Why you should NEVER do $0 driveaway or 10 years loan

[Jamesc]

2 minutes ago, ferrytales said:

thats why i used the $6.5k depre + 5k token sum from dealer + parf of $2.5k as a calculation but in actual fact, its even lower. 

If people sell to me

I guarantee it will be a lot lower.

Chop, sign guarantee.

[Macrosszero]

2 hours ago, Mkl22 said:

But many still want to buy cars they desire with high loans and minimal down payment. let people do what they want. All adults. 

Yes, let them commit financial suicide. No one force them to walk into the dealership and sign on the dotted line.

 

[Macrosszero]

5 hours ago, Hamburger said:

Saying is easy but to be prudent really takes discipline. 

 

I love the gen 4 sorento and I could afford it by taking up a 50k loan. 

But decided to just buy a few years old gen 3/ with AD warranty with cash and be debt free. 

That feeling outweighs the thrill of driving a new car for me. 

But that's just me and not for anyone. 

I took loan even though can full cash because the finance rebate let me put the proceeds from the loan into a FD that earned me a few hundred dollars more at the end of the loan lock out period. 
 

But if you need a loan to afford the car you want then you must really consider the stability of your income.

[ferrytales]

Taking a loan is fine esp with the low i/r now with some ADs offering 1.88%. 

The problem is over leveraging and getting burnt in the end. 

[Jamesc]

TS started a thread to tell us cars are expensive in Singapore.

Who knew?

What next? He will start a thread to tell us housing is also sibei expensive?

Why don't he tell us something we don't know?

Singapore has the world's Most Expensive Vending Machine.

 

[thebutcher]

58 minutes ago, Macrosszero said:

I took loan even though can full cash because the finance rebate let me put the proceeds from the loan into a FD that earned me a few hundred dollars more at the end of the loan lock out period. 
 

But if you need a loan to afford the car you want then you must really consider the stability of your income.

Bro, with this logic, the whole of singapore must really consider the stability of our incomes before getting a house. 

[Mkl22]

39 minutes ago, thebutcher said:

Bro, with this logic, the whole of singapore must really consider the stability of our incomes before getting a house. 

Curious to why you equate car loan being similar to a housing loan? 

[thebutcher]

3 minutes ago, Mkl22 said:

Curious to why you equate car loan being similar to a housing loan? 

Nothing wrong in getting a car loan if he/she can service the payments. 

Same like housing. 

[Macrosszero]

15 minutes ago, thebutcher said:

Nothing wrong in getting a car loan if he/she can service the payments. 

Same like housing. 

 

[Mkl22]

26 minutes ago, thebutcher said:

Nothing wrong in getting a car loan if he/she can service the payments. 

Same like housing. 

I would assume that you are not from the financial industry? 

[Vinceng]

2 hours ago, Jamesc said:

TS started a thread to tell us cars are expensive in Singapore.

Who knew?

What next? He will start a thread to tell us housing is also sibei expensive?

Why don't he tell us something we don't know?

Singapore has the world's Most Expensive Vending Machine.

 

Autobahn Motors used to be known to sell single ownership cars when they were located at Newton. Wonder if this legacy is still continued at the new premise?

[Datsun366]

Its true about housing and cars in Singapore.

I dare say that when property owning ability is achieved, owning a car is doable.

Going the other way around, car then property is not wise. Even for property owners.

Preferably more than one property then get a car would be better route.

 

[Ct3833]

21 minutes ago, Vinceng said:

Autobahn Motors used to be known to sell single ownership cars when they were located at Newton. Wonder if this legacy is still continued at the new premise?

the cars they are selling are rich men toys,  they cant be single ownership, more likely 3,4,5, 6 if not  more. 

Edited January 24, 2021 by Ct3833

[Comage]

Gents, I think let's not forget that many people these days get a new car, and then.... "slap on" the PHV label and voila! - you have it - a car that "pays for itself"!

Wow! Now all I gotta do is head out and pick up a few fares by driving for a few hours each day after dinner with the family...! And I can own a Merc/Audi/BMW! Just, wow!

[Zxcvb]

Actually there’s a life hack I want to share with you all. It’s called - SAVINGS. 

Example you want to buy the current Corolla Altis today but found out you don’t have much cash to deposit and you don’t want to take huge loan although you can well afford the installment. I’d suggest start saving for the next 3 years to get that next generation of Altis. Applicable to first time car buyer who just started work.

Dont be stupid take $0 drive away 10years loan. 

[Macrosszero]

20 minutes ago, Zxcvb said:

Actually there’s a life hack I want to share with you all. It’s called - SAVINGS. 

Example you want to buy the current Corolla Altis today but found out you don’t have much cash to deposit and you don’t want to take huge loan although you can well afford the installment. I’d suggest start saving for the next 3 years to get that next generation of Altis. Applicable to first time car buyer who just started work.

Dont be stupid take $0 drive away 10years loan. 

No ah. I can service the installments so I can afford it

Don't look down on me

People can see what I can drive but they can't see how big my liabilities are!

[Mkl22]

26 minutes ago, Zxcvb said:

.

Dont be stupid take $0 drive away 10years loan. 

It’s YOLO for some. To them saving 3 years is stupid. 
Banks need people to take loans. Else how they survive. So we need to appreciate people contributing to making the economy hum along. 😂

Edited January 24, 2021 by Mkl22

[Thaiyotakamli]

20 minutes ago, Mkl22 said:

It’s YOLO for some. To them saving 3 years is stupid. 
Banks need people to take loans. Else how they survive. So we need to appreciate people contributing to making the economy hum along. 😂

Yah this year $0 driveaway corolla

 

3 yrs later he can buy new c class $0 driveaway 🤣