Indians are very well trained in bargaining – and we want everything not at the lowest price but at the best possible rate. Now, if you are planning to buy a new car, sooner or later, here are 5 tips to help you get a new car at the best possible price and save lakhs on your purchase –Attention Readers! Join us on the WhatsApp Community for daily auto news updates
Negotiating Car Prices – Compare The Costs
Simply put, when we shop for a specific item, we get quotes from several sellers and choose the best one. Now, the first step when buying a new car is to check with several dealers to see who quotes the best price. Also ask them for a breakdown of the on-road cost, to note what all things they are charging; this will help you get a better understanding of what you can negotiate. If you are planning to purchase a two-wheeler, several bike makers offer bikes & scooters with good deals and discounts on online shopping sites.
If you opt for financing (i.e., buying the vehicle on loan), you can compare estimates from several dealerships to see which one offers a better loan at a lower interest rate. Note that the insurance cost depends on your credit score and other current loans.
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Insurance
While buying a new vehicle, having a one-year first-party and three-year third-party insurance is mandatory. However, there’s a catch here too. In the breakdown of on-road costs, you can see how much the dealer is charging for insurance; basically, they are on the premium side, as the dealer gets a commission from it. However, to negotiate here, you can either check with insurance providers or standalone agents, who will offer you a better package.
Once you get a quote for insurance from the outsiders, you can ask the dealership to match the quote or specify to them that you will be taking insurance from the outsiders – you can legally do that. This will help you save a good amount.
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Negotiate To Avoid The Add-Ons
Along with the insurance, there are several components, such as handling charges, that are an unnecessary burden. Legally, the dealerships cannot collect this from you. So, if you come across any such costs in the breakdown, you can ask the dealerships to reduce the costs, which will help you save a few more pennies.
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Negotiating Car Prices – Buying At The Best Time
One more thing that will help you save big on your new vehicle purchase is buying at the right time. At the end of every month, dealerships are forced to meet targets, and to do so, they offer huge deals and discounts. This is offered monthly, depending on dealerships’ target sales, but it is generally higher at the end of the financial year.
Additionally, several dealerships offer better deals and discounts during the festive season to boost sales. This will help you to save more on your new vehicle.
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Claim TCS while filing ITR
This thing doesn’t have to do anything with the car-buying thing, but it’s something many car buyers forget to claim. When you purchase a car that costs above Rs 10 lakh, 1% of the cost is collected as TCS (Tax Collected at Source). This 1% can be further claimed while filing the ITR.
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