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Thread: cost of owning a car

  1. #21

    Default Re: cost of owning a car

    Generally speaking, one need to be able to take home 3k CASH before deciding buying a car with some decent saving per mth... tat would be a safe margin to work with....

    Another words... your gross should be around 3.8k per mth...

  2. #22
    Senior Member Canew's Avatar
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    Default Re: cost of owning a car

    Quote Originally Posted by hmjt View Post
    Any good car sharing scheme around?
    Quote Originally Posted by leonsoh19 View Post
    Yea... tell us where to find such car sharing scheme...
    I am a member of CitySpeed car sharing scheme. I am lucky, there is a car station just opposite my house.

    Then there is also the NTUC Income Car Co-Op, WhizzCar and the Honda Diracc.
    Last edited by Canew; 21st April 2007 at 12:02 PM.

  3. #23
    Senior Member Canew's Avatar
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    Default Re: cost of owning a car

    Quote Originally Posted by leonsoh19 View Post
    Generally speaking, one need to be able to take home 3k CASH before deciding buying a car with some decent saving per mth... tat would be a safe margin to work with....

    Another words... your gross should be around 3.8k per mth...
    If one is a family man, $3.8k gross also not enough.

  4. #24

    Default Re: cost of owning a car

    Quote Originally Posted by Canew View Post
    If one is a family man, $3.8k gross also not enough.
    ya man... Singapore living standard is very high... i rem when i was in Australia studying, the car and house there cost so much cheaper than in singapore...

    After a while, i realised its all becuase of the limitation of land space singapore has...

    Being limited land space, house become more expensive. Car?? haha... in singapore, u dun need car to be able to travel around... govement has set up such good transport system in this island to encourage its people to take public transport rather than everyone start owning a car and jamming up the already small singapore... in another words, in singapore, if u wan to own a car, its deemed as LUXUARY more than necessity!!! so u pay more.... much more...

    On the other hand, places like Australia, with vast land space... owning a car there is not a luxuary, it has become a necessity to move around... they dun have train moving from Brisband to Melbourne, do they?? so car are not priced as high as compared to singapore...

  5. #25
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    Default Re: cost of owning a car

    what leonsoh19 said is quite true. due to Singapore's (lack of) landspace things like housing and cars are more expensive - tho to offset that, singapore's public transport system is a step above melbourne's.

    owning a car is fast becoming a luxury tho. with the rising petrol prices and labour charges for servicing it becomes quite an expensive hobby.

    i just bought an r32 skyline gts-t for A$11500 and having to spend a few more thousand getting it up to perfect condition again is taking its short term toll on my finances for the moment - but i guess that if Singaporeans could 'only' spend that much on their car in Singapore, you'd be laughing all the way to the bank.
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  6. #26

    Default Re: cost of owning a car

    Quote Originally Posted by leonsoh19 View Post
    Generally speaking, one need to be able to take home 3k CASH before deciding buying a car with some decent saving per mth... tat would be a safe margin to work with....

    Another words... your gross should be around 3.8k per mth...
    I find that taking home over 3K cash is still not enough for a car...

  7. #27
    Senior Member Hommie's Avatar
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    Default Re: cost of owning a car

    I have to disagree. Nobody said that you have to buy a car over $50,000 for everything to be over 1k per month. You can always get a sub-$40,000(including COE) small car for a basic point A to point B travelling if you don't mind. Cars like Picanto, QQ or Sparks or Kelissa is great value for money, simple and bare essential for travelling cheaply.

    Let me calculate for you:

    Non variable

    Installment per month: $450<
    Road Tax: $50 per month (Small cc, low road tax)

    Variable

    Insurance: $90 per month (Cheaper per year if no accident)
    Petrol: $50-$70 per month (Small car is more efficient)
    Season Parking: $80
    Other Charges & Parking: $50

    Total about: $770 a month

  8. #28

    Default Re: cost of owning a car

    Quote Originally Posted by Hommie View Post
    I have to disagree. Nobody said that you have to buy a car over $50,000 for everything to be over 1k per month. You can always get a sub-$40,000(including COE) small car for a basic point A to point B travelling if you don't mind. Cars like Picanto, QQ or Sparks or Kelissa is great value for money, simple and bare essential for travelling cheaply.

    Let me calculate for you:

    Non variable

    Installment per month: $450<
    Road Tax: $50 per month (Small cc, low road tax)

    Variable

    Insurance: $90 per month (Cheaper per year if no accident)
    Petrol: $50-$70 per month (Small car is more efficient)
    Season Parking: $80
    Other Charges & Parking: $50

    Total about: $770 a month
    Buying a $40K car, I think most people can easily pay by cash as most should have a saving of at least $50K by a few years of work after graduation... So, it will be lesser than $770 per month/

  9. #29

    Default Re: cost of owning a car

    Quote Originally Posted by Harry Potter View Post
    Buying a $40K car, I think most people can easily pay by cash as most should have a saving of at least $50K by a few years of work after graduation... So, it will be lesser than $770 per month/
    50K!! after a few years after garduation?? wow... either e person have no other fixed expenses or e person is very lucky to get a high starting pay...

  10. #30

    Default Re: cost of owning a car

    Let's wait till the MRT circle line complete and see if the prices of car goes up... my guess is that it most probably will... hiaz...

  11. #31

    Default Re: cost of owning a car

    Quote Originally Posted by leonsoh19 View Post
    50K!! after a few years after garduation?? wow... either e person have no other fixed expenses or e person is very lucky to get a high starting pay...
    Why not? If he can sav $10K per year, in 5 years time, it will be $50K. With 13th month and performance bonus, each month, the guy only needs to save around $700 to reach $50K in 5 years.

    Is $700 a month a lot???

    I have a fren who graduated from a poly and he saved $30K for his further studies in a few years time by saving consistently each month, no movies, no overseas vacation, no girlfriend.

  12. #32

    Default Re: cost of owning a car

    Quote Originally Posted by Harry Potter View Post
    I have a fren who graduated from a poly and he saved $30K for his further studies in a few years time by saving consistently each month, no movies, no overseas vacation, no girlfriend.
    , ya with the kind of life he is living... i believe.. very discipline... but not many will have his kind of life style... so most of us cant...

  13. #33
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    Default Re: cost of owning a car

    Quote Originally Posted by waterlucky View Post
    car = save time!
    how abt motorbike then?
    car=time=health and money

    i guess some of u are luckier that you're well connected by public transport to wherever you need to go. For me its virtually at least an hour to most destinations cos my area is served by few buses that are terribly infrequent.

    currently saving up for a car: will save me 1.5-2 hours a day sitting (usually standing) on the bus. of course i will have to sacrifice other luxuries to pay for it, but an extra 2 hours a day? when you are tired, sleep-deprived and don't have enough time to hip siong; priceless

  14. #34
    Senior Member Canew's Avatar
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    Default Re: cost of owning a car

    Quote Originally Posted by leonsoh19 View Post
    Let's wait till the MRT circle line complete and see if the prices of car goes up... my guess is that it most probably will... hiaz...
    Care to elaborate, Bro?

  15. #35

    Default Re: cost of owning a car

    Quote Originally Posted by Harry Potter View Post
    Why not? If he can sav $10K per year, in 5 years time, it will be $50K. With 13th month and performance bonus, each month, the guy only needs to save around $700 to reach $50K in 5 years.

    Is $700 a month a lot???

    I have a fren who graduated from a poly and he saved $30K for his further studies in a few years time by saving consistently each month, no movies, no overseas vacation, no girlfriend.
    Sounds like a monk...
    No wonder SG birth rate declining.

    Doesn't he need to give parents allowances, pay for utilities??? or is he still taking pocket money from his daddy / mommy..
    Also when u meant a few years... how many is that exactly?
    Last edited by Hoky; 22nd April 2007 at 09:27 AM.

  16. #36

    Default Re: cost of owning a car

    Quote Originally Posted by Hoky View Post
    Sounds like a monk...
    No wonder SG birth rate declining.

    Doesn't he need to give parents allowances, pay for utilities??? or is he still taking pocket money from his daddy / mommy..
    Also when u meant a few years... how many is that exactly?

    I have seen a ex-classmate personally saving to that amount. He save/invest for 4 yrs(after grad from poly) to go for a degree in oversea(that coast $50-60k) . Now after working for 7-8 yrs, he has a few yrs more before he hit to half a million. Btw, his salary is just like you and me.

    Yes - he lived thrifty and smart in investment So it is possible to accumulate the amount in future, depending on our priorities and financial strategy.

    My family car loan has been paid in full. However, I calculate that per monthly I will still spend $500-$700. So it is still a cost incurr.

  17. #37
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    Default Re: cost of owning a car

    Quote Originally Posted by Harry Potter View Post
    Why not? If he can sav $10K per year, in 5 years time, it will be $50K. With 13th month and performance bonus, each month, the guy only needs to save around $700 to reach $50K in 5 years.

    Is $700 a month a lot???

    I have a fren who graduated from a poly and he saved $30K for his further studies in a few years time by saving consistently each month, no movies, no overseas vacation, no girlfriend.

    I think such cases are exception rather than the rule. And also, other than the civil service, I don't think many private companies pay performance bonus. Some don't even get their bonus, let alone performance bonus.
    Last edited by redstorm; 22nd April 2007 at 10:38 AM.

  18. #38

    Default Re: cost of owning a car

    Quote Originally Posted by Canew View Post
    Care to elaborate, Bro?
    Well, like i said earlier, LTA encourage singaporean to use public transport rather than each buying a car...

    So when circlr line complete... it will take MRT transportation up a level of conveniency... so LTA probably expect more singaporean to take public transport... when circle line complete, it make car owning becoming more of a luxuary than neccessity (which is already the case now, circle line will only reinenforce tat fact.)

    But of course, LTA could not stop people who still want to buy car... so they will deter from them as much as possible from buying by raising some of the costs in maintaining a car... like the COE, ERP, road tax etc. thus eventually pusing up the total cost of maintaining a car...

  19. #39
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    Default Re: cost of owning a car

    Quote Originally Posted by redstorm View Post
    I think such cases are exception rather than the rule. And also, other than the civil service, I don't think many private companies pay performance bonus. Some don't even get their bonus, let alone performance bonus.
    That would depend on which sector you're working in and if your individual performance has a direct impact on the company's profit margin

    I've an aquaintance who worked barely 5 years, his pay was 4~5k/mth. But ok, that's fine, not very surprising yet. What boggles your mind is his final performance bonus before he left the company. It was a whooping 250k.

    A general guideline is that no more than 50% of your take-home pay should be servicing loans (be it car loan, house loan, renovation loan, or whatever loan).

  20. #40
    Senior Member Canew's Avatar
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    Default Re: cost of owning a car

    Quote Originally Posted by leonsoh19 View Post
    Well, like i said earlier, LTA encourage singaporean to use public transport rather than each buying a car...

    So when circlr line complete... it will take MRT transportation up a level of conveniency... so LTA probably expect more singaporean to take public transport... when circle line complete, it make car owning becoming more of a luxuary than neccessity (which is already the case now, circle line will only reinenforce tat fact.)

    But of course, LTA could not stop people who still want to buy car... so they will deter from them as much as possible from buying by raising some of the costs in maintaining a car... like the COE, ERP, road tax etc. thus eventually pusing up the total cost of maintaining a car...
    Thanks, leonsoh19.

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