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I think he means 80% of income over 4years.
So a person earning 12L should max buy a car worth 10.24L and take the loan for 4 years.
Not sure if it’s a good idea or not
It's a she. But I still believe buying a 10.24L worth car for a 12L salary a bit of a stretch. I would definitely not have the courage to do something like that.
What nonsense is this
Nexon
Less than 25% of your net worth
Car is a depreciating asset. The minute you own it, it's value drops by 5-10 pc. Mostly people buy cars and high end phones out of peer pressure or status. It should be bought based on utility. The higher the cost of the car, the more you have to put into maintenance and servicing.
Audi sedan each tyre might cost upwards of 10 - 15 k Whereas for a budget hatchback it will be around 3-5 k
Same goes for all parts, filters etc
My personal rule, max car cost should be 10-15% of yearly income... So, I can only afford cycle/electric cycle ri8 now 😬😬