Buying car on $45K inheritance

[Baal]

 

in this case, use the 45k to buy Toto maybe better and faster.....got buy got chance

Haha, iirc thats what the local movie said.....its either tio or bo tio. 50/50.

[1fast1]

Haha, iirc thats what the local movie said.....its either tio or bo tio. 50/50.

 

W00t! Means I have 50% chance of being next Prime Mini-Star also. Either tio or bo tio.

[Baal]

 

W00t! Means I have 50% chance of being next Prime Mini-Star also. Either tio or bo tio.

haha, think it was from the movie 'Money No Enough', from the character played by Mark Lee.

 

50% chance sure have with mcf sarpork. iirc, many here have encouraged you to submit ur name ...

[1fast1]

50% chance sure have with mcf sarpork. iirc, many here have encouraged you to submit ur name ...

 

[RH1667]

Haha, iirc thats what the local movie said.....its either tio or bo tio. 50/50.

Like that TS better off buying lottery, since 50% chance may make it !

 

If buy car, 100% depreciate !

 

TS, mai tu lai

Edited December 10, 2014 by RH1667

[Waterh2o]

$45k inheritance just like that and spend on a car. Really prove the old adage of " easy come easy go"

 

Use it wisely. you already have a car. invest and imagine $45 growing into $50k rather than into a car ending up depreciating less than $45k. if not saving is still better than buy a car.

Edited December 10, 2014 by Waterh2o

[Matoonia]

Wow...

 

I'm really overwhelmed by all this replies.

 

Is not easy my desire vs senses....

 

Anyway thanks for all the advices and because im not that rich and this is really a windfall for me and because I'm timid, jumping into a new ride is very unlikely.

 

But u really need to vent out what and how I feel. My feeling of changing my current ride is super strong. The only reason I can give myself is life is too short to think too much.

 

Gggrrrrrr

 

Guess will stick to my current ride for the time being.

 

To answer some of your queries :

 

1) this windfall is not a inheritance from someone death.

2) my current ride is 3.5yrs old stream

3) my current ride does show some issues but is not major juz tat I feel like changing after seeing so many nice chio cars zooming past me

4) wana change to focus or honda vezel

 

Guess will dig out my eyes and rein my heart don't let them wander out too much.

 

Thanks for all the advices.

 

Bro u tio 4d or Toto is it?

 

 

Inheritance is the practice of passing on property, titles, debts, rights and obligations upon the death of an individual

 

Aiyah if you say you tio $45k from 4D/toto/RWS/MBS the response here will be very different leh.

 

[1fast1]

 

Bro u tio 4d or Toto is it?

 

 

Aiyah if you say you tio $45k from 4D/toto/RWS/MBS the response here will be very different leh.

 

 

No, my advice will be exactly the same. But in all likelihood, that advice (if the person even bother's to ask) will fall on deaf ears. Because someone who gambles regularly with non-trivial amounts will not, in general, be very financially savvy - so why would they be inclined toward saving money anyway. It's been said that the lottery is a tax on the mathematically naive.

[Matoonia]

 

No, my advice will be exactly the same. But in all likelihood, that advice (if the person even bother's to ask) will fall on deaf ears. Because someone who gambles regularly with non-trivial amounts will not, in general, be very financially savvy - so why would they be inclined toward saving money anyway. It's been said that the lottery is a tax on the mathematically naive.

 

Yah, that's why I question if it's lottery winnings or not. And TS seems like he is leaning towards the side of buying a car. Could be TS has been dreaming of changing car, but because the loan curbs prohibit so, and then he suddenly got a windfall, which gives him the resources to realise his dream. And when he got the $, suddenly he is caught in 2 minds if he shd do it or not. At least he is still more sensible than the average gambler lah.

 

If I tio 4d, i think i immediately chiong new car showroom loh. But before I tio bashed, I have to qualify that I've my own financial plans, and don't need to rely on sudden windfall to make up for it

[Waterh2o]

 

Yah, that's why I question if it's lottery winnings or not. And TS seems like he is leaning towards the side of buying a car. Could be TS has been dreaming of changing car, but because the loan curbs prohibit so, and then he suddenly got a windfall, which gives him the resources to realise his dream. And when he got the $, suddenly he is caught in 2 minds if he shd do it or not. At least he is still more sensible than the average gambler lah.

 

If I tio 4d, i think i immediately chiong new car showroom loh. But before I tio bashed, I have to qualify that I've my own financial plans, and don't need to rely on sudden windfall to make up for it

Even if I strike 4D, TOTO or big sweep or even has a sizeable coffers to pay for a new car, I am still not going to dump it on a new car.

 

1) Already got a car still going strong no reason to change.

2) Paying 60-70K for a COE benefits no one except Gov.

3) $ can be deployed else where to work harder for me so that I do not have to trade more of my time (work) in exchange of $ (salary).

4) I prefer to see the number in my bank account increase than to spend it on a car so that I can tell others my bank account is increasing that why I can afford a new car.

 

To each it own. Maybe after so many threads TS still go ahead. it is his $.

[Alpha78]

 

To each it own. Maybe after so many threads TS still go ahead. it is his $.

 

A fool and his money are soon parted...

[Zhngmycar]

Today, u buy it new.. tml will be used.. 3 more years will be old.. go for second hand ah.. if u wan gao luk gao luk 1.. anyway is not worth it if u buy any car new.. unless u are like super rich.. u buy a Bentley which comes with a free COE...

[Ictruall]

 

Get that mindset 2000s mindset of changing your car every 2-3 years out of your mind. That was only possible because of a COE price downtrend. You can no longer afford to do that today, especially if you jumped in on a long tenure high loan plan with the Stream. Other reasons:

 

what you should do, is suck it up and keep driving your Stream, keep paying off your instalments (because once you clear your loan, will are likely to get the itch again), put that money into some investments so you can afford to pay the downpayment for your next car in another 6.5 years.

 

If you give in to your itch, you are going to be forced to drive that new car till the end because you can't afford to flip it anymore. In a market of shrinking COE pool per capita, 7 seaters are going to be much more desirable than 5 seaters. That's why you can still get some money back from selling your Stream now. But you would be getting yourself into a less desirable car that does not command as much demand.

 

my 2-cents,........there is uncertainty on COE prices over the next perhaps 1 to max 1.5 years at the very most, can't tell which direction it will go but following that...COE prices will remain consistently on the high side if not even higher, assuming no floods of COEs.

 

the reason I say this takes into consideration 2 main factors, namely the new loan policies which kicked in some time back and the itch to have a new car, especially so with current 3 to 5 years guarantees.

 

car owners will be changing for new cars sooner to ensure that they do not lose more the value of their cars needed for the deposit on their next ride so long as the instalments are manageable. Cars that are driven too long will bring in less cash which in turn could result in not having enough for the deposit on the next car. Right timing could even result in an upgrade, perhaps larger or more powerful new car.

 

Said it before back last year on one of the threads, when you are into the new loans conditions and assuming all remains per status quo, you may expect that new cars will be affordable to you more often than you think and over the many years ahead....one needs only to manage the instalments, ,,,,,, but then again, only if that direction pleases you.

 

super rich who could not care hoots on prices of COEs or duties, etc. are paying for their new rides in cash and changing very often...perhaps 1.5 to 2 years.

 

reasonable rich ones are paying higher deposits than required and for some reason, shorter loans of 1 to 3 years, ..they are likely to change their rides every 3 to 5 years at the latest.

 

the mid rich considers COE prices and they are placing deposits and having loan terms as required, ... and perhaps changing cars every 4 to 5 years.

 

mid income earners knowing they are somewhat crippled without a car will release their savings to meet the deposit requirements while managing the instalments is often not a problem....perhaps a used car, ...but I think also mostly new.

 

the lower mid, die die must have a car but savings possibly a suspect ,...so to say (say only hor) beg, borrow or steal to manage the deposit since only the instalment can be managed...perhaps new or used car....but a new car is mostly preferred.

 

the simply unaffordable ones manages well when the family pool their funds for a family car, a new or used car is possible.

 

add all these to the new and young up-coming high income earners and the continuous CPF receivers at age 55 and those lucky weekly Toto, 4D strikers or inheritance, etc......I do not think for a moment COE prices will ever come down...and lucky to those if it does with some significance over the next uncertain 1 or 1.5 years.

 

I for one, and so will most spoken to along this line for new cars have agreed that they will have to look into replacing their rides every 2 to 5 years to ensure next car deposit affordability....and believe or not, the magic numbers mostly spoken of is 3.....suspecting warranty a big consideration.

 

the existing car loan policies will come to it's 2nd year anniversary in some months,.. already possible for those pioneers under the new policies to consider changing their rides.

 

my thoughts are for those who are on current rides with say, 5 and lower years left....it could mean having to face quite an aggressive COE market as they hold on to their cars even longer. ...don't want to go into this or otherwise arrowed as an AD.

 

I could be incorrect on my assumptions of course, but hey...what the heck....this is a forum afterall, and a damn good one too !! ....and like I said, just my 2-cents worth.

 

Of course this all could mean nothing if policies should change along the way.

[macrosszero]

 

my 2-cents,........there is uncertainty on COE prices over the next perhaps 1 to max 1.5 years at the very most, can't tell which direction it will go but following that...COE prices will remain consistently on the high side if not even higher, assuming no floods of COEs.

 

..........<snip>........

 

car owners will be changing for new cars sooner to ensure that they do not lose more the value of their cars needed for the deposit on their next ride so long as the instalments are manageable. Cars that are driven too long will bring in less cash which in turn could result in not having enough for the deposit on the next car. Right timing could even result in an upgrade, perhaps larger or more powerful new car.

 

..........<snip>........

 

my thoughts are for those who are on current rides with say, 5 and lower years left....it could mean having to face quite an aggressive COE market as they hold on to their cars even longer. ...don't want to go into this or otherwise arrowed as an AD.

 

..........<snip>........

 

Holy Wall of Text, Batman!

 

Sure, COE prices will stay consistently high, but the more time the TS has to accumulate his money and make the money grow, the less he would have to take a loan for. It would DEFINITELY cost him less when he has to take a smaller loan.

 

All cars depreciate, period. The adage that new cars depreciate hardest does not change, unless there is a sustained COE downtrend (of which there is none right now, despite all the "tweaks"). For my 2007 car for which I have been tracking its market price, THE BEST DEPRECIATION CURVE IS WHEN I DRIVE IT TO THE END OF ITS LIFE. Otherwise, car dealers, ADs, banks that deal with used cars eat what? Grass ah? Of course earn from people changing cars and chasing market and fashion trends lah. Are you going to tell us next that it makes more sense to spend 120k on a new car because a 5 year old car is starting to have wear and tear troubles needing 2k to repair.

 

Anytime the COE is not $1, there are more buyers than there are COE available. Open bidding makes is always aggressive. So long as the economy is booming, people are getting bonuses, pay raise, it will be aggressive - there are always people on the margins waiting to get in at their price point.

 

My car has less than 3 years left and I am not worried about "changing before it is worthless" which is something my colleagues and car dealers have tried to "poison" me with - the former for face reasons (my car is the oldest in the office parking lot, got a promotion, got a bonus, nailed a big project), the latter because "COE is going to rise, government is cutting quota, loan rules changing".

[Mz3SP0907]

Same here... find all reasons not to change ... even butt itch...

 

all said... money in the your pocket... IS YOUR MONEY... DUDE!

 

My car has less than 3 years left and I am not worried about "changing before it is worthless" which is something my colleagues and car dealers have tried to "poison" me with - the former for face reasons (my car is the oldest in the office parking lot, got a promotion, got a bonus, nailed a big project), the latter because "COE is going to rise, government is cutting quota, loan rules changing".

 

[Coolpica]

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 this

 

Thks

Was in the same situation as u few months back. Very tempted to use the money for a new car but eventually heeded wife's advice and use a portion of the inherited sum to settle the outstanding amount on my current car loan. The feeling of debt free is great! Edited December 12, 2014 by Coolpica

[Sunny]

Was in the same situation as u few months back. Very tempted to use the money for a new car but eventually heeded wife's advice and use a portion of the inherited sum to settle the outstanding amount on my current car loan. The feeling of debt free is great!

 

u also inherited from Singapore pools ar?

[Mr_b20]

want to buy then just buy

singapore needs more people like you