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Should you buy car now by taking loan or save for it and buy later?

Car is a depreciating asset and hence, it’s better to take as small a loan as possible.

December 22, 2022 / 08:02 AM IST
Top Electric Cars

Top Electric Cars

With the increase in car prices, interest rate hikes and rising fuel costs, the cost of car ownership has gone up a lot in India over the last couple of years.
Many who suffer heavy road traffic daily will tell you that owning a car is of not much use. But there are still millions who still want a car and many for whom car is a necessity.

So how should you go about buying a car? Should you take a car loan and purchase it immediately? Or delay a bit, save some money (and reduce the loan), and buy it later?

While it is easy to be lured by small EMI options and be tempted to buy a car which is bigger and costlier than what you need, that too immediately, what is the right thing to do? Let’s discuss the pros and cons of either approach.

Taking a car loan