[Swanand Inamdar]

I for one, dont really understand the entire mumbo jumbo of a "regular IT Joe" buying a luxury car. Why BMW only? Sounds so much of a cliche, does'nt it?

My answer: YES. If one could buy a house costing 50l+ in a city like Pune, why not a Beemer? Whats so special in buying one? Maintaining one is an entirely different ball game alltogether.

The question should have been, can we live with a BMW. IMHO, IT guys being paid ridiculous salaries, is all gibberish. Have a look at the other industries, they are paid equally good (if not more). Have a look at the salaries of someone from the Marine sector, or even a Bank manager.

[selfdrive]

Originally Posted by dot

Of course it is possible to buy a Beemer (certainly a w124 or preowned ones). I can buy a BMW tomorrow. But I dont think I will be able to maintain it.

Originally Posted by sajo

Right here sir. My answer is : Probably not. Atleast for me. Because I hate EMIs. I could buy my car last year only because I am single and had no other responsibilities as such.

Originally Posted by F150

Dot, Thanks for visiting this thread. Where is our PUNE IT Brigade ?

Originally Posted by Swanand Inamdar

I for one, dont really undersdtand the entire mumbo jumbo of a "regular IT Joe" buying a luxury car. Why BMW only? Sounds so much of a cliche, does'nt it?
My answer: YES. If one could buy a house costing 50l+ in a city like Pune, why not a Beemer? Whats so special in buying one? Maintaining one is an entirely different ball game alltogether.

My 2 paisa added:
First thought on seeing the thread: why would I want to buy a Beemer in India? I am already stressed with bikers and random vehicles scratching my car. Its not the cost associated with repairs, but the heartache when somebody hurts your car. With a Beemer the cost issue will be added too.
Then where are the roads that you would truly enjoy one? Instead get a comfortable couch/ entertainment system and relax at home!

Jokes apart, IMHO buying a BMW (or equivalent car) is linked with the relevant standard of living.
As an average IT Joe:
Would I buy a BMW while residing in my 2BHK apartment (bought on a 15 year home loan) in a middle class society: No. I have enough problems with envious people scratching my hatchbacks anyway.
Would I buy it if I were living in a more upscale neighbourhood: Probably.

At some point, we get wired in such a way that we match our buying patterns with our investments. If someone gives me 10K tomorrow, am I likelier to invest it in a FD or go out for dinner or buy furniture or invest it entreprenuerially? (not sure if thats a word at all!)

So even if this average Joe has 30L, he will either repay his home loan or buy some more real estate (to earn rent) or invest for kids' college education. In a way, many of us are programmed to take over debt from our previous generation and try to create a better tomorrow for our next generation. In all this hoopla, most of us forget to enjoy our own lives. I am not saying this is correct or wrong; to each his own!
But I do appreciate people who can enjoy today, as I am not one of them!!

Some of the above may seem OT so please ignore!

[supremeBaleno]

Originally Posted by shuvc

Some save 30-40% of their income, some save <5% to nothing.

Yes, saving is key here.

Originally Posted by tsk1979

Somebody here said, you can get a 20 year loan for a 50 L house, but not for a 20L car. All I ask is, do you even need to get a loan. Sell the house, move in on rent, and buy a BMW, whats stopping you.

Exactly. You dont even need a loan. A regular IT Joe can buy a BMW without even taking a loan and without selling his home. Ofcourse this needs financial prudence/discipline and smart investment. And this is not a hypothetical claim.

But the pertinent question here is "Will a regular IT Joe buy a BMW ?". Most probably not. Reasons for which have been covered by many including selfdrive.

[noopster]

Would a regular IT Joe be able to purchase a BMW in his life time ?

The logical answer is Yes: a lifetime is surely enough time for a regular Joe to save up enough to buy a luxury car. Maybe he buys it used, maybe he drives it only on Sundays, whatever. But Yes.

But I'm going to go out on a limb here and say No. A "regular IT Joe" (aside: I find that term really offensive or condescending at best and am surprised nobody has brought it up yet) from my observation is about 27-32 years old, single or newly married, with a disposable income of under 50,000/- rupees a month. Do the math: it's not feasible or practical for him to drive a BMW- maintenance and fuel expenses alone would eat into a big chunk of that. Aside from that, there are lifestyle expenses, housing loans, wedding and child-related expenses to worry about. RENT too: a few years ago it would hardly make a dent on your finances but these days, rents in "IT capitals" like Bangalore and Pune are just insane, not to mention the major metrops like Mumbai and Delhi.

But the bigger reason why he would not be able to buy a BMW is that anybody who thinks of himself as a "regular Joe" is unlikely to go very far in life. Don't get me wrong- it's not my intention to belittle anyone. But life is about dreams. And everyone's dreams are different. I'm pretty sure nobody dreams of being a regular IT Joe all his life: if he does, well...good luck to him!

About dreams: everyone has a different one. I know a guy who chucked a "well-paying" job in Bangalore to go pursue his dream of an MS in grid computing when he was 29. He dipped his life savings into paying for his tuition not to mention taking on a student loan as well. BMWs don't figure in his immediate plans- heck not even a wife or family do (the conventional dream). 2 years from now when he graduates with his precious degree, he intends to find a position that is close to his heart. The money and possibly the BMW will follow. Or not. What does it matter? He's living his dream.

Another guy from my office that I jam with: mid-20s, very sincere and good at his job, realised his dream of "onsite" sometime last year. The guy lives in an apartment in downtown Phoenix shared with x other guys to keep rent low, has NO intention of marrying or buying a car/house/anything else right now. A few days ago he emailed me excitedly that he'd bought an Eric Johnson signature Stratocaster. His Gujarati relatives probably laugh at him for spending so much on just a guitar. But I totally get him.

Even for those whose dreams don't touch such exalted heights (), owning a BMW is often about other people and very little about oneself. Someone who has spent 12-15 years in the industry, has had enough overseas experience, developed a saleable skill set and makes the right career moves is DEFINITELY in a position to afford a BMW. An X1 or 320dCE or used 5 perhaps, but a Bimmer nonetheless. And many do, too. Others choose their vehicle(s) of choice based on what is practical, sensible or plain doesn't attract unwarranted attention (believe me this is more common that you think). I have friends who are in MD positions in their mid-to-late 30s and drive Civics/Jettas. Not because they can't afford to, but because they choose to- at some level owning a luxe car is too much of a hassle.

BMW= Joy perhaps but true happiness is something totally different.

[selfdrive]

Originally Posted by noopster

But I'm going to go out on a limb here and say No. A "regular IT Joe" (aside: I find that term really offensive or condescending at best and am surprised nobody has brought it up yet) from my observation is about 27-32 years old, single or newly married, with a disposable income of under 50,000/- rupees a month.

But the bigger reason why he would not be able to buy a BMW is that anybody who thinks of himself as a "regular Joe" is unlikely to go very far in life. Don't get me wrong- it's not my intention to belittle anyone. But life is about dreams. And everyone's dreams are different. I'm pretty sure nobody dreams of being a regular IT Joe all his life: if he does, well...good luck to him!

Noop, am I glad you brought this up?!

IMHO, most of us are in it because it is/ was more lucrative than the other options we have/ had. I dont think any kid grows up thinking he/ she wants to be an IT professional or developer. Life seems simpler when we want to become either a fireman/ soldier/ doctor/ artist.
Heck when I said I wanted to be an engineer, I thought engineers were the guys who piloted train engines! Speaking for myself, I can say that as I had no other mentionable talent, I took the path of least resistance to the most lucrative job that I could get.

No offence meant to anyone here, but IMHO it is only a means to earn a living and not an aspirational career in any way. Perhaps I was/ am still chicken enough to not yet pursue what I like to do and at the same time am not chicken enough to shy away from admitting it.

This may seem OT, but IMHO it links into our aspirations. If we do not live our life the way we want to, then why would we ever buy a car that we really want to?!
/end rant

[PAVAN KADAM]

1) If the IT joe is not born with a golden spoon in his mouth - NO - Not practical, even if you buy, you would cry shelling out Slogged and Hard earned money, everytime it goes for regular service

2) If the IT Joe is born with a golden spoon in his mouth - YES - He's already well backed up, so would not mind spending his money.

But all these get hypothetical, how can a Regular IT Joe (whose YTD income would not go beyond 20 lacs, buy a car double his Yearly income. IMPRACTICAL. The above 2 options come in play.

[anilisanil]

I am regular IT Joe, I may give up on everything else to buy a Beemer or the like, but the problem is I may not be able to park it in my apartment's parking lot. I have other issues too but who cares.

So for all those who took the question literally, I think we all know the original poster's intent was to ask "How many of us can 'afford' to buy and maintain a new beemer" or the like.

While a regular IT Joe "might" be able to buy a beemer, by all probabilities he would not! I will not, because I cannot afford to!

[Samurai]

IT guys in 40s and 50s can mostly afford, whether they want it is another matter.

[VW2010]

IT guys in 40s and 50s can mostly afford, whether they want it is another matter.

Samurai,

Let me put it another way.
IT guys in 40s and 50s can mostly afford, whether they want it is another matter and whether they will buy is again another matter.

I know a VP level guy who can afford a S-Class still driving a SUV sub 10L.

You always wish if you were those 40's/50's guy where you would atlesat dream about a M3

[ajay_satpute]

A "regular IT joe" like me would say NO to this question. I agree to what Anoop said about this "regular IT joe" term being a little abusive, but thats OK. Since the thread starter did not have that intention.

On a lighter note- A regular IT Joe who can afford to buy a BMW and maintain it, is stupid enough to slog in IT. He should be enjoying his father's business or whatever family wealth there is at his exposal. Driving a JOY machine to office through insane traffics, parking it in the office parking for the whole day with no one to look at and then go home driving in the same insane traffic, is such a waste of a Beamer.

I tend to disagree upto some extent to Swanand on one point. Person buying a 50 lacs flat does not buy it in cash. Its almost always on loan for 15-20 years. So there is no direct relation in buying 50 lacs flat and being able to afford a BMW. However, I do agree that buying a BMW is not at all BIG deal. All of us can buy one and also maintain it, provided that there are not too many obligations that you are tied to. Heck, right now, with the salary that I get in my hand, I can even buy the 5 series or the E class, but that salary disappears in no time before 10th of every month and what is left in my hand is enough to run the Vista happily.

Someone mentioned about being borne with Golden Spoon, here's one guy borne with a whole Gold Factory, forget the spoon. This guy in my team, who bought a 40 lacs flat and a Laura PETROL in cash just before getting married.

All said and done, I will surely own one terrific vehicle in less than 10 years from now, because by then I won't be the "regular IT joe". I promise to myself.

[mayankjha1806]

Originally Posted by Samurai

Err..wait. I am 42, and you are saying I am no more capable of enjoying? Pass the walking stick please.
.

Absolutely spot on. Gone are the days when folks @ 40 were considered old, and i guess life really starts at 40 .

I know of folks from Services companies (Indian ones) that own a BMW X1 in my own apartment, and i believe they own the apartment as well. So yes i think its possible if you have the right credentials to hit it big. Try visiting Inf/Wip/Tcs campus parking lot and i am sure you would find a few BMW's or Mercs.

[Rachit.K.Dogra]

Originally Posted by Samurai

Err..wait. I am 42, and you are saying I am no more capable of enjoying? Pass the walking stick please.

May be what I am doing these days is just suffering? Check out how I suffered this weekend: https://www.team-bhp.com/forum/4x4-e...lthangady.html (4x4 Nature Riders OTR at Belthangady)

Just last week a 50+ DBHPian (suman) bought a BMW X1, I guess he was deluding himself.

Actually I came very close to leasing a BMW 328i back in 2000, but the service/parts/insurance cost bothered me a lot. So settled for a Acura 3.2TL instead. I was just 31 then, hopefully not too old in your books.

Check this guy's suffering at the age of 51: http://www.team-bhp.com/forum/motorb...hours-iba.html

DBHPian HVK who goes all around the country all the time, is in his late 40s. Sudev, another DBHPian who does lot of rally organization, and does 50K kms in his GV every year is also in his 50s. I am sure I can come up with lot more, but this should suffice.

Truth is one can enjoy lot more in the 40s/50s compared to 20s because of better finance. You just have to be physical and mentally up to it, like lot of us are.

Sir with all due respect, I should apologise if my post offended anybody. I did not mean it in literal terms. Actually you can never generalise on such things. And I am glad to know that you guys are so active. I would certainly get inspired from you.

My statement was mainly because of the financial situation which I was considering or had assumed.

[SilentEngine]

Originally Posted by noopster

But the bigger reason why he would not be able to buy a BMW is that anybody who thinks of himself as a "regular Joe" is unlikely to go very far in life. Don't get me wrong- it's not my intention to belittle anyone. But life is about dreams. And everyone's dreams are different. I'm pretty sure nobody dreams of being a regular IT Joe all his life: if he does, well...good luck to him!

Very good point

Originally Posted by tsk1979

Sell the house, move in on rent, and buy a BMW, whats stopping you. Its all about priorities buddy. If your priority is to live life king size, you will do so.
Kids education sapping up funds? Do not make such silly excuses. Its sapping up funds because you want it to sap up funds. Put your kids in a govt/KV school and for less than 500 a month you can teach your kids.
Fire that 1000/hour tution teacher. If kids can't pass without tution, its their problem. not yours.

Just imagine somebody driving a BMW and dropping his kid at govt school every morning.

[Technocrat]

I think this is good topic but the core question is misunderstood by most. The question is not about Can a regular IT joe be able to buy a BMW? but about would he?

The answer to first question ie. can he is YES but to would he is NO, there are ofcourse exceptions but for most of IT folks, forget a regular Joe, he wouldn't because by the time he can he either has other priorities or is uncertain(Constantly on the move etc) or simply not interested.

[shuvc]

Originally Posted by Technocrat

I think this is good topic but the core question is misunderstood by most. The question is not about Can a regular IT joe be able to buy a BMW? but about would he?

And frankly it's not about IT folks either. Loads of people with say a 30-40L 'income' package (from different walks of life) can afford to buy such a car. But I'm sure very few do. My counter question would be. If 10 'regular IT joes' are 'gifted' 50L each. How many of them would go buy a 3 series today? So @F150, if you are among the one's who would buy it, then don't worry .. you'll be able to do so with a regular IT job in your lifetime

A car still costs a lot. Consider other products. How many of people would you see wearing a 50K watch or using a 20K pen?

These are all products that come with a lot of intrinsic aspiration value. Beyond the basic desired functionality. Hence they will be always bought by people who have such aspirations.