Things NO ONE Tells You About Owning a Luxury Car
Wint Wealth・2 minutes read
Luxury cars in India can be expensive with additional costs like fuel, insurance, and potential hospital bills, making pre-owned options a more affordable choice due to depreciation. It is advised to ensure a car purchase does not exceed 50% of annual household income to account for other financial commitments like loans and medical expenses.
Insights
- Luxury cars in India can incur significant additional expenses beyond the initial purchase price, such as fuel costs, traffic-related hospital bills, and various taxes and fees, impacting the overall cost of ownership significantly.
- Opting for pre-owned luxury cars can provide a more economical alternative due to substantial depreciation within the initial years, offering a cost-effective option for those looking to experience luxury without the high price tag of a brand-new vehicle.
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Recent questions
How much do luxury cars cost in India?
Around 50 lakhs.
What are the expenses associated with luxury cars?
Fuel costs, insurance, and servicing.
Are pre-owned luxury cars a more affordable option?
Yes.
How should one determine a budget for a car purchase?
Consider annual household income and financial obligations.
What are the recurring expenses for luxury car owners?
Servicing costs, insurance, EMIs, and fuel costs.
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Summary
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Luxury Car Expenses in India: A Guide
- Luxury cars in India can cost upwards of 50 lakhs, with additional expenses like fuel costs of 50-60,000 per month and anxiety-related hospital bills from driving in high traffic cities like Bangalore or Mumbai.
- On-road prices of cars include registration fees, road tax, and insurance over the showroom price, with the Range Rover Evoque's basic model priced at 1945.
- When deciding on a budget for a car purchase, it's recommended that the car cost no more than 50% of your annual household income, considering existing financial obligations like loans or medical expenses.
- Pre-owned luxury cars can be a more affordable option, with luxury cars depreciating by 40-50% within the first five years, making them a cheaper alternative.
- Recurring expenses for luxury cars include servicing costs, insurance, EMIs, and fuel costs, with the fuel cost varying based on the type of fuel used and the mileage of the car, potentially costing around 2.2 lakhs annually.
