Thanks. No doubt Altis 1.6 is an amazing car, I was not worried over its security till two months back as I lived in a secure gated colony. Now I have moved to an area of Islamabad which is notorious for Corolla thefts and this car has not got immobiliser, so I wanted to change it to Grande.
I sell the current 1.6 and book another 1.6 and wait for four months. This way I will not need any financing. I love the drive of this car as it is a nice blend of power and economy but there there is no charm of getting a newer car of same make after one year, that's why thinking about Civic, which will be an altogether a new car with better specs than Altis 1.6.
Now going for 1.3 or at this time is no more my cup of tea. I already changed my booking from 1.3 manual gil to 1.6 Altis, so getting again another Corolla ?
If I pay them 29x24 = 696K, 23x 12 276K = 972,000
Financing amount 686,000
What I pay 972,000, difference 286,000 extra I would pay them which includes insurance @ 88515 x 3 = 265,545.
Do nothing and keep driving the 1.6. But always live under the fear of theft, though it is insured and God forbid if it is stolen will have to suffer a loss of three four lakhs to buy it again after getting claim.
Wait till January and get a loan form office. We can take any amount in advance from salary, but have to pay in 12 equal monthly installments. In this case it will be over in one year and no hassle of paying installments for three years to bank.
More inclined towards option 2. It is expensive, but I can replace the car and also in next three year will get annual salary raises and bonuses as we are paid 13 salaries.