What should be my income to buy a luxury car?

For entry level luxury cars your average income must be 50 lakh per annum. If you have got this much package then you must be giving more than 15 lakh tax. All car customers owning luxury cars fall in this bracket. They can afford down payment of 8 to 10 lakh and monthly Emily of 80000 to 1 lakh for luxury cars.

At what salary should I buy a car?

There is a thumb rule of not spending more than half of your annual household salary on the car. An individual earning Rs 10 lakh a year should at best buy a car worth Rs 5 lakh.

What should be your income to buy a BMW?

To get the loan approved from the bank, you need to have an IT return of around 20 lakh. So, a monthly salary of around 2–2.2 lakh would do( because you need some money to save and spend on you monthly).

Are luxury cars a good investment?

Luxury Cars Have a High Resale Value Whatever luxury brand takes your preference, one thing you can be certain of is that luxury cars tend to hold their value better than the average vehicle. Cars do depreciate over time but luxury cars do tend to have a higher resale value.

Why are luxury cars a waste of money?

Expensive cars lose their market value rapidly and depreciate quickly. This results in you losing your hard earned money. The positive side of this is that you can get great deals on used luxury cars as their value can drop by as much as 50 per cent in as little as three to four years.

Can I buy car with 20000 salary?

20,000. With the plethora of financing options available today, your dream of getting yourself a brand new car is easily achievable. Besides, banks also offer lucrative deals on their Car Loans too.

Why people buy a luxury car?

Why Do People Buy Luxury Cars? People buy luxury cars because they’re fun to drive, they perform better than economy cars, and they grant their owners a sense of achievement. Luxury cars are typically often equipped with the latest safety features, technology integrations, and performance components.

How much does it cost to buy a new car in India?

For a new car: On the date of purchase one will spend Rs.13,50,000. Henceforth, one must cumulatively spend Rs.8,68,400 in next 5 years. After 5 years when the car is sold, it fetches a resale value of Rs.5,09]

How to find out a car that you can afford?

This is a car affordablilty calculator using which you can find out a car that you can afford based on your Salary or Income. To find how much car you can afford you need to first calculate the amount you can pay as your car loan emi.

Do you care about affordability when you buy a car?

Generally when we buy a car, we do not care about affordability calculation. But this is a mistake. Car is a financial liability, but it is also a very convenient way of transportation. Moreover for many, owning a car is a huge psychological booster. Hence, people tend to overspend on their car purchase.

What is the car affordability calculator?

This car affordability calculator is a free online tool to help you budget your car payment and find the most suitable car that comes within your budget. Find out how much car you can afford and the budget to purchase a car based on your income.