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View Poll Results: This is what the economy did to my decision
I bought a car recently (3 months) 41 17.30%
I am going to buy a car in the near future (3 months) 37 15.61%
I have decided not to buy a car for now 92 38.82%
It makes no difference to me 48 20.25%
I will now buy a more economic car. 19 8.02%
Voters: 237. You may not vote on this poll

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Old 11th October 2008, 07:59   #16
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Option 3.
It will effect the income for sure. But cars where never decided according to that. I think it won't change soon.

If something interesting pops out or gets launched, everything will be forgotten.
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Old 11th October 2008, 08:03   #17
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I have decided not to buy a car for now. I'm a poor man, you see.
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Old 11th October 2008, 09:04   #18
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Well, one car is fully paid for. Other is on company lease which ends in Jan. No financial justification for a change. If company increments are not in line, I will have the current lease cost in my pocket as disposal income.

If the RS proves expensive to run, I will reduce usuage and use the swift
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Old 11th October 2008, 09:18   #19
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No change in my plans. However if the Sales slumps badly there might be bigger discounts. Keeping my plans open. I guess i would buy the car in 3 months anyway.
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Old 11th October 2008, 10:05   #20
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Why is "prices in the 2nd hand market have crashed.. now I can afford a sedan than a hatch" not an option?
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Old 11th October 2008, 10:51   #21
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I had considered changing my car, but with residuals falling, I plan on keeping the current car and building up my cash reserves for other investment opportunities. e.g. Buying another property, buy shares when the market reaches rock bottom etc...
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Old 11th October 2008, 11:04   #22
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I have decided not to buy car right now, may next year first or second quater when market will become a bit stable. I have to make sure I have enough liquidity and money flowing in to pay my EMI.
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Old 11th October 2008, 11:44   #23
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Quote:
Originally Posted by lamborghini View Post
Hey sam,

I don't know what option to choose. My parents plan on buying me a car in the U.S.A, but the economy has definitely made them think and since a car is a necessity for me, the budget has gone down considerably.
So I really don't know what to put. I think you need to get another option for reduced budget.
The dollar rate is what ruined the part for you, i guess.
Try looking through some used car listing-craigslist,ebay motors,etc. With the way the US economy is crashing, you are most likely to get a steal deal,especially on SUVs.

As for the poll, i would be buying a couple of cars in the coming months since most of our cars are 4 years old and due for change.
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Old 11th October 2008, 12:39   #24
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Definitely the third option. Its during times like this that atleast the salaried populace would want to go extra cautious with their money burn-rates. Of course, everyone would probably be in the same frame of mind, but degrees might vary.

Last edited by theMAG : 11th October 2008 at 13:13.
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Old 11th October 2008, 12:40   #25
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since i had bought a car recently,i voted for the first option.I think that now people will start shifting to more economical options,a slowdown in the market will also mean bigger discounts.
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Old 11th October 2008, 12:47   #26
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My car is now 4 years old. The loan was closed a year ago. There was a possibility of a new one. But now i have to closely watch my company's quarterly results, next year hike. etc.

There is a slump in job market. Few peer companies have either rolled back hikes or have said "don't expect the usual hikes next year". Guess the hr department will use this as a excuse for next years hike. In my opinion '09 will be a hard year. So as of now postponed purchase by one year.

Also, when i brought the current car, the total intrest amount i paid was just 10% of the loan amount. Umm...
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Old 11th October 2008, 13:18   #27
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Great thread! My situation is a combination of poll options 3 & 4. Not really affected by the economic slump (*touches wood*), but I expect property prices to get even more realistic in the coming months. Thus, delay plan for a car and pick up property for a steal!
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Old 11th October 2008, 13:29   #28
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In my case it's option 4. On October 23, my SX4 is going to be year old and my Palio 5 years old.

Lets see how the new cars in the market do. G3HC and Fiat Linea in the C segment and Hyundai i20 in the premium hatch category are two new cars coming up. Sales of these cars should give us a good idea of how confident buyers are of the future.

Quote:
pick up property for a steal!
Quote:
the best place to invest any money that I may have could be in the property market,
I am planning to do the same .

Last edited by amit : 11th October 2008 at 13:35.
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Old 11th October 2008, 13:33   #29
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I have postponed any plans that I ever had to buy a car in the next 1 year, probably. It may not have anything to do directly with the state of the economy and my income. However indirectly it has certainly influenced my decision. The current interest rates on new cars are just atrocious. Buying today will simply mean getting saddled with that rate for the entire tenure. I expect the economy to improve somewhat in the next 1 year and the loan rates to improve.

Till that happens the best place to invest any money that I may have could be in the property market, if at all. If the property rates go for another tailspin I expect properties get deep discounted to the extent of 50% of what was prevalent even 6 months back.
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Old 11th October 2008, 14:23   #30
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As they say you shouldn't put your eggs in one basket, i have evenly distributed my investments in stocks, debentures, fixed deposits, gold & property so even though i am affected in all the investments, its still a safer bet. Its not only now but always one should not go OTT or be extravagant in their puchases, as rightly mentioned by GTO in a older Post (retaining your 5 yr old car), i think its apt for this type of a situation. As my dad says... you never know what the future beholds, its always better to save up for a rainy day.

btw i have voted for option 3.
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