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Reply to Query asked by sachin bhatnagar on 28-09-2011

Query

iam an army office want to purchase hashbag budget is RS.3,50,000 to 5,00,000.this would be my first car.also tell me should i purchase diesel or petrol car...secondly want to purchase on loan.........suggest on this aspect also

 

Asked by sachin bhatnagar on 28-09-2011

 

Answer

 

Dear Sachin, Since this is going to be your first car, we would suggest you stick to the ower end of your budget, i.e. Rs 3.5 lakh. At this price, you have a number of options, including the Maruti Wagon R, Maruti A-Star, Hyundai Santro and Chevrolet Spark. We suggest you take a test drive of each of these cars and see which you like best. Whether you choose to go for petrol or diesel depends on the amount of running you plan to do. If you will use your car for 2000 km a month or more, then it makes sense to go for a diesel car. Otherwise, stick to petrol. As regarding loans, most dealers are willing to finance upto 90percent of the cost of the car. For ease of calculation, assume a loan of Rs 3 lakh. If your repayment is @ 12 percent for 3 years, then your monthly EMI will be (300,000 + 36,000 + 36,000 + 36,000) / 36 months which is Rs 11,333 per month.

 

 

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