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Want to Buy a Car? Here’s How You Can do so Within Your Budget

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Owning a car is a dream most of us have at some point or the other in our lives. When we actually get down to buying a car, the first thing which comes to mind is our budget. Choosing a car with all the features and specifications you desire and also making sure that it fits your budget is quite a challenge. It’s natural to be excited and get carried away. The tips mentioned below are sure to help you make a good choice which also fits within your budget. Take a look:

1. Be Clear About Your Requirements

Begin by writing down your requirements. This will help you search for a model which fits your budget with more success, rather than searching blindly and ending up with options which are way beyond your budget. For instance there may be some special features in that latest model which boost speed. But do you really need this feature? Prioritize the features based on their necessity. This way you will know the nature and number of features which fall within your budget.

2. Do a Thorough Research

Put some efforts in doing a thorough research as it will help make your decision making process simpler. Your research can include several basic yet important questions such as – do you want a new car or a used car? What type of car fits your lifestyle? You can use online interactive tools easily available which generate a list of potential cars based on your requirements. Look for reviews of the models you are interested in.

3. Look at the Associated Costs

We often overlook many associated costs such as servicing, cost of spare parts, availability of service centers etc. when choosing a car. Maintaining a car is a part of its ownership and such associated costs often run high making the actual purchase price cross your budget. Some of the premium car manufacturers sell the spare parts at extremely high prices. This eventually brings up the amount in the repair or service bills. Hence, understand such associated clearly before buying. You can also ask if there is an option of extended warranty as this helps bring down the cost of spare parts and servicing to a certain extent.

4. Keep in Mind the Price, Not the Mode of Payment

To ensure that you stay within your budget, focus on the purchase price and not on the mode of payment. Dealerships can alter the down payment, loan term and other related factors which can sometimes increase the actual price of the car beyond your budget without you realizing it. Focusing on the purchase price will give you a single specific number which you can relate easily with your budget. Once you have settled on that particular number, the monthly payment mode will fall in place.

Whether you want to buy a used car or a new car, you can always consider taking a loan if affordability is a major concern. Nowadays, you can easily get a new or used car loan with payment modules which are easy on your pocket. So go ahead and start searching for your dream car.

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Shiv Nanda is a financial analyst who currently lives in Bangalore and works with MoneyTap. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life mission to help and educate people on various financial topics

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