In suggesting how to save for your next car after clearing the loan on the present one, I only outlined a broad strategy without suggesting a specific financial instrument. Now that I have cleared the loan on my Swift, it’s time to adopt my own advice. But I’m not able to arrive at a decision on what financial instrument do I choose? Thought I’d ask for your help.
Here are the specifics.
I’ll be able to set aside anywhere between Rs 5,000 to Rs 10,000 each month. I want to change my car in about 4 years from now (and hence it’s kind of a medium- to long-term goal for me). I plan to buy a car that falls within the accumulated corpus plus the trade-in value of my Swift.
In what financial instrument should I save/invest?