Is it worth it to get a car now?

Do you want to buy a car now since COE is so low?


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David

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#1
Wonder what's everyone's opinion of this, now that COE is so low?
 

The_Cheat

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#2
Buying car is not that expensive in recent years, especially with the rather affordable loans nowadays and no fixed down-payment. COE drop is definitely a plus, but it is no justification.

Look at your lifestyle instead to make the decision.

For me, I will not be bothered with buying a car, since most probably it'll only make two travels a day: home-to-work and work-to-home.
 

diver-hloc

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#3
Buying a Car is NEVER worthwhile in S'pore......

The car could be cheaper now.... but ERP could only rise higher and cost of Road Tax, Parking, Fuel.... etc, would be un-ending. Unless you really need a Car (working place/ Home/ School is to far from any Public Transportation.... highly unlikely), a Car will just drain your Bank account.

I got friends who own cars just for show..... Its the S'pore Dream..... but behind the dream, they paid more than 40% of their monthly pay into the car loan (fuel, maintance, parking, ERP not included).... somethings even have to borrow smokes because no money to buy. :sweat:
 

David

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#4
Practically speaking, I would think yes, it's wise to check on one's lifestyle to decide if owning a car is viable.

Nevertheless, these days, a lot of singaporeans own cars. And many seem to be the drive from home to work, and work to home. For weekdays at least.

I'm amazed and did an informal observation on the roads. Don't really see many small cars compared to the Jap saloons at least which cost $50k above. And not to mention, the BMWs, Audis, Mercs, etc are pretty common too.

COE seems to be a factor to push people to buy cars. Was talking to friends and went down to car showroom. In the weekend, one showroom sold 400 cars!

Maybe we are a rich nation?!
 

egnaro

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Dec 19, 2007
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#5
thinking abt it... I will buy if I really need one so badly. at this moment I think it is still to ex for me to have 1
 

DeSwitch

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#6
Just doing a simple calculation.

Cost of car = S$46000 = $4600/yr
Roadtax = $700/yr
Insurance = $1000/yr
parking = $90 x 12 =$1080/yr (excluding off site parking)
Servicing = $1000/yr
Petrol = $2400/yr

Overall cost = $10780 per year (plus easilly another $3K to $4K on parking and ERP charges per year)


Conservatively your yearly cost will be about $14K = $1166 per month

With that $ I can take cab everyday and still have savings.

Note: the above calculation are my estimate as I had not been driving for the last 4 years. (used the savings to finance my hobby)
 

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#7
I will be able to save this amount of money when my kid is above 9 or 10 years old when he can take public transport by himself to school, my office and I can take public transport to work directly). Else, having a car to send him to school and then to work is more practicle (for me at this moment). Maybe I am not lucky to work in a company where supervisor came earlier than anyone to check who is late for work.... :dunno:
 

Hoky

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#8
It all depends on your needs, not the worth of getting it.
If you ask me, it's never WORTH to get a car. Since the valuation of the car drops daily.

I got my car (a Honda FIT) 6 months ago only because I need it for part time studies and meeting my gf which are like located at the ends of the island.
So do think about it if you need one. Cos its a hefty sum to pay monthly.
 

#9
Looking at a broad view on the subject.....has it ever been worth buying a car in little dot Singapore especially in the last 2 decades at the very least. The COE is only but one money draining stigma. There are still many other factors that STILL makes owning a car impractical pricey for most people.

The cheaper COE will just get some people to rethink their cheaper car to tempt them to get a more expensive one since they save abit on the COE fee.
 

sORe-EyEz

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#10
depends on ur line of job, like property agent or outdoor salesperson who "need" to zip about frequently, likely. for those who work in a fixed location that is well served by public transport than, no. the cash can be used elsewhere, where that is, is better den paying for a pricey 4-wheels.

when in doubt, hold back (buying). :)
 

pisduck

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#11
Conservatively your yearly cost will be about $14K = $1166 per month

With that $ I can take cab everyday and still have savings.
$1166/30 = around $40/perday

nowadays taxi fare quite high right? So I think it is around the same lah. The convenience of driving is better than taxi especially when it rains.
 

#12
$1166/30 = around $40/perday

nowadays taxi fare quite high right? So I think it is around the same lah. The convenience of driving is better than taxi especially when it rains.
Ya well ifyou have not enough money that month to take a taxi you can still grab a bus. You short the bank your instalment your car get repo. And it does not rain everyday.

But then again when you want something bad enough..even against your most logical common sense thinking....if you want to have a car you will always be able to find a way to justify to buy it. Till that thrill and euphoria are gone about 1 yrs into owning it..then you think of the petrol each month you pay, insurance, maintenance and repair, parking fees, everyone from girlfriend to family asking to use your car to drive them here & there and you as your lowest point when you find you have other bills to pay or you again got news no increment for another year....and you think ..wah....have another X number of yrs left to pay off for it.

Car is fun...just make sure that apart fro the practicality of owning one...think of the budget you have to invest into it...and you hardly will get back exactly what you put in. Buying a car is almost like renting a car cos by the time you find paying it off ( unless you pay cash for it without instalment) it might not be worth 1/10 it's value.

See how when I don't want a car ..how many things I can think up to justify that too heheh...
 

The_Cheat

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#13
$1166/30 = around $40/perday

nowadays taxi fare quite high right? So I think it is around the same lah. The convenience of driving is better than taxi especially when it rains.
$40/days is just about there for me to travel from work <---> home for cab.

But then again, I don't go to office 30 days a month. More like 20 (to 22) days a month.

$1166/20 = $58.30 per day is more than enough even if you travel from Pasir Ris to Tuas every working day.
 

idor

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#14
in US, its best time to buy a car... if you have a job...:bsmilie::bsmilie:
Economy is so bad that many dealers are stuck with their cars. You can pick and choose and best of all, you can get great deals which is close to their cost price. Not only that many places now have 0% apr when buying car... When times are good, we have to pay MSRP and its the seller's market cos popular car models move fast... now everything is stagnant to the point that they will do almost anything to get the sales and hopefully make up for the losses in the extended warranty or maintenance package.:cool::cool:
 

ortega

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#15
$40/days is just about there for me to travel from work <---> home for cab.

But then again, I don't go to office 30 days a month. More like 20 (to 22) days a month.

$1166/20 = $58.30 per day is more than enough even if you travel from Pasir Ris to Tuas every working day.
you must take into account your usage on the weekends as well, unless you don't go out at all

but owning a car in singapore is costly
but so is smoking, and i do both

just buy less lenses/cameras/restaurant meals
it is up to your choice of lifestyle
 

Wibblo

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Oct 12, 2006
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#17
Has a Weekend Car

Monthly Instalment: $250
Season Parking: $75/mth
Road Tax: $50/yr
Insurance: $1100/yr (because wife 1st year driver)
Petrol: $150/mth
Parking Coupon: $10/2mths

Monthly expenditure is hence: $575.82

and have to lun/tahan for next 4.5yrs....before can change car....sianz
 

DeSwitch

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#18
My calculations does not includes repairs, accidents, summons and not to mention some collegues/friends who need you to send them home.


I now use a bike for work and weekend shoot. Bike can stil go to JB to pump cheaper petrol without the 2/3 rule.:lovegrin:
 

scanner

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#19
in US, its best time to buy a car... if you have a job...:bsmilie::bsmilie:
Economy is so bad that many dealers are stuck with their cars. You can pick and choose and best of all, you can get great deals which is close to their cost price. Not only that many places now have 0% apr when buying car... When times are good, we have to pay MSRP and its the seller's market cos popular car models move fast... now everything is stagnant to the point that they will do almost anything to get the sales and hopefully make up for the losses in the extended warranty or maintenance package.:cool::cool:
Yo idor, thinking of buying a new car now? :bsmilie:
Looks like you going to stay put permanently in States now.
 

David

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#20
wow, many here are practical and against the high price of owning a car.

where are the car owners? :p

juz a quick question: For those who never drive, do you find it's wasted effort or $ learning how to drive here? Especially for those who took several times before passing.

I know a handful of people who, after years of no driving, no longer have the confidence to do so.
 

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