Which car can I afford with my salary India?
1. Follow thumb rules. 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.
Is 500 a month for a car a lot?
The primary criteria for a car payment is how that payment fits into a person’s budget. For example, a person earning six figures may have a budget which includes $700 for transportation. For that person a $500 a month payment is acceptable.
What is the average household income for buying a BMW?
The average household income of a new BMW car or SUV buyer in 2020 is $124,800 per year. To compare that to the US population, the median household income in the United States in 2017 was $61,372. (Important note: we’re comparing two different things.
What is the average age of a new BMW owner?
Our data shows that the median age of a new BMW owner is 56 years old, compared to 38 for the US population. The age groups break down like this: 24 years old and younger: 1\%. 25 to 54 years of age: 40\%. 55 to 64 years of age: 29\%. 65 years old and older: 30\%.
What is traditional financing for BMW?
Traditional Financing is a retail installment contract that allows you to buy a BMW and pay monthly. Monthly payments include interest at the rate agreed upon by you and your BMW Center. You may not be required to have a down payment (based on credit). Just as in buying a vehicle with cash, your name goes on the title.
What do we know about BMW’s buyers?
The X7 is also the largest SUV that BMW has ever produced. We found that buyers of new BMW SUVs are 60\% male and 40\% female. Since BMW owners have a high household income and have an older average age, it’s probably not a huge surprise there’s a high incidence of home ownership. 90\% of new BMW buyers own their own home.