The self-employed individuals should not postpone buying a car in next year. If they purchase the car now, they can avail the tax benefit on cars. The buyers can claim depreciation for six months that come out to be 7.5%. The buyers will not only get tax benefits, but they will also benefit from low cost of acquisition. Remember, the companies have plans to increase car prices in the New Year. So, if you are planning to buy a New Year model car, better to buy it now.
The professionals can buy a car in their name whereas the self-employed individuals should prefer buying a car in their company's name. However, buyers should be skeptical about the savings claims made in the offers. The benefits might seem lucrative at first but can have hidden charges or conditions which need to be figured out before the final deal. Therefore, the buyers should take time to do the comparing shopping first. Also, they should not hesitate to negotiate with the dealers.
Another important factor to be considered while buying a car is the funds. It is not a small purchase and comes with extra costs if the buyer takes the car loan. Therefore, the buyer should evaluate his decision before making a purchase. If it is not essential, the car buying can always be delayed to next year.
Buying a car at the end of the year can be a smart choice if buyers select the right car with a lucrative offer and negotiate extremely well with the auto dealers.