Obscurest 1st Gear December 7, 2014 Share December 7, 2014 Hi folks,I need some advice here and I'm not sure does it really helps in my decision making but still wana give a shot and try.For some reason I inherited a sum of 45k. Tat makes me very excited and first thing that came into my mind is to change to a brand new car. Logically I shld not as I am not rich and this $$ though not a lot but will comes in handy and one day might save my arse if my housing repayment fail if for some reason if me or my wife loses our job. I mean anything can happen. But becos my believe is that if a person got too much to worry about or think about he will never enjoy life as there are too much restrictions in life for life is so short.1) Shld I just dump all of this 45k on a brand new car and enjoy the luxury of owning a brand new car or shld I restrict myself and keep it for raining days?2) my thinking was that becos of the ruling, we are force to pay 50% and a 5 to 6 yrs loan, tat means if I reAlly need cash badly, if I sold away the car, I shld lose 50% of my down payment (at least) I won't ended up owe the bank money right?3) is it the right time to get a car now cos a lot of them days wait till CNY.A little background info of me:Currently driving a stream and if I sold away my car I can take back approx 20k so add on to my current 45k is enough for the new ride.Appreciate your advice on thisThks ↡ Advertisement Link to post Share on other sites More sharing options...
Macrosszero Turbocharged December 7, 2014 Share December 7, 2014 Its not like you don't already have a car. What can a new car give you that your current car doesn't. Is that new car shiokness worth the extra spend? Keep it, invest it in some dependable stocks. 20 Link to post Share on other sites More sharing options...
RadX Moderator December 7, 2014 Share December 7, 2014 keep the $$$. REally. A car is a depre liability and always keep at least 6-9 mths of your monthly sal as a backup. You never know what can happen you already have a car, and think of function over form. CNY is just another excuse to change car. In times like these of undertainty, best to have redundancy 2 Link to post Share on other sites More sharing options...
Dafansu Turbocharged December 7, 2014 Share December 7, 2014 45k isn't much, use it wisely. 5 Link to post Share on other sites More sharing options...
Angcheek Hypersonic December 7, 2014 Share December 7, 2014 My view is how much saving you have. If your saving can last your family about a year , maybe that will be sufficient. Else save the 45k up and wait for coe to be less crazy. 3 Link to post Share on other sites More sharing options...
Deividz 5th Gear December 7, 2014 Share December 7, 2014 Resale cars are in high demand now, especially the stream. Important questions now are affordability and the amount of satisfaction you might receive with this new car purchase. And of course, which car makes my heart flutter. 1 Link to post Share on other sites More sharing options...
RH1667 Hypersonic December 7, 2014 Share December 7, 2014 if you really don't know what to do with the $45k, and don't want to take risk in buying stock, well, just put it inside your CPF. At least your retirement fund will start growing faster and you can still use it to pay off your housing loan if ever required. Alternatively, put them in your SRS over few years to help reduce your income tax; and in the event that you really need cash, just withdraw it and pay some penalty to IRAS. You can use the money in SRS to buy some dividend paying blue chip over time so that you will not be caught if market really turn bearish like what many people is expecting. Last thing you want to do is to spend it on car since you already have one. 14 Link to post Share on other sites More sharing options...
Chowyunfatt Turbocharged December 7, 2014 Share December 7, 2014 Hi folks, I need some advice here and I'm not sure does it really helps in my decision making but still wana give a shot and try. For some reason I inherited a sum of 45k. Tat makes me very excited and first thing that came into my mind is to change to a brand new car. Logically I shld not as I am not rich and this $$ though not a lot but will comes in handy and one day might save my arse if my housing repayment fail if for some reason if me or my wife loses our job. I mean anything can happen. But becos my believe is that if a person got too much to worry about or think about he will never enjoy life as there are too much restrictions in life for life is so short. H 1) Shld I just dump all of this 45k on a brand new car and enjoy the luxury of owning a brand new car or shld I restrict myself and keep it for raining days? 2) my thinking was that becos of the ruling, we are force to pay 50% and a 5 to 6 yrs loan, tat means if I reAlly need cash badly, if I sold away the car, I shld lose 50% of my down payment (at least) I won't ended up owe the bank money right? 3) is it the right time to get a car now cos a lot of them days wait till CNY. A little background info of me: Currently driving a stream and if I sold away my car I can take back approx 20k so add on to my current 45k is enough for the new ride. Appreciate your advice on this Thks No one in their proper state of mind will tell you to change your car ... You mentioned you are married ... Children? ... Put the money aside for their studies? 4 Link to post Share on other sites More sharing options...
Hamburger Hypersonic December 7, 2014 Share December 7, 2014 spending 45k on a car should be the last thing on your mind. 7 Link to post Share on other sites More sharing options...
Spring Moderator December 8, 2014 Share December 8, 2014 if you really don't know what to do with the $45k, and don't want to take risk in buying stock, well, just put it inside your CPF. At least your retirement fund will start growing faster and you can still use it to pay off your housing loan if ever required. Alternatively, put them in your SRS over few years to help reduce your income tax; and in the event that you really need cash, just withdraw it and pay some penalty to IRAS. You can use the money in SRS to buy some dividend paying blue chip over time so that you will not be caught if market really turn bearish like what many people is expecting. Last thing you want to do is to spend it on car since you already have one. Good advice but just a point of caution is that if you put into CPF, it would be divided into the 3 a/cs accordingly ie ordinary, medisave n special. Also I believe there is a cap on voluntary contributions. So pls be mindful of this. To TS: yes agreed with most posters here to either keep or use your money wisely and as much as we all love cars here, it's unfortunately not the wisest choice to make, cheers! 10 Link to post Share on other sites More sharing options...
Hamburger Hypersonic December 8, 2014 Share December 8, 2014 Good advice but just a point of caution is that if you put into CPF, it would be divided into the 3 a/cs accordingly ie ordinary, medisave n special. Also I believe there is a cap on voluntary contributions. So pls be mindful of this. To TS: yes agreed with most posters here to either keep or use your money wisely and as much as we all love cars here, it's unfortunately not the wisest choice to make, cheers! put into cpf is the last 2nd thing thing i would do. 1 Link to post Share on other sites More sharing options...
Jman888 Moderator December 8, 2014 Share December 8, 2014 Think of the person that you inherited the money from and how he/she spend his/her money? If he/her had been thrifty and save up so that you can have the money, dun use it at all. If the person had been splashing the money on luxury item and the $45k was only loose change of his fortune left for you. Then do whatever you like 4 Link to post Share on other sites More sharing options...
Wt_know Supersonic December 8, 2014 Share December 8, 2014 $45k can 1st thing in mind is to change car ... seriously? 5 Link to post Share on other sites More sharing options...
Mrmilktooth Supercharged December 8, 2014 Share December 8, 2014 buy anything but a car.. TS... its not as if your present ride is expiring or giving you issues... cash is king can do alot things.. might as well go japan or europe holiday.. spend 10K for 2 (i assume no kids) still got 35K left to save for rainy days.. 4 Link to post Share on other sites More sharing options...
Columbian78 6th Gear December 8, 2014 Share December 8, 2014 It also depends on who pass the money to you and what you think his or her intention for you. It is most likely a senior family member. Maybe he or she meant for you to be frugal and save the money for future use instead of spending it on a luxury item. Of this you don't have to explain to us in forum, you know can already. Btw, even if you wanna buy car, this 3 months not a good time cos prices will be at a seasonal peak due to many people buying for festive reason. After CNY would be a more appropriate time. 8 Link to post Share on other sites More sharing options...
Hamburger Hypersonic December 8, 2014 Share December 8, 2014 question now is, will TS heel or is he looking for something he wants to read. Link to post Share on other sites More sharing options...
Macrosszero Turbocharged December 8, 2014 Share December 8, 2014 question now is, will TS heel or is he looking for something he wants to read. He won't get it here, but when he hits the car showrooms, he will definitely hear what he wants to hear. Link to post Share on other sites More sharing options...
Wildfaye29 Turbocharged December 8, 2014 Share December 8, 2014 Pls spend it wisely, a car is a want not a need. U already have a car. ↡ Advertisement Link to post Share on other sites More sharing options...
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