5 Mantras to keep in mind before buying a new car
Determine the car that you want to buy: In order to achieve a goal, you first need to clearly define the goal. Determine the type of car you want to buy. Do you want a sedan or an SUV? Is it primarily going to be for in-city use or will you be using it for road trips? Once you know the type then determine the brand.
Determine when you want to buy the car: Every plan needs a time frame. Is it a short-term goal that you need to accomplish in a year or is it a medium-term goal that you need to achieve in 3 years? The time frame is important as it will impact the level of risk that you can take in your investments.
Assess the amount of money you will require: Now, once you know the car that you want to buy and when you want to buy it, the next step is to figure out the amount that you will need. Take the current cost of the car and then apply the average rate of inflation to determine the approximate future cost of the car.
Choose your investments: Create an investment portfolio that can help you achieve this goal. If it is short-term in nature then you can only invest in low-risk instruments. However, if it is three to five years out then you can invest in a mix of low-risk and equity instruments with a larger proportion in low-risk.
Create an exit plan: Once you have made the money that you set out to or are close to your goal in terms of time period then, it is time to safeguard the amount that you have accumulated. There is no point in exiting your investments in one go as it can have an impact on your overall returns.
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