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% income allocation for car?


Leeke1
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Turbocharged

No hard a fast rule. The percentage decreases as you have other commitments like housing, kids, loans, etc

 

Instead the question is "what is the cost to own and maintain a car" then work your way up

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how much monthly income? $5000 .... 20% only $1000 leh ...

can service loan also no money to pump petrol liao ... lol

 

 

Edited by Wt_know
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I think chao chao sgd2000 is needed to own and maintain a car. I wonder y we have so many car on the road despite the insane coe price now. I wonder if most people monthly income have gone up to 10k a month? hm..

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I think chao chao sgd2000 is needed to own and maintain a car. I wonder y we have so many car on the road despite the insane coe price now. I wonder if most people monthly income have gone up to 10k a month? hm..

Many car owners (non-MCF members of course [grin] ) pay through their nose one.

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Hypersonic

Many car owners (non-MCF members of course [grin] ) pay through their nose one.

 

Down here pay full cash. I peasant... need to service loan. [bigcry] [bigcry]

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This topic has been discussed many times before.

 

It is dependant on the situation one is in. That means life stage, commitments, income, etc etc...

 

But you guys know my take on it lah....

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Turbocharged

Mine used to be 6% of my monthly take home income. But that's quite a long time ago.

 

I don't believe in paying more than 9% of my monthly for a depreciating item.

Edited by Icedbs
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Twincharged

how much monthly income? $5000 .... 20% only $1000 leh ...

can service loan also no money to pump petrol liao ... lol

 

 

 

If car fully paid then more than enough. When I was single I saved about $2000 a month. After 1 year, bought a 2 year old cheap car. Now with kids, my priorities changed already. This $2000 I used to save up/spend on luxury stuff is used for buying insurance, saving up for their education and my retirement.

Edited by Nzy
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