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I'm looking to buy my first car, mainly because of the convenience and comfort.

Would something within 10 lakhs be a reasonable purchase if my A0 salary is 16 lpa?
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Its unreasonable, Car's just depreciate and aren't even of that much utility unless it's just to show-off.
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Make sure the inflatable mattress you purchase is also of good quality. Buy some pillows and bedsheets, pullovers online to make it more comfortable. Get a big water jug for water supply, and also a small portable kitchen setup.
I mean, you will be living in the car, right?
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i would love to live in my car, what are the legalities? will I get in trouble for sleeping in my car while camping at public places?
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Please don't get taken by peer pressure and marketing BS around cars. 1st and foremost - put your focus back on your job and work towards ensuring it serves you long-term. Invest and invest well - ensure that you have some surplus for buying a nice house and living well (invest in a solid life insurance and health insurance policy (1-2Cr) for yourself and your family (think of your parents)- a lot of stressed middle/ upper middle-class homes make compromises right here to get by - bridge this gap if there is any in your setup). Use Uber/Ola/ the Metro. If you must buy, then go for a used car that's presentable, reliable and comfortable (check Spinny). Avoid the Germans and Swedes until you are comfortably making 80LPA. If ever you decide on going German, avoid VW and Skoda's India 2.0 cars - they are a compromise that isn't worth the premium.
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nope 10 is too much, jay z said if you cant buy something twice then don't buy it, so ideally the car should cost half the annual salary, but even wiser if it is 3/10 th the salary coz cars are depreciating assets. i would say go for a car worth 4 lakhs
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Nowadays with the chip shortage and all no decent car is available short of that 10-12 lakh ballpark. I would suggest if finances are not an issue then surely go for it. Just keep a few considerations in mind.

1. Loan period- If you taking say a 3/5 year loan then the annual outgo would be lesser and you can plan your budget accordingly, although it’s preferable to get a car without or with minimal loan.

2. Keep some amount aside for running costs + insurance + maintenance. As after buying the cars these annual expenses will continue.

And most importantly first prioritise your monthly expenses and from the balance decide how much to spend on cars
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I think the fiscal principle to apply to a car is that it shoudn't cross 30-35% of your yearly pay. That said if you're living at home and have no immediate expenses (such as rent / edu loan) why not - if you stay long enough in the system the 10L you spend on this won't be more than a blip, whereas the comfort of travelling in your own car is intangible.

Assuming this is not for mumbai - please PLEASE don't buy a car if you're working in mumbai, there's no way you'll survive your first year at a law firm if you spend an hour and a half / 2 hours a day in traffic behind the wheel.
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Assuming you're earning around 15 LPA, rule of financial prudence says that max you should spend on a car is 60% of your yearly salary i.e., 9 lakhs for you. I think this is also too much. Get something like a second hand i20 for around 5 lakhs and you should be good to go. Second hand cars in decent condition are actually the best deals.
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I would say that if you dont have to pay rent i.e live in your own home and dont really have any financial responsibilities then go for it. You're working hard, you deserve a treat may it be in any form- vacation, watch, laptop, bike, car, whatever it may be. Don't let anyone guilt you out of what you really want.
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If the guy wanted to raise hue and cry over just a repainted panel which could have been easily negotiated in a diff manner then by that you can’t paint the whole German car scene in the same brush. Also it ended well for the guy with a 1.5L compensation(extortion) and refund of the complete car cost
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These are the same nibbas who complain while as students (just months ago) that NLU fees are super-expensive and they eat only 1 meal a day to make ends meet. 🙄
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LOL. So many boomer comments here. Guys, just chill. He's a 23-year old kid looking to ride a cool car and score some girls. What's wrong if he buys even a lower-end BMW or Audi on a loan?
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Cars are not just for picking girls, some people like to drive to unlike the share auto travellers like you
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The OP did not even say anything about women, you misogynistic sack of misery
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Getting cars and 'scoring' girls. What a brilliant and superlative philosophy from the non-boomer generation!
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A 1-word comment posted 1 year ago was not published.
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