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Old 01-05-2016, 07:42 AM
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i guess it also depends on how much you can spare out of the $3000 you earn monthly.
And also what you could be giving up, i.e. the opportunity costs. It's different for each person.

Say $1000 is required each month to own and operate a car. What could you had done with the same $1000? Would that be more shiok vs the car? It's your choice

Personally, I bought my first car (2nd hand Korean car , costs me $48k) when I was your age. I was earning about $4k pm that time. The car total cost of ownership was around $900pm.

Without the car I would had simply saved the $600 (since I spent $300 on public transport/taxis) each month as I don't spend on other things normally. But I love cars since I was young.
So I decided to take the plunge and see what value I get from car ownership. no regrets ever since its my money and I felt I had done my math and made a decision that I know I will be responsible for. (I.e. I am not going to borrow money or need parent or someone to bail me out if things go terribly wrong financially). I was still able to save up for marriage as my income grew each year (I was fortunate). But I told myself I must give up the car the moment things are not going well as the car is the single most expensive item and it's a want, not a need for me living in SG.

Bottom line is don't be a slave to the car. If you are giving up basic things like food, medicine , family commitments just to have car, then it's likely no longer affordable to you and it's better to hold off and focus on growing your income first
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