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You Have Idea To Buy A CAR?

VEHICLES RATE CUT AS LOW AS IN 2006: USE YOUR MIND TO CONSIDER CAREFULLY

The cars people drive say a lot about them. The outer beauty of the car finished with exquisite colour in addition to a comfortable interior, honking, as the cocky young man gets impatient waiting in the traffic. Driving a four wheeler builds a stature where an individual is seen differently. India has seen a spectacular rise in owning four wheelers with cities cities like Delhi, Kolkata, Mumbai and Bangalore has increasing number of conveyances transporting people.

Do you have plan to buy a CAR?

So are you planning to buy a car? This may be the best time as any auto finance experts say passenger vehicle financing rates has gone down lowest in 10 years. The rate cut in January has triggered the lowest interest slab which has now gone down to 8.75%. Even mass market cheap and cheerful models are now available in the 9.75-10% range which means, the interest rates are now back to the levels of January 2006.

There have been several rate cuts in the past one year which have made the rate remarkably charming for customers.

Currently the vehicles under the category called “Super Luxury” attracts around 8.75-9% rates, mid-size sedans like Honda City or Maruti Suzuki Ciaz around 9.25%, B-category premium cars like Maruti Suzuki Baleno, Hyundai i20 around 9.5% and entry level cars like the Maruti Suzuki Alto around 10-10.25%. In recent memory the rates are lowest at this level whenever someone is asked about.

But do you have any idea how much have the rates come down? Back in January 2006, B- category rates oscillate around 10-10.25%. For bigger mid-size cars, the rates were 9.5%-10%. By summer of 2007 the interest rates had jumped to 14.75% for an entry level small and economical car like the Alto and 14.5% for bigger cars, a 5% mark-up i.e. amount added to the cost to determine the asking price in 12 months.

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