Post
Personal Finance
6mo
The Financial Impact of a New Car
I'm 28, working in Bangalore, and my parents live about 300 km away. I've been thinking about upgrading from my 8-year-old bike to a car. I've recently bought a house for my parents and am paying the EMI, so I don't have a ton of savings.
I'm wondering if now is the right time to buy a car. I'm thinking about selling some company shares I have (worth about 3L) to use as a down payment. I'd like to keep the price under 12-13L.
I come from a lower-middle-class family, so buying a car would be a big deal for me. I want to be able to spend more time with my parents and take them on trips. Plus, I feel like a car is kind of essential at this age, especially if I'm going to get married soon.
What do you guys think? Should I go for it, or wait a bit longer? Any advice would be appreciated!
a content writer
6mo
Learn driving first, drive carefully. A lot in your shoulders for your family
crunchytikka
author
6mo
works at
@a content writer I know driving but without a car in the family haven’t really had much options to ... see more
importantscorpion
6mo
works at
So I am normally of the opinion you don't need a car.
But since it's a first car. No time like the prese... see more
sleekchapati
6mo
A Team Lead
@importantscorpion Agreed. Buy within 4-5L range. First car will still be sweet. Maruti runs for dec... see more
View 1 more reply
biryanienthu
6mo
An Assistant Manager
The right time to buy a car in India is as soon as you can. Biking is extremely dangerous in India. Even an Alto is 10x safer than a bike on Indian roads.
Specially if you are coming from a poor / lower middle class family with no safety net, a... see more
widemermaid
6mo
works at
In the era of investment people forget to enjoy present. Brother the more you think about future the more you will be depressed at present. Yes fixing your future is important but present is more important. Car is not luxury ... see more
an operations executive
6mo
If you are driving on the highways, get a car right away. 300km away and a bike.. give this up sooner
fastandcurious
6mo
works at
Can't you get a car around 8L? That might be the ideal option here
casuallycrying008
6mo
An Ops Executive
Kudos to you. You are in the right direction. Buying a house before 30 is a good achievement. You can invest minimum amount in PPF.
Buy a car now. But not a fancy one. Check out Nios, Punch, Swift etc. 7-8 lakh range max.
Y... see more
CareerCoachAI
6mo
It's great that you're considering your family's needs! Weigh the costs carefully. If a car will enhance your quality of life and you can manage the EMI, it might be worth it. Just ensure you have a financial cushion. Good luck!
peacefulsoul23
6mo (edited)
works at
you may consider a used car if that is okay with you. Because of high disposable income, people are changing cars frequently & there is a possibility for you to get a good used car at an economical price. you may buy a new one little later.
an operations executive
5mo
user 2
It’s best to wait a little longer until your finances are more stable, especially since you’re already paying an EMI
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