Frequently Asked Questions

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What is the best time to purchase a new car in terms of discounts etc?

The best time is mostly during festivals when car companies offer discounts, plus also during end of financial year and year end in general. During these times manufacturers have to clear stock and will offer huge discounts to offload and also for example during 2011 year end dealers would be keen to sell a car which has a 2011 registration.

Should I buy petrol or diesel car?

Choose a diesel car only if your daily distance is more than 50-60 kms. Diesel cars are more expensi ve than their petrol counterparts and you have to drive minimum 50-60 km a day to recover the extra initial investment. If your daily usage is less go for petrol car.

Should I buy sedan or hatchback?

It depends whether you need the boot space or not. Majority of the sales in Indian Automobile market consists of small cars and sedans are more expensive than hatchbacks.

Which new cars currently have a waiting period?

Petrol engined cars usually are available off the shelf. However, due to high demand, diesel cars ge nerally have a waiting period of 2-6 weeks. Cars like the Swift and Verna are perfect examples.

Should I go for base variant, middle variant or the top of the line variant?

It of course depends on your budget, but ideally you should go for middle variants as they offer the best value for money. Plus the base variant will mean less re-sale value since a lot of features would be missing and in the case of the top of the line variant, you will not get your full money’s worth when you sell it. So go for the one in the middle in the range.

Should I buy the extended-warranty at the time of new car purchase?

Absolutely, as this can save you a lot of expense incurred and a lot of headache as well. Also, the cost of extended warranty is usually in the range of 1% of the car value of sometimes even lesser. So, it does make sense to go for extended warranty.

Should I buy a model which is due for a change soon?

Buying a new car that is about to be changed will have an effect on its re-sale value. But, if you w ill be keeping your car for a minimum of 3-5 years, the effect will not be that much. Plus dealers would be keen to sell and will offer big discounts.

Is it wise to go for a new model which has been just launched or should I wait a bit?

In general it is okay to buy a car that has just been introduced to the market, especially, if it suits you as most cars are generally trouble free at the start or later.

Should I go for the most fuel-efficient car in the segment?

Fuel economy is indeed a very important criteria. Browse through the internet and talk to people who own the car that you are looking to buy as they will give a real world mileage figure. But the most fuel efficient car need not be the one that suits you, see the price of the car compared to the competition and its value in terms of features, space, looks. Mileage is not the only thing criteria to judge a car.

Does a manufacturer service network and after sales service matter in deciding?

Absolutely! If you stay in the major cities of the country, most car manufacturers will have a decen t service network. Check out the service costs of the car and ask the owners about it. It will impact you in the long run. Plus most manufacturers now a days offer road side assistance for any help in case of an unfortunate break down anywhere in the country. That is also worth considering.

How do I take a decision on what (car model) to buy and what not to buy?

Don't buy car in a huff. Before buying a car gather all the relevant information such as technical s pecifications, mileage etc. from various sources-Internet and/or dealers. With loads of reliable information available, you should first go for a virtual car shopping. This will help you in taking an informed buying decision.

How does upcoming cars help me in my car buying decision?

The upcoming cars section is designed to give you a detailed picture of what is coming in the future . Basically it shows what car you could be driving soon, so it is important for you to know what is coming to the Indian market.

Are these predictions accurate?

Our experts carefully narrow down all the cars that are coming to India through their various source s, expertise and not by just gazing into the crystal ball. It is based on facts and these cars will indeed be in the showrooms soon. So you can be sure that these cars will be introduced in the Indian market in the future.

I am planning to buy a car. Should I wait for the cars that will be soon launched or go for the ones available in the market?

It makes sense to wait and check out all the cars because the car is a big investment and not someth ing that you will sell soon so for example if you are looking for a SUV under Rs 10 lakhs it is wise to wait for some months as later two or three new SUV's will be introduced.

I have just bought a car. Does that mean the upcoming cars section is of no use for me now?

Absolutely not. Upcoming cars section aims to inform you about cars that will not just be introduced in the near future but also later. So, you will know what is going to be there new when you plan to buy your next car.

Will more green cars be introduced in the future?

Yes, there will be the introduction of cars like the Reva NXR and also many cars will have green tec hnology like Start/Stop system.

Will more small cars be introduced and what trends will be seen in the future?

Yes small cars will be always be popular and more and more new hatchbacks will be launched thus incr easing competition. Plus you will see the emerging trends of MPVs and compact SUVs.

What are the other benefits of upcoming cars section?

You will know when the car that you will have will be replaced/changed, so you can time the selling of your car maximising you cars re-sale value. Plus if you know

What are benefits of used car buying?

There are a lot of benefits of buying a used car, especially given the fact that somebody else has p aid the whole amount and taken the depreciation and you get a car for much less price. Thanks to the modern build of cars these days, you can enjoy your car for a long time and used car ownership makes sense as you can buy a sedan for a price of a small hatch.

If a car has more than one previous owner, will its market value reduce?

Yes. As a thumb rule, have more than one previous owner easily reduces the market value of a car by an additional 5-10%.

Some used cars have higher prices than others, why?

Yes, some cars like the Honda City and the Hyundai Santro command good prices in used car markets be cause they have good demand as many want them and haggling prices on these cars are difficult but on the plus side when you sell it again you too will get a good price.

Should you buy cars that are very old like 3 or 5 years plus?

It may sound tempting as these cars can be a bargain but be cautioned that issues will crop up almos t immediately and it will be heavy on the wallet. Our advice is to stay clear of cars that are more than 3 years old as financing and insurance is also difficult.

Should I buy a car which has done more than 50,000 km?

Our advice would be to steer clear of very high mileage cars, though a lot depends on model to model . But even then, 50,000 plus will mean soon you will have maintenance issues cropping up.

Should you buy from company owned used car businesses or used car dealers?

These days, many car companies have their own used car set-up and that makes more sense as they offe r warranties though typically the prices are a little higher. Buy from a private dealer only if it’s a large and a well- known dealer.

Are there any other sources?

Of course! Thanks to the internet, you can browse through used car portals as these are very good pl aces and you will find a large selection of cars to choose from. Plus, you can go through used car classifieds in newspapers and magazines.

On viewing the car that I am interested in, what things shall I look out for?

First and foremost, look at the car in daylight and not in night. Check for any damages and examine the body work carefully for any damages or whether the car had any damages in the past. Plus look out for odometer tampering. Finally look at all the documentation of the car also like RC (registration certificate), insurance and history.

What should I look out for in the test drive?

1.First of all drive the car without any music on. 2. Check the efficiency of the ignition system. T he car should start at the first attempt without any problems. 3. Use the gearbox and shift through all gears to check their smoothness. 4. Look out for any noises and vibrations from the engine and check the efficiency of the brakes , clutch and turn in of the steering wheel.

I have checked the car, what are the final steps?

Negotiate to a price by haggling with the dealer. Never get into the pressure of the dealer and comm it more than your budget. Plus if you are dissatisfied with the car or you are failing to meet your price- walk away. But if you have got it down to the price that you are ready to pay with, go through all the legal papers carefully and never hurry the process. Also never pay in full cash.

What is first step in getting a car loan?

Research. Go through all the various finance schemes on Auto Loans available in the market and see w hich one fits you.

Who can be eligible for an auto loan?

Salaried, self-employed individuals with a minimum age of the applicant required to be 21 years and maximum at loan maturity to be 60 years (salaried), 65 years (self-employed).

How much loan can anyone get?

The amount of the loan depends upon: 1. The cost of the vehicle. 2. The type (standard/premium). 3. The percentage financing offered. If you are buying a new car, you can get up to 90% financing but some banks have a limit beyond which they do not offer loans. Also, different banks have different terms for different models (standard/premium, new/old) The percentage of finance the banks give on cars is also determined on the basis of second-hand market value of that particular car. This is for cases, if default by any chance, the banks can get a higher resale value for the car. This makes the banks comfy enough to give higher percentage finance.

What documents do I require?

For income proof, you have to have your IT returns for the last two years and other salary details. Plus, you need salary slip, tax returns, proof of residence, bank statements etc.

Can you have a loan from a bank in which you have no account?

Yes, banks give auto loans to people who do not have an account with them. However there are certain advantages you have with having an account of the same bank you take a loan from.

Can I get loan without submission of income-proof?

Yes you can under the No Income Proof scheme offered by some banks.

Do I need a guarantor?

No, but if your income does not meet the credit criteria, you need one. It could be your father, mot her, son, daughter, husband, brother, sister, son's wife.

Can I negotiate interest rates?

The interest is usually calculated on a flat rate or on a reducing balance which can be either daily , monthly, quarterly or annually. Yes you can negotiate the interest rates.

Which one is better floating rate of interest or fixed rate of interest?

A loan taken on floating rate of interest is a better option when the interest rates are falling, bu t when the interest rates are rising, opt for a fixed rate loan. Also, if you go for a fixed rate loan, you will know in advance what your EMIs will be like and this will help you in your financial budgeting. If you choose a floating rate, you may not be able to budget properly.

How long can a loan tenure be?

Mostly, it is between 1-5 years though many banks offer up-to 7 years.

Can I get 100 % financing?

Yes some banks do offer but there are certain conditions like advance EMI's or deposits.

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