There are a lot of hidden costs attached to buying your car. Get familiarized with it.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
You can put together a solid budget for all your big purchases. But from time to time, it always helps if you can find a tip or trick that can take you that extra mile and help you save a little more than you planned to.
If this is what you’ve been looking for, today’s your lucky day because here are 5 smart ways in which you can save on your next big purchase.
1. Time your purchase right
When it comes to making a big purchase, timing can matter a great deal. Some spends get more pocket-friendly during certain months of the year, while others may shoot up depending on the timing. This phenomenon applies to several big-ticket expenses like flight prices, hotel bookings, general travel expenses and even weddings.
Take the last one on the list, for instance. The cost of booking a wedding venue during peak wedding season can be quite steep. Similarly, flight prices are typically higher during the second half of the week. And they increase dramatically if the travel date is nearer.
A little bit of research can go a long way in helping you identify the best time to spend on a particular product or service. So, time your purchase well to save a little more than you expected to on the cost.
2. Exchange old for new
If the big purchase you're contemplating next is an electronic appliance or a piece of furniture, this technique may help you save several thousands of rupees. We're talking about the good old exchange offers, of course. Most leading retail chains and online marketplaces give you this benefit.
If you have an older product from the same category, you can trade it in for a new one. All you need to do is provide the details of the old product, and after assessing its quality, the seller will offer you an appropriate discount.
This tip works for many premium products like smartphones, televisions, other home appliances and even furniture like sofas and wardrobes. So, before you make any such major purchase, always check if the seller has a good exchange policy you can take advantage of.
3.Or simply buy used
If you don't have any old product to trade in for a new one, you could always choose to buy a preloved item. Of course, this idea may not be ideal for certain kinds of purchases, but for the most part, you can save a lot of money by opting for used goods.
This technique typically works best if you want to buy appliances like televisions, washing machines, refrigerators and air conditioners. But that's not all. Buying used over new is also growing increasingly popular in the automobile market, with many buyers flocking in to buy used cars. Needless to say, you can save lakhs of rupees this way.
But a quick word to the wise before you buy user products - make sure you check and double-check the quality before you put your money on a product.
4. Look for coupons and discounts
This is a technique that can work wonders irrespective of the type of product or service you're planning to purchase. And it's particularly relevant if you're making an online purchase. Most sellers and retailers offer attractive discount coupons from time to time. You may be eligible for these offers by signing up to the seller's site, subscribing to their newsletter or even on just making your first purchase.
You can even find many jaw-dropping app-only discounts for certain products or services like hotel bookings, flight prices, premium jewellery and more. That said, offline, in-person purchases may also offer this benefit.
So, before you plan for any big purchase, check if you're eligible for any coupons and deals and apply them to save some bucks.
5. Or, just use a credit card
Don't have anything to trade via an exchange offer or any coupons to bring down the price of your next major purchase? No problem - all you need is a credit card. Now, a credit card may not directly reduce the cost of your purchase, but it can offset these expenses with various other financial incentives. So, the net financial outcome is positive.
Here's how this works.
When you use your credit card to make a purchase, you need to pay the bill by the due date. And when you pay your bills on time, you build a good credit history. That's not all. You also get to earn rewards and cashbacks on your credit card spends, and depending on the channel through which you pay your credit card bill, you may even get some exclusive offers and discounts. You know what to do with them, don't you?
These tips may not all work for the same commodities. But if you keep an eye out for good offers, and if you compare prices on different channels before you make a purchase, you can certainly save a good deal on your big-ticket spends. And now that you know how to bring down the steep prices of your premium purchases, share these tips and tricks with your friends and family, so every avid spender can benefit from these ideas.
You have already rated this article