American author, TV personality, and humorist Erma Bombeck once famously quipped: "Car designers have to come up with an automobile that outlasts the payments. This especially applies to costs that aren't as obvious as the others.
Speaking of *hidden* costs, wouldn't it be ironic if we stalled you instead of getting right to how you can get away from the hidden costs of owning a new car? Let's get right to it 😄
When you take out a car loan, the EMIs are the tag-along party pooper. People often look at the affordability of these EMIs on a month-to-month basis and miss out on understanding how much MORE they pay in the long run. Let's assume you plan to take a car loan of INR 5 lakh, to be repaid over 3 years at an interest rate of 12%. As per this EMI calculator, the EMI is INR 16,607, the total payment being approximately INR 5.97 lakhs after 36 months.
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Reducing the EMI amount by opting for longer repayment tenures means an even higher total outgo. For a five-year tenure, the EMI is INR 11,122, amounting to a total of INR 6.67 lakh after 60 months.
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| | Total amount paid with interest (INR) | |
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The difference in amount is the interest being paid, which does not add any real value to your car when in turn, it is getting depreciated. 🙄
Compare this to subscribing to a car, and you don't have to worry about hidden costs like loan interest on your EMIs. That is because, with a car subscription from Quiklyz , you pay only a monthly fee that covers the car's use in its entirety!
Did you know the value of your new car dips by almost 10% the moment it leaves the showroom? 😦
Depreciation is one of the several recurring costs of owning a car. Unlike a new apartment, which can appreciate in value because of rising real estate price and various improvements made to it, the resale value of a car is always less than what you have paid for.
When you subscribe to a car, depreciation simply isn't something you need to worry about because you only pay a monthly fee that includes all other costs. Quiklyz does it all, and you can worry about nothing at all. 💙
Your smooth car drives might often find a speed bump in the way. Both literally and figuratively. India accounts for 6% of total global road accidents – which, unfortunately, brings death, injury and damage to cars. That's why insurance cover is non-negotiable under India's Motor Vehicles Act, making it mandatory for all vehicles to have it.
Even if you opt for a basic car insurance plan for your car, you must have a "third party liability" cover, under which you are compensated for any death, disability, injury or property damage to a third party. A comprehensive cover includes damage to the car.
Insurance regulator IRDAI has laid down the following broad rates for private passenger cars for 2022-23:
For vehicles not exceeding 1000 cc | |
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For vehicles exceeding 1500 cc | |
Using this broad guideline, the Tata Tiago with 1199 cc, costing Rs. 6.57 lakhs (ex-showroom in Delhi) would require a car comprehensive insurance premium of around INR 75,000 over a five-year period, but this could go up if the car meets with an accident during this period.
Ex-showroom New Delhi – INR 6,50,000
When you subscribe to a car, you can say goodbye to this calculation and worry because, once again, it's all handled for you and covered in your monthly fee. Even better, you don't have to manage the paperwork and the renewal reminders because Quiklyz will do it all for you 💙
Just like us mere mortals, our cars, too, need some regular upkeep. Air filter , oil filter , tyres , battery , etc., require routine checks at your service centre . This is an essential service that your car will absolutely require! Car maintenance costs depend largely on the car make, model, and the number of years covered but can range between 9K-15K per year. Of course, this number can go past 25K, especially if your car is older and you cover 20,000+ km each year. An unnecessary expense that can be avoided because it's covered under the monthly Quiklyz fee! And since the monthly fee covers all service costs, you don't have to worry about such unpredictable expenses throwing your monthly budget out the window. What's even better is that this includes tyre and battery replacement, which is less financial stress on your wallet. Plus, you don't have to fret about missing scheduled services because we manage that for you.
Fuel is quite a pricey and touchy topic for us Indians. 😏 With changing rates across states and one that burns a hole in the pocket – fuel costs are often ignored by new car buyers. You have to account for the price you will pay depending on the use of your car for long or short distance commutes.
Let's take an example of you travelling a 30 km commute to your office each day, with a mileage of 14 km per litre , and (just to make the math much easier) the price of petrol is INR 100. Your daily travel costs come up to INR 600!
INR 600 each day will easily cost you INR 12,000 every month! A bit much for daily travel, don't you think? 👀
When you subscribe to a car, there are two primary reasons why you won't feel the pinch as much; first, because you'll be saving on so many other costs that overall, your expenses will reduce. Second, because you'll always be switching from one new car to the next ( Quiklyz offers easy upgrades), the extra fuel consumption that comes from driving in older models can be done away with! 💙 Plus given our wide variety of cars, you can choose to take a Diesel rather than a Petrol model that will suddenly fall into your budget because you're subscribing not buying. 😋
Getting the show on the road is easier said than done. To use these roads, you need to pay the road tax. In India, the road tax charges depend on which state you live in and which car you own. You can read more on how much you have to pay in the state you live in.
You thought that was all? 😂 We've got a whole table here to tell you what more miscellaneous charges come along with your new car and how much they're likely to cost you.
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Temporary registration fees | |
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Do you enjoy spending more money than you need to? 🤨
Now that you know all the hidden costs that come along with buying a new car (and you won't be alone) 😇 a Quiklyz car subscription is the new go-to option to consider if you don't want your dream-car dreams to fizzle out. Our monthly fee is the only way to avoid these costs from surprising you. So log onto Quiklyz and choose the car you want from our wide range of every possible make and model and get your brand new car delivered to you - with a white number plate and an RC in your name. 😃
