Is it worth buying a new car in India?

Is it worth buying car India?

Never. We find it difficult to even imagine. Because availing loans at high interest rates, to buy luxury items & depreciating assets, is never advisable. Similarly, in the case of car as well, the idea should be to buy it for emotional reasons within our budget limitations, but without loan.

Is buying a new car a good investment?

Although your car is an expensive purchase, this does not mean it is an investment. … However, the general rule of thumb is: investments make you money. Where a home appreciates in value over time and stocks pay a dividend and appreciate in value, a car depreciates over time and depreciates in value each year.

Which month is best to buy a new car in India?

October to December is the best time to purchase a car in India. During this time, the car showrooms will be clearing the stocks of outgoing models and will offer heavy discounts and additional benefits.

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How much should I spend on a car in India?

The answer to this question is the thumb rule of not spending more than 50% of your annual salary. Whether to consider the net income or gross income, it’s up to you. If your annual income is Rs. 10 lakhs, you can settle for a budget of Rs.

What month is the best to buy a car?

When Is The Best Time To Buy A Car in India

  1. End of the Month. When purchasing your car from a dealership, it is highly advisable to do so at the end of the month. …
  2. End of the Year. The months October to December are uniquely good for purchasing a new car. …
  3. Early in the Week. …
  4. Look for Seasonal Discounts.

How many years should you keep a new car?

The longer lifespan has been made possible by more reliable mechanical parts. As the parts have lasted longer and worked more efficiently, cars have needed less maintenance over the years. According to the automotive research firm and car search engine iSeeCars.com, a new car is kept on average for 8.4 years.

Why you shouldn’t buy a new car?

Faster Depreciation and Negative Equity

It’s not fair or right, but new cars depreciate faster than used vehicles. … To put it simply, if you buy a brand new car without a down payment, or if your monthly loan payment isn’t high enough to compensate for depreciation, you could end up owing more than the vehicle is worth.

What are the disadvantages of buying a car?

Disadvantages of Buying New

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The price of a new car is typically much more expensive than if you bought the vehicle used. Be prepared to pay much more in sales tax. New vehicles are said to lose up to 20 percent of their value as soon as you drive off the lot.

How do car dealers negotiate in India?

Let the salesperson know that you are in the market and looking at different vehicles. A quality salesperson will be able to explain the benefits of his car over the competition. Take a test drive, but don’t talk price. Dealers love to negotiate with you right after the test drive, when you are at an emotional high.

How can I save money for a car in India?

Here are some tips to save money while you buy car in India.

  1. 7 Tips To Save Money While You Buying Car In India.
  2. Get In contact with, authorized car dealer. …
  3. Buy car on specific occasions. …
  4. Avoid taking car insurance from the dealer. …
  5. Bargain for free goodies. …
  6. Sort things out before making payment. …
  7. Ask for warranty extension.

Is it good to buy a car in December?

If you’re planning to buy a car before the end of the year, then the first week of the month is a great time to start shopping. Depending on which brand you pick, as well as which dealership you go to, there might still be some 2020 models on the lot that you could get a good deal on.

Can I buy a car with 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000. But the criteria for getting a loan also depends on the creditworthiness of the customer.

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At what salary you should buy a car?

First, don’t spend more than half of your annual income on a car. Suppose your annual income is Rs10 lakh. Your budget for the vehicle should be around ₹5 lakh. Don’t worry about whether you should consider net income or gross income.

Can I buy a car with 30k income?

If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from.