Your profile can be categorised as mid middle income, a typical average grad couple profile. Owning a fully paid property and two not paid up properties (are they both condos or one is a
hdb flat?) is no big deal in today's environment. Only if you fully own 3 fully paid condos, then you are considered upper middle class.
Given you mid middle income social status, it would be appropriate that you get either a Japanese or Korean car costing about $120k - $150k.
In your situation, if your condos have no tenants (given the massive oversupply of condos) and if you lose your job (since your private sector job is not guaranteed), you will be in big trouble. Worse, your condo value could drop so much that it wipes out the equity you have on your condos (i.e. the value drops from $1.6m to $0.8m).
I suggest you save up your cash from the current $100k to $300k before you buy a car and then use cash to pay in full for the car.
Quote:
Originally Posted by Unregistered
The condo I am staying in - fully paid up
The other two investment properties: combined value $1.6M, combined loan remaining $0.8M
Not worried about interest rates rising at all. The income from the rent already covers the loan repayment+tax+maintenance+agent fee etc etc for both properties. Even if one or both of the properties have a tenancy problem, my monthly cpf contribution more than covers one monthly payment, and my salary is more than double of the other loan.
I have not much cash because - I invested it in the properties lah !
My question is - in the eyes of other people, what type of car does someone with my financial profile ought to drive?
Admittedly its a very personal question, with no right or wrong answer. But I am curious to see the views of other people. |