First Car Calculator

What Factors Should We Consider Before Making First Car Purchase?

• Analyse how much you can spend on a car each month and it's down payment amount.

• Consider your car usage whether it will be for weekend excursions, long drives, or daily commutes?

• Decide the mode of payment, whether you choose to pay the full amount upfront or take out a loan with monthly payments.

• Consider maintenance and other ongoing costs, as some cars can be more expensive to maintain in the long run.

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How Does the First Car Calculator Work & What Formula Is Used?

The First Car Calculator works by factoring in the car's cost, the number of years you plan to save, expected returns on investment, and anticipated inflation.

How It Works:

1. Time Frame: Decide how long you want to save for your car.

2. Monthly Investment: Enter how much you can save each month.

3. Annual Return: Estimate the percentage return you expect from your investments.

What are the Benefits of Using the Equirus Wealth’s First Car Calculator?

1. Easy Budgeting: It helps you decide how much to save each month for your car purchase.

2. Time & Goal Clarity: Estimates how long it will take to save enough based on your savings plan.

3. No Credit Impact: Using the calculator won’t affect your credit score.

4. Compare Scenarios: Adjust savings and returns to see how different plans affect your timeline and costs.

5. Avoid Overcommitting: It helps you figure out if the car is affordable without stretching your budget too thin.