How much are you earning per annum?

Sorry for saying this. You are the typical lower income households who are high risk. The typical hdb dweller and private property investor wannabe. You should be paying off your mortgage rather than gambling on a second property. In a financial crisis, people like you will dump their investment property and cause the market to collapse.

We need to have a policy that HDB dwellers should not be allowed to buy a private property unless they sell away their HDB flat. This is to ensure prudence.

Originally Posted by Tired

Need advice from experts here.
My Hdb flat still have 250k loan with Dbs. (Should have resale value 650k now)
Myself and wife combined have 230k in CPF OA and 193k in CPF SA
And 350k in cash.
I'm thinking of getting a second property (small condo apartment) around $620k.
Our monthly income is about 10k take home combined.
Can we afford the second property?
What are the rules and additional tax for getting a second property?
What would be the best approach to use my cash and cpf to pay for the second property?
Hope to hear advice on these. Thanks

Originally Posted by Unregistered

Sorry for saying this. You are the typical lower income households who are high risk. The typical hdb dweller and private property investor wannabe. You should be paying off your mortgage rather than gambling on a second property. In a financial crisis, people like you will dump their investment property and cause the market to collapse.

We need to have a policy that HDB dwellers should not be allowed to buy a private property unless they sell away their HDB flat. This is to ensure prudence.

Thanks for your advice!

For those of you who are thinking of changing to a new car or buying your first new car, now is a good time as prices are now affordable. Salaries have increased over the past 10 years.

A couple in their mid 30s would easily have a combined income of $150k pa. If they buy a $100k new car (ie cost them $10k per year since the COE is valid for 10 years), then they should have no problem paying for the car. Just buy a simple lower cc car which doesn't consume much petrol.

Don't be stupid to buy cars costing $120k and more, and consume lots of petrol. For a couple with $150k pa income, $10k pa is only 6.67% of their annual income.

COE prices will continue to rise as we have more affluent population and limited supply of cars on the road. Demand is higher than supply, so price will rise.

Originally Posted by Unregistered

Despite Friday night, the Motor Show in Suntec was crowded just now. I think it will be more crowded with families tomorrow and Sunday. I won't be surprised if there is a tsunami of orders from the 100,000 car owners who need to change to new cars in 2015. Another 100,000 will need to change in 2016.

I predict the COE prices will be higher in the next bidding and subsequent biddings. Pls note that I don't work in the car sales industry.

You just work in the car loans dept,right? Lol

Originally Posted by Unregistered

For those of you who are thinking of changing to a new car or buying your first new car, now is a good time as prices are now affordable. Salaries have increased over the past 10 years.

A couple in their mid 30s would easily have a combined income of $150k pa. If they buy a $100k new car (ie cost them $10k per year since the COE is valid for 10 years), then they should have no problem paying for the car. Just buy a simple lower cc car which doesn't consume much petrol.

Don't be stupid to buy cars costing $120k and more, and consume lots of petrol. For a couple with $150k pa income, $10k pa is only 6.67% of their annual income.

COE prices will continue to rise as we have more affluent population and limited supply of cars on the road. Demand is higher than supply, so price will rise.

Wah, a 100k car only cost 10k pa?? Are you a car owner?

In singapore, the govt pays for our road tax, petrol, servicing, ERP, insurance, car park, TP fines? If you run as a candidate in GE, I sure vote for you! Lol

Btw, I don't own a car cos I have made a resolution that as long as I stay in singapore, I will not do so. And my HH income is 265k pa...

Originally Posted by Unregistered

Wah, a 100k car only cost 10k pa?? Are you a car owner?

In singapore, the govt pays for our road tax, petrol, servicing, ERP, insurance, car park, TP fines? If you run as a candidate in GE, I sure vote for you! Lol

Btw, I don't own a car cos I have made a resolution that as long as I stay in singapore, I will not do so. And my HH income is 265k pa...

265k pa is nothing to shout about. Very common if you are in your late 30s or early 40s.
Most of the new car owners are likely to be in this age range and many can pay for their new car in cash from their savings from bonuses over the past year or two. $100k for a new car is no big deal at all. Savings $100k pa is common.

Many households who bought cars in 2005-2006 when COE was only 10k are not going to buy a new car when their COEs expired. Their household income remains less than 120k per annum (diploma level dual income family working at technican/clerks level), their kids have grown up and now independently taking buses/MRT to schools. They dont have much cash to pay 50% downpayment for a car, and need to save for retirement and kids university education.
If they join in the property rush to upgrade to EC in past 2 years, they face higher mortgage payment soon.
They also face retrenchment threats in the 40s.
Too many financial constraints for a middle-class family to think about buying a car at 100k a piece.
When COE car prices drop to 30k, then maybe can consider. If not, just wait and see. Anyway 200,000 COEs will be issued in next 2 years. Just relax and watch those gan cheong spiders buy at ridiculous 70k COE prices

Originally Posted by Unregistered

For those of you who are thinking of changing to a new car or buying your first new car, now is a good time as prices are now affordable. Salaries have increased over the past 10 years.

A couple in their mid 30s would easily have a combined income of $150k pa. If they buy a $100k new car (ie cost them $10k per year since the COE is valid for 10 years), then they should have no problem paying for the car. Just buy a simple lower cc car which doesn't consume much petrol.

Don't be stupid to buy cars costing $120k and more, and consume lots of petrol. For a couple with $150k pa income, $10k pa is only 6.67% of their annual income.

COE prices will continue to rise as we have more affluent population and limited supply of cars on the road. Demand is higher than supply, so price will rise.

Originally Posted by Unregistered

Many households who bought cars in 2005-2006 when COE was only 10k are not going to buy a new car when their COEs expired. Their household income remains less than 120k per annum (diploma level dual income family working at technican/clerks level), their kids have grown up and now independently taking buses/MRT to schools. They dont have much cash to pay 50% downpayment for a car, and need to save for retirement and kids university education.
If they join in the property rush to upgrade to EC in past 2 years, they face higher mortgage payment soon.
They also face retrenchment threats in the 40s.
Too many financial constraints for a middle-class family to think about buying a car at 100k a piece.
When COE car prices drop to 30k, then maybe can consider. If not, just wait and see. Anyway 200,000 COEs will be issued in next 2 years. Just relax and watch those gan cheong spiders buy at ridiculous 70k COE prices

Yes! Another supporter to lower COE trend, looks like my $30k COE will come true within 2 years time when my old car is up..

Huat ah!

At first I was thinking, alamak this "how much are you earning per annum" thread is becoming a car COE forum, but then I think this is more interesting because people can see if their prediction of COE prices will come true or not. It is definitely better than not knowing if any of the postings on income, net worth is true or not.

About whether people will buy car or not, whether they will change car or not, I can only infer from my conversations with my colleagues and circle of friends.

Among my friends, all in their late 40s to mid 50s, all currently own cars. Three of them have 2 cars each. Their wives drive. Those whose cars are nearing 10yrs old, are looking around to replace them. Even those with 2 cars in the family are intent on having 2 cars and not settling for 1 when the COE expire. For me, I have 2 cars, of which one car is less than a year old, bought to replace an earlier car where the COE had expired.

Among my colleagues, newly married ones are looking to book their first family car. They said they will go and visit the car show this weekend to sniff out bargains. Those colleagues whose cars are over 8 and 9 years old are also keeping tabs on car prices. Some are getting anxious.

My conclusion of these 2 groups of people is that there is a net increase in demand for cars. Current car owners want to replace their cars, with newly married people wanting to own their first car.

But let's see how the COE price will trend over the next few months, as the bigger population at large may see more people giving up car ownership than those wanting to buy.

I hope it is the former, because our roads are really congested.

Originally Posted by Unregistered

Yes! Another supporter to lower COE trend, looks like my $30k COE will come true within 2 years time when my old car is up..

Huat ah!

Ten years ago we bought our first car after we got married. Our HH income then was only $120k pa. Now after ten years of hard work, pay increments, bonuses and promotions, our HH income is effectively $290k pa. We also got a big cash profit after we sold our 5 room HDB flat and now living in a 3 bedroom condo worth $1.8m. Ten years ago we bought our first car at $70k. Today, given our higher income and wealth, we find current COE prices and car prices cheap. We have no problem at all buying a $200k new car, paying in full cash. I'm sure there are many couples like us, in fact there are many much better than us.