6 ways how cars keep you poor

Must have — :P

As I have mentioned in my previous articles, I greatly admire the concept of minimalism. Minimalism is basically — living with less. The benefits are innumerable and someday I will put together an article that summarizes everything. Till then I am on my way to becoming a minimalist one step at a time.

Today I am back with a common trend that the millennials are so fond of, namely buying a car. Now you would think, what is the big deal in buying a car. Isn’t it a necessity these days? Well, it sure is. This article is meant for those times when style supersedes necessity.

While reading, let us imagine a car you have always dreamt of purchasing. If you have already purchased it, then you can consider that itself. Let’s start —

1. Why does the base model exist— A normal car these days costs about 10 Lacs INR. I am considering a stable model of a car because no one goes for the base model of a car as it doesn’t come with useful features. We always end up buying mid or top-end models. Hence the 10 Lacs figure. Believe me when I say it will cost more.
2. One more loan — Now most of us don’t have disposable income in that order of 10 Lac with us. So what we do is make a 10–20% down payment and loan the rest of the amount. Let’s say you paid 2 Lac of the 10 and loaned the rest 8 Lac from some bank. At present, the car loan…