"What car do I deserve?" is the weirdest question I have come across. It showed a very warped sense of entitlement mentality.
More appropriate questions would be "do I need a car?" Or "can we afford a car?"
In fact, you can arrive at the answer yourself if you have phrased the questions that way.
And in case you think you are entitled to owning some conti car, many high earners are happy owners of jap cars.
Although our annual savings hit $400k last year, we see no need, no point in upgrading our functional and reliable jap cars. Jap cars (mainly Hondas, Nissans and Toyotas)have served us well over a span of 30 years and we see no compelling reason to change them. Our current Camry and Accord are fantastic cars.
Quote:
Originally Posted by Unregistered
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. |