How much are you earning per annum?

Originally Posted by Unregistered

I agree. A person with a net worth of $2m should just buy a $100k Korean car. He should invest his $1m in a dividend stocks portfolio generating 5% dividend to get $50k pa dividend. He can then buy the Korean car after two years ($100k dividend in total). He then use the Korean car (Korean cars nowadays are very good quality and car last many years) for 10 years. He can save $400k of dividends over 8 years and after that can buy another $100k Korean car. This way his $1m will remain intact or even grow as the value of his stocks grow over 20 years.

I see many lower income group HDB dwellers wasting their precious money on expensive continental cars and they like to complain money not enough or cannot retire, bla bla bla. These HDB dwellers should not even own cars in the first place. They should just take the MRT.

The lower HDB peasants should consider to migrate to JB and clear away from our roads. Then we no need ERP.

Originally Posted by Unregistered

Next week COE bidding will be exciting as prices will shoot up due to the high pent up demand by many people. The demand for COE and new cars will come from:

1. Current drivers who are scrapping their cars. Every year in 2015 & 2016, there will be 100,000 drivers scrapping their cars so this means every year in 2015 & 2016, there will be demand for 100,000 COEs each year!

2. Those who can't afford 10 years ago but now can afford. For instance, 10 years ago, a family has annual income of $80k pa and they can't afford to buy a car. Now this family as an annual income of $200k pa. This family can easily afford a Cat A car.

3. Young graduates who earn big bucks. They want to buy a car to show off to their friends and colleagues to show that they are successful. This is also a big group as every year, there are thousands of young graduates.

4. BTO flat flippers. This group bought their HDB BTO flat for less than $200k ten years ago. Today, they can sell their flat and make profits of $300k - $400k. They can use $100k to buy a brand new Cat A car easily. No problem.

5. Property investors. This group has made tons of money over the last ten years. The good ones can make $1m in profits over the last ten years. They can easily buy a Cat A car costing $100k plus, not nay for themselves but one for the wife, one for the son and one for the daughter. So, there will be 4 cars in their household. This family typically stays in a big bungalow that can accommodate 4 cars or stay in a condo with many empty car lots.

So, expect Cat A COE to hit $68k next week. Cat B COE will hit $75k. They will continue to go higher in Dec and Jan 2015. By Jan 2015, Cat A will hit $75k while Cat B will hit $90k.

Let me refute points 2.3.4 &5

Point 2 - 10 years ago earning 80k pa, now 200k pa. 10 years ago, newly married, no burden. Now got 2 children plus parents no longer work and maybe diagnosed with some illness. So how would you use your income?

Point 3 - how big is your "big bucks"???
Sure, we will have those SMU summa cum laude law trade getting 5k for starting pay BUT are there THOUSANDS of fresh grads with starting pay of 5K?

Point 4 - BTO flat flippers. If you are BTO flat owners, 5 years ago, your family earned NO more than 8k (income ceiling was revised 3/4 years ago nia). After pocketing a profit of 200k, the sellers will buy a car and sleep in it and along the way have 2 kids and can use the boot and bonnet as baby cribs?

Point 5 - you said the good ones make 1 million in the last 10 years. And a savvy investor will forgo 40% of his gains to get 4 cars?? And they are staying in bungalows big enuf for 4 cars??
For your info. Bungalows cost at least 10 million and above. If a person is rich enough to stay in a bungalow, he would not have to rely on flipping to make a fortune. Really rich folks make their money when a) their companies ipo b) through business and franchises c) through the stock market ...

After the property agent(s) stop their "you have made it, top 15%" posting, the car dealers are here LOL

Your rebuttal doesn't hold water. Try harder.

Originally Posted by Unregistered

Let me refute points 2.3.4 &5

Point 2 - 10 years ago earning 80k pa, now 200k pa. 10 years ago, newly married, no burden. Now got 2 children plus parents no longer work and maybe diagnosed with some illness. So how would you use your income?

Point 3 - how big is your "big bucks"???
Sure, we will have those SMU summa cum laude law trade getting 5k for starting pay BUT are there THOUSANDS of fresh grads with starting pay of 5K?

Point 4 - BTO flat flippers. If you are BTO flat owners, 5 years ago, your family earned NO more than 8k (income ceiling was revised 3/4 years ago nia). After pocketing a profit of 200k, the sellers will buy a car and sleep in it and along the way have 2 kids and can use the boot and bonnet as baby cribs?

Point 5 - you said the good ones make 1 million in the last 10 years. And a savvy investor will forgo 40% of his gains to get 4 cars?? And they are staying in bungalows big enuf for 4 cars??
For your info. Bungalows cost at least 10 million and above. If a person is rich enough to stay in a bungalow, he would not have to rely on flipping to make a fortune. Really rich folks make their money when a) their companies ipo b) through business and franchises c) through the stock market ...

After the property agent(s) stop their "you have made it, top 15%" posting, the car dealers are here LOL

Originally Posted by Unregistered

Your rebuttal doesn't hold water. Try harder.

Dear unregistered guest (just like me),

Could you point out the folly to my rebuttal as I did to your sales pitch?

2nd Nov COE bidding next week

Don't be surprised if COE prices jump

Everyone is rushing to buy their new car before the lunar new year

Everyone wants to drive a new car to show off to their friends and relatives

Frankly if I had to depend on my income alone I probably wouldn't have bought it, factoring my cash at hand then I did. I have a fair amount of obligations i.e mortgages on investment properties (covered by rental but who knows how secure), kids schooling, insurance etc, my wife is not working either taking care of the kids which is hard work itself. I stay with my folks which saves me mortgage and maid cost.

I have a weakness for cars too, I was really tempted to go with a higher spec car that would cost 400 plus K after including various options. Judging from the comments on the forum most people people think its just the base price that matters, actually its the maintenance that really hurts the most and the AD's here confirm will chop the buyer for that. I'm not at that level yet to pay that kind of cost, but if I were to buy one in the future it will most likely be 2nd hand.

Hey least you got a car right, my first car in Singapore was an old jap car with a broken gearbox. If your a car enthusiast least you got a chance to mod the car up, try that on a conti car and the error codes will light up like a xmas tree.

However spending 100% of your income doesn't sound good'you might wanna manage that. Singapore is the worse place for car enthusiast so on of my friend built himself a track car in Msia and keeps it with his pal probably best way to get around that?

Originally Posted by Unregistered

You earn a lot. Assuming your wife earns as much as you, your household annual income is more than $700k. That's a big sum. You must be living in an Orchard penthouse condo or landed in D9.

A $235k car for you is very cheap. I have a weakness for cars, if I have your income, I would buy a $500k sports car. That's me. But alas I can only afford a $100k Korean car and that's 100% of my annual income.

Originally Posted by Unregistered

2nd Nov COE bidding next week

Don't be surprised if COE prices jump

Everyone is rushing to buy their new car before the lunar new year

Everyone wants to drive a new car to show off to their friends and relatives

Well I can wait. CoE will drop like a rock after next Apr15 when the tsunami of increase quota released. HUAT AH.

Originally Posted by Unregistered

Well I can wait. CoE will drop like a rock after next Apr15 when the tsunami of increase quota released. HUAT AH.

Well, you can wait till the cows come home. Good luck!

Judging by the forumers here, we can see so many of them are rich. This is a just a small sample of the population in Singapore. There are many people like forumers here. They are well to do and many are millionaires.

10 years ago I am just a common man in the street HDB dweller. Today I am a millionaire living in a nice modern condo. There are many success stories like mine, in fact many are more successful and much more richer than me. For me, buying cars at current COE price is no big deal, anyway we will all die so just buy and enjoy a car before you die. Buy a cheap car will do.

Originally Posted by Unregistered

Well, you can wait till the cows come home. Good luck!

Judging by the forumers here, we can see so many of them are rich. This is a just a small sample of the population in Singapore. There are many people like forumers here. They are well to do and many are millionaires.

10 years ago I am just a common man in the street HDB dweller. Today I am a millionaire living in a nice modern condo. There are many success stories like mine, in fact many are more successful and much more richer than me. For me, buying cars at current COE price is no big deal, anyway we will all die so just buy and enjoy a car before you die. Buy a cheap car will do.

Are you the millionaire that only could buy a Korean car??

Originally Posted by Unregistered

Are you the millionaire that only could buy a Korean car??

As a multi millionaire, I can't see myself spending $200k on a conti car, let one $500k. It's going to be close to worthless after 10 years. I can triple my money over 10 years. Every dollar counts. That's how I became a millionaire in the first place. I now am financially independent and don't have to work for others to be their slaves. Many people are simply slaves to their jobs because they are not financially independent. A good Korean car is good enough for me. Why do I need to buy an expensive car? People around me know I'm rich, I don't have to convince them.