Forums - View Single Post - How much are you earning per annum?
View Single Post
  #10033 (permalink)  
Old 27-05-2016, 02:48 PM
Posts: n/a

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

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.

Originally Posted by Unregistered View Post
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

Reply With Quote