[COMMUTER]

I did a total cost of ownership calculation when I was buying my first car in 2016. I took in cost of purchase, fuel and maintenance and interest, to the best of my knowledge and did a 10 year ownership calculation.

I looked at a slew of used cars and rejected all of them with valid reasons.

In my calculation, the diesel Figo trumped Bullet 500, Celerio and a host of others while rivaling the 2L Tata Nano.

Now it has been over 5.5 years and I have driven it for over 1.17L kms. There hadn't been an ounce of regret. I had the then-fastest car under 25L for 6.17L ON ROAD. It had got barely bettered,interms of performance not VFM, by the diesel Ameo(which my Dad bought the following year) and the grand I10 nios turbo in that price range in all these years.

The key is to be patient and to constantly keep looking for what we need. I started with looking at the Tata Nano only. I considered everything under 10L including Traveller, Winger, Maxximo,Xenon, Multix amongst all others. I test drove most of them and then booked Figo on the day of it's launch(September 26, 2015 iirc) even before the showroom folks had their price list ready. They were standing around the decked up show car with the balloons and party poppers strewn around taking their snacks when I gave them my cheque for the booking. They accepted after a lot of hesitation. I had worked out the price based on the launch price which Ex-showroom Delhi.

They made me wait for over three months trying get me to buy some higher variant. I stuck to my choice, compromised on the color and took delivery of my 'BASE' variant on 5th January 2016. Though I am a haphazardously impulsive individual in most of the choices, it took over 3 years for me to choose my first car.

Patience is the key.

Be willing to wait while keeping the hopes alive.

[aargee]

Originally Posted by thebengalee

So I ask you, my fellow Team-BHPians: how do I swallow my pride? Have any of you faced a similar dilemma? How did you deal with it?

Let me draw an analogy here...

During my teens & you can say probably until I got married, I had always considered marrying a ravishingly gorgeous girl, where all hearts misses a beat, a girl whom I can watch all day, when I walk with her, hand in hand, with a pride & glance at jealousy eyes all around us, little arrogant calling her "my girl"...

Today I walk with a girl (lady might be more appropriate), she's atrociously beautiful to MY eyes, MY heart misses a beat, a girl with whom I can fight all day & still harmonize in no time, when I walk with her, hand in hand, with a pride & glance...I see a sparkling happiness in HER eyes; yes, I still have that arrogance, calling her "my Wife"...

How does one deal? Same answer as before...
PATIENCE IS KEY

[sramanat]

Simple rule of thumb that was spoken by many economists during the 2009 subprime mortgage crisis...
It is okay to blow your bonus check, not okay to sign up for recurring monthly payments beyond what you can afford/barely afford.
I'd suggest you save some cash, put it towards downpayment and enjoy lower EMIs.

[thebengalee]

This is why I love this forum

Of all the interesting and better written posts on this site, you guys chose to read this one and shared your perspectives! I really really appreciate it

[SN88]

Been in this dilemma far too many times!! In my case I have always swallowed my pride by putting my family's needs first and now I somewhat have come to appreciate everything i own.

I can afford a better car but chose to go with a car I feel would not make much of a difference if any untoward incident should happen. I have made up my mind that I will always gradually upgrade as soon as I feel it wont make a dent for my family's needs and responsibilities. As soon as I feel I am pushing this boundary, I stop and buy something as described above and have fun with it!!

This practice of appreciating what you have can really do wonders to lead a happy life!!

[krishnakumar]

A very relevant thread and I can share my journey on this so far. How I started with a Jeep Compass Limited (O) 4x4 Diesel AT as my first choice (until a week back) to a Tata Nexon XZ+ 1.5RTQ now and evaluating other options in this price range.

Disclaimer: This is going to be long.

TLDR: The thing is objectivity doesn't come from within. Ask people who can objectively give opinion while knowing your financial position (at least to some extent). Also, decisions aren't black and white. They are mostly difficult, especially when the heart and head are in conflict. One valuable advice I received early on in my life "Every decision is a good decision at that point in time. Just ensure that it was what you could do with the information available with you."

So, here goes my journey very briefly.

Short Background

Aged around 30, recently married. I own a KTM 390 Adventure and a Yamaha FZ-S. Both of them I love to bits but of course they aren't the most practical when it comes to long distance travelling especially as a couple.

So in comes the need for a car. Requirements?

1. High on safety
2. Need for long distance touring and read LONG. Yearly running of 15-20k kms
3. Automatic transmission to future proof
4. Niggle-free experience

I wasn't planning on changing the cars frequently. I have a loyal Yamaha FZ-S (2012) that has been with me for 9years. So thanks to GTO's post (How a more expensive car can work out cheaper (if you hold onto it for longer)), I got a little too enthusiastic and made my first list as below.

My first shortlist

1. Jeep Compass Limited (O) 4x4 Diesel AT - OTR 33.4L
2. Skoda Octavia Style - OTR 33L
3. Mahindra XUV700 - OTR 30L?
4. Tata Harrier XZA+ - OTR 26.2L
5. Tata Safari - OTR 28L


My brief date with a Compass in 2019 was unforgettable. More specifically, the "thud" of closing the door. In common parlance, it was eargasmic. I knew deep down that the new Compass is considerably expensive. VERY expensive. And yet, my heart kept wanting that. Not just that for my requirement it was the least expensive "perfect" car available in the market.

First Rationalization

Being the corporate executive that I am, I created a financial planner in Excel , budgeting for fixed expenses, investments for future milestones, retirement savings, travel etc.

In the calculations, I could squeeze in the 7 years EMI for my option #1 with just about sufficient left for non-discretionary expenses. It made sense right? I could save for my future milestones, spend for this car and still have some left for some non-discretionary expenses.

Despite this, I wasn't fully sure. It kept bugging me and telling me that I'm probably spending WAY too much on my first car. My financial triggers were going off like crazy.

My parents and wife couldn't help much either. They simply said, "go for your heart if you want it" by trusting my judgement. They could just see it in my face. And yet, I couldn't feel comfortable with this expense.

An Objective Opinion

Knowing that I was headed for a deadlock, I turned to my good friend and former b-school roommate, who's an enthusiast like myself and frequents this forum. He is also a Finance guy. So I knew he'd tell me his honest opinion.

And that was the first reality checkpoint. He called me out for what was wrong in my process. The real cost of buying such an expensive car (and no, I'm not talking about depreciation; that's an altogether different monster). And he said this which was spot on:

"You didn't buy an Africa Twin. You bought a KTM 390Adv. Where is that rationality that I know you have."

The problem with such a high liability is that it LOCKS you down. You can't shift jobs, you can't shift places, additional non-budgeted expenses have to be more thoughtfully done, there will be liquidity crunch at times and worst case, a medical emergency will seriously derail your life.

I needed to hear it from him. My ego dipped. My head won. And I started looking at my requirements more objectively.

I relooked at my financial planning and I understood why I was uncomfortable. The gut always tells you. (1) I was aggressive in assuming return rates for my investments (2) I was optimistic in future income increments (3) I was assuming there will be no medical emergencies (4) I was deliberately delaying some milestones.

I re-did my financial planning by rationalizing some of the above factors. And voila, I was left with a budget which was something in the true comfort area.

What's more, if things go well as per my calculations I'll be able to afford a 35-40L OTR car 3 years from now. And the best part is that if things don't go well, I won't be stuck with an expensive car which will depreciate and stick out on my balance sheet.

My current humble shortlist

1. Tata Nexon XZ+ 1.5RTQ
2. Hyundai Verna SX(O) CRDi AT
3. Honda City 5th Gen ZX CVT
4. Kia Sonet GTX+ Diesel AT (Yes, likely to be unsafe. But, we can only buy what our pocket affords and hope for the best)

On the upper end of my current budget:
1. Skoda Kushaq Style 1L TSI AT
2. Volkswagen Taigun (if news comes out about it)


Here's my advise on this topic

1. Do a thorough, thorough analysis in terms of your income, expenses, savings etc. Not just for now, think about future. Project your planning. What are your milestones? Are there other liabilities?
   
2. Remember, it is not "Savings = Income - Expenses". It is "Expenses = Income - Savings"
   
3. Talk to people who can be an objective consultant. A friend, a relative, anyone.
   
4. If you're uncomfortable about the expense then your gut is telling you that. Even if you buy that expensive vehicle, will you have peace of mind using it? I wanted a car that is niggle free in experience and hence didn't put Tata on the list. But looking at the Compass thread, there is always going to be some niggles or the other. I'd be less disappointed with the Nexon showing some niggle as opposed to a 30L+ car throwing tantrums.
   
5. Finally, it gives you the opportunity for that delayed gratification. For one, I'm now already planning my finances for my next upgrade. Whether it comes or not is risk-free because I'm anyway saving up for it. It also allows me to see if all of my assumptions were correct, without having to get locked down by it.

Hope this helps you and someone who is going through something similar. I have often found that in such involved purchases, it's best to let the head talk to your heart and debate with it and then come to a middle ground. You'll be more forgiving towards yourself.

When I bought the KTM 390 Adventure, the bike on my consideration list was the Suzuki V-Strom 650 XT. I'm happy I didn't spend so much on such a bike. Logic prevailed and I don't regret my buying decision one bit.

[Kosfactor]

Makes me wonder , IF there wasn't google to interpret your intent and then bombard you with information that it may please itself with , including the influencers, even our forum too can land someone in a pickle - etc etc - what would the average buyer buy?

Look at the budget and then work their way down through Fuel efficiency, Low cost of ownership, Brand presence, reliability, value for money etc. Now that is a sensible set of actions towards arriving at a car and if that car happens to drive well too - Perfect, Looks good? Even better and then amazing resale value - Super!

Or just throw all caution to wind and buy what you like? Live only once, that too barely.

[ashwinprakas]

Originally Posted by thebengalee

If I factor in riding gear and running costs, I can just about manage the EMIs. But I cannot justify spending a not-insignificant amount of money on something that is obviously a luxury buy. On the other hand, I do need transportation and if I can swallow my ego, I can definitely buy something decent. But I'm a petrolhead! I simply can't see myself riding something (relatively) pedestrian! My heart won't let me.

So I ask you, my fellow Team-BHPians: how do I swallow my pride? Have any of you faced a similar dilemma? How did you deal with it?

My dear friend.

There is nothing more "pedestrian" than being bound by an excel sheet every time you even think of taking the motorcycle out.

I have friends and know fellow enthusiasts who've managed to buy their so called dream machines but have absolutely no means to actually ride it, and it show in their abysmally low annual mileages.

Cause between Insurance Premiums, EMI's, Consumable Changes and what not the possibility of anything other than breakfast runs is quite minimal as an unwarranted drop of the motorcycle is enough to mess up a whole years worth of planning.

So I'd suggest you go with whatever you want as long as it doesn't prevent you from doing what you really dreamt of doing with it.

As David Chappelle once said;

'Name your price in the beginning, if it ever gets more expensive than that, simply get out of there!'

Hope that helps.

Back when I was younger and had to commute between KL and KA clocking around 750kms per trip my father would tell me that if anything unexpected happens simply discard the motorcycle and catch the next bus home.

And trust you me the freedom that clause in itself presented was priceless, it was one less thing I had on my mind but a very significant thing at it as it is what gave me the confidence to push my boundaries with respect to riding cause if I'd been too bothered about keeping the motorcycle pristine then I'd not have ridden farther than most.

The essence of that is still carried on cause personally, I can literally afford to not only own and ride but also wreck every single one of the motorcycles I own, and let me tell you that is quite liberating.

Cheers,
A.P.

[LTAutoMad]

Originally Posted by thebengalee

So I ask you, my fellow Team-BHPians: how do I swallow my pride? Have any of you faced a similar dilemma? How did you deal with it?

Young friend, If you are a true "petrolhead", you yourself will know the answer!

No fast or luxury car, let alone motorbike ever makes financial sense. Once you start calculating, especially the opportunity cost of that money, no one will ever buy them. They are purchases made by the heart.

Most people, even petrolheads, stop dreaming their auto-dreams once their brain tells them how foolish it is. But, at your stage in life, IF you can afford it, go for it. Only you can make that call, depending on your qualifications, job, income, future prospects, family responsibilities etc.

At every stage in life, whether it is your 20s, 30s, 40s, 50s, 60s etc; you will face this dilemma - motorbike, car, apartment, better car, better house, retirement savings etc. Brain will tell you to just invest & be safe and not to be foolish & indulge your passions. Then life becomes a boring drudge.

You don't have to buy new - as others have suggested, negotiate hard & buy a (hardly) used fast bike so you can have enjoy your passion without breaking the bank. Only thing is you will have to be patient, wait & pounce when the right deal comes along.

We all talk of long road trips - and we all come up with a hundred different reasons not to do them. Just look at this very poor young man who cycled from Kerala to Kashmir by selling tea!:

https://www.youtube.com/watch?v=zkXfxu-j2u0

I am humbled by him. That's true passion.

[thebengalee]

A lot of sage advice and perspective, exactly what I was hoping for. There are times when you sort of know what you're going to do, you just need someone to back you up or give you a little nudge. But I really wanted to keep an open mind this time; I'm a grown up now!

It was really lovely reading about so many different opinions and lived experiences.