Better to Hire a Cab or Buy it : Critically Analysed

If you have been considering to buy a car, hold and read this analysis before you jump the bandwagon of mental security of having a car. However, remember this analysis will hold true where cab hiring services are available. Go ahead and read this super analysis for buying a Car v/s Hire a Cab going on whatsapp.

Any car  in India cost at least                                                        Rs 6,00,000

Scrap value after six-year                                                              Rs 1,00,000

Net amount goes ineffective Life of six year                                Rs  5,00,000

Nos of days of six yr is 2200 days, So Rs. 5,00,000/2200            Rs.   230/day

Yearly insurance Rs 15000       =                                                   Rs   41/day

Daily petrol minimum   =                                                              Rs    100/Day

After every 3 yr tyre &  Battery change charge Rs 25,000  i.e.    Rs. 23/day

Yearly maintenance of Car Rs 9000 i.e                                         Rs  25/day

If driver employed ( because) Hired cab comes with a driver       Rs 300/day

Plus interest loss on Car buying amount @8% on Rs 6,00,000     Rs 131/day                                                                                                            

So total daily exp is After buying new car                                     Rs 850/ per one day.

So friends until you pay Rs 850 daily to hire a cab you are effectively in gain travelling in a rental car.

OLA / UBER is now available. Above all driving cars on Indian roads is full of risks and mental tension/BP. Make use of METRO wherever available. If you agree please share for the benefits of all. This is called financial planning and thinking of National Interest.

Our Take on the Subject

So, all ready to hire a cab but before taking the decision due deliberation be also given for the fact that in case of an emergency you must have someone with a car nearby in night hours and time taken for a cab to come to your house may please be considered. Another fact in mind is kept that while undertaking this analysis author has taken the life of the car like 6 years whereas if we want to own it for 15 years than the cost of ownership comes down. Lastly security of traveling in your own car vs going through mental trauma if you happen to get trapped by a wrong driver. Thus if you are single, you may consider going solo but if a family man than may consider going in for a car. So at times, we might like to rule with the heart than mind considering security attached with owning a car. 

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