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Is it the Right Time to Buy a Car or a Bike?

By Juhi Walia
18 August 2022, 5:33 PM

If you're considering buying a car or bike, now is the best time to do so. Even as petrol prices are nearly touching INR 100 across most cities of India, the availability of budget cars with impressive designs makes up for the fuel price hike. What adds to your glorious long drive is an effective car insurance policy you can buy online. An effective policy means high coverage in exchange for a competitive premium. 

However, some consumers are holding off on buying until they can see if the industry has been hard hit more by the economic crisis we've witnessed all year long. However, this delay may force them to purchase an automobile at a much higher rate than what is being sold now. 

This article lists some top reasons you should not wait but buy your dream car or bike now. So, let's get started.

Good Insurance Policies

Despite the ever-increasing number of new car insurance price lists, car insurance companies are doing a good job keeping their insurance costs for new car buyers down. Many auto insurance companies have already lowered their price lists for new car buyers to make room for rising rates in the year's second half.

Some insurers are dropping the price of their car insurance renewal by 30% or more, which is almost unheard of. Many are even offering new policyholders discounts when purchasing a new vehicle.

Health Emergencies

Obviously, the best way to ensure health emergencies don't escalate is by getting to the hospital quickly and getting immediate treatment. Let's elaborate on the importance of this point considering the example below.

For example, if your child has a medical emergency and needs to be taken to the hospital right away, it is much easier and more convenient for you to take them to the hospital yourself instead of waiting around for an ambulance to show up. Considering the growing city traffic, it could be ages before you get the necessary transport facility. 

Public Transport May Not Come in Handy During Emergencies

There are a lot of people on the roads. Whether you live near a metropolitan area or not, it's important to have your vehicle to get from one place to another. While public transportation is always an option, the constant traffic jam could upset you big time when using this in case of an emergency. So, you better have your car or bike to get to the spot quickly. 

Better Fuel Efficiency

It's much better to spend a bit of extra cash and get something that runs efficiently instead of buying something you know will cost you way too much at the pump. You will end up having to replace your car sooner rather than later, and be paying more for petrol.

While it may not seem like a good idea to buy a car or a bike during the recession or to think of the cost of fuel at a time like this, it is an opportunity that should not be missed. If you plan on driving your car less than 10,000 miles a year or if you drive your car mostly in places where spending INR 0.243 more per gallon won't hurt much, then it's okay to spend even more money on something that runs efficiently but also runs cheap at the pump.

Increased Durability

Now, while it's true that a brand new car would probably be one of the most durable cars on the road, you should remember that durability comes at a cost. Just because a car costs INR 20 lakh or more doesn't mean that it's going to last.  So, search online for used cars with good ratings on durability. Various platforms sell used cars online. And if you're planning on using your car only for a few years, buying a used vehicle will anyway be the case.

You'll Have a Warranty

It's always good to have some warranty if possible. Plenty of warranties are offered by used car dealers and independent dealerships. Get what you can afford, but you should always ensure that you have a warranty.


While the fuel cost is rising, buying a car or a bike can still be good for you. Inflation may harden for some time, so if you need a vehicle soon, buy fast and avoid paying more. That being said, don't sway away from comparing prices and the value you could get by purchasing a vehicle.

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1. Is it possible to register an insurance policy for newly purchased vehicles?

Yes, it is possible to purchase a car insurance policy for newly purchased vehicles. In fact, according to the Motor Vehicles Act 1988, all automobiles must have at least a third-party insurance policy. Without it, the driver will face penalties.

2. Why should you buy a new car?

It depends on one's ability to buy a car. If the car's price is high, the one with more income can buy the same. If the manufacturer launches a budget segment car, people with low incomes can buy the same. Other features such as fuel efficiency and designs are also important.

3. What would be the best time to buy a new car or a bike?

The best time to buy a car or a bike is when prices are lower. But if prices are high and are likely to inch up, you could wait. If you need a car immediately, buy the car ASAP before its price goes beyond your reach. The same logic applies to a bike.

4. What are the new cars available in the market?

Today, various car manufacturers have come up with upgrades to their existing models, giving you a tough time selecting the best. They even have better features and enhanced fuel efficiency. 

5. How to get a new car or bike loan?

You can find a lot of useful information for any loan-related details online. You may consult your friends or relatives who have had loans in the past and might be able to offer some valuable tips.

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