How did you manage to sell a 9 year old car at more than 50% of price. This is best resale car value I ever have heard. Was it exchange for new car or did you sell to one of like Spinny?
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For salaried and consumption purpose-
Car shouldn't be more than 6m net income. It should be crossed in very rare occasion. E.g. you have a big family. Having a 4 seater would be useless. So you need a physically bigger car. Or if the slightly more expensive car offers much higher value.
When the car is parked in service station and you pay insurance+ emi and still have to find alternate commute, it's brutal.
Buying on loans is fine as long as you have the savings to buy in cash. There's tax saving and if your existing investment returns more than the loan rate , loan isn't that bad. But that saving is earmarked for car payment , can't be used for consumption, may be for emergency but only partially.
Car is depreciating asset. Some might say they are buying expensive car due to aspiration, but there's a big difference in aspiration and show off.
Instead of purchase cost, we need to look at cost of ownership. Both fixed( insurance, parking,driver) & variable (maintenance, consumables, fuel, accident, break down). German/british cars expensive to maintain compared to american/korean. japanese are on a different level.
The case is even worse for superbike. Utility is lower and maintenance is much much higher than car. Part replacements are expensive and time consuming. There is reason why most superbikes are resold regularly. Cost of ownership is much higher than purchase cost when we compare to a similarly priced car. Only exception is honda. I used to keep my buddy's honda cbr 650. Upfront price is higher than bikes of same class but maintenence is low. Maintenence cost is ktm/re level. Ninja 300s is almost twice as expensive. Unless you have savings upwards of 5cr, you shouldn't even think about superbikes in india. If you live in Europe/middle east/Japan it's a different matter.
I still use my dad's 10yr old car because doesn't drive. 🤣
Op you can make it the solution if you like. 😋
sunit123
TF Premier
Thanks to blind consumerism....Someone rightly said that most Indians are just “one hospitalization away from bankruptcy,”
There are 2 factors. Cars in high demand doesn't depreciate much. In 9 years the price of same car was more than doubled.
I know few guys who managed to sell their bikes more than they bought it. Because of increase in duty the sbu bikes became crazy expensive overnight.
sunit123
TF Premier
Only lower middle class and poor people think like this (show off)....Upper middle class and rich class is more rational and logical in financial wisdom, they spend judiciously (I can say this based on my social circle)....I cannot spend and become bankrupt to support economy where as a taxpayer i am not getting anything and my tax money is freely distributed under ladli behna yojana and as a free ration to 80 Cr people.
Sorry, this thread is not a question with a solution. It is discussion on what folks think. 🙂
This is not just for poor or middle class. There are many people with ctc upwards of 1cr, still they are living hand to mouth. They dont even have emergency fund for 2-3 months. 1st they want a big house in higher floors with great view. Need a jag/bmw/merc to go to client location. Wife needs creta. And a small i10/swift to drop kids at daycare/scool/tuition. Everything on emi.
Need 1 annual foreign trip, 2 -3 domestic trips. If they don't do this they know they won't have anything cuz Vasuli Tai will take 30-40 %, moon of the their life will take 50% , then vultures will take the rest.🤣
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Twas a joke. 🤣
sunit123
TF Premier
For such people, i can only say that Medical science has done so much advancement but ek bimari ka illaz aak tak nahin ho paya...Woh bimari hain Chu*****pan....Like pediatrics there should be a department of Chutiatrics (It will have max patient in India)
We sold it in Maruti True Value. Same showroom where we bought the new car. They only arranged everything.
We didn't have to bother about the details. I remember the price they quoted was 1.9L and there was some 10k exchange bonus due to year end offer (We did this in 2023 December). But still a good deal.
(Also Alto 800 is the lowest variant, price do not reduce too much. + it was in good condition, single owner etc.)
Sure if that person doesn't derive any utility out of it. Some expensive Mobile provide more utility to many( e series/blackberry earlier and samsung notes later.) For most car just a mode of commute. If 6m net salary becomes too restrictive, they can buy a good 2nd hand car with same restrictions. Even they can't judge a good 2nd hand car, they can take a someone who can, like a friend or a mechanic.
Similarly phone purchase should be planned. Bbd/gif sale, foreign trips/ new launch offer etc.
sunit123
TF Premier
In 10 years, rupee has also lost value due to inflation and depreciation...If you adjust the rupee cost value then sale price in 2023 is around 75k which is fair value.
fradela
TF Premier
It is old car bought in spinny for learning purpose. 🤣 🤣 🤣
Never judge a book by its cover 🤣🤣🤣
So many prejudice people 🤣🤣🤣
We all know the car is depreciating asset.
