Tuesday, December 12, 2017

Do you really want to own a car ?

Buying a car v/s Uber: A superb analysis (Common sense, but really brilliant !!)

In these days when car companies like Ola and Uber are competing to offer the quickest, cheapest ride, with great  comfort and satisfaction to the customer, should the customer really need to keep a private car at home ? When the whole scientific world is crying of environmental pollution, carbon footprints, global warming and unsustainable lifestyles, educated patriotic citizens would want to keep their carbon emissions low and help the society, community and environment..

Unless be it for prestige and better status in society, it does not make any sense to get a new car technically in the financial sense, if you do not spend more than a fixed sum every month. Let us see how it is reasoned out...

Any car  in India costs at least
Rs. 600,000/-
Scrap value after six year
Rs. 100,000/-
Net amount which goes in effective life of six year
Rs. 500,000/-
Nos of days of six years
2200 days
a. Depreciation per day in six years
Rs. 230/day
b. Yearly insurance premium of Rs 15,000
Rs. 41/day
c. Daily petrol, minimum
Rs. 100/day
d. After every 3 yr tyre & Battery change charge, Rs 25,000  i.e.
Rs. 23/day
e. Yearly maintenance of car Rs 9000 i.e
Rs. 25/day
f. If driver is employed, because Uber comes with a driver
Rs. 300/day
g. Interest loss on Car buying amount @8% on Rs 6,00,000
Rs. 131/day
Total daily expense after buying new car
Rs. 850 / day

So friends until you pay Rs 850 daily to hire a cab, you are effectively in gain travelling in Uber or Ola.

If u agree, share for the benefits of all. This is called financial planning. 

( Thanks to the anonymous author of this very realistic document )

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