Need Financial Advice to Buy a Car in 2012


Thread Starter #1
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Hi guys,

I am planning to buy a car in 2012 sometime around Diwali or maybe before. I tried to search on the net on how to save up money to buy a car but I was just confused not so good with numbers sometimes. My idea is to pay some amount & for the rest take a car loan for say 5yrs or maybe less depending on the loan amount, I fall in the bracket of 25k to 30k. Below is what I am looking for

1. How much I need to keep aside till the time I decide to take the plunge, I am single still & might get settled next year (might not happen as well hehe)

2. I am looking for a hatch that comes under 7 or 8 lac not more. Right now I have Punto 1.3 MJD Emotion on my mind

3. I would like to start this from Jan 1 2012

Please let me know if any additional info that isn't too personal to post here is required I would be glad to share. Thanks in advance
 
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Re: Need Financial advice to buy car in 2012

Hi, punto will be over budget if you want to save. Gofor low budget car or used car in 3 to 4 lacks.
 

350Z

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The first rule of thumb is to create a realistic budget and stick to it. I know it’s not too difficult to be carried away after looking at higher-end models but then, if it comes to spending on cars, sky is the limit. Keep in mind the existing financial situation (Expenses, savings etc.) and thereafter set a practical budget based on that. Yes, You do have an option of loan but the amount to be borrowed has to be as much practical since the expenditure is only expected to rise in future once you are fully settled. Add to that the interest and running cost of the car. I think you have sufficient time for now. Think about it and analyze because you yourself are the best person to do that, we can only recommend. Good luck!

Drive Safe,
350Z
 

TSIVipul

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Hi guys,

I am planning to buy a car in 2012 sometime around Diwali or maybe before. I tried to search on the net on how to save up money to buy a car but I was just confused not so good with numbers sometimes. My idea is to pay some amount & for the rest take a car loan for say 5yrs or maybe less depending on the loan amount, I fall in the bracket of 25k to 30k. Below is what I am looking for

1. How much I need to keep aside till the time I decide to take the plunge, I am single still & might get settled next year (might not happen as well hehe)

2. I am looking for a hatch that comes under 7 or 8 lac not more. Right now I have Punto 1.3 MJD Emotion on my mind

3. I would like to start this from Jan 1 2012

Please let me know if any additional info that isn't too personal to post here is required I would be glad to share. Thanks in advance
Well,its good to know that you have decided to upgrade from Enfield to a car,now let's start this another way:-
First of all,here are some questions:-
1):Do you have any loans on your head?(Maybe education loan,home loan,personal loan etc etc)
2):You own a house or live on rent?In case you own a house but have to pay monthly installments then consider it like a rent for sometime.

Now don't tell me if you pay any installments etc or how much you pay for it,just make a rough estimate of all your expenses(any it may be)and deduct it from your salary.Now you will get your net savings and the money which you can pay as installments for the car.
Once you get it done,now do slight hard work and figure out which expenses are just useless for you and you can cut them and hence increase your net savings for the car,these expenses may be outside food,buying extra clothes without need,frequently(more than needed)partying/chilling out with friends etc etc.
Now you will get an even more refined budget then if you feel comfortable then mention it here and then we can help you decide the best car suited to your budget as well as your needs.

Still a small piece of advise,since you are soon going to get married(maybe within one year or two)so it will be better you try to save a bit more and buy a car for which you have to pay quite less installments per month,this will help a lot in future.Also it will be best if you buy the car and get all the loan amount paid even before you get married.
 
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Thread Starter #6
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@TSIVipul the answer to 1st Question is No & for the 2nd one own house but no installments whatever that is. The only expense I got is monthly bills which run into about 4k maybe including my travel & eating out sometimes. Apart from this no other expense for me. Well settling is altogether a different ball game & I just want to get done with major expense asap.
 

TSIVipul

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@TSIVipul the answer to 1st Question is No & for the 2nd one own house but no installments whatever that is. The only expense I got is monthly bills which run into about 4k maybe including my travel & eating out sometimes. Apart from this no other expense for me. Well settling is altogether a different ball game & I just want to get done with major expense asap.
Well,that's a good news,now I can say that you save nearly 15-20k per month right?So now its time to consider your monthly running,your personal priorities,city/highway usage and how many people will be travelling etc etc.After you make out your priority/needs chart we will be able to figure out the best choice for you.
 
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