How Much Do You Need to Earn Before You Even Think of Buying A Car In Singapore?

A lot of big cannon fairies here. I’m a junior executive at an asset management firm and my bosses are those earning in excess of 400-500k. Don’t think they have the time to write in this forum how they manage their finances

I earn $4k but got buy a car..sigh

Originally Posted by Unregistered

I earn $4k but got buy a car..sigh

You buy car with 4k pay (take home 3.2k?) then how you pay for mortgage, expenses & saving?

Originally Posted by Unregistered

You buy car with 4k pay (take home 3.2k?) then how you pay for mortgage, expenses & saving?

I used a wedding windfall to buy in cash and I pay for running expenses only. Even then still quite shiong.

Originally Posted by Unregistered

I used a wedding windfall to buy in cash and I pay for running expenses only. Even then still quite shiong.

Wah seh, your wedding profit got so much? I thought normally if have profit also can only earn 10k~.

Maintaining the monthly servicing can easily cost $1000~ a month, I think with 4K pay very hard. Unless your partner also chip in for it.

Just curious, how much does it take to maintain a 500k+ luxury sedan? Usually the person have to earn how much sia

Also should i get a car if i stay in the west and have to travel to the east with a mere monthly take home income of 4k

Originally Posted by Unregistered

Wah seh, your wedding profit got so much? I thought normally if have profit also can only earn 10k~.

Maintaining the monthly servicing can easily cost $1000~ a month, I think with 4K pay very hard. Unless your partner also chip in for it.

We were lucky... Profit about $160k. Not having a banquet helped too. I know it's above average...splurged on a "cheap" but first hand car. Now I wonder if I can ever afford another after the COE expires 7 or 8 years later.

Life is tough when you earn $4k a month.

Originally Posted by Unregistered

Just curious, how much does it take to maintain a 500k+ luxury sedan? Usually the person have to earn how much sia

Also should i get a car if i stay in the west and have to travel to the east with a mere monthly take home income of 4k

Depends on how much money you have in your account. For you, your high mileage will devalue the car to zero even before 10 years COE is up. It will also wear out your car's engine and transmission.

Best go for a low end Toyota or Honda which tend to be more durable. These 2 brands are not the cheapest though. Never buy something like a VW or anything in their group (e.g. Skoda, Seat, or Audi) even if certain models are the same price as the Toyota because they breakdown super easily. High mileage + low income better not burn yourself with a VW group car.

Originally Posted by Unregistered

We were lucky... Profit about $160k. Not having a banquet helped too. I know it's above average...splurged on a "cheap" but first hand car. Now I wonder if I can ever afford another after the COE expires 7 or 8 years later.

Life is tough when you earn $4k a month.

The cheapest now is around 70k~

Does your partner not working? Many websites suggest an annual household income of at-least 80k and above before considering to buy a car.

If you are servicing high mortgage or have more than 1 kid, you will have to earn more than that.

Originally Posted by Unregistered

Depends on how much money you have in your account. For you, your high mileage will devalue the car to zero even before 10 years COE is up. It will also wear out your car's engine and transmission.

Best go for a low end Toyota or Honda which tend to be more durable. These 2 brands are not the cheapest though. Never buy something like a VW or anything in their group (e.g. Skoda, Seat, or Audi) even if certain models are the same price as the Toyota because they breakdown super easily. High mileage + low income better not burn yourself with a VW group car.

I have heard of VW being terrible. Is that personal experience?