India, Oct. 10 -- Buying a new car on the average urban income is all about balancing one's aspirations with a sense of practicality. For someone earning around Rs.50,000 per month, planning a purchase under Rs.8 lakh (ex-showroom) can be financially manageable with careful budgeting and the right loan strategy. Most entry-level hatchbacks and compact models today offer a good bang for your buck while ensuring lower running costs and easy financing options that make ownership realistic for first-time buyers.

But the market has a plethora of cars under the Rs.8 lakh mark, and to understand which options fit comfortably within reach, one needs to take a good look at their finances and get an idea of the range of down payment that is possib...