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Old 26-12-2007, 01:20 AM   #61
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Cars are expensive in sg but I believe they are still not expensive enough. There are still room to make car ownership and use more costly. What's the point of everyone owning one but can barely move on the road?
yes.. go back to 100k for a corolla and max 7yrs loan and there won't really be much need for ERP...
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Old 26-12-2007, 01:22 AM   #62
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yes.. go back to 100k for a corolla and max 7yrs loan and there won't really be much need for ERP...
that's when COE is about 50K right?
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Old 26-12-2007, 09:09 AM   #63
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that's when COE is about 50K right?
think so... i only know that time a civic SiR was 110k... pengz...

serious. if a picanto is 80k and a corolla is 100k, i think pple will be more "down-to-earth". lesser dare-devils, hopefully fewer accidents, and smoother roads.
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Last edited by weng; 26-12-2007 at 09:11 AM..
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Old 26-12-2007, 10:58 AM   #64
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Highest COE ever for car was $110,500 in Nov 1994.

Looking back, I think I was nutz to have bought a Corona for $140k in May 1995.
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Old 26-12-2007, 04:45 PM   #65
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High coe and car price is not the solution. In the past it was thought this price mechanism will work but it turn out worse. Because of the high price and cheap usage everyone try to make full use of the cars (Eng Kou Pung). The result is more traffic jam. So from now usage cost will be the main focus of solving traffic jam.
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Old 26-12-2007, 05:00 PM   #66
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Highest COE ever for car was $110,500 in Nov 1994.

Looking back, I think I was nutz to have bought a Corona for $140k in May 1995.
i'm sure you didnt keep your corona all the way to 10th year right?
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Old 26-12-2007, 07:05 PM   #67
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how to actually define can or cannot afford? seems like alot of ppl work e calculations and not advisable to own unless earn 5k abv? but i also hav frens wif 2.5k salary buying civics. how is tat possible ah?
The day when you realized that even without a car, you don't get to save much either now that would be the stage in which you are ready to own a car.

This means that the expenses of the car inclusive of installments + petrol + ERP etc etc does not exceed > 10% of your gross pay. Now I would define that as affordable; TRULY AFFORDABLE.

Your friends with 2.5k buying civics are sitting on time bombs. Have you talked them out before they buy? If yes, you had fulfilled your duty as a friend. If no, next year's economy slowdown may teach them a lesson the hard way...
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Old 26-12-2007, 08:52 PM   #68
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i'm sure you didnt keep your corona all the way to 10th year right?
Scrapped before its 7th birthday.
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Old 27-12-2007, 01:56 AM   #69
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The day when you realized that even without a car, you don't get to save much either now that would be the stage in which you are ready to own a car.

This means that the expenses of the car inclusive of installments + petrol + ERP etc etc does not exceed > 10% of your gross pay. Now I would define that as affordable; TRULY AFFORDABLE.

Your friends with 2.5k buying civics are sitting on time bombs. Have you talked them out before they buy? If yes, you had fulfilled your duty as a friend. If no, next year's economy slowdown may teach them a lesson the hard way...
huh?w/o car dun save much = ready to own?dun get tis theory...haha they bought it b4 i knew so there's no chance of talkin them outta it. even if i did, doubt they'll listen since i tink others would hav said e same thing to them too.
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Old 27-12-2007, 09:49 AM   #70
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huh?w/o car dun save much = ready to own?dun get tis theory...haha they bought it b4 i knew so there's no chance of talkin them outta it. even if i did, doubt they'll listen since i tink others would hav said e same thing to them too.
no no, you got it wrong. he's not responding to your friend with $2.5K salary. the statement is in general, for someone who has car and all car related expenditure is <10% of total income (or no significant savings w/o owning a car) is considered well affordable to own a car.
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Old 27-12-2007, 10:50 AM   #71
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no no, you got it wrong. he's not responding to your friend with $2.5K salary. the statement is in general, for someone who has car and all car related expenditure is <10% of total income (or no significant savings w/o owning a car) is considered well affordable to own a car.
eh ok... but how many ppl actually fulfil e 10% rule?like tat doesnt it means gotta earn 10k n abv? anyway i realise tat some wif higher pay package wil tend to get a higher end car too so works out to b in e same situation.
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Old 27-12-2007, 12:40 PM   #72
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High end car or low end car still paid the same erp or car park charges. Higher consumption and road tax but overall the differant is marginal.
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Old 27-12-2007, 03:08 PM   #73
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eh ok... but how many ppl actually fulfil e 10% rule?like tat doesnt it means gotta earn 10k n abv? anyway i realise tat some wif higher pay package wil tend to get a higher end car too so works out to b in e same situation.
in the discussion of true affordability, it's truly not many can afford. these people dont need car loan at all, and car expenditure is a small small portion of the salary. thus many wise persons dont want to own a car as the monthly expenditure could have been well invested in other forms, as car is not a asset but liability.

in the discussion of general affordability, majority falls under this group. taking loans (no matter long or short), calculating car expenditure carefully.

what we are more worried are the financially foolish people (a minority hopefully) thinking that they can afford a car but digging their own graves eventually.
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Old 27-12-2007, 03:58 PM   #74
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Highest COE ever for car was $110,500 in Nov 1994.

Looking back, I think I was nutz to have bought a Corona for $140k in May 1995.
lol... My '95 car cost me 15K... but then again.. I'm AU where cars are dirt cheap..

I think that the public transport in SG is one of the best in the world... so try not to get a car unless its a necessity esp when the cost of owning one is so ridiculously high... Of course owning a car does have its advantages, but than again it depends on how much you NEED it... and not WANT it..
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Old 27-12-2007, 05:42 PM   #75
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lol... My '95 car cost me 15K... but then again.. I'm AU where cars are dirt cheap..

I think that the public transport in SG is one of the best in the world... so try not to get a car unless its a necessity esp when the cost of owning one is so ridiculously high... Of course owning a car does have its advantages, but than again it depends on how much you NEED it... and not WANT it..
I wonder what public transport systems you have used to come to the conclusion that singapore's system is one of the best in the world.

I find these 10% 'rule' or 25% 'rule' highly annoying. The only advantage it has is that its clear. Why not 5%? or 8% or 15%? The only people it will appeal to are those who are too dumb to realise that personal finances are made up of many factors and different people have different needs.
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