Can you afford a car?

Fattyboiboi

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$2k a mth for loan, petrol, erp, parking, servicing, fines and any other car related things u may spend on.

Even if not $2k, to play safe one can always add another $100-200 to the monthly breakdown that they have calculated and see if they can tahan that amount not.

For expenses, I always round up n give additional buffer than trying to press down the expense n make myself feel good n say I can afford it. in reality, I feel most ppl always underestimate their budget.

But that's my view only la.

$2k/mth on a car? is that full loan?
 

fabiaN__

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$2k/mth on a car? is that full loan?

Even if you take a 60% loan, say $60k over 7 years, every month instalment already $814 at 2% p.a.

Petrol around $300/month. If CBD season parking another $400/month. ERP + misc parking another $250/month.

Already $1700+.
 

Aleksandr

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Slightly different question for you guys.

I have a May 2015 Audi A6 (pre-facelift). No loan. Only problem is the COE is 90K (looking back it was a stupid decision but oh well). Current paper value is 90-something K, maybe can get a few more K trading in to dealer but I am not hopeful of anything more than that.

Does it make any sense at all now to change to a lower depreciation car (e.g. something around the 150K mark, so I need to top up 50K cash now), either now or just before the 5 year mark (early 2020)? Or just suck it up and drive all the way to the end? Monthly installment maintenance expenses whatever all not a problem.
 

ricochet

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My advice for 1st timer. Buy a 2nd hand 7-8 year old Japanese B&b car.

Why? If you haven't been driving, you are bound to have minor knocks and scratches. Heart pain not as great as new car.

If u buy 2nd hand conti, chances are maintenance will kill you.

If you find car ownership too ex, you can sell it without too much loss or the need to top up cash.

Once u are a steady driver, a new car will not have expensive self inflicting damage

Affordability litmus test - can afford the monthly cost without reducing your lifestyle and other financial goals.

My view as a owner of 3 cars in sg for 15 years.
 

spurman

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Slightly different question for you guys.

I have a May 2015 Audi A6 (pre-facelift). No loan. Only problem is the COE is 90K (looking back it was a stupid decision but oh well). Current paper value is 90-something K, maybe can get a few more K trading in to dealer but I am not hopeful of anything more than that.

Does it make any sense at all now to change to a lower depreciation car (e.g. something around the 150K mark, so I need to top up 50K cash now), either now or just before the 5 year mark (early 2020)? Or just suck it up and drive all the way to the end? Monthly installment maintenance expenses whatever all not a problem.

I guess coe will rise frm late 2019 or frm early 2020.

So up to u.

Prob i feel since its a6. Maybe not very durable. Though its excellent drive. Comfy.

150k. What car can u get now as comfy as a6 and as spacious?
Zero.
 

gloryyang

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is it usually $1500 per month to maintain a simple japanese car in singapore? including petrol, insurance, tax, and of course the car monthly instalment itself :)
 

rajeevvelikkal

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For a Toyota C-HR hybrid here is what I pay

Petrol - 100 (for max 1000 KMs a month)
Tax - 90
Insurance -150
Loan - 1100
Parking - 107(seasonal parking workplace) + 100(Cash Card Top up for other misc parking)
Maintenance - 50(300 every six months or so)

Looks like around 1.7k a month
 

Wryer

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For first time car owner (but license already 10 year old) with a new car? What should be the per-month insurance cost I should budget? I was using the Aviva online insurance quote. Im seeing prices of about $120/month. Includes some regular discount and further discount because I am an existing term insurance holder.

Too good to be true? What's the catch?
 

giraffey

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For first time car owner (but license already 10 year old) with a new car? What should be the per-month insurance cost I should budget? I was using the Aviva online insurance quote. Im seeing prices of about $120/month. Includes some regular discount and further discount because I am an existing term insurance holder.

Too good to be true? What's the catch?

without ncd, comprehensive insurance eith any workshop for most bread and butter cars can be normally around 1500 to 2500. depends on age, actual car model, other named drivers, etc.

most important is amount of excess and whether it covers authorised agent workshops. since you are getting new, why dont get it from the authorised agent for the first year. this will give you a peace of mind as well as you get used to car ownership and normally there are additional discounts.
 

eriolmoon2008

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without ncd, comprehensive insurance eith any workshop for most bread and butter cars can be normally around 1500 to 2500. depends on age, actual car model, other named drivers, etc.

most important is amount of excess and whether it covers authorised agent workshops. since you are getting new, why dont get it from the authorised agent for the first year. this will give you a peace of mind as well as you get used to car ownership and normally there are additional discounts.

if take home 2.2K, can buy car? i ord soon
 

Fattyboiboi

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Take home $2.2k and want to buy a car. Unless it is a real need for the job, I highly recommend you DO NOT buy a car.

Buy house, wedding, go holidays all these need money. Not forgetting in case family got emergency u will also need money.

Every month spend $1.5k-2k on car itself. U want to eat grass every mth or borrow money from friends/family every month?

if take home 2.2K, can buy car? i ord soon
 

HeeroYuy84

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without ncd, comprehensive insurance eith any workshop for most bread and butter cars can be normally around 1500 to 2500. depends on age, actual car model, other named drivers, etc.

most important is amount of excess and whether it covers authorised agent workshops. since you are getting new, why dont get it from the authorised agent for the first year. this will give you a peace of mind as well as you get used to car ownership and normally there are additional discounts.

Which car model has the lowest insurance cost? Is there a list in order
 

renfred89

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Which car model has the lowest insurance cost? Is there a list in order

car itself won't cause accident if its without a driver. insurance therefore, is dependent on the driver, not the car.. :D

things will be different if you are buying super cars though.
 

eriolmoon2008

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Take home $2.2k and want to buy a car. Unless it is a real need for the job, I highly recommend you DO NOT buy a car.

Buy house, wedding, go holidays all these need money. Not forgetting in case family got emergency u will also need money.

Every month spend $1.5k-2k on car itself. U want to eat grass every mth or borrow money from friends/family every month?

1.5-2k? srs? wow... imagine all thus money can buy so many things online
 

lowveld

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Hi car experts, would just like to check if 5k gross can buy the new KIA Stonic?
 

renfred89

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New car is about 76999, assuming u get the most expensive one.

Depending on your down payment, 5k gross might be too heavy for you.

Your info is too limited to even gauge on how much is your spending power..

Generally speaking, if you can set aside 1.1 to 1.2k a month just for car expenditure, then yes you’ll be comfortable..

Hi car experts, would just like to check if 5k gross can buy the new KIA Stonic?

 
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