Buying a car is not only a major investment but also a big milestone in life. You’ve worked hard and saved up for months to buy that car you’ve been eyeing for a while now. But how do you know if it’s the best time to buy a car?
The short answer is – when you absolutely need one and can afford it. But there’s more to buying a car than affordability. You should identify the purpose of buying a car and look for one that can fulfil it. You also need to consider other expenses like insurance, taxes, maintenance, fuel costs, etc.
If you’ve assessed all factors and made up your mind, go through the following points to know when the best time is to buy a car-
1. It’s a need, not a want
Owning a car is not a luxury anymore. In the fast-paced world today, getting from point A to point B safely and on time has become a necessity. Car helps you commute with greater control over time and routes. Reflecting on how often you would drive the car, if it’s for work or personal use, are there any other alternatives, etc., will help you understand if you really need a car.
2. You can afford it
The best time to purchase a car is when you can make the down payment or take a loan without straining your monthly budget. A little push is important to get out of your comfort zone, but you should evaluate and plan for that loan. Analyse your income, credit score, existing debt, and monthly expenses to evaluate if you’re financially ready for the purchase. If you’re doubtful, wait for a few months to finance the car and avoid the credit burden.
3. Your family is growing
If your kids are growing up or your parents are moving in with you, commuting with everyone could be challenging. Different family members can have different travelling needs as well – from different hours to different routes. From crowded public transport to limited access to your desired location, changing family dynamics can make commuting uncomfortable, inconvenient, and impractical. Buying a car will give you more freedom to ride with them, even at odd hours. Also, you can always fall back on your car to take a family member to nearest medical help, in case of an exigency.
4. Your job demands frequent travel
When you’re travelling more often, your travel expenses can easily snowball. Add to it prior planning to ensure you reach your location on time and unpredictability of exact waiting time. Therefore, if you’re frequently on the road, it might be the right time to buy a car. This gives you more control over your time and schedule while eliminating added expenses.
5. You want safety
Public transports are not always the safest means to commute. In most cases, you don’t know if the driver is reliable. By taking control of the driver’s seat, you’re not dependent on a stranger for your own or your family’s safety. Therefore, you can buy a car to do away with sharing live locations online and unnecessary worries.
Buy a vehicle with Tata Capital
Buying a vehicle is an emotional ride for you and your family. If you’re on board with all the points mentioned above, then now is the best time to buy a vehicle. Whether you’re buying a two-wheeler, a four-wheeler, or a used vehicle, you can easily finance it with Tata Capital.
Now that you know when the best time is to buy a car, visit our website for a simple loan process and affordable interest rates.