Financial Advice

Posting behalf of my friend:

One of my friends who is planning to buy a new car(on loan) but unable to understand how much he can spend. His annual financial details are as:

Income: 30L Home loan: 6L Investment: 5L Expense: around 12-15 L

He is married, so expenses will rise more in the future. I suggest not to fall into a financial trap by buying a new car. What's your opinion?

7mo ago

SleepyBurrito

Groww

7mo

If he already has a car, better to drive it down till a target, say finish home loan, then upgrade car.

If he doesn't have a car, or really needs an upgrade, then I'd say rs.8-12 is the sweet spot. (Considering he is young, salary will slowly increase, and he'll again want an upgrade in ~8 years.)

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