Thursday, November 24, 2011

New vs Second hand car - Limited cash

New vs Second hand car - Limited cash

Dear fellow bhp-ians,

I have a dilemma. I want to buy a second car. This has become a necessity due to logistics issues with my office travel vs my wife's requirements vs dropping my daughter to school. For my Scorpio, I have a driver now. But one car is simply not enough to manage all three. So here I am in search of one more car. But am completely cash strapped (trying to become an entrepreneur also - pumped my money into a business !!!).

My Budget - Have only 1 lac as down-payment and probably can make 5-7K as EMI per month :Frustrati

My needs - A good point A to B car with good mileage. Expect to put 500 to 600 Kms per month. (So I presume diesel is not really required ?)

I am 6 ft 2 inches and my wife is 5 ft 8 inches, so small cars like alto becomes problematic. What are my best options - I don't mind second hand cars also. With the EMI I can pay I can get around 1.5 - 2 lacs for financing second hand cars. So the budget comes to around 2.5 to 3 lacs. In case of new cars I can get anywhere between 2.5 to 3.5 lacs. So that gives me a budget of 3.5 to 4.5 lacs. Now I leave it open to you guys, given all the constraints - what are my options?


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