Guys, I have a monthly salary of 40000 rs(8 years in IT) and I am thinking about a switch and learning for it. My husband joined a company on Feb 5 and his monthly expected salary is around 65000 rs(5 years in fincrime). We have around 5-6 lakhs debt, which we are repaying based on requirements. We are seriously thinking about buying a car as we have a 10 month old baby and travel is difficult without a good car, hence we are planning to buy kushaq ambition automatic (~18 lakhs). We don't have money in hand thinking about taking a loan of 12 lakhs and rest by pledging gold.
Do you think we made the right decision to buy a car now. We have a 15 year old Alto now.
Rule of thumb I follow is buy a car which is 1/3 price of your CTC(excluding stocks) at max, anything beyond this price is most likely a childhood dream, some aspirations. Because this will add on to your debt.
With loan hovering around 9.2-9.5 percent, your interest itself will amount to 3-4 lakhs
why does it have to be an 18lakh car, why not something like a punch automatic that costs half of it
What city are you in?
Kerala
I’d suggest a cheaper car. If you’re buying fresh, get something under 10L, or if you want something with performance and top quality, buy second hand. Get a used 2017 or 18 car, there are many options. venue, sonet, brezza, ecosport, kiger. All under 10L
Thank you so much guys 😊, We had second thoughts, that's why I asked here. As most of you suggested, we have listed out the pros and cons and decided not to buy kushaq now.
So I withdraw 1L in hand every month and saves around 50-60K per month. I am married with no kids yet and my age is 28.
I do not have any responsibility. I do have one loan for which I pay 5.7K EMI.
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Budget: Upto INR 6.5L Usage: Mostly City, 15kms + Outstation on Weekends
PS: We also...
