Buying a new car or bike on the occasion of Diwali is special for many people. During this time, auto companies and dealers offer cash discounts, exchange bonuses and many other offers to attract customers. But taking a hasty decision by looking at attractive advertisements and offers available in the showroom can prove heavy on your pocket.
If you are preparing to buy a car this holiday season, you can save a lot by keeping a few things in mind. Just negotiating the price of the vehicle is not enough. It is also important to look into insurance, loans, accessories and vehicle inspection before delivery. Let’s find out 6 ways by which you can get a better deal.
Get pricing from not one but several dealerships
Before buying a car, get on-road price quotes of the same model and variant from at least three showrooms in your city. With the help of this you will know which dealer is giving how much discount and what benefit. During the festive season, dealerships are under pressure to sell more vehicles. In such a situation, you can talk to your favorite dealer to reduce the price by showing better offers from other showrooms.
Also see other options for insurance
Insurance provided with a new vehicle can add to the total cost. So, don’t consider the premium quoted by the dealer as the final price. Also check the price on PolicyBazaar or other online platforms. When comparing, add-on covers such as IDV and Zero Dip, keep engine protection the same. This will help you make a fair comparison. In some cases, by buying a policy from outside, you can save Rs 15,000 to Rs 40,000. You can also ask the dealer to give you a better price by showing the online quotation.
Negotiate car loan interest rates
If you are buying a car with a loan, don’t just opt for the dealer’s partner bank option. Compare interest rates, processing fees and offers from your current bank and other banks.
During Diwali, some banks may offer facilities like low or zero processing fees. Taking a pre-approved loan offer can also be beneficial. Negotiate additional interest rate concessions if your CIBIL score is above 750.
Avoid spending on unnecessary accessories
Many times dealers quote Rs. 20,000 to Rs. 35,000 worth of essential kit or adds basic accessories. It can contain things like mats, mud flaps and perfumes. Understand the need for such things before buying a car and ask to remove the unnecessary ones. Accessories like mats, seat covers and chrome garnish can also be purchased externally. However, before making any changes, please check the warranty conditions.
Avail NCB and corporate discounts
If you already own a car and are selling it, talk to the insurance company about your No-Claim Bonus (NCB). If suitable, it can be transferred to a new vehicle policy. This can offer a discount of 20% to 50% on the on-damage premium.
Additionally, if you are affiliated with a corporate company, government department, military or educational institution, ask about corporate discounts. In some cases, this can save Rs 5,000 to 20,000.
Please check the vehicle before delivery
Due to increased demand for vehicles during the festive season, the work pressure on dealerships also increases. So, before making the full payment and registering the vehicle, do a Pre-Delivery Inspection (PDI). Check the vehicle body, paint, dents and scratches in daylight. Also know the month and year of manufacture from the VIN number. If you find any discrepancy, check with the dealer before proceeding with payment or delivery.
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