Buying a Car: The majority of us aspire to be automobile owners and provide for our families. However, we are faced with the dilemma of whether we can live on our base pay and purchase a car. Imagine receiving a salary of $30,000. The question that then emerges is whether or not you can afford it. Managing finances and other EMIs may become stressful when considering this. Now let’s see if we can purchase a car with just a $30,000 wage.

Some of the financial experts suggest that if you’re having an EMI within 15-20% of your take-home salary, this dream might be possible. If your salary is 30K per month, then you can easily afford a car EMI amount of around 4000 to 6000 rupees. As per the present car loan rates, your budget might go up to 4-6 lakhs for a car. But, if you go for more higher side, this might be trouble for your monthly expenses. It is advised to take a loan for at least 5 years, which will reduce the burden on your financial side and can easily fulfill your dream too.

Other Expenses after Buying a Car:
Moreover, buying a car is now longer a big task; the main problem arises when it comes to fuel cost, insurance, vehicle servicing, and maintenance. Focusing on fuel cost, you might spend around 5000 to 7000 rupees per month just for fuel, and this also depends on your daily travelling, and on average, every three or four months, maintenance or servicing costs will be added. Leaving all these there will limited budget for your living expenses, groceries. Apart from all these, savings are very important. So, thinking about all these, there is very little hope, but still, this can be done.

Also Read: Owning a House with just 20k Salary? Is it Possible or Myth?

How to Manage Money and Buy a Car?

Here’s how you can manage all these expenses and still buy a car. If you live with your family and don’t have any rental expenses. Buying a hatchback is the best option for now, and this sounds a little practical, too. But, if at all you have to pay rent and take care of your family’s daily expenses, then this is going to be a huge burden for you financially.

A smarter option could be saving for a higher down payment, choosing a pre-owned car, or waiting until your income grows to at least ₹50,000. That way, your car ownership will feel more like a convenience than a struggle. So, with a ₹30,000 salary, buying a car is possible, but not always practical. It works only if you keep your lifestyle lean and choose wisely.

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