Low Income and Owning a Car

[Heman75]

Just like how some people here like to boast about how they full cash everything and look down on others who have to take a loan for something .... As if everyone will have to ask them for help if they cannot pay up their loans .... 

paying full cash doesnt mean anything. if you can generate higher return by taking loans .. why not. actual car loan is translated to be around 4 to 5% instead of the proclaimed 2+% due to the way the calculate. thus if you can get higher return of maybe 20% then why not take loan. nett you still make 15%. so who is stupid is subjective who you look at. i dont see anything wrong taking loan. many company take loans to expand. the same concept.

[Sotong07]

me need car for work.

need go JB for meeting every month.

need run to north & east & west of SG whenever needed for meeting.

how not to have car?  no car = no work or find another job no need run around SG & JB?

Die c**k stand loh.

 

[Jman888]

meanwhile, who earned an average of S$25,000 a month last year, 61 per cent owned at least one car.

 

 

 

some time we wonder yet they could have other source of income or financial assistant like rich relatives/friends?

 

[Heman75]

True, i have a friend told me he dont need a car, waste money to buy car before he has kids. And after he has kids liao, he bought a car, told me inconvenience to take public transport when kids are young, and after kids in school still need a car cause need to fetch kids to tuition, swimming etc classes, now cannot live without a car.    

 

ya.. me too. my wife said need an additional car because of the arrival of our kid.  need to travel for check up school class..... and so on. i happen to ask her again if we can sell one and keep one car instead ... she said cannot as she is very dependent on car now due to the conveniences. 

 

i think you friend has not come to a stage where they cant afford anymore. by then it is a matter of getting use to it.  same as what i told my wife.. if one day we need to downgrade our lifestyle for whatever reason we have to do it means we have to do it. 

[13177]

ya.. me too. my wife said need an additional car because of the arrival of our kid.  need to travel for check up school class..... and so on. i happen to ask her again if we can sell one and keep one car instead ... she said cannot as she is very dependent on car now due to the conveniences. 

 

i think you friend has not come to a stage where they cant afford anymore. by then it is a matter of getting use to it.  same as what i told my wife.. if one day we need to downgrade our lifestyle for whatever reason we have to do it means we have to do it. 

You are right. But funny thing is how come last time my friend can tell me buy car here waste money, take public transport or taxi very convenience le, even though back then my friend could have able to afford a car?! But now 360 change, say no car so inconvenience?! 

thats why lo... dont know they budget leh... maybe car is fully paid, as some mentioned.

 

article says $500 per month on car expenses so i dont think this includes car loan...

Car fully paid but the expenses spend on car also not a small amount lo. With a family with kids, there should have many other expenses need to spend, and with $3000 household income, enough meh?

[Jman888]

You are right. But funny thing is how come last time my friend can tell me buy car here waste money, take public transport or taxi very convenience le, even though back then my friend could have able to afford a car?! But now 360 change, say no car so inconvenience?! 

 

 

must be the wife or the MIL, it is always the women  

[Evillusion]

Up to individual lor! If they can swallow the depreciation and the extra expenses and cope frankly its up to them. But household income of $3000 will be hard on the pocket.....luckily i bought during the cheap coe era and use it for the whole 10 yr duration. At least can haolian and say i had 'own' a car before....

[Vinceng]

You are right. But funny thing is how come last time my friend can tell me buy car here waste money, take public transport or taxi very convenience le, even though back then my friend could have able to afford a car?! But now 360 change, say no car so inconvenience?! 

Car fully paid but the expenses spend on car also not a small amount lo. With a family with kids, there should have many other expenses need to spend, and with $3000 household income, enough meh?

It’s possible to survive on $5  a day. So for his family of 4 pax, $20 a day or $600 a mth suffices

 

https://rafflespress.com/2014/02/10/the-five-dollar-question/

 

They still have $2,400 monthly savings to pay for other expenses.

Edited November 29, 2017 by Vinceng

[Heman75]

You are right. But funny thing is how come last time my friend can tell me buy car here waste money, take public transport or taxi very convenience le, even though back then my friend could have able to afford a car?! But now 360 change, say no car so inconvenience?! 

having youngs one play a part ... once you are a parent you will feel it. go out must bring too many things like strollers.. all the bags with pampers water bottle diapers..very inconvenient 

 

but their kids out grown.. then they will find no need for cars..

[Friendstar]

Actually why do u guys bother and "judge"?

 

Everyone has their own financial judgement .

 

Household income 3k. But their parents or parents in law might be filthy rich.

 

It's how u prioritize life.

 

I find it incredulous females spend on Hermes and take train.

 

I find it ridiculous people spend 1k for fine dining for 2 pax.

 

I find it amazing people go 5 holidays a year.

 

Different strokes different folks

[Heman75]

Up to individual lor! If they can swallow the depreciation and the extra expenses and cope frankly its up to them. But household income of $3000 will be hard on the pocket.....luckily i bought during the cheap coe era and use it for the whole 10 yr duration. At least can haolian and say i had 'own' a car before....

[Galantspeedz]

In MCF, unless you earn $30k a month... if not, you should not get anything more expensive than a toyota altis

[Lala81]

It's ok to own a car if you aren't a high earner, but must keep your other budget expenses low. 

[Galantspeedz]

ya.. me too. my wife said need an additional car because of the arrival of our kid.  need to travel for check up school class..... and so on. i happen to ask her again if we can sell one and keep one car instead ... she said cannot as she is very dependent on car now due to the conveniences. 

 

i think you friend has not come to a stage where they cant afford anymore. by then it is a matter of getting use to it.  same as what i told my wife.. if one day we need to downgrade our lifestyle for whatever reason we have to do it means we have to do it. 

 

you can mah... she use car you take public transport lor.... why need to ask her... unless you want her give up the car but you don't want give up

It's ok to own a car if you aren't a high earner, but must keep your other budget expenses low. 

 

ya.. be like me... to maintain a car... i stay at  home 365 days a year 

[Enye]

Actually why do u guys bother and "judge"?

 

Everyone has their own financial judgement .

 

Household income 3k. But their parents or parents in law might be filthy rich.

 

It's how u prioritize life.

 

I find it incredulous females spend on Hermes.

 

I find it ridiculous people spend 1k for fine dining for 2 pax.

 

I find it amazing people go 5 holidays a year.

 

Different strokes different folks

 

and i am stupefied how most of our very own mcfers can do all of the above 3 things and yet still own 2 cars and multiple properties

 

   

i did that 20yrs ago .. when my pay is only 2700sgd.. i owned a car which cost 58000sgd haha

 

wah 22 years old already earning 2700sgd

 

how did you achieve that har?  

 

[RadX]

Actually why do u guys bother and "judge"?

 

Everyone has their own financial judgement .

 

Household income 3k. But their parents or parents in law might be filthy rich.

 

It's how u prioritize life.

 

I find it incredulous females spend on Hermes and take train.

 

I find it ridiculous people spend 1k for fine dining for 2 pax.

 

I find it amazing people go 5 holidays a year.

 

Different strokes different folks

 

 

i also say...its increduloius to pay for $1.10 kopi nowadays...

[Soya]

you can mah... she use car you take public transport lor.... why need to ask her... unless you want her give up the car but you don't want give up

 

 

ya.. be like me... to maintain a car... i stay at home 365 days a year

U dun go out so that u can hv a car to go out?.....

[RadX]

i did that 20yrs ago .. when my pay is only 2700sgd.. i owned a car which cost 58000sgd haha

 

lol...same era as me ha you.....

U dun go out so that u can hv a car to go out?.....

 

like me

 

i use car to chope my fav lot in mscp.......hor @vratenza