What Car Should Be Bought at What Income?
- Thread Starter TSIVipul
- Start date
I hope all my queries are solved in this thread. I earn around 20K month i am 22yrs old and i am planning to buy a car in the ending of this year and my budget is 2.5 L. I dont have any kind of loan or anything. so i have the following question and my monthly running would be very low like around 500 KM.
1. Firstly should i buy a Car at this income?
2. If yes then which car?
1. Firstly should i buy a Car at this income?
2. If yes then which car?
Thread Starter
#78
Well,buddy it really does not matter even if your household income is 1 crore per year.What really matters is what are your liabilities?What are your expenses?What is your current financial state and at last what can be the future of your family,business etc and what are your future plans for it.
Take it this way:It took us just a minute to decide that we are not buying a new car now for next 6 months instead we will book some high returning flats.In other words,the car is always a secondary need,the primary need is money,smooth running of business/job and family needs so after removal of all these expenses as mentioned above and then removing a lac or two or even higher according to your wish for the unexpected or unplanned expenses,you will get a final amount which is your saving which can be used for the car.
If family income is 20 lac,that means you may be paying tax on not more than 6-7 lacs(thanks to CA).So in that case you will have to get the car financed and hence you can easily go for DZire because I still believe that your net saving will easily come out to be at least 3-4 lacs per annum.And hence you can get the car financed against upto 50% down payment.In other words DZire does not sound overboard at all considering your income.
Rest its upon you and your calculations.
1):No problem buddy,you can buy a car at this income.Why?Because you are single(I hope so),you have no loans and your running is very low.So buying a car must not give any problem to you.
Your income favors you to buy the car on loan,in fact you can buy it on cash too,if you go second-hand way.
2):Which car??[thinking],now this is the question.
See buddy,for singles the chart made by me works at one level up.Or say you can go for a car which is mentioned for upto 30k earning people.
So I'd say you can be happy buying anything from Nano to Alto.All of them will give you happy ownership without nay signs of stress.
In case you go higher than them for cars like Wagon-R(New or used) etc then you can buy them too,but they can give you problems in case of repairs etc,if any.Overall,I'd say an 'Alto' will be best for you.
Take it this way:It took us just a minute to decide that we are not buying a new car now for next 6 months instead we will book some high returning flats.In other words,the car is always a secondary need,the primary need is money,smooth running of business/job and family needs so after removal of all these expenses as mentioned above and then removing a lac or two or even higher according to your wish for the unexpected or unplanned expenses,you will get a final amount which is your saving which can be used for the car.
If family income is 20 lac,that means you may be paying tax on not more than 6-7 lacs(thanks to CA).So in that case you will have to get the car financed and hence you can easily go for DZire because I still believe that your net saving will easily come out to be at least 3-4 lacs per annum.And hence you can get the car financed against upto 50% down payment.In other words DZire does not sound overboard at all considering your income.
Rest its upon you and your calculations.
1):No problem buddy,you can buy a car at this income.Why?Because you are single(I hope so),you have no loans and your running is very low.So buying a car must not give any problem to you.
Your income favors you to buy the car on loan,in fact you can buy it on cash too,if you go second-hand way.
2):Which car??[thinking],now this is the question.
See buddy,for singles the chart made by me works at one level up.Or say you can go for a car which is mentioned for upto 30k earning people.
So I'd say you can be happy buying anything from Nano to Alto.All of them will give you happy ownership without nay signs of stress.
In case you go higher than them for cars like Wagon-R(New or used) etc then you can buy them too,but they can give you problems in case of repairs etc,if any.Overall,I'd say an 'Alto' will be best for you.
Thread Starter
#81
Forgot to mention:
@Bunty:
In your case if you go used car way then try to get the used car from some sort of dealerships like Mahindra first choice etc.They have good prices and warranty too.And it will be even more better if you get the used car for full cash payment instead of any sort f loans as it will decrease your running capability significantly.
@Bunty:
In your case if you go used car way then try to get the used car from some sort of dealerships like Mahindra first choice etc.They have good prices and warranty too.And it will be even more better if you get the used car for full cash payment instead of any sort f loans as it will decrease your running capability significantly.
All the listed cars(Except swift) in used categories are concerned with higher maintenance costs and the spares aren't feasible nor readily available,No cars are good even in mileage aspects, so it's better to keep it as a planned project.
It's better to go with Altos, Nano or if you seek performance can try with Swift (P)
It's better to go with Altos, Nano or if you seek performance can try with Swift (P)
Thread Starter
#84
Well,in my views going second hand way for these cars can lead you in a trouble buddy because even some minor repairs of these cars are equal to your monthly income.Also these cars in decent condition will be available a tad too higher than your budget.
If you want something bigger then I won't advise going higher than Wagon R for happy ownership at any cost.Rest is according to your wish.
If you want something bigger then I won't advise going higher than Wagon R for happy ownership at any cost.Rest is according to your wish.
I drive a ford ikon and i did drive my friends Alto. I felt that i was driving a 800(no offense to 800 owners) and i really did not like it.
A big No for nano because of the above reason.
Yes i know that and that is why Swift is toping my list. Ill look for a Swift only.
A big No for nano because of the above reason.
Yes i know that and that is why Swift is toping my list. Ill look for a Swift only.
House loan EMI means you've got a house of your own. So why the 20K rent?
Thread Starter
#87
Its at last your choice buddy,buy the car you like.
Maybe he is talking about the home loans EMIs only.
Well,guys as I have already mentioned,those people who make a wrong decision while buying the car make some good deals in the used car market...
Today I came across a Tata Safari..
the owner was a sales manager in some insurance company and bought this car for himself.
Until he was single the car was okay,but as soon as he was married,he found that he had no money for his family,he wanted a new home etc etc.
Result:2010 Tata Safari LX for sale..
Talked to the owner and he said "Bhaiya I am buying a Indica eV2 now,and in the amount I used to pay as EMI,for that money my new car's EMI,running costs and some other expenses will also run"..
Then I gave him a slight lesson saying..
Buddy its true that after marriage your expenses increase,but not by two folds..they increase three folds.(Example:Before marriage monthly expenses were 10k,so after marriage it becomes about 30k for the same standard of living.)
Maybe he is talking about the home loans EMIs only.
Well,guys as I have already mentioned,those people who make a wrong decision while buying the car make some good deals in the used car market...
Today I came across a Tata Safari..
the owner was a sales manager in some insurance company and bought this car for himself.
Until he was single the car was okay,but as soon as he was married,he found that he had no money for his family,he wanted a new home etc etc.
Result:2010 Tata Safari LX for sale..
Talked to the owner and he said "Bhaiya I am buying a Indica eV2 now,and in the amount I used to pay as EMI,for that money my new car's EMI,running costs and some other expenses will also run"..
Then I gave him a slight lesson saying..
Buddy its true that after marriage your expenses increase,but not by two folds..they increase three folds.(Example:Before marriage monthly expenses were 10k,so after marriage it becomes about 30k for the same standard of living.)
Thread Starter
#90
You are absolutely right buddy.People say some cars are very tough to maintain,but then those cars are delight for some.
Simple it is,if one buys a car exceeding their budget/purchasing capability then they prove to be white elephants only.
Well,it looks like the 'Iron Rock' gets melted when it comes to marriage,really I am in love seeing the melting iron..![[lol]](https://www.theautomotiveindia.com/forums/images/smilies/Laugh.gif "Laugh [lol]")
Simple it is,if one buys a car exceeding their budget/purchasing capability then they prove to be white elephants only.
For me the moral of this storey is think well before you do, not for the safari but i am referring to the marriage ![[;)]](https://www.theautomotiveindia.com/forums/images/smilies/Wink.gif "Wink [;)]")