I think you got ask in the JFC telegram group, and have received several answers also
Including the breakdown of costs until you have like 100 bucks left per month.
If that's the case, think really hard whether you really want to own a car.
Now that I see a better picture, a few questions-
1) Does this current job require you to own a car?
2) If not, take public transport as much as possible and rent when you need (small CAT A cars can get as low as $35 per weekday). Maybe this is something you can consider?
If you cannot find let me know.
3) If really need to travel from 1 end of the island to another frequently and/or go down to customers' site, then maybe can look at long term lease? Can often bargain with rental companies to get a good deal.
4) Can you guarantee you will keep this same sudden job arrangment/position/role for the next 5 years? If not, that $500 allowance goes bye bye, and you will be stuck with the full costs of the car until you sell.
5) Doing PHV to cover expenses for the car means you are putting in your own time and money for the company.
I rephrase in another way - you are paying money to your company to work for them. At a time where you cannot afford a car yourself and have to get loans at ridiculous rates.
Is this company/job worth it? (Serious question, coz sometimes there are other factors that can make it fulfilling)
Money problems is going to strain your relationship with your spouse and family.
Plus, you basically will have 0 savings for the next 5 years. As a comparison, go work downstairs kopitiam collect dirty plates part time also can save more money every month. (Almost every stall will have unsold food they can spare for your lunch/dinner, and you can even tabao home for family).
I know got car can be very satki, shiok and have freedom. But when you have to start sacrificing family time after work to get an additional job just to get a car, sacrifice sleep, risk your life in sleep deprived accidents and still end up 5 years later with 0 savings, you will think back to this decision.