New Year Is The Best Time To Buy A Car

New Year Is The Best Time To Buy A Car

29 December, 2022

It is that time of the year when you are brimming with hope, energy and dreams. Yes, the year is almost coming to an end and it is the time to set your priorities right; it is the time to dream big, not just for yourself, but for your family as well. In many ways, it is the time to ring out the old, and ring in the new!

There is positive energy all around you and it makes up for the right time to buy new things like clothes and gifts for the family. While clothes, gadgets, consumer durables like ACs and refrigerators, etc., are quite commonplace these days, but no doubt, bring cheer and joy in the family, a long-lasting gift like a car could indeed pleasantly surprise your family and increase its happiness ten-fold.

Everyone has dreams of buying a car, so what better occasion than the New Year to gift one to yourself and your family? This is one surprise that will remain forever etched in the memories of every member of your family. After all, we always want to give the best to our family, and getting a car is a step closer to ensuring this.

We know what you might be thinking: “A surprise is good only when it’s affordable.” A car is considered an expensive purchase and hence it’s not as common a gift as sweets or clothes. HDFC Bank understands that, and to help you make this New Year memorable, offers you a Step-up Car Loan EMI.

What are the Benefits of Buying a Car in the New Year?

If you have ever wondered when is the best time to buy a new car, then the answer may well be - the New Year and here are the reasons why:

  • New deals – Every year around New Year’s eve, dealerships work in tandem with lenders and manufacturers to incentivise customers to purchase cars. This may be in the form of discounts, cash back etc., that easily adds up to a significant amount of savings in the short and long term.

  • New models – Car manufacturers understand that evolving consumer demand, interests and choices will require that they constantly keep innovating. Most car manufacturers therefore launch new models around the New Year in order to build excitement about the new vehicle and also to help start sales on the right note. With many of these companies having their headquarters outside the country, the launch around the New Year also makes sense commercially as they can now plan their sales for the entire financial year (in many countries overseas, the financial year starts on the 1st of January)

  • Older models – Have your eye on an older model? You may be able to get a better offer on it as most dealerships and manufacturers look to get rid of their old stock/older models of the vehicle you have your eyes on. This could again bode well commercially, as you can make the purchase when the prices are lower than the original market price.

  • Freebies galore – Not all benefits are monetarily driven, and some of them can prove to be a real bargain if you manage to time things right. Dealerships in their attempt to drive a sale can incentivise you to make the purchase by throwing in upgrades or freebies which have some commercial value, but are not a heavy cost for them to bear. Thus, you can benefit from things such as power windows, state-of-the-art sound systems etc., without paying much more for them.

What is a Step-up EMI?

It refers to a loan where one can pay lower Equated Monthly Installments (EMIs) in the initial years and increase the EMI amount throughout the tenure as a person's income increases.

Why opt for Step-up EMI?

  • It lessens the burden of repayment in the early years and therefore, is a very suitable option for people who have just begun their careers

  • The financial benefit comes in the form of savings one makes from availing a higher loan amount and making lower EMI payment

  • Instead of compromising on your choice of a bigger car due to constraint in finances, you can opt for the Step-Up Car Loan EMI feature, and purchase the car with this loan.

Step-up EMI can help people who have just started out as well as those on budget own a car of their dreams by adjusting their finances into lower EMIs. These are some of the major reasons why Step-up EMI is a preferable option while opting for a Car Loan.

Why is HDFC Bank Step-up EMI the most preferable option?

The unique custom-fit Car Loans scheme from HDFC Bank come with the following exclusive features:

  • 100% financing on select vehicles

  • Flexible repayment tenure

  • Pocket-friendly EMIs

Isn't that music to your ears? With this attractive financing offer should you stop yourself from buying your dream car?

If these features weren’t alluring enough, custom-fit Car Loan also allow you to check your loan eligibility online.

What are the exclusive benefits for HDFC Bank customers?

If you are an HDFC Bank customer, the entire process of taking a loan becomes as easy as shopping for groceries. It enables you to enjoy quick disbursal of funds, special rates of interest, and a lot more. You can get a perfect Car Loan for the perfect car, whenever you want it.

HDFC Bank is always at hand to fulfil the dreams of its customers. Get your dream car today and surprise your family in the New Year!

Looking to apply for a Car Loan? Get started here!

Read more about the different questions you need to ask before applying for the Car Loan.

​​​​​​​* Terms & conditions apply. Car Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.

Apply for a Car Loan here.

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