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Old 21st August 2009, 10:12   #16
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24 lacs is the income, and you guys are suggesting to blow half of it away on his car? Not good, not good.

See the best bet is to spend around 15-16 L (in total, all inclusive) on the car, but if your friend is an enthusiast or even flashy types, then he could look at a budget slightly more than his annual income (no more than 30L in any case). The car in question will really have to depend on his tastes and dreams...but VW Jetta, Corolla Altis in the conservative side, and Accord/Superb on the enthu side. Merc/BMW only if he is a little too much of a Punjabi
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Old 21st August 2009, 10:13   #17
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Quote:
Originally Posted by amitk26 View Post

My personal opinion EMI should not be more then 10% of the income.


Some Bhpians are suggesting c-class etc but I wouldn't recommending such splurges at this point and salary. A Jetta would be a great option and could fit in his budget with the current 4.99% int rate deal on depending on how many year loan he takes. In addition he would save on maintenance costs for 3 years thanks to the package included free. A diesel would help reduce his fuel bigs to a good extent.
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Old 21st August 2009, 10:32   #18
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I think it is your friend who need to decided on the car, given below are few option for him.

1. Toyota Camry (25+ lakhs) - My vote go for this
2. 2009 Skoda Superb (20+ lakhs) - Second best as per me
3. Mercedes C Class (30+ lakhs)
4. Audi A4 (30+ lakhs)

There are more to choose from. I would suggest your friend to decide on car below 30 lakhs given his income.

Jossy
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Old 21st August 2009, 10:44   #19
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Quote:
Originally Posted by jossyphil View Post

1. Toyota Camry (25+ lakhs) - My vote go for this
2. 2009 Skoda Superb (20+ lakhs) - Second best as per me
Leaving aside the A.S.S you think the Camry is better than the Superb !? Even the Accord puts the Camry to shame at it's price point.
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Old 21st August 2009, 11:09   #20
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If I were him and earning 2 lakhs per month after deductions, I would choose the Skoda Superb Diesel in Rosso Brunello colour.
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Old 21st August 2009, 11:18   #21
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1) Skoda Superb Petrol or Accord 2.4
2) Fortuner or Captiva Diesel
3) Laura Diesel 2.0 TDI

Would also depend on his existing loans, if he already has a home loan then it needs to be kept in mind. If monthly travel is high he needs to factor close to Rs. 6-7 per km for car maintenance in the league mentioned above. (Including cost of fuel).

Car should not be in excess of Rs. 15-22L.

If the income (2L/M is not in after tax then almost 27% would be lost in Tax itself.)
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Old 21st August 2009, 11:20   #22
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Quote:
Originally Posted by amitk26
Well lots of questions need to be answered before anything can be suggested.

1. Is this 2 lakh gross or net ? Is this 2 lakh a salary or agricultural / business income ?

2. What are his monthly expenses and responsibilities / liabilities and where he stays ?
In a city like Bangalore or Mumbai I am sure one can not maintain a merc in net income of 2 lakhs if he has a family.

3. What exactly he want from the car what kind of status symbol means status for him ?

My personal opinion EMI should not be more then 10% of the income.
+1

2 lakh per month even net doesnt mean one can afford anything upward of a Civic, unless earning so much means he doesn't understand the value of an investment and instead invests in a depreciating liability?

LOL
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Old 21st August 2009, 11:49   #23
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Assuming the 24lac pa is gross salary, i wouldn't go anywhere beyond a 12lac OTR car. If your friend is too status conscious then may be he can stretch upto 15lac.
But that's just me; others may have different view.
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Old 21st August 2009, 11:54   #24
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nett income in the hand in the bank each month means it is possible - if the concerned person wants to splurge and indulge. Status apparently means quite a bit to the gentleman, therefore my suggestion.

However, I did assume 2 lacs after all taxes and deductions which point is yet to be clarified.

25% of nett income on a top end car is not so bad, provided of course one doesnt have other huge liabilities and if one lives in one's own home! Plus - if this is a double income home or even a triple income home then why ever not?

It is also reasonable to assume that someone who plans on buying a car would certainly consider his current liabilities in other directions as well before deciding which car.


Quote:
Originally Posted by Guna View Post
Guys, are you very sure? 50 k out of 200 k going just towards car EMI in case of C class, and it will wipe out more then half of his income in case of E class!
I would imagine he can think up to Skoda Superb at the max.

Last edited by shankar.balan : 21st August 2009 at 11:55.
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Old 21st August 2009, 12:36   #25
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Since its is staus which is in the picture and the earning point. I dont think anything beats a Mercedes in Punjab. My recomendation would be to buy a Skoda or an Accord. Leave the mercs and Bmw's for now, they would put a dent in the pocket. Howerver if he is hellbent on more status than these two provide, then a second hand Merc E class would be available cheap in the region. If he does not mind an SUV then Fortuner, Captiva and even the Pajero can be counted in. Then one notch up you can look out for a Second hand Land Cruiser 101 series.
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Old 21st August 2009, 12:40   #26
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Rs.200k per month means nothing until we have some idea about his commitments and also available disposable income. On the face of it I will be inclined towards a vehicle in the 10-20L band - say a Civic, Corolla or an Accord!
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Old 21st August 2009, 12:52   #27
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Ok I just shown him the thread. He is sitting besides me. I am not quoting everyone's reply but answering the queries.

1. The amount he is earning per month, is only for the maintainance of the car. My bad I did not put that up before. He has some 3 crores in his bank account, upon which he can spend on a car. 2 lac per month is for his monthly expenses and the maintainance of the car.

2. No married man, 24 years old buddy. Living with only her mom.

3. Car would be self driven.

4. No defined budger because he too dont know. He was considering on the lines of Audi, BMW, Merc. But not sure, if he spends 40 lacs on a car, would he be able to maintain it with that much income?

5. HE is in Patiala only.

I believe I have answered all the questions.
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Old 21st August 2009, 13:08   #28
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I'm completely confused now...

Does he want to buy a car from the 3cr he has in the bank and maintain it with his salary of 2L per month?
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Old 21st August 2009, 13:17   #29
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In that case, go for the C220 with the sports package. Merc has introduced their Star Extended Service Pack as well which he can opt for.
Don't go for the E now. It's due to be replaced anytime.
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Old 21st August 2009, 13:45   #30
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Quote:
He is earning some 2 lacs per month on a regular basis.
Quote:
The amount he is earning per month, is only for the maintainance of the car.
Quote:
2 lac per month is for his monthly expenses and the maintainance of the car.
Quote:
He has some 3 crores in his bank account, upon which he can spend on a car.
I'm a little unclear here.

1. Is his net monthly income 2 lakh rupees?

2. Does he want to spend that entire 2 lakh on monthly expenses & the car?

3. Does he want to buy the car from this 3 cr?

A little clarity would help. Simplest way you can answer : How much does he want to spend on a car? You can answer either in rupees (net cost = 30 lakhs) or EMI (max monthly EMI = 50,000).

None of us talk of how much we are making (especially not on a public forum). Just put your budget forward and watch the recommendations come in

P.S. : If (and only if) he is a self-made man, please congratulate him on his success. Must be a really smart dude. He's welcome to share his business ideas with us

Last edited by GTO : 21st August 2009 at 13:47.
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