Correct way to calculate car idv?
For example, a car purchased in January 2023, ex-showroom price: 10,00,000.
IDV for the 1st year (January 2023 to January 2024): 950,000 (IDV - 5%).
What is the correct way to calculate for further years?
For example, at the time of the 2nd-year renewal (January 2024 to January 2025):
If ex-showroom - 15% is correct, then 8,50,000.
If 1st-year IDV - 10% is correct, then 8,55,000.
Which way is correct to calculate?
u/EquivalentBoth3760 — 2 days ago