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Holi, the festival of colours, is finally upon us. Many Indians have been taking the opportunity to travel, while others are playing Holi on the streets or spending some quality time with family and/or friends. Many others are looking at buying their cars on Holi, because of a few reasons. For one, Holi is an auspicious occasion for many people. Another reason is that many car makers and dealerships offer appealing discounts on and around the day of Holi. This is especially true given that the year is ending and the automotive sector has seen a slowdown since November 2016. Diwali and the period just before it is the time that automotive sales really hit the peak, but Holi could also be a good time to buy that dream car you always wanted. But before you go ahead and make the purchase, here are some common mistakes that you need to avoid.
Not determining your budget or how much you can pay every month: Now, Holi is a time when dealerships will not only be pushing good discounts and special offers, but will also be aggressively trying to close their sales before the fiscal year ends. As a result, you may be tempted really hard to buy a car that is beyond your budget. If you are planning to buy a car on a loan, then you should be particularly careful about how much you can may on a monthly basis. You could very easily be lured into a deal that lowers your down payment, but increases your EMI to an unsustainable level. So before you head out to the car dealership, make sure you know exactly how much you can afford to pay up front and in EMIs.
Not negotiating for a better deal: Another common mistake that you can make is not negotiating with the showroom for a better deal. With Holi discounts now in full swing, it is easily to think that you are getting a great deal already. And in some way, you really could be getting an irresistible deal on your car. But showrooms are also clambering for more sales to end their year, so this could be a great time to push for even better deals. Do not settle for the first offer that you get. Once you have an offer in your hand, push for more incentives, offers or freebies to make the most out of the occasion.
Not considering a used car: For many, Holi could be a great time to bring in a new car to their garage. But you could be missing on some golden opportunities by not considering a used car. After all, it is important to note that a new car is not an asset in the financial sense. Once you buy a car, its value immediately begins to depreciate. In just two years, your new car could be worth up to 40 percent less, depending on a lot of factors. As such, a used car could be a great option since it is much cheaper than it is worth. Used car dealer will also be pushing aggressive discounts and offers, just like new car showrooms. Make use of this opportunity and avoid the high depreciation that comes with a new car. Also Read: Nexa-bound Maruti Ciaz 2017 spotted; India launch in April
Buying the wrong vehicle: This mistake is related to the first mistake mentioned here. The occasion of Holi and the discounts on offer could make you look at a car that is not suiting your requirement. For instance, you could be a small family of three or four, so there would be no point in purchasing a large SUV or MPV with the capacity to seat up to seven people. It would be a waste of money during Holi and the years ahead. Similarly, you need to consider the additional costs involved in buying a car. These costs can include service and maintenance costs, insurance premium and the costs of parts and essentials like oil.
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