Can you afford a car?

[wira]

Hi everyone, would need some inputs if I can afford a car. 30 and Recently married no kids and staying in HDB, mortgage fully paid for by monthly CPF deduction

looking at an Audi S5 renew COE, DP 30% or 40% at approx 35-45k rest is loan. Already saved up enough for the DP.

base (myself): $7.7k after CPF. Commissions but variable so won’t include those in

wife: $6k ish but will not touch her pay unless absolutely needed

total combine: $13k

have looked through Sgcarmart and base on available information

Monthly cost estimated: 2.5k minimum inclusive of all cost that comes with car and maintenance and around 2k spending on credit card

savings would be somewhere around 1-2k I hope.

would the bros/sis here recommend to still get a conti or stick with jap/kor cars?

would likely explore tuning car since I am quite into that.

any advice is greatly appreciated!

agree with the comments. Would advice against getting a >10 yo COE Continental car.
the Maintenance cost may outweigh the savings.

 

[Everton Diehard]

For guys who think that girls like guys with cars - you are unfortunately right.
He who walks walks alone

 

[Everton Diehard]

Most of the confusion young people face is wondering why their colleague/friend who earns $1,500 can afford a car - the answer is they cannot afford a car. Either they have background support from family, or they are financially bleeding to maintain the car.

There are executives and middle managers at many companies who drive to work while their supervisors rely on public transport. Apart from parental support, some received their inheritance, have a side hustle such as insurance, real estate, MLM or benefitted from an en bloc sale for a condo purchased ages ago when they were affordable.

 

[MayHengOngHuat]

Hi everyone, would need some inputs if I can afford a car. 30 and Recently married no kids and staying in HDB, mortgage fully paid for by monthly CPF deduction

looking at an Audi S5 renew COE, DP 30% or 40% at approx 35-45k rest is loan. Already saved up enough for the DP.

base (myself): $7.7k after CPF. Commissions but variable so won’t include those in

wife: $6k ish but will not touch her pay unless absolutely needed

total combine: $13k

have looked through Sgcarmart and base on available information

Monthly cost estimated: 2.5k minimum inclusive of all cost that comes with car and maintenance and around 2k spending on credit card

savings would be somewhere around 1-2k I hope.

would the bros/sis here recommend to still get a conti or stick with jap/kor cars?

would likely explore tuning car since I am quite into that.

any advice is greatly appreciated!

hope im not too late.

just some factors for you to consider in your equations when buying a car.
1. season parking home and office
2. parking + erp
3. insurance (sports car higher premium. coe car also higher premium. your age of 30yo should reduce premium. number of years you gotten your license will affect premium too)
4. road tax (take note of the increment of 10% annually till 150% max for COE car)
5. servicing and overhaul if needed

you do the math and see if you can afford it.

on to the topic of tuning.
you need to get all the hardware bolted in before tuning. these are additional cost.

if this COE S5 is in stock condition, it may be worth it. but if this COE S5 is zhnged, more likely than not it has been abused on streets or on track. think twice.

 

[MayHengOngHuat]

Most of the confusion young people face is wondering why their colleague/friend who earns $1,500 can afford a car - the answer is they cannot afford a car. Either they have background support from family, or they are financially bleeding to maintain the car.

There are executives and middle managers at many companies who drive to work while their supervisors rely on public transport. Apart from parental support, some received their inheritance, have a side hustle such as insurance, real estate, MLM or benefitted from an en bloc sale for a condo purchased ages ago when they were affordable.

or right place right time. i got mine just after the covid lock down, now it has appreciated. 1st time car became a money making asset.

 

[Dansonzy]

Hi. I'm looking to buy my first used car. which is better? Toyota Altis 1.6A (2006), Mazda 2 1.5A Sedan (2010), Mitsubishi Lancer 1.5A Sports (2010)?
I'm looking for something hassle-free, can sustain for 2-3 yrs, good fuel consumption, fast enough, low maintenance

Huh 2006 .. my 7 years Toyota wish 2016 already need to changed some parts already. Don’t buy too old car like more than 15 years COE car the maintenance fee will be high.

 

[junlove]

Huh 2006 .. my 7 years Toyota wish 2016 already need to changed some parts already. Don’t buy too old car like more than 15 years COE car the maintenance fee will be high.

Hmm, does it really mean the 15 yr old car vs 7 yr old car the maintenance will be much much higher?
It's often said, but no one tabulated statistics on it. personal experience is that it might not be so.

Cars, are just made of many parts, which deteriorate at DIFFERENT rate. Some parts are just meant to be replaced periodically.

In reality, other than major engine, transmission overhaul etc (if you unlucky), rest of the maintenance costs will not keep on escalating over the years. because most of those parts have to change every few years anyway (e.g. brakes related, batteries, sensors, filters, gaskets, tyres, lights...)

Singaporeans here are spoilt. Buy car zero age to 4-5 years old then sell off. Price depreciates the most this period...

Old cars, are not that scary if you know how the car works, and got trusty workshop.

 

[bolster]

I learned from my lesson. No matter how cheap, avoid buy conti car more than 10yrs old. No recondition part. Every time breaks down, parts need to buy brand new and conti new spare parts are very expensive.

u less you buy japanese or Asia brand, the recondition spare parts abundance.

 

[elvintay07]

I learned from my lesson. No matter how cheap, avoid buy conti car more than 10yrs old. No recondition part. Every time breaks down, parts need to buy brand new and conti new spare parts are very expensive.

u less you buy japanese or Asia brand, the recondition spare parts abundance.

Include Lexus, Infinity, Amati?

 

[ahboy_ahboy]

too late... he bought already

 

[1920_me]

Include Lexus, Infinity, Amati?

Lexus shares similar spare with Toyota.

Infiniti is very difficult to find spares and costly.

 

[andyhtc]

I learned from my lesson. No matter how cheap, avoid buy conti car more than 10yrs old. No recondition part. Every time breaks down, parts need to buy brand new and conti new spare parts are very expensive.

u less you buy japanese or Asia brand, the recondition spare parts abundance.

The cheapest is Toyota. Honda is more expensive.

 

[micromousez]

Is the price nego when you go Toyota / Honda / Mazda AD showroom?
If yes, what is the price you manage to get and any tips?
If no, can get them throw in more freebies? What is the additional freebies to get?

 

[myviowner]

Is the price nego when you go Toyota / Honda / Mazda AD showroom?
If yes, what is the price you manage to get and any tips?
If no, can get them throw in more freebies? What is the additional freebies to get?

Ask for nett price. You have a car for trade in? If yes, more rooms for you to nego for higher trade in price for your car. If no, then suck thumb. Unlikely, they will reduce the new car price further from the nett price they quoted to you.
See whats the std freebies comes with the nett price they quoted to you. Do not feel shy to open your mouth to ask for more freebies.
If you decided that is the ride on your first visit to the show room, then start all the nego. If you need more time then go gets all the quotes and go back do homework and then return.

 

[DevilPlate]

Is the price nego when you go Toyota / Honda / Mazda AD showroom?
If yes, what is the price you manage to get and any tips?
If no, can get them throw in more freebies? What is the additional freebies to get?

Shortlist a few cars and start nego 3-5k for kimchi/jap cars.
Say can commit today if match my price…..take ready stock higher chance.

 

[Philipkee]

or right place right time. i got mine just after the covid lock down, now it has appreciated. 1st time car became a money making asset.

2009 to 2013 also

 

[chenaz]

Shortlist a few cars and start nego 3-5k for kimchi/jap cars.
Say can commit today if match my price…..take ready stock higher chance.

Now they very strict with their price Liao. Ready stocks are those clearing stocks for next year VES and usually PI can reduce price. AD no way to reduce .

Standard freebies can throw in. I cheapskate ask for umbrella lol

 

[kangkangnasi]

I am curious, given the current price of COE there are still many people bidding for it. Is there any theories as to how come people still can afford cars?

Can't be everyone's income is so high that they are ok with paying >100k for a piece of paper right?

 

[micromousez]

I am curious, given the current price of COE there are still many people bidding for it. Is there any theories as to how come people still can afford cars?

Can't be everyone's income is so high that they are ok with paying >100k for a piece of paper right?

$0 downpayment w 100% loan

 

[kangkangnasi]

$0 downpayment w 100% loan

How do you do that?

I thought government require downpayment?