How much should I spend on a car based on salary India?

The answer to this question is the thumb rule of not spending more than 50\% of your annual salary. Whether to consider the net income or gross income, it’s up to you. If your annual income is Rs. 10 lakhs, you can settle for a budget of Rs.

How do I get over wanting a new car?

Here’s a trick to subdue the new-car craving: Every month, instead of writing a big, fat check for a car monthly payment, write yourself a check. Think of a car you want, use a car loan calculator to see what it would cost each month, and put that money into a separate savings account.

How much do you have to make to own a BMW?

Yes salaried people can afford BMW but your monthly saving should be around 1–2 lakh per month( i.e salary after all your expenses) with this one can easily afford the BMW as a service cost around 50k-60k and if there is simple fault( i.e shoker replacement normal cost 3000 but bmw part cost around 50k per shoker) it …

Who can afford Mercedes?

To afford that, you should earn at least 65–70 lakhs, too be comfortable. , Mechanical engineer, car exhaustic, have experiance of 1 lack km of driving. Originally Answered: To afford entry level luxury car like Mercedes Benz in India, what should be average income?

Do people regret buying a new car?

If you do your research, you won’t regret buying a new car. There are tons of benefits for buying new cars, and if you have the extra cash, get a limited edition car or a special edition car, and you may not lose so much on depreciation, heck, you could make money on it after it rolls off the showroom!

What if I decide I don’t want the car I just bought?

You can sell it, file a lemon law claim under certain circumstances or enter into a voluntary repossession with the dealership. Alternatively, if you have buyer’s remorse due to high payments and want to keep the car, you can refinance the auto loan to lower the payments.

Should you buy a luxury car with little or no warranty?

Little or no warranty: This depends on whether you are buying the luxury vehicle from a private seller, an independent dealership or from the brand’s dealership as a CPO car. (Only brand dealerships can sell CPO vehicles.)

Are used luxury cars more expensive to maintain?

More maintenance: Since the used luxury vehicle has more miles, it will usually need more maintenance than the new car. Edmunds TCO estimates indicate that the Honda Accord will cost $3,833 to maintain over five years, while the BMW 328i will cost about $12,784. More expensive repairs: Parts and labor rates are more expensive for luxury vehicles.

Should you buy a luxury CPO warranty for your car?

(Only brand dealerships can sell CPO vehicles.) If you bought a three-year-old BMW 328i that was not a CPO car, you would only have about a year left on the new-car warranty. A luxury CPO warranty adds about two years to the vehicle’s original warranty. If the vehicle still has some warranty remaining, you can always purchase an extended warranty.

Should you buy the car that makes you the happiest?

With your eyes wide open, buy the car that makes you the happiest — even if it wouldn’t be the right choice for someone else. As a senior consumer advice editor, Ron helps shoppers navigate car buying. He has plenty of firsthand knowledge since he buys and sells the cars in the Edmunds long-term test fleet.