The festive season in India means different things for different people. For many, it is a celebration of culture and tradition; for others, it is a day to spend with their loved ones. In addition to all this, the festive season is also the time of new beginnings. With several festivals around the corner, if buying a new car is also on your wishlist, but you are still contemplating whether this is the right time or not, then keep reading as we break down the attractive parts of purchasing a new car in the festive season.
Celebrating the Festive Season with a Brand New Car? Is it a Smart Choice?
When 32-year-old Sakshi, an IT professional from Bangalore, expressed her desire to buy a new car, her parents suggested that she wait until the festive season began. Though it meant waiting for two more months, her parents made some very valid points that she couldn't really ignore. Well, her patience paid off, and in September, she secured a great deal on her brand-new SUV, along with a comprehensive car insurance policy.
As Indian festivals begin, the automobile industry has also started preparing to offer discounts, launch new vehicle models, and more. But are all these deals flooding the market a smart choice, and do you get added benefits on car insurance premiums? Let’s break it down:
1. Impressive Discounts
The shopping spirit and automobile companies offering discounts often go hand in hand during the festive season. Companies offer impressive discounts, cashbacks, and more, boosting sales not just for vehicles but also for car insurance. This is a win-win scenario for both seller and purchaser.
Did You Know that vehicle sales witnessed more than 12% growth during the festive season in 2024?
2. Simplified Financing
One of the biggest challenges for the common people in India is vehicle financing. Festive season vehicle sales are not only driven by discounts and cashbacks. Automobile companies are now partnering with financial institutions to offer lower interest rates, low EMIs and a simplified financing solution for every customer. In fact, during this festive season, you can expect vehicle financing up to 100% on the road-price.
Make sure to explore companies offering simplified financing solutions for vehicle purchases, car insurance policies with comprehensive coverage, and registration.
3. Upgrade Your Style with New Models
Amidst the race to achieve the highest sales numbers, many companies are also launching new vehicles and limited-edition models that bring excitement to customers looking to make big-ticket purchases. At the same time, customers benefit from a wider range of options, advanced features, and the opportunity to own their dream vehicle at discounted prices. Now you can also find exciting returns and exchange values for your old vehicle. A simple step to upgrade to the latest model.
Wondering if an electric vehicle may be the right way forward? Read this blog to understand the technology behind EVs and how they can help in a cleaner and greener Earth!
4. Avoid Getting Hit by Price Revisions
The festive season in India typically is a long one. Automobile sales during this period experienced a significant increase, as many individuals who wanted to avoid the price increase following the January price revision opted to purchase a vehicle during this window.
5. Emotional Value During the Festive Season
Purchasing a vehicle during the festive season holds a special emotional value for many. This is simply because festivals in India are not just about celebrations, but rather, they are regarded as auspicious days for new ventures. It is believed that festivals bring prosperity and blessings of the Almighty. Automobiles typically mark around 30% to 40% of their annual sales during the festive season itself.
Looking Beyond Amid the Festive Season Discounts
Automobiles flooding the market with numerous discounts and offers often make a vehicle purchase seem irresistible. Although we cannot overlook the fact that the festive season holds great value for customers, it is essential to make informed financial decisions.
If you are planning to purchase a car this festive season, then make sure to be mindful of:
Long Waiting Period
You must have already heard that the waiting period, even for the most basic vehicle, during the festive season is unimaginable. The waiting period for base models can be up to 3 months, and for limited additions, it can also be up to 6 months or 9 months. Sometimes, waiting periods are exaggerated, marketing tactics to be aware of.
What to Do: Conduct thorough research and plan to avoid the hassle of waiting periods.
Hidden Costs
A deal that may seem affordable and appealing initially is not always the same in reality. Maintenance charges, insurance costs, fuel efficiency, and registration charges also play a role in understanding the actual price of the car.
What to Do: Before finalising a deal, be sure to check for any hidden costs to avoid paying an unreasonable amount you weren't prepared for.
Be sure to purchase reliable motor insurance when you buy your car to protect yourself from unexpected financial burdens in the future.
Depreciation Value
Automobile companies often attempt to sell their slow-selling models by offering appealing and irresistible discounts. While this might appear to be a good deal on the surface, you do not want to purchase a vehicle whose value is likely to depreciate in the coming years.
What to Do: Research the vehicle, including its market value and performance, before making a decision.
Tempting Discounts
It is very common for automobile companies to offer tempting discounts due to the competitive environment. You must have come across banners with claims like ‘zero down payment’ or ‘discounts up to ₹1,00,000? On the surface level, these discounts do sound appealing, but the reality is far different.
What to Do: Explore discounts, get a blueprint, evaluate the actual price that you have to pay and only then make a final decision.
Think What You Want
Getting carried away by companies offering tempting discounts, cashback, and streamlined financing is common.
These discounts and easy financing definitely help in purchasing your dream car, but only when you really want it.
Purchasing a car is a long-term commitment that should only be made after a careful evaluation of your finances and needs.
Additionally, don’t forget to purchase comprehensive car insurance to avoid paying hefty fines in future. Generali Central offers you wholesome coverage at affordable prices. Remember that according to the Motor Vehicle Act 1988, every vehicle owner must have at least third party car insurance to legally drive the vehicle in India.
Final Words
Purchasing a vehicle during the festive season is definitely exciting, especially with discounts, limited-edition models, and new launches flooding the market. However, the best way to benefit from such situations is to be a savvy buyer and conduct thorough market research before deciding on a vehicle. Ensure your purchase aligns with your lifestyle, budget, and daily needs.
Choosing wisely now means every drive ahead will feel like a celebration.
