I am of the view that Singapore has a very well connected public transport system comprising MRT, bus, taxis and now Uber and Grab services. Singapore is also a small city state. There is no need to own a car, and I have not even talked about the cost of owning one.

But if it's your aspiration to at least own one in your lifetime, how about owning it through passive income? At least it would not be so painful. Paying for it with money that was earned by your investment rather than by your own "blood and sweat" will make owning a car sweeter.

Of course, this will take some time. Instead of plonking down payment for that car, you could start by investing that money. Build up the investment year by year (be patient) and see the passive income grow. You will also see that newer car models look better than older ones. As you wait, you can get a newer model than your friends/colleagues who bought earlier.

Once your passive income grow to $2k to $3k pm, and you really cannot hold back anymore, you can proceed to buy your car. At least the passive income will have to cover the monthly installment.

For us, we are fortunate that our passive income from last year was sufficient to pay for the popular, mass market Jap car outright. Use that car for 10 years, don't change car unnecessarily and while letting your passive income accumulate - for your next newer model.