Just a few years back, many of you would have compared the cost of owning a car and moving around in shared cabs like Uber and Ola. Obviously, the coronavirus factor was unexpected and not taken into calculation. Nowadays, the scenario has changed and it is assumed that people may not go for using shared cabs, public transport, or may even rely more on working from home. Incidentally, looking at the falling demand, cabs have already announced big lay-offs.
On one hand, most of you could begin using your own vehicle, on the other hand, the falling economic scenario is making corporate resort to lay-offs and pay-cuts, hence impacting the personal finances of every individual. But, with the social distancing appearing to be a long-term need, the requirement of a car may arise for many people, including young and salaried.
What may also become an attractive aspect is the discounts and offers which many car dealers and car manufacturers will be offering as the lockdown opens up in the country. Plus, as the decision of buying a car is increasing, the demand for car insurance in India
is also increasing.
Let us see what the industry professionals are recommending to tide over the situation and plan the next bike or car purchase.
Will There Be A Huge Demand Of Cars In The Future?
Before this pandemic, it was suspected that more and more people were using public transports and metros for commuting. Will, that change now, and will people drive their own cars or this pandemic will make them buy more self-driven vehicles? A recent survey has shown that 57% of Indian consumers are considering buying a car for avoiding future public transport. The COVID-19 pandemic has raised the concern of safety and health, it is likely that people will skip public transport or even hail and share a ride. So yes, you will see more and more self-driven cars on the road in the future.
Second hand Cars Rule the Market
One may need not go for a new car as there could be a huge bargain deal waiting in the second-hand car market. It is better to uncover all the options before buying. In case, one surely feels the requirement to own a car to go to work or for personal use, research on the car based on budget and other essential factors. One could consider a second-hand car, as the market for such cars is quite amendable and gets a good deal.
Whether you are considering buying a new car on a full cash basis or on a down payment basis through a car loan, ensure your savings are not disturbed. Even if you have saved a little bit for car purchases, the current times need you to re-visit the decision. This time is perfect to inculcate discipline in savings and build up a corpus for the future rather than pursue spending. Also, if you are buying a bike, don’t forget to buy two wheeler insurance
in India because it is mandatory as per the laws.
Hopefully, these points may help you in buying a car or bike for social distancing.