How much are you earning per annum?

Originally Posted by Unregistered

If you need to flip your BTO flat just to afford a car, then seriously do yourself a favour - get a life, dont get a car. There are more important things in life

Why not? If you sell your first BTO flat for $500k (which you bought for $200k), you will earn a profit of $300k. And since you bought your second BTO flat for $200k, you can use your profit of $300k to pay in full both your second BTO flat and a brand new $100k car. So, by flipping your first BTO flat, you get a new flat and a new car for FREE!! Isn't this smart? Huat Ah!!

Originally Posted by Unregistered

You can sleep in a car, but you cannot drive your house.

You can **** in a house but you cannot **** in a car

Originally Posted by Unregistered

You can **** in a house but you cannot **** in a car

S.hit..........

Sh*t, as expected, I didn't get my Altis Classic at @$99k.

But never mind, I still can wait till the 5th and 6th bid.

Just as I have predicted, COE prices bounced back strongly. Like I said, the low COE prices in the last Feb bidding is only temporary and I am totally CORRECT.

Cat A $61,400

Cat B $68,668

Cat E $70,500

Those who listened to the $30k COE fellow would not have gotten their COEs. I told you so. Don't listen to him. Better to listen to professional analysis than to listen to his NONSENSE.

COE prices likely to go higher in the next few rounds of bidding. All the best.

Originally Posted by Unregistered

Sh*t, as expected, I didn't get my Altis Classic at @$99k.

But never mind, I still can wait till the 5th and 6th bid.

I'm afraid you could be sorely disappointed. If you look at the number of bids for Cat A, it is more than twice the supply. COE prices will likely range between $65k - $75k over the next few years.

Originally Posted by Unregistered

I am 34 this year, married with 3 kids. Recent income tax assessment of 190K. Wife not working.
Living in a 5 room HDB, almost paid off, left 20K.
Savings of approx 100K.
Driving a car 1 year old. 4 years loan left.

Now thinking of buying a condo either new or resale and rent out the HDB.

How am I doing?

This is absolutely not advisable. Your HH income of $190k is not high. If you want to upgrade to a condo to enjoy a higher social status and lifestyle, you should first sell away your HDB flat and pay off your condo loan as much as you can.

For instance, you sell your HDB flat for $520k, settle the $20k loan and you get get cash and CPF of $500k to pay for condo downpayment. Then buy a $1m condo and take a loan of $500k. Your loan to value ratio would be 50%, which is good. If you dont sell your flat, then you will be highly leveraged, on top of that you have to pay ABSD for second property.

Given that you are the sole breadwinner, it is best you be conservative. If you lose your job and you are overleveraged, you will be in big trouble.

Actually the best for you is to stay in your HDB flat and accumulate your CPF savings until you retire at 65. You can also top up your wife's CPF.

Originally Posted by Unregistered

Why not? If you sell your first BTO flat for $500k (which you bought for $200k), you will earn a profit of $300k. And since you bought your second BTO flat for $200k, you can use your profit of $300k to pay in full both your second BTO flat and a brand new $100k car. So, by flipping your first BTO flat, you get a new flat and a new car for FREE!! Isn't this smart? Huat Ah!!

The median HH income is 8270. The ceiling for BTO is 10k which is probably the 60th percentile. For people to flip BTO, They must a) form a family nucleus b) earn below 10k (household) c) stay in the first BTO a for 5 years.

If a couple get married at 32 y.o and apply for their first BTO, the earliest they can sell is at 37y.o. You are basically giving a couple at 37 y.o earning less than 10k to own a car...

You are advising a 60th percentile family (pls try the salary.sg income tool) to buy a car in the country with the world's most expensive cars????

Where is your conscience?

Originally Posted by Unregistered

This is absolutely not advisable. Your HH income of $190k is not high. If you want to upgrade to a condo to enjoy a higher social status and lifestyle, you should first sell away your HDB flat and pay off your condo loan as much as you can.

For instance, you sell your HDB flat for $520k, settle the $20k loan and you get get cash and CPF of $500k to pay for condo downpayment. Then buy a $1m condo and take a loan of $500k. Your loan to value ratio would be 50%, which is good. If you dont sell your flat, then you will be highly leveraged, on top of that you have to pay ABSD for second property.

Given that you are the sole breadwinner, it is best you be conservative. If you lose your job and you are overleveraged, you will be in big trouble.

Actually the best for you is to stay in your HDB flat and accumulate your CPF savings until you retire at 65. You can also top up your wife's CPF.

Ooo. The only reason why I thought of keeping the flat was to have it as a source of rental income which can assist in the mortage payment of the new condo also.

I cannot buy EC now which is a shame...

Buy, if you NEED a car for work, to ferry aged or handicapped family members around, etc..
Buy, if you WANT a car and can well afford it without sacrificing something else or delaying your retirement.

A car is a consumer goods that is made to make our lives better. However in Singapore, our public transportation, though not quite world class, is very good. So the intangible benefits of having a car here is questionable unlike in big countries where without a car, you will be "marooned".

Our family has two cars. We NEED the first car (MPV) because we find it more cost effective, efficient and convenient to move my whole family (me, wife and 2 school going kids) everyday to our respective schools and offices. On weekends, it's utility goes up even more when we also fetched our parents with us.

Our second car is a WANT. We wanted the second car because sometimes I work at different sites and it was inconvenient for me to send everyone to their respective places before making a big U turn to my work place.

And we calculated that by buying that 2nd car ($120k), we needed to work an extra year to cover that $120k for the car and all the other expenses because of that car.

Is it worth it? We think so.

Originally Posted by Unregistered

You can **** in a house but you cannot **** in a car