Car buying advise
I'm 24 M, unmarried, living with family in tier 1 city and. Paying monthly home loan 35k. Since my childhood I always wanted to buy a Car. And now I am earning around 1L per month after Tax I wanted to buy a car, but not sure how much i need to invest there. I am the only financial support to my family and need to take car loan since I have 0 savings till now. Please suggest some cars to buy or throw me some light if its a necessary expenses.
Bhai mat lo agar chahiye toh meri le lo Car lena waste of money hai
thanks Bhai, ab main cycle rickshaw lene ja raha hu ❤️
Imo you should save up atleast till 50% of the money because 20-30% you'll have to pay in down payment. Loan should be as low as possible so for example a 15L car should essentially have a loan like 8-9L and rest down payment, that's my math! You should pay atleast 5-7L for that car. I think you should look at a 15L car imo based on your salary if u have some support from other sources then a 20L car but idk about your sources of income other than job. You should go and do some test drives bro and ask them for financing advices too. Go to hyundai tata maruti mahindra showrooms! You can get a good car. Also car is an emotional decision it's sort of like an achievement,i think you should go for it without worrying about savings and all. You have ton of life ahead
What would be my expected maintenance cost every year for a 15L car
What do you do man? Support engineer? Earning 1 lac
He works in Amazon buddy not in Accenture! 😅
One doesnt need a car specially living in tier 1 city. Given your financial condition I wouldn’t go that route. Owning car isnt just the purchase you make on day 1. There are recurring expenses of running the car which one always overlooks in the excitement.
If you are the person who enjoys driving and loves road trip, I would suggest go for self drive car companies, which shouldn’t be an issue to find in tier 1 city. Try different cars on different trip. This way you will figure out what are you looking from your car in long run. Buy it when you can comfortably.
Tl,dr : Unless you can afford to pay emi of 2 cars do not buy any car.
Don't take a car loan, save money and buy it from your savings
