How much should I save each month for a new car?

To save ₹10,00,000 for a new car in 3 years, you'd set aside about ₹27,778 every month — roughly ₹926 a day. Use the calculator above to plug in your own target and timeline.

How long will it take to save for a new car?

It depends on how much you can save each month. Saving ₹27,778/month reaches ₹10,00,000 in 3 years. Save more each month and you'll get there sooner — the calculator shows your exact finish date.

Does this assume any investment returns?

No. This is a straight-line savings plan — it assumes you set aside a fixed amount each month with no market returns or inflation. That's the safe, predictable way to plan a short-to-medium-term goal where you can't risk the money. For longer goals, a SIP may help your savings grow faster.

Where should I keep the money while I save?

For a goal you'll spend within a few years, keep it safe and accessible — a high-interest savings account, a sweep-in fixed deposit, or a liquid fund. Avoid equities for short-term goals, since a market dip could leave you short right when you need the cash.

How can I reach the goal faster?

Automate a fixed transfer right after payday, redirect bonuses and windfalls straight into the goal, and track your spending to free up a bigger monthly surplus. Even a small increase to your monthly amount can shave months off the timeline.

Savings goal

Car Savings Calculator — Save for a New Car

Paying cash (or a big down payment) for your next car saves you lakhs in interest. Enter the on-road price and when you want it, and this calculator shows the monthly amount that gets you there.

Goal amount

₹10,00,000

Example target for a new car

Timeline

3 years

36 months to save

Save per month

₹27,778

~₹926/day

How the math works

A savings goal is simple straight-line math: divide what you still need by the number of months you have. For this example, ₹10,00,000 ÷ 36 months = ₹27,778 per month. Already have something saved? Subtract it first — the calculator above does this automatically.

Tips for saving for a new car

Budget the on-road price, not the ex-showroom price — insurance, registration, and accessories add 10–15%.
A larger down payment shrinks or removes the loan, saving you years of EMI interest.
Park the fund in a liquid instrument so it keeps pace with inflation while you save.
Keep a separate buffer for the first year's insurance and servicing.

Plan it with your own numbers

Open the full Savings Goal Calculator to set your own target and deadline, compare conservative/balanced/aggressive plans, and see a month-by-month roadmap to a new car.

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