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Save 45K or Save 0? How To Save Money On Your New Car

Team AckoJan 17, 2024

Did you Know that with ACKO, you don’t have to shell out a fortune on your new car’s insurance?

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Here’s a quick comparison of how much you can save with ACKO vs. without:

Car Make Model	On-road car price without insurance from ACKO	Estimated On-road car price with insurance from ACKO	Maximum estimated savings on On-road car price
Tata Harrier	₹2,695,611	₹2,629,912	₹65,699
Hyundai Creta	₹2,149,463	₹2,088,738	₹60,725
Mahindra XUV 700	₹2,709,338	₹2,652,418	₹56,920
Tata Nexon EV	₹1,875,117	₹1,818,832	₹56,285
Tata Nexon	₹1,503,291	₹1,460,361	₹42,930
Kia Seltos	₹2,110,902	₹2,068,965	₹41,937
Hyundai Venue	₹1,488,445	₹1,446,984	₹41,461
Kia Carens	₹2,047,670	₹2,012,933	₹34,737
Hyundai Aura	₹1,043,582	₹1,009,426	₹34,156
Tata Altroz	₹1,171,385	₹1,137,849	₹33,536
Tata Punch	₹1,113,917	₹1,080,580	₹33,337
Honda City	₹1,661,034	₹1,628,130	₹32,904
Tata Tigor	₹906,289	₹878,804	₹27,485
Kia Sonet	₹1,434,495	₹1,409,066	₹25,429
Mahindra XUV300	₹1,314,743	₹1,290,294	₹24,449
Maruti Ertiga	₹1,522,360	₹1,500,512	₹21,848
Tata Tiago	₹890,083	₹868,553	₹21,530
Maruti Baleno	₹1,123,380	₹1,104,138	₹19,242
Maruti Swift	₹1,024,594	₹1,009,235	₹15,359
Maruti Wagon R	₹793,160	₹779,717	₹13,443

*On-road prices mentioned are indicative and basis internal ACKO market survey basis dealership prices offered in the city of Pune and Ahmedabad as of 15th Sep 2022.

Here are some tips to save money on your new car so you can get your dream car while staying within your budget.

1. Check Your Car Insurance

Car insurance is one of the most significant factors that play into the cost of the car. It is also the only component on your new car where you can save significantly, if you make the smart choice. When you buy your car insurance from ACKO, you can save up to Rs. 45,000/-. This is because you are buying the policy directly from us, the insurer. And that means zero commissions! We pass on those savings to you as low premiums. Just think of all the cool accessories and upgrades you can give your new car with those savings!

Car dealers add the cost of insurance based on the policies that they believe is best for the buyer, although that is usually not the case. It is up to the buyer to choose the insurance policy that they believe fits the car that they are buying, their driving style and their budget.

And no matter what the dealer says, it is not mandatory to buy insurance from them. The IRDAI has clearly stated that vehicle buyers can buy their “policy through anyone and there is no compulsion to buy it through your vehicle dealer”. So remember that it is up to you, the buyer and not the dealer to make the decision on which insurance provider and which insurance policy to buy.

Know Your Rights - To Buy Your Own Car Insurance

2.Time Your Purchase

When you time your new car purchase during peak festival times, the probability of scoring better deals is much higher. In India, the festive season of Navratri, followed by Diwali and then New Years are good times to buy a car. This is because dealerships across the country have a number of offers and discounts that can help you save significantly on your new car.

3.Relook your car financing options:

Another way to save on your new car is by analyzing all your financing options. When you are financing your car heavily, ie, if you are taking a loan for a large part of the car’s cost, you may not have to pay much upfront, but you will incur heavy interest charges through the course of the loan’s tenure. However, if you are financing the car fully, although you will pay heavily upfront, it is only the cost of the car and you will save significantly on loan interest. So, make sure you try and pay as much upfront as possible to avoid interest charges. Make sure you also compare loan providers so you get the best interest rate on your loan.

Buying a New Car? Make sure you check savings on your new car's on-road price

Remember, the easiest way to save money on your new car is through insurance. When you choose ACKO, you can save upto Rs. 45,000/- on your new car insurance. So why save 0 when you can save Rs. 45K?

If you’re planning to buy a new car, #CheckACKO for the best savings on new car insurance. Download the Acko App on Google Play and App Store today!