how much wealth you have in property/equity/gold/cash etc and what is the cost of the car you drive?

this thread might look ridiculous but the purpose of this is to know what is the ratio between savings and luxury. i am that wealthy like people on this forum and i am not actually an investor. after subtracting loan amount, my wealth will be of approx 75 lacs...includes everything (not parental wealth) and i drive a 6 year old alto car...which still has a great pick up and gives good mileage. by friends say that i have become a miser. i was just wondering should i change my car just because it is 6 yrs old or people call you a miser. my thinking is that if the car is fine...why to sell it? so just wanted to know what is the general scenario of this wealth car thing. thanks guys.
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  • Dear jackdaniel,

    Alto is a beautiful car and nothing wrong to continue with it beyond 5 years. However if you really are a Jack Daniel lover then you do need to upgrade! Otherwise you are a miser all right (in matters other than ur taste for liqour).
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  • Originally Posted by rohit_warren
    RR hai dost ;)

    rohit


    maine bahut socha RR kaun si car hai ... fir bmw family ki taraf dhyan diya .. hmmm :)
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  • Originally Posted by rohit_warren
    well its called dabba because of the materials used - the safety is big zero - god forbid if anything happens you are only left with luck on your side the car will not support - VWs or for that matter any european car has built of a tank so you can rest assured in that in case of any direct hit - and the way people drive in ncr ---- aaahhhhhh



    rohit



    Whats your opinion about japanese cars...?? i am not much of a car person as such
    , but we have a toyota and a honda
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  • Originally Posted by rohit_warren


    actually lot of these dabba cars read zens, altos, wagonr s, santros, esteems old accents etc etc which are more than 8 years old end up to people who are not trained to drive cars - most of them are migrated biharis, up walas, oriyas etc etc who could never have dreamt of buying a car back at home - once they buy these junk they ride on cloud 9 and with the arrogance they came with only gets manifested with the 100 horses they just got.


    rohit

    aisa mat bolo rohit bhai .. hum bhi up ke bhaiyya hi hain .
    .
    ab koi dilli wala bhi to aisi harkat kar sakta hai ?? hai ki nahi?
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  • Originally Posted by jackdaniel
    how much wealth you have in property/equity/gold/cash etc and what is the cost of the car you drive?

    this thread might look ridiculous but the purpose of this is to know what is the ratio between savings and luxury. i am that wealthy like people on this forum and i am not actually an investor. after subtracting loan amount, my wealth will be of approx 75 lacs...includes everything (not parental wealth) and i drive a 6 year old alto car...which still has a great pick up and gives good mileage. by friends say that i have become a miser. i was just wondering should i change my car just because it is 6 yrs old or people call you a miser. my thinking is that if the car is fine...why to sell it? so just wanted to know what is the general scenario of this wealth car thing. thanks guys.


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    I guess one has to take into account the liabilities also. Kids schooling, wedding etc. These days schooling costs lot of money.

    That way , a person who owns a house to live earning 50 K a month can easily go for a luxury car if he is free of responsibilities, whereas a person with liabilities may not be able to go for it even if he brings home 1 lac/mo.

    Also, I guess property is not liquidity. It is just a notional value (if you ask me , it is even worse than stock market in a way). I do not intend to be a party pooper here but the value of a property is about 'going rate' fixed by local realtors and brokers. Unless it is sold and money deposited in your account, it's value remains on paper only.
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  • Originally Posted by dubyaskin
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    I guess one has to take into account the liabilities also. Kids schooling, wedding etc. These days schooling costs lot of money.

    That way , a person who owns a house to live earning 50 K a month can easily go for a luxury car if he is free of responsibilities, whereas a person with liabilities may not be able to go for it even if he brings home 1 lac/mo.

    Also, I guess property is not liquidity. It is just a notional value (if you ask me , it is even worse than stock market in a way). I do not intend to be a party pooper here but the value of a property is about 'going rate' fixed by local realtors and brokers. Unless it is sold and money deposited in your account, it's value remains on paper only.


    i was also saying same thing. i do not feel secure by the rate of my property. unlike equity, i can not sell a portion of the property to buy car. and after selling there are other hassels of income tax etc.i earn 70k. do not have liabilities of kids. but spend lavishly on food, clothes and traveling (apni aukaat ke hissab se :D). moreover i pay emi for one flat i have.
    so i may upgrade my car once i start getting rent from my flat. or may be then i will wait to save some money and get some extra work done in the flat. aaaahhhhh..... is my life dedicated to property and emi?
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  • i BANKER ban jaao and andha paise udayo
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  • While reading the various posts i interestingly came across one.... wherein a gentleman had an audicity to express his surly thoughts. By borrowing the last of the eminent personality one cannot be in the shoes of Mr Warren.
    Mr Warren is known for "Being super rich, Warren lives a "simple" life. He still drives himself to work every day and dines at Gorat’s, a local steakhouse (which is NOT an expensive restaurant) in Omaha. He is widely known for being courteous, personable, and humble"
    This purely is racist remark. Mr Etc. is most welcome to pack his bag and leave for the place where he find no bihari, up walas, oriyas, punjabis, haryanivs, keralits....instead of roaming on the roads of delhi ncr to make few bucks to drive in RR's and OR's....
    God forbid but if a person on driving so called elite clunker mets with an accident only dabba car people or people on bikes will come for their rescue.
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  • Originally Posted by jackdaniel
    i was also saying same thing. i do not feel secure by the rate of my property. unlike equity, i can not sell a portion of the property to buy car. and after selling there are other hassels of income tax etc.i earn 70k. do not have liabilities of kids. but spend lavishly on food, clothes and traveling (apni aukaat ke hissab se :D). moreover i pay emi for one flat i have.
    so i may upgrade my car once i start getting rent from my flat. or may be then i will wait to save some money and get some extra work done in the flat. aaaahhhhh..... is my life dedicated to property and emi?


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    I thought I said so about the liquidity and valuation in a sense that Indian real estate property valuation is completely and unequivocally bogus and fraud. I had an occasion when I worked in that industry and I can tell you with my experience, it is all super fraud.

    The rates are fixed on-an-hourly-basis.

    Suppose there is a new project launched in Noida at say 8000 INR/sqft. First few bookings and next day , it will go up 9000 INR/sqft. Invariably some one will book another flat in the project at 9000 INR /sqft, because among us are people who have cash, who have pressing need for a house and people who are scared that the housing market will go beyond one's reach. So next thing you know, the rate becomes 10K/ sqft :). This I am saying with personal experience ( and being part of the scheme).

    Now, I can'r afford a 10K/sqft property. Even if I can afford, I will never buy it because I know it's true value. Because as an insider , I know how even the rate 8K/sqft was fixed. So but for my job , I wont even advocate such deals.

    Now, question to all gentlemen out here, there are about 170000 flats in and around NCR whose price tag is over ONE CRORE INR. This is a fact. Do you really think the price will ever be met in the next 15 years ? You are talking about 170000 people who can afford one crore property ? Again as having some experience in this field, I pinch myself. That too with the crack down on black money and all


    SOme of you may not like the ranting. But I know one lac INR is a big sum. One crore ? That is 10 million INR. For a three bed room apartment because it is closer to India gate ? lol.
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  • In continuation and , before being kicked out by the author of the thread for being out-of-line albeit innocuously , my intention of the above was to say, property is not your liquid cash. So , if you are assessing your net worth based on all those 2 BHKs and 3 BHKs , at this moment, then I guess it is incorrect. And based on that assessment, if you go for am AUDI or some other luxurious car, it again tends to become an incorrect assessment.

    Your net worth is (Your current annual emoluments + your bank balance + less than 50% of the market value of the properties you hold + any other assets like gold etc) - liabilities.

    To assess the potential of your property, go to a bank as ask how much loan you can apply for on a on your property. Their valuation is closer to fact than the so called market price.
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  • how about buying used cars from reputed vendors like Mahindra's First Class or Maruti's TrueValue?
    As car is a depreciating asset, so I believe if spmeone have experience and knowledge of cars he should also consider good conditioned used cars.
    what is ur openion on this?
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  • Shaitaan,

    Could you please stick to the thread's topic and avoid personal comments, at least with me.

    Now, I would request you to please provide ur openion regarding used cars.

    Regards,
    Anuj
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  • Originally Posted by anuj.mca
    Shaitaan,

    Could you please stick to the thread's topic and avoid personal comments, at least with me.

    Now, I would request you to please provide ur openion regarding used cars.

    Regards,
    Anuj


    soory anuj, it was just a PJ. i delete it.
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  • Its ok Shaitaan ji, and I am also sorry if my response had hurt u.

    But please provide ur opinion. I have seen some very rich people buying used good conditioned luxury cars like skoda superb, CRV and endeavour... after discussing this with them, I also find it good option and would consider it before buying my next car after 4 years.

    Regards,
    Anuj


    Originally Posted by shaitaan
    soory anuj, it was just a PJ. i delete it.
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  • Originally Posted by anuj.mca
    Its ok Shaitaan ji, and I am also sorry if my response had hurt u.

    But please provide ur opinion. I have seen some very rich people buying used good conditioned luxury cars like skoda superb, CRV and endeavour... after discussing this with them, I also find it good option and would consider it before buying my next car after 4 years.

    Regards,
    Anuj


    Its very difficult question Anuj, since i don't know your financial status, and you r talking about big car, i assume that u are financially sound, if it is so than why go for second hand car ??? there is always some problem with second hand cars, doesn't matter who sell it; until u r very close to that and know why he is selling.

    I always prefer new car . :D reason you r buying big car; wo bhi second hand, its always on the back of your mind ??? Buy new car if u can efford it.
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