Best Cars Under 15 Lakhs On-Road Price: Comprehensive Guide

The automobile market in India offers a wide range of options for buyers who are looking to buy cars under 15 Lakhs on road price. This article discusses in detail about what are the main factors contributing to the on-road price, some of the major highlights available in top cars within this budget and the financial options available, thus helping you make an informed decision regarding the same.

What Does On-Road Price Include?

If you are someone who is interested in buying a car under 15 lakhs, and are looking for options, you may have come across the terms ‘On-road price’ or ‘Ex-showroom price’ and wondered what the difference between them is. Likewise, there are several other terms that leave us puzzled while buying a car. Here is an explanation of what these terms mean and how they are calculated.

Ex-showroom price: Ex-showroom price is the price fixed by manufacturers or showroom owners before any additional taxes and costs are added to it. 

On-road price: This price refers to the charges in addition to the ex-showroom price, like GST, registration charges, car insurance charges, etc.

Registration fees: These are charged by the RTO (Regional Transport Office) of the area from where you are buying the car. These charges vary depending on the region. These fees include road tax and registration certificate charges.

Car Insurance: Insurance charges consist of premium charges which vary depending on the coverage offered. 

Additional Charges: These may include handling fees, logistics charges, or optional accessories purchased from the dealership.

These are the main components that constitute the final price of the car. Now that we have enlisted the major factors contributing to a car’s price, let’s take a look at the best cars under 15 Lakhs on road price.

Top Cars Under 15 Lakhs in India: Key Highlights

Here are some of the best cars available under ₹15 lakhs, showcasing their key features and specifications:

The current Indian automobile market has seen a major shift in buying preferences thanks to the economic boom and more manufacturing units being set up in the country. While there are several other options available, the cars mentioned above stand out in the ‘under 15 lakhs’ budget category. Most people who are looking to buy vehicles exceeding 10 lakhs go for SUVs or Sedans or hatchbacks. Let’s take a look at how these cars compare with each other with respect to several factors, in the following paragraphs.

SUVs vs. Sedans vs. Hatchbacks Under ₹15 Lakhs

SUVs: SUV’s or Sports Utility Vehicles were initially developed for mainstream off roading. However, with the passage of time, they are coming out to be the top choice for those who prefer going on frequent road trips that involve driving in rough terrains while not compromising on the comfort factor. Generally favored for their ruggedness and spacious interiors, models like the Mahindra XUV300 and Hyundai Creta are popular choices.

Sedans: Since times immemorial, sedans have been a symbol of comfort and elegance. Known for their comfort and fuel efficiency, sedans like the Hyundai Verna offer a balance of style and performance.

Hatchbacks: Compact and economical, hatchbacks like the Tata Nexon provide excellent maneuverability and are ideal for city driving.

Each category has its unique advantages depending on personal preferences and usage requirements. 

Financing Options for Cars Under 15 Lakhs

Financing a car can significantly ease the financial burden on buyers. Here are some common financing options:

Bank Loans: Many banks offer car loans with competitive interest rates ranging from 8% to 12%. The loan amount typically covers up to 90% of the on-road price.

Dealership Financing: Some dealerships provide financing options directly or partner with financial institutions to offer loans.

Leasing Options: Leasing can be an attractive alternative for those who prefer lower monthly payments without committing to ownership.

It's crucial to compare different final prices before making a final decision. Study the market carefully by comparing the prices offered by different car dealerships. Several of them even offer excellent car insurance and financing options.

Best Deals and Offers for Cars Under ₹15 Lakhs

To maximize value when purchasing a car under ₹15 lakhs, consider these tips:

Seasonal Discounts: Dealerships often run promotions during festive seasons or year-end sales.

Exchange Offers: Many dealers provide attractive exchange offers if you trade in your old vehicle.

Loyalty Programs: Some manufacturers offer loyalty discounts for returning customers or those who have previously owned their vehicles.

Staying informed about ongoing deals can lead to significant savings.

Conclusion

Buying a car under 15 lakhs on road price is a major financial decision. While buying it, one must learn about the different financing options, understand the car insurance policy terms well and get a hook on how cars are priced in the current market. Being educated about these factors gives you the upper hand while buying a car, thus enabling you to negotiate the car prices. While buying a car is a major lifestyle shift, taking care of it is equally important. One must understand that both the driver and the car are at risk of damage or losing life in a road accident. Hence, it is essential to conduct a study of car insurance policies parallely while looking at your options for a great car.

Many car insurance companies offer insurance at competitive prices. It is recommended that prospective buyers look at their offerings before making a decision. This way, your journey, both that of buying a car and driving it is secured and leads to a positive result.