[KarthikK]

Originally Posted by Gansan

Hmm...hey, should it not be the other way round?

sorry my bad, subconsciously typed it the other way round
I must be half-awake on a sunday morning you see This also means IT Joes need more sleep, apart from more hikes.

[F150]

Originally Posted by Samurai

I am currently visiting my parent company in USA. Today our part-time network consultant/specialist came to meet, he used to work fulltime for us couple years back.

I was taken aback when I saw his ride. Agreed it is no BMW, but a C250 with AMG sport package is not at all bad for a 29 year old & single network engineer.

Attachment 990697

Samurai,

Never read your opinion on this thread. You are an IT veteran, we are all noobs compared to you.

Please let us know your POV.

[vb-saan]

IT Joe or any other profession, I guess spending on big ticket items, say a BMW, varies across societies (one such example mentioned by Samurai above).

Many years back, when I was working in Bangkok, a new team member offered me a lift back to my apartment, and her car was brand new Passat. And she said, in Thailand its very common for one to spend his/her first salary as the first instalment for a brand new car. Normally folks go for a Honda City range, but since she started in a big auditing company, she thought she can afford something better, and hence went for a Passat! More than buying a house or building savings, spending on swanky car, designer bags, or even a Mont Blanc pen takes priority there.

In my opinion, an IT joe can definitely go for a BMW, if that's his/her priority/dream. Absolutely no harm in chasing your dreams

[Samurai]

Originally Posted by F150

Samurai,

Never read your opinion on this thread. You are an IT veteran, we are all noobs compared to you.

You make me sound like an dinosaur, I ain't that old. Well, I have put my opinion in this thread before, just search for my posts. Yes, I almost got a BMW once in US, but backed off at the last moment. Instead invested in a house and a flat back in India according to my wife's wishes. That was just before RE market went crazy. I am not into snob value, so I am happy driving cheaper fun cars.

[SedatedDrive]

Wow this thread is still on! I believe we were having general consensus that yes it is possible to own a BMW by an IT professional at the cost of other factors. But do majority of IT professionals want to own one? No.

I currently park the most expensive car in my office's car park since I joined it 2.5 years ago. And it is just a Cruze. Does it have an effect on my appraisal? Not yet. Many of my managers prefer to come to office on bikes and Marutis even though they have higher salaries.

I can afford to maintain a Cruze. I doubt I can say the same thing about a BMW. Hence the Cruze is within my income bracket enough to give me a peace of mind while driving it. Suppose I quit the IT industry and start a business, then owning a BMW becomes more viable. It all boils down to cost of ownership and available disposable annual income.

My next diesel car will be planned like this:
Expenditure =
On road cost of car
+ 3 Lakhs in FD for Insurance
+ 3 Lakhs in FD for fuel
- Resale of current car

When? When I have saved up enough money. No loans thank you very much.

[nilanjanray]

If one is willing to forgo a flat/house purchase, or want to enjoy the present instead of permanently scraping for the future, or have a spouse with good income, why not?

[svdath]

My view point is that it really depends on the below:

1. If both hubby and wifey are working and have a decent pay package - together about25-30L per year

2. No flat / new house commitment

3. No kids yet

This will allow them to buy a beemer or a merc or an audi very easily. Recently i was in a BMW showroom for a 328i test drive and the SA was telling me that you will need safely 3-4 L Rs for 5 years to maintain a beemer [for services, brake pad changes , tyre changes etc]. This amount is excluding the running costs.

Now that is quite an expense looking at the job security level the IT industry has.

[shankar.balan]

Originally Posted by nilanjanray

If one is willing to forgo a flat/house purchase, or want to enjoy the present instead of permanently scraping for the future, or have a spouse with good income, why not?

Add a ' no kids' , 'inherited property' and 'well off folks' scenario to this!

Given the pricing of these vehicles in India vis a vis the same spec's price abroad, one would have to be a real enthusiast,a poseur hankering for social adulation and attention or simply a really well off, quality obsessed chap, to want to buy one of these in India.

[drsingh]

As the car market in india matures, these cars will be within reach pre owned,lease etc.

Case in point, most guys who go to Ukraine, take pre owned BMW's and have fun for 4 years!! Maintenance handled by the garage you lease it from.something like the shops in Karol bagh that rent out BULLET motorcycles.

And luxury cars of 5 years ago, corollas, civics,city are available easily in the used car market now.

Maybe in 10 years time BMW's will be available at similar cost!!

[manolin]

Originally Posted by Hayek

I'd be shocked if people earning just Rs. 150,000 per month take home were buying BMWs. Even a basic X1 is Rs. 27 l+ OTR most places in India. Spending 1.5 years salary on a car which also requires maintenance, fuel et al, and is unlikely to last more than 6-7 years is something that strikes me as being "brave" (and I am putting it very politely).

The usual benchmark is that people are reluctant to spend more than 6 months salary on cars - so a recurring take home of Rs. 54 lakhs pa or a pre tax of Rs. 80 lakhs pa is the bare minimum to consider a BMW in my view. And that is if one has a high degree of confidence in future earnings and earnings growth, which is tough in today's environment. (or perhaps I am being influenced too much by the woes of the financial services space)

really interesting. I have similar thoughts. For another reason. After 5 years in a profession I am not yet sure if I like it enough to continue long term. because of this uncertainity, I cannot imagine paying more than 3 months salary on a car - consequently I buy only 2nd hand cars - when p.m. was 90k, then bought a 5 year old used zen for 2 lakhs, when p.m. was 1.20, sold zen and bought a 5 year old baleno for 3 lakhs. All my peers are buying city/verna's but I cannot/donot want to commit my professional life for the sake of buying a car. IMHO enjoyment from a car is completely dependent on what you take from it, if your peace of mind comes from driving a car, great; but if your peace of mind comes from not being forced to stick to a job, then no fancy car.

I was reading phamilyman's post on long distance touring car for himself. I was thinking, this is one thing I have aspired for, would love to have - you know - a scorpio 4x4, safari 4x4 / fortunner/pajero - you know the feeling, where you take off and fly into the mountains through snow and ice. But real life doesn't work like that, when you are not sure of your long term disposable income. So i decided, let that 4x4 dreams be, I will just buy a bike. where 4x4 cars go, bikes can always go. If i am that interested in going to the mountains, then I better be ready to go there on bike/bus anything.

sorry, long rant about my thoughts.

ps: not IT joe. in another profession, but same logic applies, especially with IT joes not liking coding, and wanting to move to the business side (and to do MBA).

[Passiautonate]

Originally Posted by manolin

After 5 years in a profession I am not yet sure if I like it enough to continue long term. because of this uncertainity, I cannot imagine paying more than 3 months salary on a car - consequently I buy only 2nd hand cars - when p.m. was 90k, then bought a 5 year old used zen for 2 lakhs, when p.m. was 1.20, sold zen and bought a 5 year old baleno for 3 lakhs. All my peers are buying city/verna's but I cannot/donot want to commit my professional life for the sake of buying a car. IMHO enjoyment from a car is completely dependent on what you take from it, if your peace of mind comes from driving a car, great; but if your peace of mind comes from not being forced to stick to a job, then no fancy car.

Honestly, I am impressed by your humbleness and attitude. You will be very happy and satisfied in life if you could continue with the thought process you have adopted.

But I somehow diagree with your rational of buying second hand cars (that too petrol) and disposing it off. Let me assume that once you sell your Baleno (3rd one), cumulative additional cost incurred (loss) will be in excess of 3+ lacs as you won't be getting the buying price when you sell the vehicle, and adding to some bits of money you have spent on maintenance. As an old car usually need bit more IMHO.

I am very much in a similar position as you are with 5+ years experience in Financial industry. I bought a Fiesta Diesel after 2 years of my job. It cost me 7.30 lacs and is able to satisfy my enthusiast side as well as pocket. Along with feeling of a new car when I bought it, PRICELESS.

It's 3 years since and I have got a customer who is ready to pay 4+ lac for the same. So roughly 3+ lac lost (but saved 1.2 lac as it is diesel in 40K+ km). I bought the car on cash so didn't paid interest (you can say lost opputunity cost by I would have spent the money anyway )

I agree, that when you get used to driving a car you also get used to pleasure too. I mean you only realize it when you drive something segment below . In nutshell, if you can please (train) your mind even alto will serve you perfectly fine and if not you will curse Beemer too.

But for me I am happy the way I am. I will try to buy whatever I could if that gives me happiness.

Quote- I have a single life, I work hard, I dream big and it's all useless if I am not able to live my dreams.

Regards,
Maddy

[supremeBaleno]

Proof that this is possible and not as big a deal as it is made out to be. This Infosys Chennai employee dreamt of a BMW in school, worked to get to that goal and just went out
(by suburban train and then auto to the dealer) and bought one.

[james]

Originally Posted by supremeBaleno

Proof that this is possible and not as big a deal as it is made out to be. This Infosys Chennai employee dreamt of a BMW in school, worked to get to that goal and just went out
(by suburban train and then auto to the dealer) and bought one.
Attachment 1365915

A lot of us can just go out and buy a Beemer. Maintaining it would be another story.
I wasnt able to read his story completely but im not ruling out the possibility of some sudden inheritance that may have helped him achieve this dream.
As said before, its a personal choice. Some people may sacrifice everything they have and spend all their savings (+loan) on buying a beemer just for the sake of satisfying a dream while others may not!

This gent, an ordinary IT joe like many of us went out and bought a beemer. Good for him. I hope he doesnt have to break the bank to maintain it!

[supremeBaleno]

Originally Posted by james

A lot of us can just go out and buy a Beemer. Maintaining it would be another story.

I also used to think that way, but lately I am not sure if maintenance (for initial 4-5 years) would be that big a deal, given the BSI package. If one can pay 30+ lakhs for the car, is paying another 5L for the package such a big deal ?

Originally Posted by james

Some people may sacrifice everything they have and spend all their savings (+loan) on buying a beemer just for the sake of satisfying a dream while others may not!

Can be done without sacrificing savings/retirement money. Just needs planning.

[tsk1979]

Originally Posted by james

This gent, an ordinary IT joe like many of us went out and bought a beemer. Good for him. I hope he doesnt have to break the bank to maintain it!

A lot of people (even ordinary IT joes) have kids. Can't be more expensive than maintaining a beemer eh?