I’m turning to the collective wisdom of the BHPian community – those who have already taken the plunge into the world of luxury car ownership. I’d love to hear your experiences and insights
BHPian wheelspinner recently shared this with other enthusiasts:
Hey BHPians,
I’m at that stage in my career where the dream of owning a luxury car is starting to feel a little less distant, but the reality of EMIs and general life responsibilities is definitely keeping me grounded. Like many others, I’m juggling the desire for a little automotive indulgence with the need for financial prudence.
We’ve all heard the saying, “owning a luxury car is like raising an elephant.” (Haathi Paalna). The costs, both upfront and ongoing, are significantly higher than your average hatchback. You see folks driving around in humble Altos while probably having enough wealth to own and maintain several supercars, and then you see others stretching themselves thin just to keep up appearances. I’m aiming for a sweet spot in between – a luxury car that enhances my life without emptying my bank account.
So, I’m turning to the collective wisdom of the BHPian community – those who have already taken the plunge into the world of luxury car ownership. I’d love to hear your experiences and insights, particularly on the following:
Financial Planning: How did you approach the financial planning process for buying your luxury car? What were the key considerations you factored in (e.g., depreciation, insurance, maintenance)?
Income Threshold: What would you consider a comfortable income level to comfortably own and maintain a luxury car in India? (This is, of course, subjective and depends on lifestyle, but a ballpark figure would be helpful).
Career/Business Strategy: What do you do for a living? (Feel free to be vague if you prefer). What career moves or business strategies helped you reach a point where luxury car ownership was attainable?
General Advice: What’s your overall advice to younger professionals who are working hard and aspiring to own a luxury car someday? Are there any common pitfalls to avoid? Should they even be considering it at this stage of their lives?
I understand this is a personal topic, but I believe your shared experiences can provide invaluable guidance to those of us still on the journey. Your insights could potentially make a huge difference in how we approach our financial goals and automotive aspirations.
Looking forward to hearing your perspectives!
Cheers,
wheelspinner
Here’s what GTO added to the discussion:
– Never, ever overspend or over-stretch. Enjoy your cars, but spend on them well within your means. When I could afford a Mercedes, I bought a City. When I could afford a BMW, I bought a Civic. When I could afford a new S-Class, I bought a used 5-Series.
Luxury car EMIs should NEVER affect your lifestyle (the way you live, the way your house is run, education, shopping, entertainment, holidays). Give me a “loaded” lifestyle over a “loaded” car any which day. A luxury car is the ultimate discretionary purchase and trust me, I’ve had the best times of my life (whether at the age of 21 or 47) in a 4-lakh rupee Jeep and 7-lakh rupee City Vtec as much as I have in a 530d or C220d or an M5. For petrolheads, the car we own is everything, but that doesn’t mean we should only find pleasure in fast luxury cars. I love my 20-lakh rupee Thar as much as the BMW. In the recent past, I’ve truly enjoyed cars like the C3 Turbo, Curvv EV and so on. My best road-trips were in the Safari Facelift, 5-door Gurkha and Thar Roxx (admittedly, the recent fun one was in a Range Rover).
There is no such rule that the more money you’ll spend on a car, the more fun you’ll have with it.
– Luxury cars provide one with a lot of driving pleasure, pride of ownership & admiration of the build, interior quality etc. They indeed are a class apart. On the other hand, when you own a luxury car in India, you officially become part of the “rip off” club. Everything is expensive! Big, fast 6-cylinder sedans & SUVs require new tyres costing Rs 70,000 every 20,000 – 25,000 km. Headlights cost 50k in the aftermarket and 1-lakh at the dealer. Once your E-Class or 5-Series is out of warranty coverage, you will be spending anywhere between 1 – 2 lakhs on it every year.
– I prefer buying pre-owned luxury cars only as their depreciation falls off a cliff at the 3 year mark, and I have frequently seen “almost new” used cars for 50% of the MRP. These cars also age very well & slowly. Many of us BHPians own 8 – 10 year old German cars that still drive fantastic. Getting a 3 – 5 year old luxury car that’s well maintained and with the km reading <40,000 or 50,000 km is ideal.
Income Threshold: What would you consider a comfortable income level to comfortably own and maintain a luxury car in India? (This is, of course, subjective and depends on lifestyle, but a ballpark figure would be helpful).
Call me conservative, but I’ve never spent over 10% of my earnings on cars.
Career/Business Strategy: What do you do for a living? (Feel free to be vague if you prefer). What career moves or business strategies helped you reach a point where luxury car ownership was attainable?
Businessman. Work hard but also work smart. Know where you can make money, know where to cut your losses. Spend your time wisely. Have the best people around you.
Have fun everyday (post-work) to sharpen the knives for the next day.
General Advice: What’s your overall advice to younger professionals who are working hard and aspiring to own a luxury car someday? Are there any common pitfalls to avoid? Should they even be considering it at this stage of their lives?
In your 20s or early 30s? Buy a fast / fun / all-rounded 20 – 30 lakh rupee car. There are some truly fantastic choices available today.
But yes, once you own a luxury car, you’ll never look back. So work hard, manage your finances well, and buy a luxury car once you can comfortably afford it
Check out BHPian comments for more insights and information.
