The reason why COE is so high

[trento]

Nowadays no more 30% down, max 7 years loan?

 

[MoeLanYong]

Nowadays no more 30% down, max 7 years loan?

If i put all these down, who bothers to read?? I make it simple so ownself go adjust ownself lah

 

[tatsit]

Just cap population at 3m

 

[trento]

If i put all these down, who bothers to read?? I make it simple so ownself go adjust ownself lah

Ok it's about 2k monthly for 7 years, 60k down

 

[madcampus]

Wait till you lose your job, see if you can still pay the instalment.

 

[MoeLanYong]

Wait till you lose your job, see if you can still pay the instalment.

Lose job, sell car.
Thats all.
Like this also must explain, then confirm dun deserve to own a car lol

 

[virtualape]

I can’t even afford to set aside $1700 per month

i'll set aside 1700 for car if im earning 30k a month. even earning 20k seems tight for 1700...

maybe to me, a car is just a means of transport which depreciates like hell.

 

[ahboy82]

Means you no car, sorry

Fresh grads earn about $4k+ a month. Singapore produces 20,000 fresh grads a year.

They each merry a fellow fresh grad, immediate can chut a $200k car

4k starting?, that decades ago. Now starting celeries are mostly 7k onwards, that's y cars n condo price keep going up no moar n moar young ppl r starting with pte ppty.

 

[ahboy82]

i'll set aside 1700 for car if im earning 30k a month. even earning 20k seems tight for 1700...

maybe to me, a car is just a means of transport which depreciates like hell.

But car gets u gers. Imagine drive potential date to supper then to secluded spot, cfm easy get gf and a hot one too

 

[Ethan_]

I heard from a contractor now he paid $150 a day for each Blangadash FW. raw material price has gone up 30%. China FW he said need to pay $300 a day.

Wah paid so much. Better than some of the menial work locals getting.

 

[cet87]

But car gets u gers. Imagine drive potential date to supper then to secluded spot, cfm easy get gf and a hot one too

car is the first sign that you got $$$$.

 

[coyote]

Is because people can afford it. By taking loans.

This is a typical ad.

$1700 x 12 months x 10 years = $204k.

As long as he can pay $1700 a month, he can drive a $200k car.

So if he / he & spouse take home >$7k celery, buyed a car is no problem.

Ok, asking my wife how much she makes now...

 

[cet87]

Nowadays no more 30% down, max 7 years loan?

not enforced. can full loan.

thats why everyone can afford as long loan can approved.

 

[carey]

i'll set aside 1700 for car if im earning 30k a month. even earning 20k seems tight for 1700...

maybe to me, a car is just a means of transport which depreciates like hell.

Sunk cost lor

Assuming 20k/year depreciation, owning a car continuously over 30 years is 600k gone

 

[carey]

not enforced. can full loan.

thats why everyone can afford as long loan can approved.

Ya, they use "in house" loan and not subject to the MAS enforcement on traditional finance companies

 

[carey]

Wah paid so much. Better than some of the menial work locals getting.

That's probably not including the lodging that the employers have to provide for these FWs

FW dorms are big business these days

 

[cet87]

Ya, they use "in house" loan and not subject to the MAS enforcement on traditional finance companies

unless they stop the in house loan, then will not have overbidding issue.

 

[huanggua]

$1700/month is not the base cost for owning a car. Need to factor in petrol / charging cost, road tax, insurance, maintenance, parking etc

Should be about 2.5k per month. The cost should of owning a car should not exceed 10% of one's income. Preferably the cost should be 5%. Hence, I no longer own a car.

 

[I_m_limpeh]

Is because people can afford it. By taking loans.

This is a typical ad.

$1700 x 12 months x 10 years = $204k.

As long as he can pay $1700 a month, he can drive a $200k car.

So if he / he & spouse take home >$7k celery, buyed a car is no problem.

Because most sinkies made money selling chip stocks like Micron and SanDisk. You still holding the bag with China stocks like Mirxes and Baba?

 

[trento]

not enforced. can full loan.
thats why everyone can afford as long loan can approved.

i think new car from AD is quite strict on this. probably is those used car dealer or PI