Hitman Neutral Newbie July 6, 2004 Share July 6, 2004 (edited) I gotta be frank here. Having owned my No 6 ride ... the current MazdaSpeed-tuned TarzanBoy (yar lar ... bluff only lah ) ... I ask this question to brudders here. Do we really own our rides ? My definition in owning a ride is : Agree to buy , pay financing , end financing after donkey years , I finally own my ride However, it seems that this concept doesnt exist here .... Agree to buy , pay financing , end financing after donkey years , kena re-new COE or scrap car , repeat the process over again. NEVER ENDING DEBTS When can I own my ride then .... like the above, I might as well be better off renting cars Multiple answers for the poll is possible Edited July 6, 2004 by Hitman ↡ Advertisement Link to post Share on other sites More sharing options...
En0203 2nd Gear July 6, 2004 Share July 6, 2004 i always think that i am renting car only from gahmen (on a contract called COE), never thought of owning the car before i do own one beetle in MY though Link to post Share on other sites More sharing options...
Assassin Clutched July 6, 2004 Share July 6, 2004 No we never really own any of the big ticket items. Link to post Share on other sites More sharing options...
Hitman Neutral Newbie July 6, 2004 Author Share July 6, 2004 I envy you I also want to be like you ... ownership of my own car Met a 50 plus man at Carrefour today ... drives a 70s Spitfire .... damn fast manz Admire sia ... nothing more to pay for him except Road Tax and Insurance and Maintenance .... his hobby car Wah lau eh .... our hobby car only RC cars ... people hobby cars are real cars Link to post Share on other sites More sharing options...
Hitman Neutral Newbie July 6, 2004 Author Share July 6, 2004 Sad but true Link to post Share on other sites More sharing options...
Zrun Neutral Newbie July 6, 2004 Share July 6, 2004 Maybe u can try to beat the system by importing antique/hobby cars, which is also good to drive on the streets? Are there such cash penalty to keep a 1983 VW GTI? Furthermore, if u buy it overseas for like 5000 SGD, import to SG, the tax is probably only 10k SGD. (200%) Link to post Share on other sites More sharing options...
En0203 2nd Gear July 6, 2004 Share July 6, 2004 yaya so in MY want get must get one that can be used as a 'hobby car' one, example: the twin turbo effini my beetle was one of my grandpa's hobby car also... he also has one 1966 jaguar mkII and a V8 3.5L old rover u see, he bought in those car cheap cheap and keep them coz he can't afford new one when he was young.. and now he is still owning them. for the rover he doesn't pay road tax and insurance anymore but he can still keep it, this is what i called a real car ownership Link to post Share on other sites More sharing options...
Assassin Clutched July 6, 2004 Share July 6, 2004 Thats how we are always in debt lor. Link to post Share on other sites More sharing options...
Aerosolcan Neutral Newbie July 6, 2004 Share July 6, 2004 Hi all What i am about to say here is not pleasant, but here goes... To answer the question, my view is relatively simple. Pay up in full for the car, you own it. Hence strictly speaking, most pple do not own their car, it is the financing company that owns it. But since this is a rather stringent criteria, my personal view is that as long as you are not in negative equity (owe bank a value > than current market value of car) then you are in "safe" territory and can be considered to "own" a car in the sense that your car is an asset, rather than a liability. This obviously applies to those whose go for 10 yr loan with low downpayment. It is sad that so many Singaporeans do not sufficiently understand financial planning, such that they are frittering away their hard earned money paying LTA, the financing companies, etc. If job is ironclad and pay keeps increasing, then great. But if not, then how? Would you rather have a car when you are old and less mobile, or now, when you are young and fit? my view only Link to post Share on other sites More sharing options...
Hitman Neutral Newbie July 6, 2004 Author Share July 6, 2004 Add S$28K for your COE .... also no use , the system cant be beat. Link to post Share on other sites More sharing options...
Hitman Neutral Newbie July 6, 2004 Author Share July 6, 2004 I agree with your point of view .... trouble is , other costs factor in .... how many of us can really pay fully for our cars without financing My current car value > my financing loan ... but I still dont feel I own the car .... anytime I deafult on the loan .... REPO-MAN may come Link to post Share on other sites More sharing options...
Hitman Neutral Newbie July 6, 2004 Author Share July 6, 2004 I admire you and your grandpa .... RX7 .... itching like mad oredi , machiam wanna go put my RM$5K downpayment , owner still havent sold the car yet Link to post Share on other sites More sharing options...
Aerosolcan Neutral Newbie July 6, 2004 Share July 6, 2004 under such circumstances, just do the best lor... downpayment try to put more, so that loan not too big and monthly not too much Link to post Share on other sites More sharing options...
Zrun Neutral Newbie July 6, 2004 Share July 6, 2004 Owning a car in Singapore is cash haemorrhage in itself, whether you pay up in full or not. So, too bad for those who MUST own a car. If the interests is low and you decided that you need a car, I think borrowing to own one is definitely acceptable. Why wait ten years to save up the cash? Since you have decided that you need a car, it must be with good and pertinent reasons. If you waited, you might already lose out on opportunies, such as getting a business deal, a promotion, convenience for your children/family, or job related convenience related with owning a vehicle. Of course, it is stupid to take a loan and not paying off the principle. Link to post Share on other sites More sharing options...
Hitman Neutral Newbie July 6, 2004 Author Share July 6, 2004 Thats why I ask ... do we really own it ... cause it seems to be is a never endin debt. As soon as we can call the car our own .... ooops, time is up .... buy COE or Scrap Link to post Share on other sites More sharing options...
Zrun Neutral Newbie July 6, 2004 Share July 6, 2004 (edited) Where does the "scrap" cars go to? Doesn't really get scrapped right? A 10 years old car is worth some money overseas, where it can be driven another 10-15 years. Also, Singaporeans take good care of their gold coated cars, and the driven distance is very low. Edited July 6, 2004 by Zrun Link to post Share on other sites More sharing options...
DarkLord 1st Gear July 6, 2004 Share July 6, 2004 I agree with your point of view .... trouble is , other costs factor in .... how many of us can really pay fully for our cars without financing My current car value > my financing loan ... but I still dont feel I own the car .... anytime I deafult on the loan .... REPO-MAN may come "May"?? More like definitely right?? Link to post Share on other sites More sharing options...
Zrun Neutral Newbie July 6, 2004 Share July 6, 2004 Time to downgrade or upgrade to a bike... U save petrol, accelerate faster. ↡ Advertisement Link to post Share on other sites More sharing options...
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