Since Ramadan is a month of blessing, it brings along many special offers on various items to attract potential customers to spend more. Automotive dealers are not far behind in providing lucrative offers and it can become challenging for consumers to choose the right deal. So, we thought of coming up with a few tips to help you buy a car (used or brand new) this Ramadan (see offers).
- Ramadan is the best time to buy a car
Car dealers will have special deals throughout the year but the best time to really buy a car is during summers. And, with Ramadan also being in the same period, this is the perfect opportunity for distributors to clear their stock to make room for the next year models. Potential car buyers can expect discounted prices, long term warranty and servicing, and free insurance and registration.
- Make sure you select the right color
Many customers like to buy a car with flashy colors to make them stand out of the crowd. Even though, that is an individual choice, it is not exactly the right one when it comes to reselling the car (unless the car is an exotic). Contrary to popular belief, unusual colored cars are very hard to sell as compared to popular run-of-the-mill colors. White is by far the most popular color. So, keep that in mind while purchasing your car if you plan to resell later.
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- Negotiate while buying a used car
It goes without saying that when you are buying a used car, negotiate. Don’t be unreasonable. Everyone in this market wants to crack the best deal possible and used car dealers are no less. So, expect a hiked up price since they know you will negotiate. Try your best to get discounts or other freebies like window tinting etc. New car salesmen usually don’t budge unless the particular unit is not selling. So, chances are less in new car showrooms.
- Prepare to shell out down payment
If you are planning to finance your car from a bank, the thumb rule is 20 percent down payment. So if the car is valued at 100,000 AED then you need to pay 20,000 AED upfront and the rest 80,000 will be paid by the bank – and you pay that amount to the bank in installments. The installment period will be a maximum of 5 years / 60 months.
- Select any bank for auto loans
Customers usually go to their own bank where they have their salary account for auto loans. But, actually you can choose any bank that offers the best rates. There are many banks that offer loans without salary transfer. All you need to do is some research and go ahead with your preferred bank.
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- Buying a top-spec car retains value
If you’re a heavy spender on luxury cars, then paying more for options will yield in a better resale value. This is usually true in the case of high end cars but isn’t a thumb rule.
- Used car dealers or private owners
This is a debatable topic. But, going with the general consensus, it is much better to buy a used car from an authorized dealer as compared to private owners. Sure, the asking price tends to be more but you get peace of mind in the long term and of course, the dealer will help you out in the paperwork.
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