I live in Pune, India. I earn about ₹1.10 lakh per month, and my wife earns ₹80,000 per month.
I have a home loan of ₹40 lakh, with an EMI of approximately ₹37,000 per month. Last year, we had a baby who turned one in November.
I am considering buying a car to make it easier to travel with the baby. I’ve looked at cars priced around ₹10 lakh, but I’m unsure whether I should go ahead with the purchase. I’m concerned about whether it will be worth the expense, as it would add an extra ₹10,000–₹15,000 to my monthly expenses.
I have ₹30 lakh invested across various assets. Could you please provide your advice?
My suggestion will be go ahead and buy a car. Now the question is whether you want to take it on loan or pay by cash.
Why you should buy a car? Its is a lifestyle upgrade. Now that you have a baby and both you and your wife have to manage baby it becomes easy for you to travel across.
It will also provide a basic security to you when on road.
Next you need to think about your budget. My input will be to keep your budget rigid at 10-12Lakh not more than that.
You need not go for top variant, that will help keeping budget in check.
Last is how are you going to finance it? If possibe maximise your down payment and reduce your loan amount and loan term. Keeping yourself liability free will do lot wonder.
Thank you 🫶
I live in Pune. I earn about ₹1.10 lakh per month, and my wife earns ₹80,000 per month.
I have a home loan of ₹40 lakh, with an EMI of approximately ₹37,000 per month. Last year, we had a baby who turned one in November.
I am consideri...
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