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Buying car on $45K inheritance

Obscurest

By Obscurest,
in General Car Discussion

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1fast1

1fast1

Supersonic
(edited)

Didn't read all of the posts, but $45k is really a pittance in Singapore. The fact that it makes you so excited means that you still consider it a big deal, which likely means that your current assets/earning power leave something to be desired. Given that, I would advise you to be *extremely* frugal with this "windfall" (such as it is). Don't even think about cars. Think about paying off debt first, then investing for the future/children's education, etc.

Edited by Turboflat4
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Hotshot85

Hotshot85

4th Gear
(edited)

If you had to come in here to ask, it means you yourself know what's the logical and wisest answer liao.

 

BTW, if I had gotten the 45K, my decision would be to use it for other things. Sure, my heart will tempt me, I don't deny that.

Edited by Hotshot85
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Fitvip

Fitvip

Supersonic

My thinking is that since you've Inherited the amount, try to make the $45k grow!

 

Buying a new car is, to me, not a wise decision as it depreciates the moment it is registered!

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Sp4wn

Sp4wn

Turbocharged

45k is not much to blow on a car. cant even buy 1 COE also. if i were you, id just save it for now. never know where opportunity strikes~

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Chowyunfatt

Chowyunfatt

Turbocharged

Didn't read all of the posts, but $45k is really a pittance in Singapore. The fact that it makes you so excited means that you still consider it a big deal, which likely means that your current assets/earning power leave something to be desired. Given that, I would advise you to be *extremely* frugal with this "windfall" (such as it is). Don't even think about cars. Think about paying off debt first, then investing for the future/children's education, etc.

 

Ok ... Your balls are bigger ... I was afraid to point out the obvious ...

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1fast1

1fast1

Supersonic

 

Ok ... Your balls are bigger ... I was afraid to point out the obvious ...

 

Well, I didn't mean to be hurtful in the least. But facts are facts - $45k is really nothing much in SG. That in itself says something bad about the state our country is in, but that's off-topic here.

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Kezg1

Kezg1

5th Gear

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.

 

...fully agree..

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Vega

Vega

Turbocharged

Needing to put 50% out front as down payment for a new car has its positive effect.

if for whatever reason the owner can't continue to own the car, he won't get into a negative equity situation unless COE falls back to the 2009 situation which is very remote.

 

anyway, I will keep the money if the current car still can drive without any problem.

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Bravo

Bravo

2nd Gear

Since u inherited the money, I will say take out some money, eg. $1000.00 go do some form of charity with your family. (helping people is really good for your soul, brings alot more happiness then driving a new car)

 

The rest put inside a FixD (quarterly renew 3mths) then slowly decide what you want to do. Nobody knows what situation u r in now. So unless u r explicit with your personal details, any other advice we throw to u here will just be really very general.

 

Merry xmas guys!

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Vid

Vid

Hypersonic

Do something else with the money. You already got a car. Would a new car make you feel better? The initial ecstasy of a new car will wear off.

 

Use/Invest the money wisely.

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Watwheels

Watwheels

Supersonic

TS still ok lah. At least he ask for wise suggestions. I know of some ppl who will just gamble it away like it's nothing.

 

To TS, just imagine in your own ability how long it will take for you to earn and save 45K dan you will be able use it wisely.

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Chowyunfatt

Chowyunfatt

Turbocharged

TS still ok lah. At least he ask for wise suggestions. I know of some ppl who will just gamble it away like it's nothing.

 

To TS, just imagine in your own ability how long it will take for you to earn and save 45K dan you will be able use it wisely.

 

Gambling it away is the worst in my opinion ... [hur]

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Xefera

Xefera

6th Gear
(edited)

Look at it this way. The $45k goes into offsetting the COE which to me are bascially taxes.

 

Let the money roll and earn more profits for you, than to throw it all into a depreciating asset.

Edited by Xefera
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Wt_know

Wt_know

Supersonic
(edited)

i will use the $45K to lease a porky 911

not $45k downpayment for another kimchi or sushi not that no car to drive now

YOLO mentality to the max ... huat ah!!!

 

TS, I think you should buy a car.

 

You only live once

 

Edited by Wt_know
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