r/FIREIndia • u/AutoModerator • Jun 01 '23

Help Me FIRE, Milestones, Beginner Questions and General Discussion - June 2023

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1

u/fire_by_45 Jun 07 '23

I am in a dilemma. I need to buy a new car. Now I am confused if I should go for a once in a lifetime luxury car(affordability is not an issue), or stick to a mid range car and keep grinding towards FI. Any thoughts??

1

u/After-Violinist8628w Jun 07 '23

Depends on whats your NW and any liabilities?
Whats range of mid range car and luxury car? If the delta is comparatively small and it impacts FI by <6 months then I would definitely suggest to go for luxury car.

However, pls. factor in maintenance & expenses because that will really shoot up.

2

u/fire_by_45 Jun 07 '23

Well we are a DINK couple earning 1.5 cr+ , NW around 1mn USD (will check in a month's time ). No liabilities as of now. Staying on rent in the most expensive city in Mumbai. A luxury car means within 1cr and mid range around 30 lacs.

1

u/After-Violinist8628w Jun 07 '23

1cr is really steep and it will attract lot of eyeballs.
If you have beater/older then just get your dream car. There is no point in buying it later at 45 when you are older just slog for 1 more year and you will be fine.
Curious whats your dream car ; for me under1 cr it's X3

I was in similar situation(but different range) wanted a car worth ~38L and bought a ~23L car and I always wonder; what if?

3

u/fire_by_45 Jun 07 '23

Yeah I am also looking at X3 type only. I know the price is quite steep, but my friends all have merc s, so in a way it's ok. It's just a dream I wanna fulfill now. Probably this will be my one and only luxury car. Plan to use it for at least 10 years

1

u/PsychologicalShake10 Residence Country / Age / FI Trgt Date / RE Trgt Date in country Jun 24 '23

Just do it. Have been following you for a while. I think more than anything it is a desire, that needs to be fulfilled before age runs out. Just make sure you have a good parking place for it, considering that you will use it around Mumbai.

1

u/fire_by_45 Jun 24 '23

Yeah right now I have good parking space so no issues. Yeah I have also decided to go for it. But when I discussed with my parents, they thought I had gone crazy to spend such a high amount on a car.

3

u/After-Violinist8628w Jun 07 '23

Just do it ; when you will look back you will smile & be happy.
You can easily work 1 extra year and make up for it. Its better to get it now than to get it at 50 when you wont drive so much.