Low Income and Owning a Car

[merc280v6]

If you are financially prudence, you can buy brand new maserati with 300kpa. All those % of salary is rubbish.

Similarly, the property over your family's heads should not be more than 10 times your annual salary, for financial prudence!

[Wondertree]

so can you state your judgement of this case in this thread rather than criticize others?

 

or basically you wanna   but unhappy to find this thread not giving you enough entertainment?

 

 

I was busy with, welll, business last a few days and only got time to come back to this now. So with a litting googling here's my judgement.

 

The story of joanne marie sim and han chunlai is probably a lie, or at best incomplete. I had my doubt over owning a car with 3000 household income and below just confirmed it. 

 

1. The lady is a mini online artist so I'm pretty sure there is some flexible income here and there. Note that in the CNA video it's carefully phrased that their 'monthly fixed income is 3000', not monthly total income.

 

https://www.youtube.com/user/heels2wheels/videos

http://www.heels2wheels.tv/about-us.html

 

Joanne-Marie Sim | Host

 

 

Joanne-Marie is a host, actress, presenter, and all round entertainer. She has starred in various video commercials and is also the host of SingTel TGISlifestyle technology web series, as well as the Singapore Turf Club "Whazzup" programme. She regularly appears in Mediacorp okto and Toggle programmes and will always have a joke to cheer you up if she sees you with a frown.

 

 

 

 

 

 

2. The husband's last name is not even Han. Don't ask me how i know. Everyone has friends of friends. 

all in all, this couple is not your regular low-income social-security food-coupon kind of dudes. So i guess owning a car would be ok for them.

Edited December 4, 2017 by Wondertree

[merc280v6]

So to own a 100k B&B car here must have income of 200k pa? I double those whom own such car is typically earning such salary.

 

If these folk are earning such salary, u wont be seeing ppls kpkb saying 50k coe is too high here

Then I say these people are just living beyond their means ... trying to fit into shoes that are too big for them!

 

Such a shame it is

[Jman888]

No no no. You misunderstand. ð

It's 50% of your annual salary, over a 10-year period.

 

Buy a <$150K car that will last for 10 years, if your salary is <$300K pa.

 

Put another way ... incur a straight line depreciation on the "asset" you purchased (w/o interest) over 10 years, at $15K/yr.

 

Again, I stress ... financial prudence on a depreciating asset.

 

HOWEVER, if one wishes to spend 50% of his 10-year cumulative income on a $1.5M car ... then suka lu lah.

It's your money right?

 

ððð

if make $60k a year, can change those old cars left with 1 year less than $30k? but change every year? Edited December 4, 2017 by Jman888

[Evillusion]

Then I say these people are just living beyond their means ... trying to fit into shoes that are too big for them!

 

Such a shame it is

Edited December 4, 2017 by Eviilusion

[Enye]

if make $60k a year, can change those old cars left with 1 year less than $30k? but change every year?

 

no lah....bottom line the message is and has always been the same 

 

the mcfers talking down on peasants in this thread are just trying to HL their elite status and wealth/income

 

under the guise of financial prudence for the masses of course

 

so many years nothing has changed

 

[RH1667]

 

Seems moving towards the how lian thread direction

[gandyman]

I was busy with, welll, business last a few days and only got time to come back to this now. So with a litting googling here's my judgement.

 

The story of joanne marie sim and han chunlai is probably a lie, or at best incomplete. I had my doubt over owning a car with 3000 household income and below just confirmed it. 

 

1. The lady is a mini online artist so I'm pretty sure there is some flexible income here and there. Note that in the CNA video it's carefully phrased that their 'monthly fixed income is 3000', not monthly total income.

 

https://www.youtube.com/user/heels2wheels/videos

http://www.heels2wheels.tv/about-us.html

 

Joanne-Marie Sim | Host

 

 

Joanne-Marie is a host, actress, presenter, and all round entertainer. She has starred in various video commercials and is also the host of SingTel TGISlifestyle technology web series, as well as the Singapore Turf Club "Whazzup" programme. She regularly appears in Mediacorp okto and Toggle programmes and will always have a joke to cheer you up if she sees you with a frown.

 

 

 

 

 

 

2. The husband's last name is not even Han. Don't ask me how i know. Everyone has friends of friends. 

all in all, this couple is not your regular low-income social-security food-coupon kind of dudes. So i guess owning a car would be ok for them.

so it is misleading news ? hahaha

[Windwaver]

would you sacrifice everything else to own a car?

 

http://www.channelnewsasia.com/news/cnainsider/low-income-and-owning-a-car-why-9449930

 

Well, this family has 2 kids, can understand why they die die must have a car.

 

I think it's a personal choice how to spend your money?

 

Personally I wouldn't because my comfort level is max 10% of take home pay for my car. Anything more than that I rather take public transport.

 

Another reason why people need to have a car is because of work. When I used to face customers, it's impossible not to drive.

 

Luckily now I no need to "sell face" anymore

[Minikong]

no lah....bottom line the message is and has always been the same

 

the mcfers talking down on peasants in this thread are just trying to HL their elite status and wealth/income

 

under the guise of financial prudence for the masses of course

 

so many years nothing has changed

 

Lol just like other forum like the minister talking in the ivory tower

[Tedlhw]

 

Seems moving towards the how lian thread direction

Yah man... T2 got competition liao.

T3...

just like our Changi Airport

[Galantspeedz]

No no no. You misunderstand. ð

It's 50% of your annual salary, over a 10-year period.

 

Buy a <$150K car that will last for 10 years, if your salary is <$300K pa.

 

Put another way ... incur a straight line depreciation on the "asset" you purchased (w/o interest) over 10 years, at $15K/yr.

 

Again, I stress ... financial prudence on a depreciating asset.

 

HOWEVER, if one wishes to spend 50% of his 10-year cumulative income on a $1.5M car ... then suka lu lah.

It's your money right?

 

ððð

I am curious why 300k per annum only can buy 150k car...i.e 15k per annum... that's like 5% of annual salary

 

Why this magical amount? Why 5% not 7% or 3%?

 

Is there stats that being financial prudent is car 50% of salary and not 40% or 60%?

 

Or just a number pluck from sky?

 

In fact how cam buying a car be financial prudent lol

[Throttle2]

depreciation is the money that you paid upfront. such money can be converted into useful cash for emergency.

What fark you the talking, huh?

 

[Throttle2]

He is not wrong too. Fully paid up would mean affecting one's balance sheet or free cashflow. Even if it is not, he still need to safe up the equivalent amount per month to accrue it for 10 years so that 10 years later he could fully pay up again when he scrap his existing car.

 

Dont twist lah.

Either you understand or you dont.

 

He double counted in his calculation shown. Thats all.

Keep things simple can?

[Atonchia]

No no no. You misunderstand. ð

It's 50% of your annual salary, over a 10-year period.

 

Buy a <$150K car that will last for 10 years, if your salary is <$300K pa.

 

Put another way ... incur a straight line depreciation on the "asset" you purchased (w/o interest) over 10 years, at $15K/yr.

 

Again, I stress ... financial prudence on a depreciating asset.

 

HOWEVER, if one wishes to spend 50% of his 10-year cumulative income on a $1.5M car ... then suka lu lah.

It's your money right?

 

ððð

Given this benchmark

 

Those earning less than 180k pa should not be buying any car.

 

Because no car less than 90k?

I meant new car

[Nzy]

Given this benchmark

 

Those earning less than 180k pa should not be buying any car.

 

Because no car less than 90k?

I meant new car

 

Try to get second hand lo. My car less than 7k per year depreciation cuz I got an old car and renew COE. And that is after overhauling the engine and transmission, reupholstering the whole interior and respray whole car. But I guess it'll cost more if they need loan for the COE.

[Throttle2]

So to own a 100k B&B car here must have income of 200k pa? I double those whom own such car is typically earning such salary.

 

If these folk are earning such salary, u wont be seeing ppls kpkb saying 50k coe is too high here

Muayhahahahahaha.

 

Those are slap face swollen, call themselves fat lor....i know so many.

 

Share one story with you.

Last time i met a fella at a pub playing pool.

As usual i one cue a few times, he cannot take it so keh keh chit chat with me.

Then tell me he work as some manager, earn $10k a month and looking to buy new Volvo XC90 which was $250k during those days.

 

I just smiled.....i was probably only in my late 20s but i already knew what a true hao lian he was.

Slap face swollen to look fat, plenty in MCF lah.

 

Muayhahahahahahahaha

[Throttle2]

Given this benchmark

 

Those earning less than 180k pa should not be buying any car.

 

Because no car less than 90k?

I meant new car

Aiyoh, buy old car lah.

Anyway why you take his formula so seriously.

I no income, my car $200k++++

 

So how?

 

Muayhahahahahaha