I just turned 25 and wanted to know if buying a second hand car would be feasible for my finances. Note that I only have around 3 Lakhs in hand and need to take loan from the bank. I am not sure which car I have to buy. I do not want to buy a santro and do not want something that costs me more than 15Lakhs. Would it be possible?
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Consider purchasing the brand new Tata Tiago EV, with a starting price of 22 lakh rupees. A minimum down payment of approximately 4.4 lakh rupees (20%) is required. The money saved from using gasoline can be allocated towards your monthly EMI.
No.
Say you’re a responsible spender and only spend about 50k every month.
So that’s 50k you have every month (very very liberal assumption)
If you buy a Tiago EV at 22 Lakhs, 3 Lakh down payment and 19 Lakh loan. At a very low interest of 10% and a loan period of 4 years, you are looking at an EMI of 48k. (And these are very generous. Interest rates are usually higher than 10%)
That means for coming 4 years you’ll have 2k saving per month. Unless you increase your salary in that period or have other sources of income, it’s not advisable to take loan because you need to have money for the rainy days.
Basically your life and lifestyle has stuck for 4 years unless you start to earn more. Even minor inconveniences may set you back and you may default.
EDIT: I haven’t even considered price for insurances and other recurring costs of owning a car.
If you buy a second hand car say around 15 lakhs, at the same interest rate and tenure, you’re looking at an EMI of 30k and a saving of 20k every month. Keeping 10k aside for fuel and maintenance, you still have 10k every month in savings which, although is not that much, is still better than 2k savings.
Sadly, your monthly earnings must exceed 2 Lakhs for you to buy a car and also run your life comfortably.
Well bank usually don’t provide loans for second hand cars older than 10 years.. you can look up hamro bazar and see if you can find someone who is struggling to pay his car emi… I bet you can get a good deal.. apart from santro. Sukuzi Zen Estilo I10 Wagon R could fit well into your budget.
Kinna lai loan linxau, repairs and services lai k garxau?
Loability pani ho, accident vako case ma k garxau?
Think everything through, its not just having a car, its having a usable car which might go out of comission or may cause an accident.
Ur starting sum is too little imo
Well, it’s not like you can’t do it. You, can but there are many other factors to consider before you jump the gun.
Firstly, the only car you can afford in your given range is Santro, i10, Kwid, Tata Indica and so on. If the car is older than 15 years, you are penalized 10% over your regular yearly tax.
As soon as you buy a car, there comes insurance as well. For old car, that would range from 15k-20k, based on the valuationa and other coverage you prefer. Never skimp out of insurance. Do comprehensive insurance from a reputed company.
Then comes EMI. Let’s say you only take 9 lakh loan at a realistic 13% for four years. You’re looking at an EMI of around 24,000/month.
Then comes fuel which is very subjective. But let’s say you don’t travel very much so average petrol expense monthly comes at around 8,000. Old engines aren’t efficient.
Now maintenance. Older cars require more frequent maintenance. From oil change to parts replacement. We’re looking at around 30,000/year. This is if the vehicle doesn’t give you much trouble.
All said, I would suggest you to buy a 2005-2006 Santro that’ll cost between 5-7 lakh. Save up a little, don’t take out a loan for an old vehicle. Make sure that the Santro is accident free. You may buy Kwid or Indica but believe me, nothing sells faster than a Santro in the second hand market. Also, parts are easily available for Santro.
After about a year or so, you can upgrade to a decent Suzuki Swift or i20. When upgrading, you can take out a loan from Hulas FinServe. They’re hassle free. I did the same. Bought a beat up Santro, drove it for a year, polished my driving skill and upgraded to a Suzuki Baleno.
You can consider secondhand Tata tigor or tiago petrol variants. It may be available below 15 lakhs for 2017/18 model which is good in compare ko others.
Why would you want to buy a car?
Youd have to buy a really old machine or a fairly small car like santro if not santro. Dont go for kia, they have limited after sale support in nepal. Thats the reason they sell for cheap. Go for hyundai, suzuki or mahindra. Namely i10, swift, alto and if you have bad roads bolero. In 23 lakh you could also go for tata new basic electric hatchback if its just some in city driving youll do.
If you plan to do any long highway or nepali highway driving youd have to find a 2015ish bolero or older scorpios. 2015ish bileros go for 20+ and scorpios 30+ so finding a decent one at 15 will still be hard.
Would be really really hard to get a second hand car at 15 lakh that isn’t Santro or really old cars. Instead maybe increase your savings for a year and get a car around 20-25 lakh. It will increase your option and you might get good deal.
I have a loan of 25 lakhs, and I need to pay NPR 70K to the bank every month.
Please use this figure as your reference 🙂
Don’t rush into it. Wait for a bit until you find someone who’s struggling to pay emi or is going abroad. They’ll usually sell it for cheap if you bargain.