New here but very interesting topic. 2 years ago, I would have not
even considered buying a car. To me it was expensive and
depreciation of its value is too fast, unlike in neighbouring
Malaysia.
It all changed when my wife and I started our family. Taking the
MRT and buses were not at all convenient (plus the fact that people
were fighting for seats with her ...??), we decided to put the
money into a car. Yes, it was throwing the money down the drain but
it was a price (abeit a high price) to pay for convenience and
flexibility.
Now my son is 9 months old and we discovered that with the car, we
were able to travel according to his time. In between meals,
sleeping time and when it rains ... a la CNY this year, we were
still able to travel to our relative's homes quite
pleasantly.
We did not get a big car. We got our car for S$72K in March 2003,
paid a depo of S$52K and took the minimum 20K loan (standard for
Toyotas). Early this week, I just prepaid the balance of my loan.
Not that I am rich but my money in the bank is not doing anything.
Anyway, I want to start saving for my kid in the future.
My advice to those who plan to buy a car. If you see this as a need
for your family, do it. But buy within your means. I must admit
that there were days when I wished I had taken a longer loan and
went for an Audi or even a Mercedes Benz. I guess it was not meant
to be.
