23YO|Male|Financial Advice

Hi Guys

I am working in Bangalore earning decent 2024 graduate. Saved around 8-9lakh rupees till now.

My father wants to buy a car, there is only one issue I am the only earning member in the family, my father do take care of all the basic needs of the family.

I want to gift him a car but my only concern is if I buy it, the savings will be gone and if any emergency comes I will be in trouble.

I would like advice of people in their 30s should I get a car of around 6-8 lakh on emi. I am planning for a switch which will eventually increase my salary. But still I want advice from you people.

Hoping to find genuine advice here!

Thanks

1mo ago

CosmicLlama

Freelancer

1mo

Don't buy a car. Not now, not ever.

Cars in India are an absolute waste. It will cost money to buy , money to upkeep, and money to run.
The only reason to. Buy a car if you get tax rebate. For every money you spend on a car you have the ability to write that cost a tax deductible expenses.

Don't fall for the fomo trap of "weekend travel", family emergency " and all such nonsense.