Buying a car is a major investment for most Indian families. With the wide variety of models available today at prices ranging from a few lakhs to over a crore, choosing the right car that fits your needs and budget can be challenging. It’s very easy to make mistakes during the purchase process that could leave you with buyer’s remorse down the road. However, being an informed buyer and avoiding common errors can help you find the best car deal while avoiding overspending.
In this article, we’ll go through some of the top car-buying mistakes Indian consumers should avoid. Taking the right steps will lead to a seamless purchase and years of happy driving in your new vehicle.
Skipping the Research Phase
Don’t make the mistake of walking onto a dealer’s lot without arming yourself with research first. The internet lets you access dealer invoice prices, expert and owner reviews, recall information, and more for almost every car model.
Use websites like ACKO Drive to know about the models on factors like:
- Reliability ratings
- Ownership costs
- Safety features
- Dimensions and cargo space
- Mileage
- Resale value
- Insurance costs
- Availability of parts
Shortlist a few models you’re interested in and dig deeper into their pros and cons before visiting a showroom. Don’t get swayed by marketing claims and ads alone.
Focusing Only on the EMI Amount
Many buyers fixate on the monthly EMI amount when taking a car loan. However, you should also consider the interest rate, down payment, and loan tenure, which impact the total costs.
It’s better to negotiate the best price on the car first and then explore financing. You can get a better deal by negotiating everything together instead of being pushed into dealer financing.
Calculate how more down payment or shorter loan period impact the EMI and overall costs. Don’t just accept the dealer’s proposed loan terms without exploring.
Skipping the Test Drive
You should not finalise a car purchase without having a very long test drive, even when it is a new car. Drive the vehicle on various road surfaces and conditions for at least 15 to 20 minutes.
As you do this, pay keen attention to the pickup, acceleration, braking performance, steering, holding to the road, noise levels, and suspension over bumps. Have someone accompany you for a second opinion in matters of such importance.
Don’t ignore test driving because it’s a hassle – this mistake can leave you with a car you regret buying for years.
Buying Without Inspecting
It’s equally important to get the car thoroughly inspected before buying. If needed, pay an experienced PDI (Pre-Delivery Inspection) specialist to identify any issues the dealer may have overlooked or missed.
Not Valuing Your Trade-In Separately
Trading in your old car for convenience makes sense. But you’ll usually get a lower price than selling it yourself first. Dealers have to make a profit reselling your trade-in.
Weigh the pros and cons of selling privately through online portals versus trading in. Get quotes from multiple dealers on your trade-in value, too.
Negotiate the new car’s purchase price first before discussing the trade-in value. This prevents dealers from lumping the trade-in amount into their overall quote.
Falling for High-Pressure Sales Tactics
Reputable dealers won’t pressure you into making an on-the-spot deposit or same-day purchase. But some still use unethical tricks, like claiming limited stock or impending price hikes.
Don’t fall for these tactics. Take your time to evaluate all options. Be ready to walk out if you feel forced into a quick decision or deal you’re unsure of. There will always be more cars to look at later.
Skipping Fine Print Reviews
Dealer agreements contain key details that could come around to torment you. Don’t just sign the purchase order, loan contract, or insurance papers without reading them thoroughly.
Watch for hidden fees, high interest rates, waivers of liability, and other terms favouring the dealer. Question anything that seems unfair or misleading before signing.
Conclusion
Avoiding common mistakes when buying a car in India requires diligence and patience. But it pays off with long-term savings and satisfaction. Take time to research models, inspect cars, compare financing rates, and negotiate fair pricing. Don’t let sales tactics create a false sense of urgency.
Use available tools to determine fair value and prevent overpaying. Weigh factors like insurance, road tax, maintenance, and fuel costs. Carefully read all paperwork before signing. Follow these guidelines to make buying a car a smooth, stress-free experience that will result in years of comfortable motoring.