My take on this car ownership issue is this; "If you have to forgo something else to own a car" then do without a car. Singapore is a small city state with very good public-transport
connectivity.
Buy a car only if you have the "spare" cash or you really need a car for your work or for family needs.
I used to take public transport for the longest time. Then the public transport connectivity and service standards were cr*p! But I was stuck with it becos I wanted to build up my wealth first.
Delayed gratification and initial sacrifices meant that my condos are now fully paid, and passive income above $120K.
Now that we are older, its time to YOLO a bit. Now my wife and I have a car each - paid for form passive incomes!
Dont rush into buying a car. Newer cars come better equipped with new technologies and nicer designs.
Quote:
Originally Posted by Unregistered
I earn 110k annual and driving a b&B japn car, 7 yr old, though its in good condition, I am lusting over a new car. Just a vezel which is less than 90k for a 1yr old.
That is still a depreciation of 9.2k annual, not counting in petrol and bank interest/insurance.
WIth that in mind, its a monthly car bill of $900 to $1000 monthly, which I feel is a huge sacrifice. As such, I am still hoping COE will go down, or else I will renew COE on my existing B&B.
Car bill should be a luxury and not eat into the income needed to feed the family and plans for retirement.
my 2 cents |