Planning for Vehicle Upgrade and Exploring Loan Options

Hello friends,

I am doing good, and I hope that you are having a good time with your near and dear ones.

I am a driver by profession and I drive a taxi for the company. I think it does not matter what job I do but at least the part I love is the freedom because I don't need to follow anyone's instruction. Currently, I drive a car which is 6 years old and this has been driven more than 500k kilometres. Every month there are some expenses that I need to do on this vehicle because the engine is old and many things require some maintenance. I have been doing this for the last year or more. Because of these continuous expenses every month, I end up spending a lot of money. I also drive for Uber sometimes when I feel I have time on the weekend but mostly on the weekdays I work for the company.

Now I am planning to exchange my old car and buy a new one. The reason why I'm doing it is because with the new vehicle, I don't need to pay extra money for the maintenance. The initial two to three years are good with the vehicle as it does not require bigger expenses and this is the time when I can earn more money. This is my full-time work and I am fully dependent on this but this is not the job because I run my taxi. With the new vehicle, I will have to pay some EMI every month which I do not have at present. I know this is going to be a burden for me but with this I am fine and I will be working more hours.

I will try to increase my number of hours daily to accommodate this EMI expense. The duration for these EMI will be 4 to five years maximum because usually, commercial vehicle banks do not finance far more than five years. I have not decided that when I will be doing it but this is a plan that I want to do but for that, I also need to plan it. This is a big expense for me and I'll be spending all my savings as well and even I will have some liabilities. I have been doing this for about 10 years and am happy with it and the vehicle I drive runs on CNG. This is called compressed natural gas and its price is a little low compared to diesel or petrol. Now the government is pushing for the electric vehicle but I can't afford that because cars are very expensive. At least for this upgrade, I need to go with a CNG vehicle which is going to be fitted by the manufacturer.

I visited the showroom today and took the quotation for the new vehicle and also saw the model. Now I will do some working on my end and we'll plan it for buying and when is the right time for me to go for the purchase. Before I buy this one I also need to get the evaluation done for my existing car because I will exchange this and buy a new one. I hope I get a better value for my existing car which is also from the Maruti Suzuki and the new one is also from the same car manufacturer.

Thank you

Peace @mukund123