“Oh no! I could have saved 75,000 rupees more,” Akash said while reading the newspaper. Working as an IT Engineer in Bangalore, he had recently purchased a car. In terms of grabbing a limited deal, he got 10% discounts as claimed by the dealership. The deal has been extended with 15% discount offer for next 15 days. He got trapped in the limited deal offer.
The incident might have happened with most of us. Dealers and Car manufacturers used to tell lies to sell their cars. They are so good at lying and manipulating that you can easily believe them. Here are top 3 lies that you will surely hear buying a car. Know the truth behind those lies:
That “Limited Time Deal” is not limited actually:
“The offer is limited! It is going to end with in some days. You can’t get better than this. Earn discounts and save money.” Have you ever heard these dialogues when you walk-in a car showroom to choose your ride? All salesmen used to tell you the same story. Dealerships or car manufacturers always make you believe that the deal won’t come back.
It can be true but not 100%. These types of limited deals last for more than 4 months. The truth behind this lie is the old stock of cars that dealership is having. They just want to make space for the new lot of cars by selling the old stock. If a car manufacturer is going to launch a new car, they surely want to empty the stock of old models. A dealership inventory works on some rules. They can’t keep car models for more than 2 months as some storage charges will get implied on the stock every month. So always keep your mind open before trapping in this lie.
You don’t have to finance your car only through dealership:
So you have decided your car and want to get finance to buy it. The dealers will claim that they will get you the best deal of car loan. But unfortunately, it’s not true. They are just trapping you to get some money in their pockets. If you will step outside the dealership, you will find out banks and NBFCs and they would surely love to lend you money for your car.
The best way to get finance is to get a car loan from banks. You can get best deals and offers as per your eligibility. You can find it more interesting if you are having any existing relationship with the bank. You can negotiate and catch a great offer from banks. You will sign a loan agreement with the bank and each term and condition will be written there. In the case of dealerships, they might charge you more. A bank might lend you at 10% and a dealership might charge you 11.50% for the same. So that 1.5% will directly go in the pockets of the dealership. So don’t get dependent on the dealers, explore banks, browse online car loan offers and grab the best deal. You can save a lot.
Attractive advertisements can mislead you:
25000 rupees off! Zero processing fees! Lowest EMIs! Dealerships used to put such advertisements to attract the viewers and sell a great number. Before getting tempted by such fancy ads of dealerships, you must act wisely. You should know different factors before buying the offer. If you will focus on a single point, you can mislead yourself. Here are some points you should check:
- What is the actual on-road price including road tax, insurance cost, and other charges?
- If you are taking a loan, always check your down payment, tenure, and total loan amount that you will pay including interest.
- Check your repaying ability and calculate total monthly installments.
These are some factors that you should check before buying a car. Don’t get trapped in the lively lies of dealerships. It is not necessary that every dealership is dishonest and lying to you, but doing your own research is not such a bad idea. Research, compare and then finalize the best deal for you. So, make your own choice, take control of your ride, after all, it’s all yours.
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