23M | Financial Advice Needed
Hi everyone,
I’m 23, working in Bangalore, and have saved around ₹8–9 lakh so far. I’m currently the only earning member in my family, while my father takes care of everything at home. My father wants to buy a car, and honestly, I want to gift him one. My only concern is that using most of my savings or taking EMI might put me in a risky spot if an emergency comes up.
A close friend recently joked that his car just sits unused most of the time — and here I am thinking of buying one. So I’m a bit confused.
When I look back, there was a time when even ₹5–10k felt like a huge amount. Now it doesn’t feel that big because I’m earning. Maybe in a couple of years, ₹5–10 lakh won’t feel as big either — but my father’s happiness right now definitely will.
So I’m trying to balance emotions and financial responsibility. Would you recommend: • Waiting and saving more?
• Buying a car within ₹6–8 lakh on EMI? • Or any smarter approach?
Looking for genuine advice. Thanks in advance!
I would say buy a really cheap car if you must and make as much down payment as you can, possibly half. Or just do what @Justaguy said. Get a 2nd hand car. Happiness achieved and safety net not lost.
If this is your first car I would suggest buying a second hand, will be cheaper and scratches won't bother(cause beginner).
