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Can you afford a car?

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Old 26-08-2007, 10:08 AM   #16
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Thanks guys, you reminded me of the fourth type of answer...

I have edited my initial post accordingly.
bwahahhahahaha!! i belong to the new group!
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Old 26-08-2007, 10:36 AM   #17
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What about taxes and other costs of living there?
Cost of living there is not that much higher compared to SG. Thats because most pple liveo n the outskirts of the city...

Btw, their salary is also much higher....
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Old 26-08-2007, 10:57 AM   #18
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Do you mean Oz?

since when salary is much higher in states? depends on what job u do..
depending on where U are. in Cities where there are tons of ppl.. salary can be low.

even jobs that require Jap skills, qualified candidates are few, already don't pay so well.
http://www.top-ny.com/joblisting.asp?catid=68&locid=
http://www.mrjapanese.com/jobcenter....osition_id=470

outside the city not neccessary cheap. Ang Mo don't like to stay in crowded places.

Last edited by patryn33; 26-08-2007 at 11:03 AM..
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Old 26-08-2007, 03:01 PM   #19
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a BMW M3 cost just measly US60k. If you go US work and your pay is the same as singapore (except currency different), you probably can own one within just a few years. Over here, the car easily cost over 300k. Go figure.
Some countries hor... really knnb one.
Different countries, different context. There's no end to comparison. It ain't a fair comparison anyway.
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Old 27-08-2007, 01:50 PM   #20
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(car loan, insurance, road tax, petrol, parking, ERP, maintenance, upgrade budget)

you can include FINES if any as well, go past ERP without cashcard fine $200



keke.. went pass twice without cashcard so far.
Both time its just a fine of $10.
$10 and 200 is a big diff lor.
Dun anyhow scare pple if u dont really know.
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Old 27-08-2007, 02:18 PM   #21
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Once in a while, a forumer will appear with details about his salary and expenditure and seek the advice of fellow HWZers about whether he can afford a car.

The answers will predictably fall into four categories.

(1) "Wah, you earn so much, can afford any car you like" (for any salary above $2.5k)

This type of answer is usually posted by non-working forumers like students or those serving NS, who think that anything about $1k is a lot of money.

(2) "I like honda civic type r because chio. u shld buy"

This type of answer is useless for budgeting purposes, but simply for +1 purposes. Again, this type of posting is usually by students or those serving NS.

(3) "I earn $5k/6k/7k per month but still take bus and eat rice + tau you"

This type of posting is usually by a forumer who earns a fair amount, but thinks he earns a lot and wants to show off how financially savvy he is.

(4) "Singapore cars so expensive if I go live in USA/Australia/Europe/Africa/North Pole the cars are so much cheaper, women more beautiful, jobs plentiful and food is tastier"

These are postings by 'politically aware' (i.e. PAP bashing) Singaporeans who seem to think that their job skills will allow them to migrate easily to other countries to work, when they don't realise that their skills can be done by a Chinese/Indian at twice the speed and half the price.


However, today, I will answer this question for you once and for all.

Step 1 Take your average monthly salary over the last 6 months and minus your average monthly expenses over the last 6 months. Note: If you don't know how much you earned or saved over the last 6 months, car ownership is likely to leave you in financial ruin.

Step 2 Add car allowance (if any).

Step 3 Minus public transport costs.

Step 4 Do you have enough money left to maintain the car you are thinking of (car loan, insurance, road tax, petrol, parking, ERP, maintenance, upgrade budget)? Note: If you never owned a car before and you do your calculations and you think 'oh my god, this cannot be right as it is so expensive'. Congratulations, add 10% to your figure and you now have the cost of car ownership in Singapore.

If YES, you can afford a car FOR THE TIME BEING (assuming you are happy to reduce your savings by the same amount). Note: If circumstances change (change job, lose job, lose car allowance, get married, got baby, loved one falls ill and needs medical expenses), then depending on whether you can sell the car without having to come out with money, you may be financially screwed.

If NO, you cannot afford a car. Sorry. Work harder or spend less, then maybe in the future can.
I just bought a Civic! lol...really ex...min have to spend 1.3k/mth, and that's excluding ERP,fines,servicing,parking outside home.
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Old 27-08-2007, 03:05 PM   #22
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I just bought a Civic! lol...really ex...min have to spend 1.3k/mth, and that's excluding ERP,fines,servicing,parking outside home.
you earn a lot issit?
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Old 27-08-2007, 03:07 PM   #23
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you earn a lot issit?
Definitely not. Middle income at most. If you wanna own a car I doubt you can go lower than 1k/mth.
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Old 27-08-2007, 03:58 PM   #24
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gas is cheap at US$2.6 per Gal.
insurance for full coverage perhaps around US$70-150 a mth.
pay in full to get a car great. if you need to take loan.. APR is like 7-9%! like 2x of SG rate.

income tax is higher.. at 20-35%. still need tp pay health+dental insurance and what not.
earn US$60K Fed tax 20%, pay health insurance at $100; and social security and tax tax maybe another 5-10% gone.
no CPF, have 401K, put in 6%, company maybe match 6% max.

in Japan it is cheap to get Japn cars. To get import cars tax is so high.. to own a Ford explorer in Japan, you can own 2 in USA!

Go China loh.. get foreign made cars. country still new, sure can find a tons of ways to siam income tax!
Cars in Japan are cheap but try paying for a carpark lot...

It may cost as much as the car itself
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Old 27-08-2007, 11:17 PM   #25
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Definitely not. Middle income at most. If you wanna own a car I doubt you can go lower than 1k/mth.
Depends on amount borrowed and length of repayment mah. I also just bought Civic but my monthly loan repayment is around $800+ a month.
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Old 28-08-2007, 09:47 PM   #26
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one thing to point out, for people wanting to buy "sports car" or higher cc cars. e.g. Type R, MX5, wrx, evo, rx8, golf gt, please please take note of the insurance and road tax you need to pay every year.

e.g. Age 23, driving a Subaru WRX very stylo right ? If it's "daddy's car" insurance maybe still allright, but if it's going to be under your name without any NCD, prepare to draw blood.

FYI, age 21 ~ 27 sports car insurance is around 3 ~ 4k per year. 2.5cc, road tax is ~2k.

You may be able to afford the monthly car fee of $800 ~ $1k, but insurance and road tax CAN hit you very hard.

Last edited by legacy_gt; 29-08-2007 at 11:06 AM..
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Old 29-08-2007, 08:57 AM   #27
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wah become sticky already. nice thread
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Old 11-09-2007, 05:32 PM   #28
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Cars are too costly. Unless for work, I wouldn't buy one.

As for migration, the issue isn't really about cars or is it?

Edit: Selling soon. Any takers?
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Old 12-09-2007, 07:27 AM   #29
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Good places to emigrate to:

Aussie
US
MALAYSIA.
Add Dubai to that anytime man.
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Old 14-09-2007, 07:47 PM   #30
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one thing to point out, for people wanting to buy "sports car" or higher cc cars. e.g. Type R, MX5, wrx, evo, rx8, golf gt, please please take note of the insurance and road tax you need to pay every year.

e.g. Age 23, driving a Subaru WRX very stylo right ? If it's "daddy's car" insurance maybe still allright, but if it's going to be under your name without any NCD, prepare to draw blood.

FYI, age 21 ~ 27 sports car insurance is around 3 ~ 4k per year. 2.5cc, road tax is ~2k.

You may be able to afford the monthly car fee of $800 ~ $1k, but insurance and road tax CAN hit you very hard.
for a car that is 0.0025 litre, the road tax is indeed very high.. haha
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