🚗20-4-10 rule: Have enough money to make a down payment of 20% or more, take a loan with a term of 4 years or less and make sure the EMI is less than 10% of your monthly income. Let this rule guide you into understanding what car you can actually afford instead of drowning yourself in debt for a depreciating asset!
🚙Consider a hybrid or electric car: In this day and age, even if the amount you will pay for the car up front will be more with a hybrid or electric, the amount of money you will save over the course of its lifetime in fuel, may make it totally worth it! Check if the size of car you are looking for has these two options available (PS: our favorite is the hybrid option tbh).
🏎️Go insurance shopping: Make sure you shop around for insurance. There are pretty basic standard insurance covers for auto insurance and there are multiple insurance providers giving these out at great costs. So before you go for the one your dealer is selling to you, shop for some discounts on this online and select the best one for you out there!
🚓Get zero-dep insurance: Select a zero depreciation cover along with your comprehensive car insurance policy, because, during claim settlement, an insurer deducts the depreciated value of parts before replacing the damaged parts. So, with a zero depreciation cover, there’s no such deduction, and you receive the 100% amount of the claim value.
🚕Figure out if you really need it: Yes, a lot of people think buying a car is a dead investment. But, it really depends on your usage of it! Do you travel as much, do you or can you use public transport instead? Are you buying it as a status symbol? Can you really afford it? Is there a second hand option you should consider? Ask yourself these tough questions before jumping into the decision.
Other than that, you gotta do what you gotta do! Share this with someone who is dying to buy a car in 2024... and we’ll see you in the next one ❤️
#isbuyinganewcarworthitin2024 #buyingacarin2024 #shouldyoubuyanewcarin2024 #cars #newcars #Vehicles