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Old 13th December 2007, 13:20   #301
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Originally Posted by diabloo View Post
By the way how much do these IT pros earn? So that they can buy flashy cars?
A fresher starting salary is 3 lakhs+ in Bangalore. This is a base average and there will be plus or minus to this figure. Chennai will be lesser because cost of living is cheaper. Mysore/Mangalore will be even lesser...

After 5 yrs in the industry the rough formula is (No. of years * 1.25/1.5 lakhs). So a guy with 5 years could get anywhere from 7 to 8 lakhs.... Again this is a guideline and not a rule. :-)
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Old 17th December 2007, 21:13   #302
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Most of the IT professionals are from middle class family. So they may calculate higher initial payment and resale value of flashy cars. Also their tight work schedule may play a role.
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Old 18th December 2007, 09:52   #303
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Folks,
With due respect to all contributors to this thread, please bear in mind that IT professionals are not those who came down from the heavens nor they are born with silver spoons. It is just another profession, like any other in this world. It is not fair for us to look up on them as if they are 'looting' salaries, while others are supposed to be slogging. IT profession is like Fast Food, while many other professions are like a full course dinner.

While some making a mockery of them and some trying to 'defend' why they are 'not able to' buy flashy cars, we are really not getting anywhere near fruitful discussions here....

Dear Mods, I kindly request you to lock this thread for the above reasons... PLEASE....
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Old 18th December 2007, 10:14   #304
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Originally Posted by RajaTaurus View Post
Folks,
With due respect to all contributors to this thread, please bear in mind that IT professionals are not those who came down from the heavens nor they are born with silver spoons. It is just another profession, like any other in this world. It is not fair for us to look up on them as if they are 'looting' salaries, while others are supposed to be slogging. IT profession is like Fast Food, while many other professions are like a full course dinner.

While some making a mockery of them and some trying to 'defend' why they are 'not able to' buy flashy cars, we are really not getting anywhere near fruitful discussions here....

Dear Mods, I kindly request you to lock this thread for the above reasons... PLEASE....
A very good gesture on your part.

But I think this thread is discussing those IT pros who can afford but don't spend too much on the cars.

Further, I don't think anyone is intentionally making mockery of IT guys who buy small cars. This being a open forum everyones view should be respected & taken in a healthy stride.

cheers
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Old 18th December 2007, 11:38   #305
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Dear Mods, I kindly request you to lock this thread for the above reasons... PLEASE....
Sorry, I don't agree with your summary of this thread. As an IT industry person for a long time, I know that most IT people buy cars below what they can afford, the ones in this forum are an exception. About 10 years back I bought my 4th, but very first new car, the Maruti 800 (what else) by putting down every savings I had. I was probably the only non-manager in my workplace (HP) to own a new car, even a 800. Most my peers, even the ones earning a little more than me couldn't believe my audacity. But there were unexpected perks, the office security guards started treating me much more respectfully. Also, driving a car in Bangalore in the 90s was a real pleasure. I could get anywhere to anywhere with ease. How does Cunningham road to Airport in 20 minutes in peak traffic sound?
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Old 18th December 2007, 13:00   #306
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Well I am one of that IT professional.

From my observation I can say "In General on majority cases" IT professional buy a CAR lower than what their budget affords. ( for Example buying 4-5 Lakhs Car where as their budget can afford 7-8 Lakhs OR buying 7-8 lakhs Car where as their budget can afford 11-13 Lakhs Car etc ).

In short a deliberate "Under the Radar" majority of the time by IT professionals.

While understanding that Behaviour one needs to understand the underlying concept of Consumer Perception / Need of buying "so called flashy / Expensive Cars" in India ( will Hold true anywhere in world Actualy )

for Any Person
1) HOME is the Biggest financial Asset in Life. Car came as second most big Financial Asset at any point of time in Life.

2) However the fundamental difference between HOME Vs CAR is Home is Immovable asset where as Car is Movable Asset. In Layman terms one can drive Car anywhere with him/her up to certain resonable limit ( like parking in Office paring lot or parked in froont of Shop or park in front of relative/friends house in social function etc ).

3) Hence this Car becomes a STATUS SYMBOL for a person. Looking at Car there is a general tendency in society to gauge person's financial position ( Guess / perception not a reality ) or becomes IMAGE of person.

4) Hence in order to get "Better Status Symbol" many time some people try to bite more than what can be affordable when it comes to Car. Many times it's a Business Need for "Small Scale Business Person" to keep good Car to impress Client or make a show as Status Symbol for thier own benefit.

5) Generally those who have money but not a "White Color / Respect Earner ( Doctor, Engg, Professor etc )" job also wants to have big / expensive Car for the same reason to get Respect from Society.

Now Let's see why in General IT professional tends to come out on to this "buying lower than what they can afford" tendency as an Exception.

1) IT people do not have Business need for Expensive Cars. Whom are they going to impress ? Business clients ? where as clients sits in different country. Also still in general the clients ( of US / UK / Europe ) have better Cars than in India and hence the "Business Need" as well as "want" is not justificable.

2) IT people ( of many ) who have been out of India Exposure in terms of Living for few years / months has satiated their "Glamor / Fancy" of driving / owning flashy / Expensive Cars like ( Accord, Camry, Lexus, BMW, Merc which are equivalent to 6-12 lakhs Cars in India in terms of PPP )". Hence the HUNGER / DESIRE is not present to own this kind of Cars ( for that matter Corolla / Civic ) etc in India.

3) In general IT person do feel "Mentally Secure" about who he/she is in terms of Status / Image in society ( thanks to above average salary & respect from Society ) that he/she does NOT feel a need for making overtly display of "status symbol & Image Enhancement" by buying flashy Expensive Cars on relatively speaking terms.

4) It is also no secret ( many IT professional are pretty much aware of this reality ) that IT people taken for "more money expectation from counterpart party" as compare to others while having transactions in society. I guess that's the price of above mentioned point 3 . After all nothing is free in the world So staying "Under the Radar" can reduce some of the impact of "more expectation" syndrome.

5) Being more Logic oriented diciplined approach ( due to professional trait ) the IT person do more VFM ( Attributes & Financial impact ) analysis and actual need of objective. Hence once someone understand that a decent 6 lakh lakh car will be giving you same 90% output of equivalent 12 lakhs Car ( Specially for India Road Conditions ) the choice of "point A to B within certain parameter becomes more crystal clear "cutting thru the Noise".

Hence based on above 5 points "In General on majority cases" IT professional buy a CAR lower than what their budget affords.

Please Note : This is on general majority level. There will be always Excpetion of either side.

* SZ *
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Old 18th December 2007, 13:05   #307
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Originally Posted by eclectix 1st View Post
A very good gesture on your part.

But I think this thread is discussing those IT pros who can afford but don't spend too much on the cars.

Further, I don't think anyone is intentionally making mockery of IT guys who buy small cars. This being a open forum everyones view should be respected & taken in a healthy stride.

cheers
Point noted and thanks for sharing your views... No problems, as long as its healthy discussion... Cheers
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Old 18th December 2007, 13:31   #308
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Default Job Security!

A point made by SeventhZense is very pertinent - Job security. People still remember the slump after .com boom when people were fired (even in India), Freshers did not get the job they were offered during campus etc. This could play a major role in deciding to invest the sum remaining after paying the home loan EMI.
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Old 18th December 2007, 14:55   #309
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I was probably the only non-manager in my workplace (HP) to own a new car, even a 800. Most my peers, even the ones earning a little more than me couldn't believe my audacity.
OT: hehe.. I had loaned money to my cousin so that he can buy a car when he joined an IT company in Chennai about 2 years ago.. I believe his supervisor still comes to the office in a bike while my cousin drives a second hand M800 !!
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Old 18th December 2007, 20:12   #310
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Ummm.. This is what i am driving now..
and i am in IT




Yup.. Thats the new caddy DTS V8.. oh this is in Atlanta.. Thats me in the Orange sweater

Goddy

Last edited by Godfather : 18th December 2007 at 20:13.
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Old 18th December 2007, 20:18   #311
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For most IT people in India, the salary tops out at 20lpa (that too after many years of experience). I'm in IT and have worked in three big firms in Bangalore. The max I see is a Corolla (maybe top management).

Most of the flashy cars (lambo's, bmw m, bentley's) are owned by businessmen, especially builders due to the boom of real-estate.

IT guys may have higher starting salary, but most of us cannot afford bmw's
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Old 19th December 2007, 10:17   #312
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Originally Posted by goldie_malhotra View Post
Count me in .....................
and me too
ghar is too big an investment at this juncture of time ...so i prefer to go 'main nikla gaddi leke' till I own both
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Old 19th December 2007, 21:59   #313
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I think there can be a huge case study done by Merc and BMW and the likes, of supporting the second owner. If these brands are not perceived as being very expensive to maintain, they will probably get a good second hand market, which will also ensure better resale value of these cars and will in-turn help the companies generate bigger numbers.

If only a second hand Merc was as inexpensive to maintain as say a Civic. Automatically this will also cause a lot of C/D segmenters to push down.
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Old 1st February 2008, 19:22   #314
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Going to buy my first car and that will be Alto. Even bank manager was surprised (She was like you have 14L loan pre-approaved so why not a bigger/better car).

So in my opinion its true that we tend NOT to buy costly cars even if we can afford that. Most of my colleagues can afford cars in 8 - 12 L range but even my boss drives a Zen.
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Old 1st February 2008, 22:09   #315
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A total conservative attitude, i dont say its wrong, its just different, whatever floats your boat, if you are good you will always make more money tom than you do today and if you are young it gives you even more confidence that you would and thats what I have in me..

I know you should enough to face the jobless-ness etc no doubt for that some amount is good, but that should kill your today..

Btw your second statement is very filmy, i dont agree with it, happiness of a different kind can be achieved if you spend the money...and the happiness you talking about is different..I cant explain, but i dont buy that statement..since no one has been able to wipe that smile off my face since i have bought the G35 and even more so since the vette and there are many things like that...i took 10k vacations which gave me tons of memories and happiness, imagine spending 10k when you earned avg salary..anyhow..my way of life is more towards spend thrift than a save-or but i do save and know the meaning of unfavourable possiblities tom..
Only 1 question ..Do you have a green card or planning for a green card?
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