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Old 18-01-2015, 08:23 PM
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In life we cannot escape buying and acquiring things that will eventually spoil and become worthless. Household appliances and furnitures are immediate examples. These things helped make our lives better and free us from doing mundane things so that we can pursue other meaningful things in life. A car is one such item. It provides comfort, safety, privacy and convenience to the whole family. More so, if you have infants, and/or infirmed elderly to ferry around.

It is just that in Singapore, because of the high cost of owning a car and the artificial 10 year life span, the value of the car is called into question. In reality, the utility of the car is still the same. Car owners know this, and will continue to want one until they are priced out of the market by richer buyers.

Since the day I bought my first car, 27 years ago, I have never looked back. I have seen how the public transportation system improved by leaps and bounds, from many private bus operators to just 2 big bus operators and the MRT. Public transportation is now first world standard, I have to admit, but I still want my car! My wife also has a car, that makes 2 cars in our family. It has been this way since the day we married, because she had a car before we got married, and I had mine. Our current 2 cars are our number 8th and 9th car.

Yes, the cars eventually will become scrap metals, but they have given us much in return. As we are staying in a condo with underground car parking, having a car means not having to carry umbrellas to go grocery shopping, as we could simply go from underground car park to underground car park and get our groceries! And the many years, I sent my children to their schools, take examinations, to the vasrsity and whatever activities they had, all in time, in comfort and safety. The list just goes on.

Let's do a simple reality check.
You have had a car for 27 years. Let's assume that your wife have had a car for half that time I.e 13 years. The yearly car ownership cost is typically quoted to be around 15k-20k. Let's take the mid point I.e. 15k. So 17.5kx 40 years = 700k.
If your wife had her car for the same duration as you did I.e. 27 years, your family has just thrown a total of 1 MILLION a dollars into the drain...

Sure, being able to use a set of wheels is convenient but just because you like to drink milk doesn't mean that you need to buy 2 cows. There is this thing called a taxi.

And that 700k - 1 million is many times the minimum sum that the govt requires people to keep in cpf to be returned in installment (plus interest) to people. And yet, we have people surrendering 700k/1million without a fight .......

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