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Top 5 Checklist To Buy a New Car

Do you really think one should follow a checklist to buy a new car? I believe most people buy their first car driven by their dream only, rather than necessity. I have already shared my car buying experience. When I felt the need of a car, I started researching from a requirement point of view. As the research continued, finally I am able to buy a new car of my choice, off-course by paying extra money from my actual budget & capability. So, from that experience, I have decided to write an article where I will share few checklist to buy a new car.

Top 5 Checklist To Buy a New Car

These days there are so many online portals where one can buy a new car or even used car. Not only that, so many companies are launching new car models every year and making it very difficult to choose which is the best car for your family. Let’s find out few reasons which generally drive us to buy a car.

Things to consider when buying your first car India
Pic: KnightDodge

Passion or Dream or Requirement: If you are dreaming to have a Mercedes benz car, but can only afford to buy a Maruti 800, then it will be very difficult to meet your requirements. But if you are a bachelor now or just married and living in a well connected city, then you can skip the need of buying a car for the time being. I am assuming that you can soon be able to manage money to reach your dream. Otherwise look for a hatchback as per your city driving need. Again, if you love to visit around the city often, then you should look for a SUV or MUV or a Sedan as per your family members count.

New Car or Used car: I have noticed many of my friends buying a used car as this is very affordable as well as they can meet the need of a car without any hassle. In fact, they will be having the option to buy their dream car always open. Whenever they feel they can buy their desired car, the will sell the old car easily. Now it’s your turn to decide.

Do you need a Car loan? So, in the first step you have decided to buy a car of your choice either driven by your earning capacity, or as per your family need or as per your desire. Now the next part is, do you need a car loan to get the car? Or you have saved enough money for your car? I think if your budget is within 5 lakh, then you can easily buy a new car without any car loan. But if you still need a loan, then be ready to pay a good EMI for the same.

Are you a working couple? Have you noticed the latest OLX advertisement on TV where the wife is confessing her husband that she was feeling more independent before marriage? The point I want to say here is, think wisely and buy 2 small cars instead of a sedan if you both are working. It will give both of you freedom & Independence.

How much You know About a Car?  Now let’s come to the technical part of this article. Although the purpose behind this article is to prepare a checklist to buy a car mentally rather technically. You can refer our earlier article of car buying tips to get into those points.

If you don’t know how to drive a car, then don’t worry or panic. You can easily join a car driving institute for 1 month and then hit the road with your new car. Believe me, until you will drive your own car you will not get the 100% confidence. I can share this from my own experience.

Top 5 Checklist To Buy a New Car
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  1. I’m planning on buying car next month and have been thinking about loans. I’d prefer to get a loan out for $8,000 as I don’t have much money saved up. However, what exactly is an EMI?

    • I think better to start a SIP in mutual fund as the investment time is more than 15 years. Stock market’s return in avg more than 14% if you read regularly. Try to get some knowledge and start investing in mutual funds. PPF and other will also good, but you can see that the return is getting very low day by day.

  2. I really liked the insight you gave about putting your needs and wants in check. You always need to be practically minded when it comes to buying a car because it’s such an expensive purchase. So, being very serious and strategic about what you want to have in the car as well as how much you want to spend on it will help you to stay level headed and not buy something completely out of your price range! Thanks for the great insight.

  3. I appreciate your tip about having two cars if you both are working. Although it is more difficult to pay for both cars, it really would be better for the marriage. It is a good idea to research the car and make sure that you know everything that you need to know, I’ll be sure to do this before I buy. Thank you for all of the helpful and applicable information!

  4. James Bergman James Bergman

    If you are in the market for your dream car, I think patience is your best ally. I think it is smart to buy used first and then make the leap as soon as you can afford the car you really want. Will it really kill you to wait for a year or two?

  5. This is some great information, and I appreciate your suggestion to consider if you need a loan to purchase a car. My husband and I both work at different places, so just his car isn’t enough for both of us, and we’re considering buying another one. We would need to get a loan to pay for it, so we’ll definitely keep that in mind as we’re making a decision. Thanks for the great post!

  6. I am planning on buying my first car in April and am hoping to find a good used car from a local dealer. However, I will need to get a car loan to be able to afford it. Right now, I am trying to make sure that my credit report will be in good standing because I know that that could affect my being able to do that. If I were to have bad credit, though, what would my options be concerning getting a loan?

    • Better you contact the Car dealer & Bank first to know how much you can get.

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