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Can share your your car expenditure a month?

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  #31 (permalink)  
Old 27-03-2021, 03:00 PM
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You may be overly conservative. I bought a new car with cash when I was earning a take home of about $3k only cos I really love driving and being away from crowds. Yes it could get a bit tough to manage at times but I still managed to save.

It all depends on your lifestyle (e.g. do you travel overseas? Eat out at restaurants? Buy random toys?). I'm an introvert and love hiking in nature which costs nothing...to me the car was all of my lifestyle expenditure.
You're exactly right. I eat cheap and nice food rather than restaurants and I dont buy useless branded stuff, I saved alot of money as a result and bought the whole car in cash.

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  #32 (permalink)  
Old 25-10-2021, 05:08 PM
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I earn $6.5k/mth and I saved up for some years and bought a car slightly over $100k recently. Still wondering if I made a stupid decision. I still have decent savings and investments, but given my income it feels weird.

I do question, why do we as Singaporeans have to work hard yet be expected to settle for mediocrity (public transport)? When people in other countries can buy the exact same car for $20k.

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  #33 (permalink)  
Old 25-10-2021, 05:41 PM
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Originally Posted by Unregistered View Post
I earn $6.5k/mth and I saved up for some years and bought a car slightly over $100k recently. Still wondering if I made a stupid decision. I still have decent savings and investments, but given my income it feels weird.

I do question, why do we as Singaporeans have to work hard yet be expected to settle for mediocrity (public transport)? When people in other countries can buy the exact same car for $20k.
What is wrong with taking public transport? If you need a car, go ahead and get.

For some people buying a car is not a need.

Nothing wrong to think that you should enjoy good things with hard earned money. But do it when you can really afford without relying on a job.

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  #34 (permalink)  
Old 25-10-2021, 06:03 PM
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Quote:
Originally Posted by Unregistered View Post
I earn $6.5k/mth and I saved up for some years and bought a car slightly over $100k recently. Still wondering if I made a stupid decision. I still have decent savings and investments, but given my income it feels weird.

I do question, why do we as Singaporeans have to work hard yet be expected to settle for mediocrity (public transport)? When people in other countries can buy the exact same car for $20k.
Hmm not to be rude but owning cars in Singapore is never a good investment, even if you make 6.5k a month.

I recall reading a website that did the math for taking grabride everyday vs owning a car. The grabride was still cheaper. On top of that you don't have to worry about parking, sudden car accidents, insurance car scammers or having to drive after a long day of work.

Also public transport is not mediocrity... I'm not sure where did you get that idea... every other 1st world country have public transport, there's upper class people taking them all the time, especially in NY and Tokyo.. These people make close to 300-400k a year yet they still take the train.

Sometimes people just like taking long train / bus rides. It's a good way to unwind and relax after a long day.
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  #35 (permalink)  
Old 26-10-2021, 11:21 AM
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Let me summarize the thread up to this point:
- Owning a car is expensive, very expensive. If you are concerned about the cost, you shouldn't buy a car.
- Grab is much cheaper than owning a car with the same convenience
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  #36 (permalink)  
Old 26-10-2021, 01:10 PM
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I bought a BMW when I was in my late 20s. I was earning around 200k per year. Was paying like 2k a month as it was those sports bmw coupe.

Now in my early 30s, I make around 400k a year. I scrapped my car and kept life as frugal as possible. No more headaches for car maintenance, no more petrol charges, no more consumed time trying to find car park. I take bus and mrt to and fro destination and feel a lot happier and calmer.
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  #37 (permalink)  
Old 26-10-2021, 02:06 PM
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Small Japanese Car (Left 8 years COE)
Left with 32k of car loan to service for another 3 years.

Per month:

Car installment - 900
Petrol - 200
Road Tax - 45
Car Insurance - 150
Servicing - 33

Total - around 1328 per month
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  #38 (permalink)  
Old 26-10-2021, 02:07 PM
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Quote:
Originally Posted by Unregistered View Post
I earn $6.5k/mth and I saved up for some years and bought a car slightly over $100k recently. Still wondering if I made a stupid decision. I still have decent savings and investments, but given my income it feels weird.

I do question, why do we as Singaporeans have to work hard yet be expected to settle for mediocrity (public transport)? When people in other countries can buy the exact same car for $20k.
In singapore the jams not as serious.
The parking is very cheap. Just $1-2 per hour.

So must make car expensive.
I dun think it is a stupid decision.
Your operating cost will be about 2k per mth.

If you commute by grab, taxi a lot will also reach 2k per mth.


Basically it will work out to be the same.
Also u save time, and time can be invested into your work
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  #39 (permalink)  
Old 26-10-2021, 09:18 PM
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In singapore the jams not as serious.
The parking is very cheap. Just $1-2 per hour.

So must make car expensive.
I dun think it is a stupid decision.
Your operating cost will be about 2k per mth.

If you commute by grab, taxi a lot will also reach 2k per mth.


Basically it will work out to be the same.
Also u save time, and time can be invested into your work
alr got online proof saying its a waste of money and that grab ride is cheaper lol

SMH
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  #40 (permalink)  
Old 27-10-2021, 06:18 PM
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alr got online proof saying its a waste of money and that grab ride is cheaper lol

SMH
So it all depends if you see a value in driving your own car. Maybe you enjoy driving or are a car enthusiast or you enjoy the privacy and convenience of full time availability of exclusive transport that will make it worth it.

Cost of travel from point A to point B alone is never going to be a legitimate justification for buying a car in SG.
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