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Posted by on Jan 30, 2015 in Financial planning | 0 comments

SUV desire and the decision

I am driving the third car in my life which is a Maruti Ritz. I had two cars before and both were from the Maruti stable (800 and Esteem). I purchased my first car when I was 22 years of age, even before I had my own home, or a proper place to park it. Too ambitious some would say, and absolutely foolish a few others would say..

It took me 3 years to close the loan, and the moment I closed the car loan, a desire to own a sedan started tickling my thoughts. I was very young, little immature, brimming with confidence, had high hopes on a very successful and high paying career ahead in IT, and with all these motivating factors, I went ahead for a costly loan and purchased a sedan which I drove for the next 4 years, but could not complete the loan. The car started giving lot of problems, and the maintenance was getting very costlier. I decided to dump it, and go back to a hatchback, and that’s how I purchased my present car.

I have driven my Ritz for 4 years successfully and have taken it to Bangalore, Mysore, Alleppey, Kanyakumari, Tuticorin, Ooty and many other places. By the way, I closed this loan 6 months back. They say the desire for lavishness and luxury secretly stays within us, though we may showcase ourselves to the outside world as one who practice austerity. I was very much convinced to change the car, and this time for the biggest of the lot, an SUV preferably a Mahindra XUV 500. Honestly, I don’t have space to park this big one in my house, but even then, desire has no limits.

As I am a little mature these days, I started discussing this with my family and friends. My wife never has an appetite for cars, but this time she wanted to go for a new one (her logic for this..I would waste money in unnecessary things, if I have free flow of money in my hands, and at least I won’t do crazy stuffs if I am locked down with EMI’s).

After a rigorous thought process, I decided not to buy one. My brother too advised me not to go ahead as he had seen me suffer earlier with the pain of paying those EMI’s for the car. As I was driving down in my Ritz today, I started to realize how foolish that I have been at times. The need for a car is to take us from place A to place B, and if the current set of wheels is good at doing that, and that too when you absolutely own it (if it is on loan, the reality is that the bank owns it!), then it is the best vehicle to own.

Let me put on my philosopher’s hat and offer a few words of advice for those souls wanting to cruise on those high end cars and SUV’s. Go for it, if the following things apply to you.

1. You have a large parking space

2. You absolutely love to drive, that you wont get annoyed with the frustrating traffic

3. You have sufficient money at your disposal to purchase it, or in case of EMI’s, job security till the payment tenure

4. You have money to maintain it

5. And most importantly, your family, friends and well wishers are happy about your purchase.

Remember, there is no point in purchasing one through high interest loans, and not being able to enjoy anything else in life because of that.

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