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MAS and Car loan curb issues


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Hypersonic

This wins on-topic post of the year, IMHO. Well-freaking-said.

 

Given our car prices and the enforced lifespan of 10 years, any rational outside observer would consider it "kum gong" for any Singaporean to buy any car in the first place. So let's not assume airs of superiority and start name-calling - buying a car is a fundamentally irrational decision in SillyPoor anyway.

 

I buy a particular car because it does something for me - emotionally. I don't even pretend hard-headed rationality is involved in that decision.

 

I like to pretend leh. how?  [laugh]

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(edited)

@duckduck, wrong thread!!

Correct thread. Duckduck was trying to say

 

1). Those who saving money and not being KCS can now afford other things in life

 

2). Those who were kcs and got the cars can have easier access to other things in life

 

So why name call? Chill. Ultimately we all want other things in life other than cars.

 

Obviously it is up to you to imagine what the other things are. :p

Edited by Philipkee
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Hypersonic
(edited)

Other than children being the big game changer, we are all well aware of that.

 

I think many people also underestimate caring for their parents as they grow older.

Of course if your parents are good earners in the past, they can well support themselves even into the 80s and 90s.

But i think it's likely the majority of our parents will need help as they were from the pioneer generation and incomes weren't that high for the middle class then.

 

I look at my income and consider that i have 2 kids and 2 parents to support (with my sister's help) for another 20-30 years. Being humble pie and saving up is more crucial than before.

After u deduct all these allowances which i feel is something i can support long term, actually not that much $ left to save for investment.

 

Just some musings.

 

To tell the truth, also slurping the humble pie now. Never own a car more than 3yrs before my current ones. My cars left 2.5 to 3yrs and to be absolutely frank, I am itching to be called KCS.

Just like my outgrown hotheaded car modding days, I guess priorities in life have changed as I aged...the game changer seem to be my kid. When we were DINK, life choices were much easier.

Yes, my income has raisen multiple times my starting pay, property and equity investments all steadily working towards partial passive income, no-income buffer also coming to 1yr worth , managing to save >60percent of my income per month after expenses.

Yet, whenever I visit the showrooms in hope that some models might make me excited enough to say fug it.. Just buy liao...managed to find 1 or 2 such models. But The next thing when I got back to my car driving back home....rationality always takes over and the fire was doused.

One key mental guilt block is this: that 200k not spent on a car could be used for my kid's university fund next time... Or what if I am suddenly gone the next day, that could be a substantial living expense for my kid. After months of self search, I came to realization that in order for me to overcome this mental guilt block, my justifications of higher wear and tear/running cost of current cars have to be augmented by the COE lifespan running nearer to the end as well as overall car pricing coming down reasonably (tied to COE prices since ADs not likely to lower their existing margins).

My point is, everyone have their own reasons to buy or change their car at any point along the 10yr 'lease' peroid. There are those who change earlier than the 10yrs and there are those who choose to fully utilize that 10yrs. Being able to have the financial muscle to change car more frequent than 10yrs is a good thing. Not having that financial muscle to change as frequently is nothing to be ashamed off.

End of the day, EVERYONE uses their OWN hard earned money to pay for their car purchase. Unless one is the person paying for the other MCFer's car purchase, I do not see any rationality in name calling with malicious intent.

I think MCFers are generally more level headed than those from a certain popular local forum. In time to come, I see a future that KCS will be a term of endearment among the MCF community. Just like Radx's term of endearment for Porker is Gaylord...or similar.

Peace, out.

 

Edited by Lala81
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I do admit that I judge certain group of buyers, because I don't know how can 1 not able to afford when car price is 100k, when loan is 40% DP and 5 years repayment and suddenly, due to change in policy, they can suddenly afford. I once again clarify, KG as what I said, is because these people don't look at things in totality. Nothing has change, car price didn't change, COE didn't drop, what makes these people think they can afford? Because DP is lower and loan can stretch longer? If they think they can, then go ahead. Just my personal take, they are just getting themselves into more debt and longer debt and this is not smart in my opinion when the economy outlook is totally not fantastic.

But still dun need to call name. Also they not spending ur $$$ so what is ur intention afterall? Unless u think by calling name to those current potential buyer will stop their decision in purchase so that the COE will not raise.

But i gotta say that dun be so naive bcos when 1 need means is a need. Den y blame others for jeopardizing ur 10k COE dream. When there is demand and automactically will have supply. Also the world will not stop turning even if COE goes into 10K. Simple words of asvise "take it or leave it" and dun embarks others just because u think ur theory is sensible. There is no right or wrong to this topic. I also waiting for my 1st Bid COE for the coming and hoping it will go up so my paper value will be more worth bcos i sign a gurantee Bid COE. Also my car still have 2 more yrs to go but i think its time to act now bcos i wan to have a better car to transport my family.

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Turbocharged

Correct thread. Duckduck was trying to say

 

1). Those who saving money and not being KCS can now afford other things in life

 

2). Those who were kcs and got the cars can have easier access to other things in life

 

So why name call? Chill. Ultimately we all want other things in life other than cars.

 

Obviously it is up to you to imagine what the other things are. :p

 

haha to add to d above: u can have "other things" n a brand new nice car without being KCS... just not in SG. 

 

U have 1 finite life, so y restrict oneself to only being in SG? thats all i wanna say

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Other than children being the big game changer, we are all well aware of that.

 

I think many people also underestimate caring for their parents as they grow older.

Of course if your parents are good earners in the past, they can well support themselves even into the 80s and 90s.

But i think it's likely the majority of our parents will need help as they were from the pioneer generation and incomes weren't that high for the middle class then.

 

I look at my income and consider that i have 2 kids and 2 parents to support (with my sister's help) for another 20-30 years. Being humble pie and saving up is more crucial than before. After u deduct all these allowances which i feel is something i can support long term, actually not that much $ left to save for investment.

 

This is correct. We have noticed that those who have reached their mid 40s and 50s have now slowed down their car spending.  if you look back at the frequent car changes and wtf mods, they would have totalled 200k or more.  this would easily pay for a uni education or maybe half a small flat.  The younger categories such as 20s or 30s have not felt the pain yet. I see my friends pissed off, but no longer wanting to pay 100k for a new 10 year car if they can help it. 

 

someone asked why this thread became so philosophical - money and spending affects your life, work and time.  choose one or the other, it will impact you.  the question becomes are you able to see it?  

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Supercharged

And since when MAS topic became a FINANCIAL MANAGEMENT thread? Those who don't practice financial prudent is their personnel issue... even when they are broke they will just go to the MP and tell them they got money to buy car but still MUST APPEAL FOR PARKING FINES...

 

The economy is slowing and need people to SPEND and SPEND... Even if the COE increase to 100k people will still BUY car. I had nv seen the number of bids lower than number of quotas so whatever it is go ahead and spend.

 

Let it go... Let it go... COEs not going down any more...

 

Let it go... Let it go... Just buy the car that you want...

 

:grin:

 

 

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But still dun need to call name. Also they not spending ur $$$ so what is ur intention afterall? Unless u think by calling name to those current potential buyer will stop their decision in purchase so that the COE will not raise.

But i gotta say that dun be so naive bcos when 1 need means is a need. Den y blame others for jeopardizing ur 10k COE dream. When there is demand and automactically will have supply. Also the world will not stop turning even if COE goes into 10K. Simple words of asvise "take it or leave it" and dun embarks others just because u think ur theory is sensible. There is no right or wrong to this topic. I also waiting for my 1st Bid COE for the coming and hoping it will go up so my paper value will be more worth bcos i sign a gurantee Bid COE. Also my car still have 2 more yrs to go but i think its time to act now bcos i wan to have a better car to transport my family.

hahaha.. nobody jeopardizing my dream. you talk machiam you know what's my dream. You manage to get your car then good for you. No wonder you feel offended, cause you went to buy car. Friend, as long as you buy when you can afford it, you won't fall into the category. Unless you are otherwise, don't need to take it to heart.

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Mai ghey ghey...I don't think you intended for those pics to be so "meaningful"..... :XD:

 

There is no shame in trying to lighten up the thread you know? (except must pass @RadX kopi filter sock)

 

:D

haha to add to d above: u can have "other things" n a brand new nice car without being KCS... just not in SG. 

 

U have 1 finite life, so y restrict oneself to only being in SG? thats all i wanna say

 

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(edited)

duckduck .... that's for tiko thread [thumbsup] ...

if drive japanese car can up the chances in picking up car show girl

japanese car will be top seller ... LOL

Edited by Wt_know
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Turbocharged

Other than children being the big game changer, we are all well aware of that.

 

I think many people also underestimate caring for their parents as they grow older.

Of course if your parents are good earners in the past, they can well support themselves even into the 80s and 90s.zs

But i think it's likely the majority of our parents will need help as they were from the pioneer generation and incomes weren't that high for the middle class then.

 

I look at my income and consider that i have 2 kids and 2 parents to support (with my sister's help) for another 20-30 years. Being humble pie and saving up is more crucial than before.

After u deduct all these allowances which i feel is something i can support long term, actually not that much $ left to save for investment.

 

Just some musings.

You are already investing in yourself and your family. That to me is the best investment one should ever make.

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Supercharged

I do admit that I judge certain group of buyers, because I don't know how can 1 not able to afford when car price is 100k, when loan is 40% DP and 5 years repayment and suddenly, due to change in policy, they can suddenly afford. I once again clarify, KG as what I said, is because these people don't look at things in totality. Nothing has change, car price didn't change, COE didn't drop, what makes these people think they can afford? Because DP is lower and loan can stretch longer? If they think they can, then go ahead. Just my personal take, they are just getting themselves into more debt and longer debt and this is not smart in my opinion when the economy outlook is totally not fantastic.

Well, the drunk will never admit they are drunk. Your intention is to wake them up but they reacted defensively.

:D

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Supercharged

But still dun need to call name. Also they not spending ur $$$ so what is ur intention afterall? Unless u think by calling name to those current potential buyer will stop their decision in purchase so that the COE will not raise.

But i gotta say that dun be so naive bcos when 1 need means is a need. Den y blame others for jeopardizing ur 10k COE dream. When there is demand and automactically will have supply. Also the world will not stop turning even if COE goes into 10K. Simple words of asvise "take it or leave it" and dun embarks others just because u think ur theory is sensible. There is no right or wrong to this topic. I also waiting for my 1st Bid COE for the coming and hoping it will go up so my paper value will be more worth bcos i sign a gurantee Bid COE. Also my car still have 2 more yrs to go but i think its time to act now bcos i wan to have a better car to transport my family.

Please lah. The one wishing for $10k Coe is in the hiding. You simply whack those who wish Coe will not rocket as the same gang, cmi fellow.

And just because you just signed a guaranteed Coe, surely you have your own agenda.

 

Ok. I better don't talk so much as I cmi. Continue to wait.

:D

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Well, the drunk will never admit they are drunk. Your intention is to wake them up but they reacted defensively.

:D

Bro, no choice. Those who can't be bothered about what I said because they don't fall into the catergory I'm describing. Those who reacted defensively are those who went in and probably got a wake up call after reading all the discussion here. Well, let this thread goes back to "MAS to revoke loan curb soon?"

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