The average annual Growth of vehicle sales in India is at 9.7%, according to CEIC. In fact, the Total Motor Vehicle sales for March 2020 was over 198,000 units. This gives insight on the importance of vehicles for personal and commercial use.
For those who are considering buying a vehicle in the next three years, investing your finances in the right manner is critical to earning enough to make your first purchase. So, are you ready to invest on wheels?
Budgeting for a Second-hand Vehicle
Here how you can start budgeting for a second-hand vehicle in India.
Determine The Vehicle You’re Looking For
Determining the best car to purchase isn’t easy, unless there is already a budget in mind. Since there are dozens of brands and models to consider, it may be difficult to narrow down the options on your own. To make things easier, reading reviews and looking at the ratings of reliable and reputable sources are highly recommended. This will help you set your sight on a specific vehicle based on your budget, the vehicle’s function, form, and efficiency on the road.
Invest in Vehicle Coverage
When budgeting for a personal vehicle, always include the cost of auto insurance. Having proper vehicle coverage protects the driver in the event of a road accident. Aside from being a requirement for drivers, it can also give the driver and passengers a sense of security that they will have a fallback in case they need medical and financial assistance when they get into an incident.
Consider Second-Hand Vehicles
Brand new vehicles are typically more expensive when compared to second-hand models. If your budget is tight, you may consider choosing a pre-owned vehicle that meets your personal needs. These vehicles are usually budget friendly and when purchased from a reputable seller, they can give more value too. This is because these vehicles are usually repaired prior to selling. In addition, most vehicles come with a warranty that covers the security of both buyer and seller.
Investing in a personal vehicle is a huge commitment and requires careful consideration regarding budget. By learning how different makes and models stand when compared to one another, it will be easier to create a short list of what models will fit your interest. Always consider the cost of auto insurance and the value of opting for a second-hand vehicle when budgeting for a car of your own.
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What are your thoughts on the same? Is buying a second-hand vehicle the right move? Have you or any of your friends invested in a second-hand vehicle? Do share your feedback!