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Old 20-02-2015, 10:33 AM
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Do you still have loans for all your 3 properties? If you have, you are highly leveraged. What you should do is to sell away one of your condos and use whatever balance cash to clear the loans for the remaining two properties. You can also use any spare cash to pay in full a new car. If you cant afford, then better be prudent and take the bus. Don't depend on your salaries as you may lose your job any time. Your wife's annual income of $80k would not be enough for you as a family. Your job in the private sector is not guaranteed. Take care.


Quote:
Originally Posted by Unregistered View Post
What car do I deserve?

Total household income (my salary, spouse salary, rental income):$260K
Total HH income excluding rental income: 200K
No kids
Stay in condo
2 other investment properties rented out (spouse and me)
My CPF 160K
My cash 100K
No credit card debt, no loans other than housing and investment property loans.

a) no car. Be frugal and Bus Walk, MRT. Which is what I am doing now
b) jap car. Can get brand new jap car for 80K which I can pay by 100% cash
c) moderate conti car. Can get new volvo saloon for 137K
d) entry luxury conti car. Can get new Audi saloon for 160K

Consequences:
If I buy any car, will have a lot less cash to invest in 3rd property or shares when the downturn hits. Could set me back my hundreds of thousands in the long run.

If I don't buy car, just carry on with current situation loh. But family and friends all think I am xiao for not buying car.

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