Info on owning a car??

last SG · 2004-12-26T15:25:03+00:00

how much can u spare every month right now? 6-7 yrs? wat are u working as and how much salary are u drawing now? yeah johor is cheaper provided u have the l...

eyewitness SG

hi guys....maybe u can shed some lights for me....jus curious cos been hear alot of stories abt ownin a car..jus wan to ask how much u need to earn per month so that u can afford a normal car like toyota corolla comfortably...for those who own car in the forum....please share some figures...jus rough figures.....

thanks Surprised

houndy SG

As long as you earn a decent salary and the bank approve the loan to you. You can buy a car.. But of course you must not default the payment of your car. That case the bank will take back the car. Also must think of the maintanence of it as well..

Friendstar SG

u will have to factor in the following costs :

1) season parking ( if u stay HDB )
2) parking coupons
3) half/yearly road tax ( ard $500+ for 1.5/1.6l )
4) maintenance ( normal servicing around $100 per 10,000km )
5) monthly instalment
6) once a year insurance premium ( $amt depends on yr age, occupation, marital status, NCB etc ..... )
7) ERP/Summons/misc

and of cos, the Cool petrol cost.

brand new Toyota Vios should not be a prob to maintain if u r earning around $3-4K, if u do not have any major commitments on hand ( kids, housing loan or other liabilities ). dun even think of buying one, if u draw less than $2K. its too risky and too much of a struggle when u factor in other things in your current life.

its up to u to decide/plan your own spending budget/habit ...before u commit on a vehicle.

juz my optimistic point of view.
many forumers have many different way of views. Wink

vroomvroom SG

I ask this question before previously.

The feedback i gather is....if the family income (husband and wife) is more than $5k a month, than they should be able to afford a new economical car on top of taking care of all of their other Normal bills.... of course the more their combine income...the better they will be lah... Laughing (obvious)

eyewitness SG

hi ple thanks for ur reply…glad to know that if earing under 2k,it is not safe to own 1…only when have 3-4k then owning a car will not be a struggle…thanks for the replies….tk care…see ya around…

LH83 SG

That is... when you're single without a family ah... I guess... another way is to leave aside about 1k for the car, the rest for yourself... so just take how much you need to survive a month... and add it up... of course... this is for owning a normal car... if you want to own luxury cars... then double or triple the amount to set aside for the car...

storywolf SG

Think you will need to have spare of a bout 1k extra cash to get a car.

1) 600+ to 700+ to service your month car loan.
2) $250 petrol + parking + coupons + ERP
3) maintenance
4) road tax
5) insurance

alamat SG

try here

imprezaWRXSTi22B SG

in short, you need about 1K a month for a brand new cheap saloon/mini/hatchback, inclusive of everything like road tax, petrol, insurance, erp, parking, installment. examples include picanto, kelisa, accent, rio, wira. generally, a car costing below 50K. 60K bracket includes vios, getz, matrix, cerato, and a lot more i guess. 1.1K or 1.2K will do for 60K cars. of coz, the cost is variable depending on ur road tax, insurance, petrol, and everything la.

motion5 SG

Ayia no $$ drive COE car lor..it you drive COE car buy cheap 1 no need
to pay so expensive installment mthly 300+ also have and + petrol depend on u travel and carpark i believe less than 600 can drive .

imprezaWRXSTi22B SG

i used to think COE cars are the ideal solution to poor fellas who wanna own a car. but are you very familiar with cars? various problems will come up when the car gets older and older. maintenance is very ex for such cars. imagine u have to change parts every other month cos something keeps breaking down. in the end it wun be worth the time and $$.

Lancerlot SG

impreza has a point, do ur homework first....

btw, u got ur ride yet bro??? Very Happy

sgboy2004 SG

croco no $$$ Sad O level nia

imprezaWRXSTi22B SG

u talking about urself? even if u have $$, u still cant drive mah? unless chauffered around la.......

mushigen SG

If you can pay the HDB season parking (1 year), road tax (I year), insurance (1 year) all at the same and without having to beg or borrow money, then you could consider owning a car.

There's servicing (much more expensive if done at agent) to be done. Those major servicings can really cost a dent in the pocket.

There is not fixed minimum income to own a car. How well you can afford a car depends on how you spend your money, and how much you intend to save.

CarDreamer SG

Wat impreza said is true, my friend bought a COE car and have to spend ard 2 to 3 k for servicing after one part after another one start to show age is catching up. Shocked

CarDreamer SG

Hi, no necessary 3k u can buy car, have to see your own monthly bill oso... imagine, 3k after CPF , u got 2.4k, then if u have to pay said handphone, maxonline, insurance, give parents, then buying a car might be just enough, meaning no saving at all.... there it is best u save some money in ur bank first, then think of buying car and buy car with downpayment, dun buy with $0 downpayment, just in case kena retrench and u sell car dont need to pay....

imprezaWRXSTi22B SG

i heard u can apply for full loan as long as u are earning 3 times the instalment amount. is this is a true rough guide?

Friendstar SG

its kinda true .....to an extent that if your job or company is stable enough for the bank to approve a full loan. i guess if u r still new to your company or u have a unstable income, chances are slim that they will full loan u....

imprezaWRXSTi22B SG

den can consider the total combined household income of the family when applying for a full loan?