Singaporeans Financially Screwed

last SG · 2007-12-17T19:54:30+00:00

you seriously think that there is a better alternative if you want change?

fymk SG

Speak for yourself - you paid UK taxes for a while right? In NHS now right?

So you have no right to say " Qu'ils mangent de la brioche ".

T.Ryousuke SG

Car is talking about usage, $54,000 car loan $24,000 @ 2.5% for 4 yrs is $2,500.Mthly $1,272.

Total $56,000. If deduct OMV after 10yr for scrap is $8,000. the total amount is $48,000, which mean 1 yr is $4,800 depreciate. If petrol is $2/L and mth @ $300/mth. 10yr usage is $36,000. Road tax $960/yr 10yrs is $9,600. Ins $1000/yr 10 yrs is $10,000. Parking $90/mth 10 yr is $10,800. Total usage is $114,400 for 10yr.
ERP,Servicing excl.

If U clock 300,000km
,then is about 38cent/km. I take bus 1 busstop is about 2km away, which is 70cent.

Anyway it's all depend on usage.

1 thing is if u change car often then is diff story. U will lugi more, about $10-15k.

maurizio13 SG

38 cents / km?

You didn't factor in the cost of car, maintenance, parking, road tax..........?

T.Ryousuke SG

Let say servicing is $20,000 and ERP is $20,000 then is will come out about 51 cent/km.

maurizio13 SG

From your calculation of $114,400 / (300km x 12mths x 10 yrs):

It's already $3.18 /km.

faroukalhadad SG

I'm saying that the govt should raise interest rates.

Think about it:

Banks make loans at 24% p.a.

Banks give us interest of 0.125% !!!

Imagine the amount of money they make and how much we are short changed. Meanwhile govt makes tons of money tru their DBS banks etc.

T.Ryousuke SG

Sorry it's 300,000km for 10yrs.

hloc SG

If you can't afford it.... why get a 5 room Question Get a 4 room will do. Why put yourself in extra debt if you can't afford it

And by the way...... I'm not planning to sell my house. Not in 5 years..... not even in 10-15 years. Why u may ask.... because a 4 Room is enough for me and my family. I don't buy a HDB to 'Invest'...... I buy one to have a HOME.People who buy and sell their unit to 'earn' some cash like changing underwear is basicly getting themselves in trouble.

If your present unit can sell at a high price, it simply means that the unit you buy next will be similar high in price...... U at the same time restart your loan from HDB or the Bank. And since most of us only get older and not younger...... you will have less numbers of years to repay your loan..... therefore, higher monthly payment.

The problem is when S'porean sees others cashing in on their unit and 'earning' $50-$70K in cash each..... they want to join in. Not thinking that instead of only needing to pay till they are 55...... now the loan won't end till they are 65. Theres already enough ppl at my work place having this problem that I learn not to join them.

So now, instead of mthly payment of $700-1K like my friends..... I pay only from my CPF $438 a mth...... not even need to top-up with cash.

T.Ryousuke SG

Now 4rm resale r asking for 300k at places like Sengkang. The point here why ppl get stuck financially is bcos they din c the interest behind the loan, that is the 1 dat many ppl being caught off after selling their house. Car interest is in $6-$10k thing but housing is of $50k-$200k kind of range.

To a couple 1k per mth mean 500 each, which to them is still can manage. 1 thing is u will buy high and sell high, so look no diff to me.

deathbait SG

exactly

the standard of living in sg is just fine.
It's kinda wierd how Andrew is now defending ppl who spend over their capacity when he's so against speculators.

hloc SG

There is a diff my friend. No matter what, U will always need a roof over your head. Is this not true Question

If you buy a house under Govt's 1st time buyer loan...... your rate and cost of flat is low. You of course must be willing to buy unit outside popular area like AMK, Bishan... etc. And also not resale flats. My unit at Woodlands is newly built (leftover) unit in the 1998s..... The money I paid won't even get me a 3 Room at AMK (where I've live for near 20 years).

As long as you don't plan to treat your unit as an 'Investment' to be sold when the price is right...... U will always have a place of your own to stay. If you were to rent..... the owner could rise the rent anytime they want and even throw you out if you disagree with the rise. If you own the place, it will be a diff story.

You paid $200K for your house...... if the price goes down, would it means you lose money Question No.... just 'paper loss', cause you can still need a roof. You can chose not to sell it at a loss.... just wait.

Land in S'pore (like HK) is limited... the price of houses will always goes up. As the number of ppl increase.... demand of houses will also increase. That is a supply & demand issue..... even if the price is now low, U still need a home right, just wait lor.

AndrewPKYap SG

...stupid excuses… if the 10 levels flats are converted to 40 level flats, the prices will come down… it is a lie to say that the prices must go up….

AndrewPKYap SG

... the despots push up property prices to benefit themselves and their cronies… even though it is at the expense of the majority of Singaporeans….

AndrewPKYap SG

... one of the food court stall at Suntec said he pays $14K rental… it is working for the sake of the land owners… which of course, the despots and their cronies are… when the despots push up property prices…

deathbait SG

I'm sick of you repeating half-truths.

HOW, EXACTLY are the so called "despots" profiting from the high rental in suntec.

eagle SG

you misunderstood his sentence structure/context

deathbait SG

not really.

He was building up to this point.

It's the same every post.
Everything is the government's fault, and only Dr Chee can save us.

hloc SG

Mr. Green Exclamation

Gazelle SG

Mr. Green Exclamation

Gazelle SG

Care to explain what exactly is the penalty you are talking about that caught seller off guard?

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