New Delhi : Are you planning to buy a car and bring it to your home during Diwali, during the festive season? What is your source of income? Are you employed? If you work, will you buy a car by adding every penny of your hard-earned money or take a car loan? We are asking you so many questions, so don’t assume that we are going to warn you or are forbidding you from buying the car. Don’t think this at all, rather we are going to tell you which car will be perfect for you according to your salary. Buy a car and buy it with passion, but it is very important to know what the budget should be as per your salary.
Many times it happens that working people buy a car, but they are not able to maintain it properly. They start getting worried about his expenses. The biggest reason for this is that they do not do calculations before buying a car. By doing this, not only does it create a big problem for them, but their household budget also starts deteriorating. In such a situation, if before buying a car, its price as well as the expenses incurred on its maintenance are calculated in advance, then problems will not increase after purchasing the car. For this, it is very important to see how much is your monthly income from salary and what is the household budget every month. If the formula is prepared keeping all these things in mind, then there will be no problem after buying the car. Come, let us know which car will be perfect for you according to your salary and what should be the budget for it.
Annual income from salary and car price
While buying a car, it is very important to keep in mind that the price of the car should not be more than 40 percent of the total income from salary in a year. Suppose your annual income from salary is Rs 10 lakh, then the price of your car should not be more than Rs 4 lakh. Now it also needs to be kept in mind that if you have taken any other loan against this income, then it will have to be subtracted from the annual income. Suppose your annual income from salary is Rs 10 lakh and you spend Rs 2 lakh in loan EMI in a year, then after minus this, your annual income will be only Rs 8 lakh.
Monthly income and car EMI
Now if you buy a car by taking a car loan, then the ratio of your installment should also be in accordance with your monthly income. In this, you have to keep in mind that your car EMI should not exceed 30 percent of your monthly income. Suppose your monthly income is Rs 70 thousand, then your car installment should not exceed Rs 21 thousand.
Make maximum down payment
Now, if you do not want to bear the burden of car loan EMI on yourself, then you should make maximum downpayment while buying the car. If possible, make at least 30 percent down payment of the total price of the car during purchase. This will reduce the loan burden on you and your monthly EMI amount will reduce.