BQPortfolio: Vedanti Imartey Learns That Owning A Car Is Costlier Than It Seems
Cost of car = Ex-showroom price + tax + accessories + insurance + fuel + depreciation + maintenance + interest cost on loan
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
Vedanti Imartey, an assistant professor in Mumbai, wants to buy a large car for her family by the year-end. But it may be unaffordable.
The 27-year-old earns around Rs 4.5 lakh annually, and her expenses run up to just under Rs 4 lakh. She saves about Rs 60,000 every year. Even if Imartey manages to get a car for less than Rs 10 lakh, her down payment would be as much as Rs 2 lakh.
Still, she’s adamant to buy a car as she expects a pay hike would help to achieve this goal.
On this episode of BQPortfolio, registered investment advisor Mrin Agarwal talks about the costs most people don’t consider while buying a car.
Watch the full show here to know what Agarwal advises Imartey: