JOIN USCar? Money no bar...
It was something that only well-settled people thought of. But in today’s world, with high salary packages and easy loans, many young professionals don’t have to wait for long before going for the big purchase. While it is definitely not a necessity, buying a car has definitely become a more casual decision for today’s generation. Metrolife finds out the thought process that goes behind such a hefty decision especially at a young age.
Higher money flow is an important reason for this change. “Young married couples usually follow the concept of a nuclear family now. So with double income and lesser responsibilities, it is much easier to buy a car,” says Avin, a sales executive. But other than the increase in salaries, many people consider changing lifestyle and late marriage also as a reason for a large number of people investing in a vehicle.
“Nowadays, people keep shifting and hence, do not buy a house that early. Also everyone is getting married late. In such a scenario, buying a car seems to be a viable option. A bonus or increment can help one pay the down payment post which, a car purchase is a cakewalk,” says Nikhil Bhardwaj, a marketing professional in an insurance firm. “The first reason that comes to my mind is late marriage. Since most youngsters get married at 28 to 30 years of age, young people get more time to save a good amount of money and spend it on items like cars which was not possible earlier,” says Samir Paul, a software engineer.
Another reason that comes up is the convenience of obtaining a personal loan. “Nowadays, people are more aware with all types of loans offered by the private banks,” says Nitesh, a financial analyst.
“With so many banks eager to provide you loans at lower rates of interest and easy paper work, buying cars has become easy. Also, the mindset of the Indian consumer has changed as compared to the time when loan was considered to be bad,” says Aditya, a lecturer.
Peer pressure is another reason which comes into light. “Car becomes a way to bond and party together. People like to explore, traverse all sides of the country and having a car seems like the best way to go about it,” says Karan Arora, an IT professional. On the whole, the current generation looks for convenience and doesn’t mind spending an extra buck on it.
“If you compare a car with other means of transportation like a bike, it is safer and faster. Also you don’t have to face the problems you face in a crowed bus,” says Nikhil.