Can you afford a car?

boringLife-

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Anyone can give me advice if it would make more sense to get a OPC car or a Coe car with around 4 years left?

Current income is 5k gross, single & only fixed expense is $400 parent allowance. I’m changing job environment to cbd area in a month time. New job so havent pass probation yet. I already own a fully paid 2b bike with coe 2024 liao but I figured it will be more convenient to own a car as I need to wear formal in my new job and if raining drive also more convenient. Weekend go out with friends also can tompang them.

If buy OPC my plan will be to reach cbd at 6.30am then go gym before work.

I am not going to sell my bike though as it is still a joy to ride and I might be changing to a 2a bike soon and hopefully can realize the ducati dream in the future.
 
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fabiaN__

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Anyone can give me advice if it would make more sense to get a OPC car or a Coe car with around 4 years left?

Current income is 5k gross, single & only fixed expense is $400 parent allowance. I’m changing job environment to cbd area in a month time. New job so havent pass probation yet. I already own a fully paid 2b bike with coe 2024 liao but I figured it will be more convenient to own a car as I need to wear formal in my new job and if raining drive also more convenient. Weekend go out with friends also can tompang them.

If buy OPC my plan will be to reach cbd at 6.30am then go gym before work.

I am not going to sell my bike though as it is still a joy to ride and I might be changing to a 2a bike soon and hopefully can realize the ducati dream in the future.

At current income, your nett salary minus off all fixed expenses, savings etc.. how much are you willing to pay for the instalment?

Just to share CBD parking rates -

ORQ/MBFC/Marina One/CapitaGreen all around $480/month

Asia Square - $535/month

Even Shenton House (dunno when gonna demolish) season parking costs like $350+/month.

Got to add ERP too.. if wanna enter early just to siam ERP then no point.
 

Huathuatmao

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Hi all, need some advice here:)

Together with my husb, we are both new to car ownership but are thinking of getting a car due to baby as cabbing here and there also quite expensive. I’m thinking of getting a COE Altis with 5yrs at $29k, but husband wants to get a new car instead. I‘m only intending to try “owning” a car for a period of time to see if we could really afford it and not affect our current lifestyle (we earn ard $8-9k/mth combined). Can I know if:
1) Will it be difficult to sell away a COE car after 1 yr of usage (e.g. left 4yrs)
2) Or is it more worthwhile to buy a new car then sell it away if we decided not to own if anymore after 1 year?
3) Is now a good time to buy a car?

Possible misc expenses for car: HDB sheltered season parking ($110), workplace season parking ($80/mth), ERP (est $10/mth if we go out as both our workplaces does not need to go through any ERP), shopping centre/other HDB parkings (est $50/mth)

Thanks in advance!
 
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fabiaN__

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Hi all, need some advice here:)

Together with my husb, we are both new to car ownership but are thinking of getting a car due to baby as cabbing here and there also quite expensive. I’m thinking of getting a COE Altis with 5yrs at $29k, but husband wants to get a new car instead. I‘m only intending to try “owning” a car for a period of time to see if we could really afford it and not affect our current lifestyle (we earn ard $8-9k/mth combined). Can I know if:
1) Will it be difficult to sell away a COE car after 1 yr of usage (e.g. left 4yrs)
2) Or is it more worthwhile to buy a new car then sell it away if we decided not to own if anymore after 1 year?
3) Is now a good time to buy a car?

Possible misc expenses for car: HDB sheltered season parking ($110), workplace season parking ($80/mth), ERP (est $10/mth if we go out as both our workplaces does not need to go through any ERP), shopping centre/other HDB parkings (est $50/mth)

Thanks in advance!

Selling away a new car after 1 year of usage will definitely make a loss. Break even point minimally also around 4-5 years. But once you start to drive and with a baby in tow... It is unlikely that you wanna sell it off unless you cannot take it (financially).

If get COE car, you all plan to pay off in full? If yes then it may be preferred. Also have to take into account other ongoing expenses such as, petrol, insurance to name a few.
 

Huathuatmao

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Selling away a new car after 1 year of usage will definitely make a loss. Break even point minimally also around 4-5 years. But once you start to drive and with a baby in tow... It is unlikely that you wanna sell it off unless you cannot take it (financially).

If get COE car, you all plan to pay off in full? If yes then it may be preferred. Also have to take into account other ongoing expenses such as, petrol, insurance to name a few.

Thank you for your reply! No we are not planning to pay off in full as we don’t want to throw in large amount of cash at this moment, perhaps 50% down and loan for the rest. Yes have taken into account other ongoing expenses. Do you think it’s a good time to get a car now?
 

fabiaN__

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Thank you for your reply! No we are not planning to pay off in full as we don’t want to throw in large amount of cash at this moment, perhaps 50% down and loan for the rest. Yes have taken into account other ongoing expenses. Do you think it’s a good time to get a car now?

Anytime is a good time if you have $$.. I think COE may be creeping up slowly though. TBH, may not be a bad idea to get a new car if you are ok with it. Can drive for a longer period of time...
 

drakekjw

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He asked about how parf works..that question lands in first time owner territory

I've been thinking about getting a 12+ year bm as my budget is extremely tight and 22k down-payment is all I can stretch. What would be the expected repair and maintenance cost à year ?
 

batniss

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I've been thinking about getting a 12+ year bm as my budget is extremely tight and 22k down-payment is all I can stretch. What would be the expected repair and maintenance cost à year ?

don't get. I will suggest you take public transport..
 

soulmad

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I've been thinking about getting a 12+ year bm as my budget is extremely tight and 22k down-payment is all I can stretch. What would be the expected repair and maintenance cost à year ?


Totally depend on the condition of the car when it's handed over to you. Usually need to fix crankshaft oil seal and gasket leak, replace cv joint and shocks. Worst case may need to overhaul engine and GB. Easily sink in another 10k.

Beemer normal servicing not v ex. Many workshops can handle it with reasonable price.
 

Infuriate

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Thank you for your reply! No we are not planning to pay off in full as we don’t want to throw in large amount of cash at this moment, perhaps 50% down and loan for the rest. Yes have taken into account other ongoing expenses. Do you think it’s a good time to get a car now?

Wouldn't it be better to spend the car money on your baby instead?
 

GGGGGG

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Need some advices - just started a family with a baby and looking out for a car. Daily would probably be sending wife to work and traveling to office and home. (22km a day) Should I consider a COE car first and test out for 3-4 years first before putting money in all for a brand new car?? But again - any tips on looking out for a still-can-use COE renewed car.

Or should consider a car that left about 3-4 years of COE?
 

MisterAtoZ

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Need some advices - just started a family with a baby and looking out for a car. Daily would probably be sending wife to work and traveling to office and home. (22km a day) Should I consider a COE car first and test out for 3-4 years first before putting money in all for a brand new car?? But again - any tips on looking out for a still-can-use COE renewed car.

Or should consider a car that left about 3-4 years of COE?

Depends on whether you need the car urgently since you already have a baby, new cars can take months (Stock availability, COE bidding). If you're worried about maintenance/repairs, get from Certified Pre-owned programs or at least send the car to a trusted mechanic. Also, if you foresee yourself driving for 10 years a new car maybe a better option.
 

believe88

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is it true cars from 2015-2019 are higher COE cos atrributed to the grab vs uber saga? Influx of PHV cars? I see all the Mazda 3 around that time like have quite high COE
 

sinicker

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is it true cars from 2015-2019 are higher COE cos atrributed to the grab vs uber saga? Influx of PHV cars? I see all the Mazda 3 around that time like have quite high COE

all those Mazda 3s, Vezels, C-HRs probably deregistered and exported out of Singapore already.... not much SLD/SLE/SLF-registered cars around...
 

flyingpiginthesky

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Has anyone calculated the cost of taking grab everyday versus owning a car? Like would taking grab everyday as compared to having the car be cheaper?
 
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