting features such as waiving the processing fee and offering cash vouchers, used car loan and corporate discounts to the customers during the festive time.
Loyalty exchange offers
Another important factor that can play a big role in helping you save money is loyalty exchange bonus that is offered by some brands when you buy a new car in exchange for your old one from the same brand. Companies like Ford encourage buyers to buy new Ford models in exchange for the old ones. The company calculates the value of your used car by even adding insurance and accessories and offers a great discount for your new Ford. This is done to maintain a customer relationship and ensure loyalty to the brand.