Buying a car is a big decision, especially when you are looking for a budget car. Often people make a decision just by looking at the price of the car, but the actual cost is much more than that. Expenses like insurance, registration, mileage and maintenance affect your budget in the long run. So let’s know what things should be kept in mind before buying a budget car, so that you can make a right and wise decision.
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Budget
It is easy to get excited about the price of a car, but you need to consider not just the price but everything else involved. This includes insurance, registration fees, taxes, and the cost of initial servicing or minor repairs. If you are buying a car on loan, then decide the interest rate and EMI carefully.
Financing
Before buying a car, research the financing options thoroughly. Sometimes pre-decided loan approval can get you a better interest rate. Also think about the mileage of the car, how much the insurance premium will be and what will be the annual servicing cost. A cheap car is beneficial only if its running cost matches your budget.
Test Drive
Don’t trust the car just by looking at it. Try driving it. Take a long test drive and test the clutch, brakes, gears and suspension in traffic. If you notice strange noises or vibrations while driving, it could be a sign of a hidden problem.
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Final Purchase
Now when everything looks okay, don’t make hasty decisions. Get the car thoroughly checked by a trusted mechanic – the engine, transmission, brakes and electrical system. After this, talk to different dealers or sellers and match the price. And yes, do read the warranty terms so that you don’t have any problems later.