Made financial mistake by buying car in India ๐
Bought tata nexon costing 11L. I hardly take it outside due to Bangalore traffic. Took loan for financing. What should I do? TC 68lpa Yoe 4 currently in #amazon
The loss you get by selling it off is much kess than the loss you get by paying the loan interest. Sell it off if you don't use it.
I love to drive and was planning on buying a car when I move to blr next month. Assuming you had spent a couple of months at minimum in blr before getting the Nexon, were you not aware of the traffic situation, what pushed you to enter into this buy? Just curious about the thought process.
Family pressure ๐
Oh wow ๐๐ this helps.
You could rent your car to Zoomcar and potentially make more than the EMI you currently pay.
Oh is that a thing? Let me check
Read reviews. They will ruin it.
Keep it. You earn good. Even if you dont drive its always good to have your own vehicle for emergencies, urgency and leisure sometime. Also, you can afford it easily.
Hmm agree
Yeah same here, hardly use my car but it's still valuable for emergencies. Also if the traffic is the only thing stopping you, driveu and others let you rent the driver alone. Much more comfortable than a cab.
Your TC is 68. A 11L car won't kill you. Just keep it with you. You never know when you'll need it.
Thanks
Just chill , having 68lpa. Buying a 11lac is not a big deal in long run. Enjoy by going on trips outside banglore
Why not buy all cash if you can afford , do you have any other loans ?
In long term (5 years or more), it's good to get a loan at 8-10%. 1. Money's value decreases, so you're effectively paying less over a longer term. 2. Invest your money in equity. Returns would definitely be > 10% for longer terms.
Also, do not buy even on loan if you cannot afford to spend thrice the complete amount up front. This is a thumb rule to check whether you can afford a buy or not.
Go for long drives occasionally. If you're from south India not far from parents, you can considering driving home. It'll be lot of fun. Given the current situation of abysmal public transport, lack of cabs and pollution, I'd keep the car.
Yes I feel same. At some point after marriage, I'll need it
Why did you take loan to buy 11L car with this TC?
I've savings well over 50L. It's just that I felt I'll invest in equity and get over 12% returns
You can sell it off. May incur some loss. Make a call based on the offers you get