Go Back   Team-BHP > Around the Corner > Shifting gears


View Poll Results: Would a regular IT Joe be able to purchase a BMW in his life time ?
Yes 135 53.78%
No 116 46.22%
Voters: 251. You may not vote on this poll

Reply
 
Thread Tools Search this Thread
Old 4th August 2011, 16:11   #91
BHPian
 
rohan_iitr's Avatar
 
Join Date: Feb 2009
Location: Bangalore
Posts: 992
Thanked: 401 Times
Default Re: Would a regular IT Joe be able to buy a BMW?

Quote:
Originally Posted by Samurai View Post
I remember an incident while was working at huge MNC in NJ. A newly minted VP (they had hundreds) leased a Mercedes S series. On the very first day, he was seen alighting it, by none other than his boss who drove an E series. Next week, the same VP was driving a Cadillac. It either that or he would have lost his job.

So, yes. Driving a BMW into the office unless you have a job profile to go with it can be dangerous in a corporate setup. If the CEO comes in a BMW, nobody will give a second look. But a PM pulls up in a BMW, his higher ups will start wondering whether they are paying him too much.
+1. Never buy a car bigger than your boss' car, or you'll be sending the signal to the management that you are being overpaid.

Nobody notices your expensive gadgets, watches, jewellery or clothing. But driving around in an expensive car would never go unnoticed.

Rohan
rohan_iitr is offline   Reply With Quote
Old 4th August 2011, 16:35   #92
RGK
Senior - BHPian
 
RGK's Avatar
 
Join Date: Feb 2010
Location: DPM and CHN
Posts: 1,351
Thanked: 200 Times
Default Re: Can a regular IT Joe ever buy a BMW?

Not only an IT guy, anyone who earns 50k/month at the age of 25 can buy if
- The entire salary is only for himself.
- No monthly commitments like home loan EMI or sibling wedding/studies.
- No questions asked (by parents & wife) on the huge amount to be spent.
- Great passion towards automobiles.

Somehow I am obsessed with Merc-C220 Diesel Black, but long long long way to go
RGK is offline   Reply With Quote
Old 4th August 2011, 17:27   #93
BHPian
 
Join Date: Aug 2010
Location: Pune
Posts: 39
Thanked: 34 Times
Default Re: Would a regular IT Joe be able to buy a BMW?

Quote:
Originally Posted by rohan_iitr View Post
Nobody notices your expensive gadgets, watches, jewellery or clothing. But driving around in an expensive car would never go unnoticed.
If I had the money to buy a BMW 3 Series, I would buy a sports bike and put the rest of the money in a fund to finance the petrol bills.....

Last edited by benbsb29 : 4th August 2011 at 18:32. Reason: Fixed broken quote tags.
Indraneel Bhat is offline   Reply With Quote
Old 4th August 2011, 18:30   #94
BHPian
 
Motoringlover's Avatar
 
Join Date: Mar 2010
Location: Bangalore
Posts: 393
Thanked: 176 Times
Default Re: Can a regular IT Joe ever buy a BMW?

What a thread - Love the thought. Well i am not from IT, but would certainly consider myself as someone aspiring to get one. Like already discussed before since the priorities are what that drive the objective.

Here is a planning formulae. For all who would like to say - save 25Lacs - I am assuming the BMW would cost 30Lacs, try this formuale in excel -
=PMT((15%/12),60,0,2500000) -

The savings plan assumes you save 28,224/- per month for the next 5 years @ 15% annualy, with a target savings of 25L in 5 years. That way a BMW (assuming the prices dont rise, no inflation factored for the sake of simplicity) can be bought for the price of swift.

But i agree saving 28K and change is not easy, but certainly not all that un-attainable.

In the formula if you would like to change any of the variables

1. 15% - Interest rate - (I am assuming this would be monthly plan - hence converting the rate to monthly) - You can change the rate by playing around with this variable. ( I am assuming some level of Equity risk - You also reduce the risk by lowering the rate)

2. 60 - Number of months - easily changeable.

3. 0 - This assumes no money to start with - if you want to see a different result, prefix a (-ve sign) before the amount that you can start a BMW savings fund with.

4. Lastly - 2.5M rupeess that target value.

Hope this calc helps.

Best - ML.
Motoringlover is offline   Reply With Quote
Old 4th August 2011, 18:33   #95
BHPian
 
fast&furious's Avatar
 
Join Date: Jan 2011
Location: Trivandrum
Posts: 163
Thanked: 47 Times
Default Re: Can a regular IT Joe ever buy a BMW?

Read the whole thread.Didn't see anyone asking the question I have in my mind.

Why would a regular IT joe buy a BMW/luxury car?I don't think such cars are designed with 10 miles daily commuting and 10 days long yearly vacation trips in mind.If you're a driving enthusiast,cars like Chevy Cruze are there.

Btw,I personally feel that a person with an average salary wont be able to buy a BMW/luxury car.And he/she wont exchange his/her house for a BMW.How many of us will sell our houses to buy a BMW?We can but we wont.
fast&furious is offline   Reply With Quote
Old 4th August 2011, 18:49   #96
BHPian
 
nanu28's Avatar
 
Join Date: Oct 2005
Location: Bhopal
Posts: 204
Thanked: 32 Times
Default Re: Can a regular IT Joe ever buy a BMW?

I believe they can easily afford them. If at 25 you have a 50K Salary then yes it is affordable, the question is how many will take the plunge? I work in a Tier 1 IT company and in my parking shared with IBM and some others, there are a few BMW's not to count the owner of my own company.

I myself have been driving an vRS for the past 6 years now.
So coming to think of it yes, they are affordable but just that one will ahve to comprimise somewhere or the other.
nanu28 is offline   Reply With Quote
Old 4th August 2011, 19:39   #97
BHPian
 
dhawcash's Avatar
 
Join Date: Dec 2008
Location: jaipur
Posts: 124
Thanked: 140 Times
Default Re: Can a regular IT Joe ever buy a BMW?

definitely one can.

I just gave it a deep thought. although i've just started my career, im imagining that i have finally earned enough to buy a 35KK set of wheels by the time i cross 35. let's assume in this simulation run that i have enough to afford and maintain it, and saved enough to fulfill other responsibilities. But its a one time buy. If i shell out my hard earned 35 KK, i might not be able to afford any other expensive car for a long time.

First things first, i ask myself, why would i want such an expensive vehicle? all i want is a vehicle which takes me from point A to point B in comfort. If a 3 series can do that, so can any D segment car. what plus will the BMW have? Power? no. they are fast, and i hear they handle great, but really they are no scorchers. and beemers with Ms in their names are a lot more expensive. Comfort? Yes, they are beautifully made and would really make me feel great whenever i go for a drive in it. but again, there are other cheaper (to maintain and maybe to buy too) options. so basically i'm paying for the status associated with the brand. I'll be the rockstar of any marriage ceremony or social function i attend. my friends would be happy. neighbours would be jaelous i suppose. People will refer to me as ' the bloke with the beemer'. Okay that would feel good. it'll buy me respect in the society.
But i have a feeling it would all fade away very soon. would get used to it in no time, and would get bored of it. after a while, some 'NEW' 3- series would be on the roads. and i'll be the one with the ' puraane wala ' model. wont feel good then. i know this because i have witnessed that when the new E class comes, the old model gets no respect. maybe this is not the case with TBHPians, but taking the whole society, it is. Then i'll be trapped. I can't get another beemer any time soon. Selling it means goin for a huge loss. So at this stage, i have a car which does everything well, and so do other korean/japanese cars. nothing very extraordinary about it. feel like modding it to make it feel fresh again, but the mods would only bring in a fresh interior/exterior, and maybe a few extra horses. Nothing that would keep me interested for long.
So, no thank you BMW, I'll rather buy a 4x4 which i could really enjoy without fear of burning a hole in my pocket. Along with a Decent D segment sedan for the social outings. And they will keep me happy. And i'll be known as the ' passionate bloke'.my children would be proud of their 'hardcore jeeplover offroader' dad. Will go to OTRs with my offroading buddies. now that would make me happy. and life is about being happy, not about buying and maintaining an attractive looking headache inducing box on wheels.
dhawcash is offline   Reply With Quote
Old 4th August 2011, 19:42   #98
BHPian
 
sameerpb's Avatar
 
Join Date: Nov 2010
Location: Mumbai / Pune
Posts: 144
Thanked: 116 Times
Default Re: Can a regular IT Joe ever buy a BMW?

When it comes to spending power I see its happening, If we can afford a house of 50 Lakhs, we can defiantly afford a decent car of 20+ Lakh

In my child hood I have seen Impala, Morris & Fiat and I see those names are replaced buy BMW, Merc and Audi

Its just a matter of your dream and how you plan for it
sameerpb is offline   Reply With Quote
Old 4th August 2011, 20:31   #99
Senior - BHPian
 
Join Date: Apr 2010
Location: EU - Nordic
Posts: 1,543
Thanked: 917 Times
Default Re: Would a regular IT Joe be able to buy a BMW?

Quote:
Originally Posted by Samurai View Post
I remember an incident while was working at huge MNC in NJ. A newly minted VP (they had hundreds) leased a Mercedes S series. On the very first day, he was seen alighting it, by none other than his boss who drove an E series. Next week, the same VP was driving a Cadillac. It either that or he would have lost his job.
That says a lot more about the boss than about the VP, right?

I can give you the opposite example as well. There was a guy in my previous company who used to drive an Ikon when his boss used to drive a M800. About a year or so later, the boss upgraded to a sedan (Accent or Esteem, I don't remember). And about a month later, our guy upgraded to Optra (I remember that!).

Of course, our guy was from a wealthy family - so I don't know if the threat of losing his job (if the threat existed) had any effect on him. If I remember correctly, he was still working there when I left the company about 2.5 years back.
StarrySky is offline   Reply With Quote
Old 4th August 2011, 22:02   #100
BHPian
 
Join Date: Jul 2011
Location: Hyderabad
Posts: 31
Thanked: 11 Times
Default Re: Would a regular IT Joe be able to purchase a BMW in his life time ?

Quote:
Originally Posted by StarrySky View Post
Purchase - Yes, if he is careful with his savings.
Maintain - Now that's a different question altogether.
I second your thought. I think buying an elephant isn't a big deal but maintaining it...is!!! Apologies for the analogy but thats what came to my mind.
vineet@bulbule is offline   Reply With Quote
Old 4th August 2011, 22:28   #101
BHPian
 
Join Date: Mar 2005
Location: Trivandrum
Posts: 792
Thanked: 505 Times
Default Re: Can a regular IT Joe ever buy a BMW?

My answer would be definitely yes - provided you don't have a short term goal or vision for your career. Look at your career growth and not the growth of your pay check. Make decisions based on the former and not the latter and you would be able to comfortably buy and maintain at least a 3 series. And you may not even have to leave Indian shores for that.

Drive on,
Shibu
shibujp is offline   Reply With Quote
Old 4th August 2011, 22:33   #102
BHPian
 
NST440's Avatar
 
Join Date: May 2010
Location: Jalandhar
Posts: 186
Thanked: 166 Times
Default Re: Would a regular IT Joe be able to purchase a BMW in his life time ?

Quote:
Originally Posted by Rachit.K.Dogra View Post
Here are my 2 cents as I am one of these IT Joes.
At that point I would be around 42 years. Well I guess yes one can buy but when he would be in a position to buy such a thing his age to enjoy that thing would have passed. Thats the irony...
Exactly, & a wish not fulfilled at right time tastes less exotic when actually achieved, moreover i have found a strange relation between the more you earn the more you start saving thingy , one thing that sometime comes in my mind is why we all are so fond of buyind a german vehicle when our japanese vehicles have always proved to be VFM & peace of mind propositions, add to it, the haunted stories of the maintenance costs & after sales be it Skoda, Mercedes or BMW.
NST440 is offline   Reply With Quote
Old 4th August 2011, 22:49   #103
Senior - BHPian
 
oxyzen's Avatar
 
Join Date: Feb 2010
Location: Not fixed.
Posts: 1,026
Thanked: 264 Times
Default Re: Can a regular IT Joe ever buy a BMW?

I am a salaried person but not IT guy. The 320D is my dream machine.
Considering my current savings of 2 years and expected savings in the next 4 years I can somehow manage to buy a beemer (CE) provided its price does not rise on account of higher input costs.
But the question is will I ? the answer is no.
  • The savings predicted can no way be realistic in case you have other plans. Higher studies/car/marriage/tours etc.
  • You just can make your bank balance to Zero. We are Indians not Americans. (who go even a step further to make their balance negative)
  • I would rather use the money for the necessities of life. AKA apartment.
  • The maintenance is something that is going to hurt dearly.
  • 5 years from now... who know what the hell is going to happen? Diesel prices may soar to 100 Rs.
Bottomline- You can buy a beemer but it is insane to take the plunge.
oxyzen is offline   Reply With Quote
Old 4th August 2011, 23:01   #104
BANNED
 
Join Date: Jun 2009
Location: Swindon, UK
Posts: 696
Thanked: 84 Times
Default Re: Can a regular IT Joe ever buy a BMW?

I see some people saying that with a 50K salary, you can buy a BMW. You can but provided you have 10L already in savings for the downpayment and can live (food, shelter & fuel) on under 10K per month. That's because your EMI will be around 40K.
Live To Jive is offline   Reply With Quote
Old 4th August 2011, 23:22   #105
BHPian
 
Join Date: Mar 2005
Location: Trivandrum
Posts: 792
Thanked: 505 Times
Default Re: Would a regular IT Joe be able to buy a BMW?

Quote:
Originally Posted by oxyzen View Post
I am a salaried person but not IT guy. The 320D is my dream machine.
Considering my current savings of 2 years and expected savings in the next 4 years I can somehow manage to buy a beemer (CE) provided its price does not rise on account of higher input costs.
=Frustrati[/list]Bottomline- You can buy a beemer but it is insane to take the plunge.
You are insane to purchase it after 6 years of IT work. But the question was whether a regular IT Joe can purchase it in his lifetime - so do you feel us IT Joes have a lifespan of 10 years once we start working? Kidding but my point is you can buy it in good time.

Quote:
Originally Posted by sameerpb View Post
Its just a matter of your dream and how you plan for it
Well said!! the planning is important to have the cake and eat it too

Quote:
Originally Posted by Samurai View Post
. But a PM pulls up in a BMW, his higher ups will start wondering whether they are paying him too much.
Yes they may, but if the work he does is the real reason for his pay check they would think twice.

Drive on,
Shibu

Last edited by shibujp : 4th August 2011 at 23:29.
shibujp is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Debate: >4k rpm band useless for regular driving and for regular joe drivers nukeblitz Technical Stuff 87 10th August 2011 11:59
Have you ever played full volume of your ICE? Ever?? xingamazon In-Car Entertainment 27 5th January 2011 02:41
Spotted the smallest BMW, ever! - The BMW Isetta clevermax Beyond Borders 18 6th April 2008 02:10
Joe Satriani Is Comming! - News for rockers!!! Scuderia Shifting gears 25 18th May 2005 17:44


All times are GMT +5.5. The time now is 03:09.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks