Car shopping - Best fit for your needs! - Kotak Bank

Car — a commodity that has moved from being a luxury item to a basic need! No wonder, India’s car production now exceeds to 30 lakh units per annum.

Today, there are a multitude of motor brands launching new models and variants, each year, wanting to satiate the evolving tastes and preferences of the fervent end user. The prospective buyer now enjoys an overabundance of options, but faces one critical problem — the problem of plenty! Every new launch that rolls in claims to be smarter than its predecessors, leaves the overwhelmed buyer with a tough time deciding, “which car to buy?” After all, realising that there was a “better option”…after having brought home a brand new ride, will be a hard pill to swallow.

So, to make it a little easier for you, here are a few things to consider while deciding on your perfect machine:

For how many people

Is the car for a family of 2, 3, 4 or more? Cars are segmented as A B C and D basis their size and number of passengers they can carry. Segment A cars are entry level cars with a capacity of a stiff 5; B and C are compact to mid-sized cars that can comfortably seat 5, and segment D includes executive and luxury cars that can accommodate up to 8 passengers.

You may also want to consider the parking space dimensions, before you close in on the car size.

What’s the need?

Ask yourself, what is it that you require the car for? Is it to get around in the city, is it for your weekend getaways, is it to simply enjoy wielding the steering wheel, or is it to make a striking statement? Also consider the area, traffic and the roads you will drive through. For instance: Say you are a family of 4, living in a city with ample traffic, and you need the car for commuting to work daily. Here, Segment A cars with superior fuel capacity and efficiency would work well. Whereas, if you live in a hilly region with less traffic but rough terrain, then you might want to go for a car with better power and stability.

Do enough homework and be honest with yourself. Style, performance, safety, comfort, fuel efficiency, cost, resale value…be very clear on what your expectations are and how important these parameters are to you. What aspects are a must, and which ones can you negotiate on? Sorting this can make short listing the brands and models a lot easier.

Budget it right

You might already have a budget in mind. If not, do give yourself one. This keeps you from overspending and will remind you to keep away from a bad deal. While setting a budget, you should keep in mind the actual cost of buying a car.

Gone are the days when fitting a CNG was considered a miserly thing to do. CNG/LPG options are not only cost effective but also environment friendly.

You may also want to consider going for a loan if you don’t want to postpone your purchase till you save up for it. With a car loan, you can get your car at once, and its cost gets distributed over a future time frame in the form of easy-to-manage EMIs. 
Once you have chosen your dream machine, visit dealerships that offer a good bargain, take your test drives with an unprejudiced mind, and finally negotiate the price aggressively. So all the best for your new car! Drive safe and enjoy your rides.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.