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Buying a Pre-owned car can make you Crorepati

By   /   January 12, 2019  /   No Comments

Buying a Pre-owned car can make you Crorepati

Are you planning to buy a brand new car ? If yes, Hold on. What if I tell you that instead of buying a brand new car, go for a pre-owned car & in turn you can become crorepati in the years to come. Let’s see how:

Gaurav age 30 childhood dream was to buy a brand new car when he starts earning well. At 30 he is earning well and have saved Rs.8 lakh till date. Now it’s time to take action and buy a brand new car. In 8 lakhs he has various options to select from.

His financial planner insisted him buying a pre-owned car instead of buying a new one. The logic here was that Gaurav traveling per month was less than 500 km and a two year old car will solve the purpose.

So Gaurav finally settled for a pre-owned car in Rs.5 lakhs. Remaining 3 lakhs out of his savings of Rs.8 lakh was invested for his retirement days. His current age is 30 & he is planning to retire at 60. In total the investment of Rs.3 lakhs will grow for 30 years in a row.

Let’s see, how by adjusting a little bit on his desire can reward him at the time of his retirement. Assuming his investment grows at 15% per annum, 3 lakh will become approx 2 crores at 60. Here investment rate is taken as 15%.

From this 2 crores, Gaurav can get a pension of Rs.1 lakh per month from 60 till he survives. On his demise, 2 crores will be given to his nominee. Here post retirement investment rate is taken as 6%.

 

Related Articles:

  1. Should you buy a car
  2. Buying a old car Vs. Brand New car

 

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  • Published: 3 months ago on January 12, 2019
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  • Last Modified: January 12, 2019 @ 4:36 pm
  • Filed Under: Must Read

About the author

Hi My name is Hari Om Tripathi. I am an engineer by chance & a Personal Financial Planner by choice. Currently residing in Kanpur & writing full time for Financial Kundali. In case you have any query about Personal Financial Planning such a buying a MF or ULIP, going for a life insurance plan or a term plan, to surrender your policy or not or any other questions related to your Personal Financial Planning, write to me at financialkundali@gmail.com

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