Is it possible for a typical engineer to afford a brand new BMW / Audi Or Mercedes?

Discussion in 'The Café - General Discussions On Everything' started by Kaustubh Katdare, Jan 3, 2014.

  1. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    I bet most of us here have dreamt of owning a BMW or an Audi or a Mercedes Benz in our lifetimes. Whether your are working in an IT company or a core engineering company - these toys are pricey and owning them requires a big bank balance. In India, the price of these cars begin at Rs. 25L and above. Since most of us end up investing our savings in buying a home; the dream of owning these super luxury cars dies out over a period of time.

    I did some math and found out that it's almost impossible for a typical middle class engineer to own a luxury car if salary is the only source of income.

    What's your take?

    PS: Inspired from a similar discussion on Quora.
     
    • Like Like x 1
    #1
  2. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    No takers to this discussion? Come on? Don't you dream of a luxury car? :D
     
    #2
  3. KSS manian

    KSS manian Addict

    Engineering Discipline:
    Structural
    In tamil there is a saying "Varavu ettana, selavu patthana" (i.e.) "Your earnings are 8penny but expences are 10penny". I am lying below the middle class engineer shed. So for me it is like a dream.
    But I can make this dream real, If i start my own Construction consultancy.
     
    #3
  4. lovebox

    lovebox Maniac

    Engineering Discipline:
    Computer Science
    Let's put the possibility factor aside and focus on the need factor.
    Do we really need that kind of car?
    Is there any point of putting all that hard earned money in to some fuel-guzzling vehicle? More so when you know that it is anyway going to crawl in the city road traffic.
    If I had that amount to spare I would put it in to some better use.

    Anyway, even the rich and famous around the world have no qualms driving around in a modest car. Check these out:
    • Mark Zuckerberg - Honda Fit (American market version of the Honda Jazz).
    • Bill Gates - Ford Focus
    • Warren Buffet - Cadillac DTS ($45000), which he purchased in a show of support for General Motors during the American automakers' financial crisis and subsequent government bailout.
    • Steve Ballmer - Ford Fusion Hybrid
    • Eric Scmidt - Toyota Prius
    • Leonardo DiCaprio - Toyota Prius
    • Ingvar Kamprad - Volvo 240 (1993 model)
    What are your views CEans?
     
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  5. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    When it comes to 'needs' - you don't really need Internet, a wrist-watch, a computer, that fan or AC, Internet, mobile (the list is endless). A luxury car is a 'want' - and it's the 'want' that drives people forward; provided needs are all taken care of.

    We aren't certainly getting in the debate of 'need' vs. 'want'.

    I'd really want this discussion to go in the direction of techniques which 'may' enable us to buy that car! :)
     
    #5
  6. KSS manian

    KSS manian Addict

    Engineering Discipline:
    Structural
    @lovebox - I hope the people you mentioned in the list must having a luxury car in their carriage. But the favorite is what you mentioned.
     
    • Agree Agree x 1
    #6
  7. lovebox

    lovebox Maniac

    Engineering Discipline:
    Computer Science
    Hmm! Then perhaps the best bet could be to get in to a business or starting an enterprise, working hard enough, and at the same time being fortunate enough,to earn the kind of money that gives us that purchasing power in a short period of time.

    Regarding the Internet, computer, and mobile phone, I think they are devices of convenience and help us improve efficiency.
     
    #7
    Last edited: Jan 7, 2014
  8. lovebox

    lovebox Maniac

    Engineering Discipline:
    Computer Science
    Perhaps. I am not sure about that. But most of the times they do drive around in the cars mentioned.
     
    #8
  9. Pensu

    Pensu Star

    Engineering Discipline:
    Computer Science
    Interestingly most of the people on Quora have said "yes" to this. I think it's going to be too hard to get a luxury car. Reason : We first want a home sweet home! I am living in Bangalore, and it's quite costly to buy a descent home here. Now, let's say you can manage to save some money to buy a big car, but how about it's maintenance? Plus you would be missing a lot to save that money, you might have to live like a monk! So, in my view it's a long shot to have a luxury car with salary.
     
    #9
  10. KSS manian

    KSS manian Addict

    Engineering Discipline:
    Structural
    Agree with you. If you are a salaried, its very hard to imagine to buy. Buying a Home (or) Dream car should be varied depend on one personal character. If you are so crazy about the motor vehicle then you might think about buying a dream car.
    For me I am so crazy about driving a motor vehicles. I bought Pulsar at 2007, at the same day when I purchased I directly drove my bike to the mechanic shop to modify my bike for my needs. I changed the body color, wheel, handlebar, silencer etc. All my friends are scolding me, because every people want to go to temple or somewhere.
    PS: If I have a choice to buy a car or anything else, I will buy the car first. :)
     
    #10
  11. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    I think the investments made in buying a home eat up significant amount of the monthly income. I've seen a lot of people trusting a lot on mutual funds. I'm not sure if executing SIP would allow us to buy the dream car.

    I think if you could work out something in your part time (income through blog or freelancing); you should be able to afford the car.
     
    #11
  12. Anand Tamariya

    Engineering Discipline:
    IT
    Rs. 50k per year invested over a period of 25 years @12% can get you 1 crore. Audi A4 costs around Rs. 35lakhs today. So not totally impossible.
     
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  13. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    @Anand Tamariya - Right; the math does work that way. Sparing that sum every year; provided you've to take care of the EMIs and your regular expenses; not many people would find it easy to invest that amount for 25 years. But I agree- it's possible.
     
    #13
  14. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    PS: One more way, which I won't recommend, is to find a rich man in need of a kidney. :coffee:
     
    #14
  15. KSS manian

    KSS manian Addict

    Engineering Discipline:
    Structural
    :D:D:D. Nice way. Will try using yours @Kaustubh Katdare .
     
    #15
  16. Anoop Mathew

    Anoop Mathew Knight

    Engineering Discipline:
    Electronics & Communications
    Although it is possible as you have said for someone working in India. The time of necessity or the thrill of youthful riding dies down at that age (you'll be probably 50 by that time) - not to mention the fact that you'd be a family man with kids growing up as well. Atleast in most of the cases I've seen you need a real high pay to get that costly if your only source of income is from working in India.

    P.S.: When you look at it (new car)- maintainence vice, it's better to own another new house instead!

    P.S.S: Second hand cars are always another option to consider and often cheaper as well (well excluding the maintainence costs)!
     
    #16
  17. Avis1

    Avis1 Newbie

    Engineering Discipline:
    Neuroscience
    Wtf.We bough a plot that cost just 17000 rupees when people were buying color TV and we were having Weston Black and white TV.I was a child,i cried for TV,My dad said NO,NO.He bought the plot and that cost now about Jaguar Car(1 crore).
    I said can i buy Jaguar,my dad said no. I am doctor now and cannot compare the knowledge of business to my dad who is a farmer(BCOM second year).
    Gonna buy UHD TV after marriage,lol to my brain.
     
    #17
  18. Rajni Jain

    Rajni Jain Star

    Engineering Discipline:
    Computer Science
    I know a simple engineer cum entrepreneur who bought BMW S1000RR :mrgreen:

    If not this, than normally its not possible until you have a STRONG family background who left millions of rupees for you.
     
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    #18
  19. Kaustubh Katdare

    Administrator

    Engineering Discipline:
    Electrical
    I'm proud to say I can easily buy 2 of those any moment! :)
     
    #19
  20. Anil Jain

    Anil Jain Star

    Engineering Discipline:
    Structural
    You know, after your thread even I bought a Ducati
    (*same bike that you had on your desk 9 years back)
     
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    #20
: BMW

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