how many % of your income did you spend on ur bike or car+bike

[HaiR1]

Credit to u Mod. for keepin this thread clean.....

 

 

[Throttle]

wah so many rich ppl in SG .....

 

no wonder Govt so rich

[jia_yvon]

By not paying that 30K into d/p, there will be an increase of 5K as a form of interest. However, if he uses that 30K to buy shares or invest in unit trusts for example, this 30K can potentially go up to 45K in 3 years easily offsetting by 10K of profits.

 

shares can lose money sometimes ?

 

no need to troublesome, simply throw 30k into buy/sell can liao.

buy 30k worth of goods then sell, sure earn one.

[Guest stages]

you're consider 1 le ....

[minorsage]

When I put in 50% d/p for my car, the SE actually told me most of his customers only pay about 20%. I asked him why do they want to pay the extra 30% with interests when they probably could've paid it off. The reply he gave was that because they believe that the extra 30% could've been invested somewhere else.

 

My colleague also does the same. He ticked me off by saying that putting the extra 30% into the car I bought will be 30K into a depreciating asset. With that, he'd rather use that 30K as a form of investment in something else which reaps back enough money to offset the interest.

 

With 2.38% per annum, A loan of 7 years, it will be 16.66% in total. 1.1666*30K = 35K

 

By not paying that 30K into d/p, there will be an increase of 5K as a form of interest. However, if he uses that 30K to buy shares or invest in unit trusts for example, this 30K can potentially go up to 45K in 3 years easily offsetting by 10K of profits.

 

Well... I am not a financial guru so I can be wrong. But what he says makes absolute sense to me.

 

first thing i don't take long loans, max term 3 yrs.

i don't like to owe the bank money and it takes too long for you to break-even should you wish to change a new car.

 

i take calculated risk, i don't gamble with "borrowed money" or what you don't own.

even if i lost all my investments, i still own my car.

 

in fact i am paying less than $5000 TOTAL interest for the loan.

i used the cash saved from car loan and made far more than that in 2 years.

30k to 45k, that is a return of 50% in 3 years.

my aunt who do investments in the hundreds Ks don't even dare to promise that and i believe most brokers can't guarantee a 50% return too.

maybe you can introduce your friend to me.

 

btw i do know of many who full-cashed their cars.

[DeusExMachina]

When I put in 50% d/p for my car, the SE actually told me most of his customers only pay about 20%. I asked him why do they want to pay the extra 30% with interests when they probably could've paid it off. The reply he gave was that because they believe that the extra 30% could've been invested somewhere else.

 

My colleague also does the same. He ticked me off by saying that putting the extra 30% into the car I bought will be 30K into a depreciating asset. With that, he'd rather use that 30K as a form of investment in something else which reaps back enough money to offset the interest.

 

With 2.38% per annum, A loan of 7 years, it will be 16.66% in total. 1.1666*30K = 35K

 

By not paying that 30K into d/p, there will be an increase of 5K as a form of interest. However, if he uses that 30K to buy shares or invest in unit trusts for example, this 30K can potentially go up to 45K in 3 years easily offsetting by 10K of profits.

 

Well... I am not a financial guru so I can be wrong. But what he says makes absolute sense to me.

 

 

This will depend on how long you're gonna keep the car.

 

If you're gonna hold on to it for just a short period like a couple of years, a larger loan will put yourself in negative equity. For myself, with my bikes, I don't take long loans 'cos I seriously dunno how long I'm gonna hold on to a bike. It could be just 1 yr, like my previous one. Or it could be 4 yrs or even 9 yrs. U just won't know, so it's better to keep the purchase liquid wherever possible.

[hitman]

abt 1/4 - 1/3.

[MS]

first thing i don't take long loans, max term 3 yrs.

i don't like to owe the bank money and it takes too long for you to break-even should you wish to change a new car.

 

i take calculated risk, i don't gamble with "borrowed money" or what you don't own.

even if i lost all my investments, i still own my car.

 

in fact i am paying less than $5000 TOTAL interest for the loan.

i used the cash saved from car loan and made far more than that in 2 years.

30k to 45k, that is a return of 50% in 3 years.

my aunt who do investments in the hundreds Ks don't even dare to promise that and i believe most brokers can't guarantee a 50% return too.

maybe you can introduce your friend to me.

btw i do know of many who full-cashed their cars.

 

Haha.. Makes a lot of sense too. Well... it's a risk too. When he heard about myself taking minimum loan with 50% d/p, he was absolutely flabbergasted. His explanation left me even more flabbergasted. But still theoretically it made sense to me. However there's a certain amount of risk to take it that way. Like you said that if the investments failed, I still own my car. If the loan is high due to lower downpayment, then I'd be in greater trouble. Seems like you there's a distinctive difference in appetite for risk between my colleague and you.

 

This will depend on how long you're gonna keep the car.

 

If you're gonna hold on to it for just a short period like a couple of years, a larger loan will put yourself in negative equity. For myself, with my bikes, I don't take long loans 'cos I seriously dunno how long I'm gonna hold on to a bike. It could be just 1 yr, like my previous one. Or it could be 4 yrs or even 9 yrs. U just won't know, so it's better to keep the purchase liquid wherever possible.

 

Haha... no one knows how long one is going to keep the machine. I've heard some who said they are intending to keep it for some time but ended up changing it within 1 to 2 years. Men are well known for infidelity towards their toys. Especially those on wheels. Purchase liquid as much as possible is a rather conservative but safe approach towards making huge hire purchase.

[DeusExMachina]

Haha... no one knows how long one is going to keep the machine. I've heard some who said they are intending to keep it for some time but ended up changing it within 1 to 2 years. Men are well known for infidelity towards their toys. Especially those on wheels. Purchase liquid as much as possible is a rather conservative but safe approach towards making huge hire purchase.

 

Fidelity to a toy? Hell no.

Next better model comes up, the "wife" is now second best and a liability.

 

Anyway, I always make it a point to make sure that the bike breaks even in 1 year. So I can get back cash in hand, or at least not have to top up cash, when I wanna dump it.

 

It's in my opinion (too bad if the truth hurts) that 5 and 6 year bike loans are for idiots.

[MS]

Fidelity to a toy? Hell no.

Next better model comes up, the "wife" is now second best and a liability.

 

Anyway, I always make it a point to make sure that the bike breaks even in 1 year. So I can get back cash in hand, or at least not have to top up cash, when I wanna dump it.

 

It's in my opinion (too bad if the truth hurts) that 5 and 6 year bike loans are for idiots.

 

of course. Few men I know is faithful to his toy on wheels.

 

With at least 30% downpayment, breaking even in 1 year shouldn't be a problem.

[sibingai]

mine use to be 30% last mth...but this mth onwards it will juz be abt 10%....

 

same bike

[Aie]

Men are well known for infidelity towards their toys. Especially those on wheels.

I don't belong to that group of men. See my siggy and you'll see how long I hold on to my toys on wheels...

[DeusExMachina]

of course. Few men I know is faithful to his toy on wheels.

 

With at least 30% downpayment, breaking even in 1 year shouldn't be a problem.

 

Then I'm lucky that the current bike broke even the moment it was pushed out of the shop

 

 

 

mine use to be 30% last mth...but this mth onwards it will juz be abt 10%....

 

same bike

 

Steady la. Your pay raise is MASSIVE!

[Aie]

Steady la. Your pay raise is MASSIVE!

Exactly why he can afford to have one R6 and one CBR600...

[DeusExMachina]

I don't belong to that group of men. See my siggy and you'll see how long I hold on to my toys on wheels...

 

Wah... so loyal.

 

My loyalty is variable. If the biatch serves me well, I'll renew the yearly contract. So far, an FZ6 and RS125 only survived just under a year. The R1, two yrs. Super 4, four yrs. And my very humble workhorse Phantom will live to see 10 yrs before she goes to the scrap heap. Let's see how the FZ1 will stand the test of time.

 

 

Exactly why he can afford to have one R6 and one CBR600...

 

So good... If only I had that kinda raise. I've only seen 6% per year for the last two.

 

I guess the only surefire way to get a double digit increment would be to switch jobs.

[MS]

Wah... so loyal.

 

My loyalty is variable. If the biatch serves me well, I'll renew the yearly contract. So far, an FZ6 and RS125 only survived just under a year. The R1, two yrs. Super 4, four yrs. And my very humble workhorse Phantom will live to see 10 yrs before she goes to the scrap heap. Let's see how the FZ1 will stand the test of time.

 

 

 

 

So good... If only I had that kinda raise. I've only seen 6% per year for the last two.

 

I guess the only surefire way to get a double digit increment would be to switch jobs.

 

Compared to Aie, I am too fickle minded towards my biatches. During my class2b and 2a, none of my machines lasted more than 15months. My RS250 only 6 mths. The G6 and R1 all lasted 2.5years my longest record. Even my brand new peugeot only lasted 15months. Is there something wrong with me?

[sibingai]

Steady la. Your pay raise is MASSIVE!

 

Exactly why he can afford to have one R6 and one CBR600...

 

 

So good... If only I had that kinda raise. I've only seen 6% per year for the last two.

 

I guess the only surefire way to get a double digit increment would be to switch jobs.

in muslim terms...i will say ALHAMDULLILLAH(thanks to god). well...not tat great thou...still short of my aim basic thou. but thanks to help frm my previous job,experience,work ethics and discipline,another company poached me and frm there i command my fee....

 

well why stop at 1 when u cn have 4....

before this it was like 50% of my pay...n i dwngraded for 2yrs n go public for 2 whole years...imagine my cold turkey man!

[Aie]

Wah... so loyal. . I guess the only surefire way to get a double digit increment would be to switch jobs.

I'm not really loyal but sentimental. My TZR125 was bought just for practice until I get my Class 2A. My GSXR400N would have lasted longer had I not been involved in an accident with it and sent it to the scrapyard. As for my GSXR400R, after 7 years of riding it, it was rather hard for me to trade it in considering the fact that it served me well and didn't give me much problems but trade it in I must cos I can't afford to maintain two bikes.

 

You mean to say that at the moment, your increment is single digit and the highest digit being 9???

[DeusExMachina]

I'm not really loyal but sentimental. My TZR125 was bought just for practice until I get my Class 2A. My GSXR400N would have lasted longer had I not been involved in an accident with it and sent it to the scrapyard. As for my GSXR400R, after 7 years of riding it, it was rather hard for me to trade it in considering the fact that it served me well and didn't give me much problems but trade it in I must cos I can't afford to maintain two bikes.

 

You mean to say that at the moment, your increment is single digit and the highest digit being 9???

 

Don't get too sentimental over that amalgation of metal, plastics, and rubber.

 

Well, if I want a double-digit percentage increment... I guess have to look for another job la.... Where I am, I hardly ever see anybody get pay increments that even touch 10%.

[Speedpass]

Wah... so loyal.

 

My loyalty is variable. If the biatch serves me well, I'll renew the yearly contract. So far, an FZ6 and RS125 only survived just under a year. The R1, two yrs. Super 4, four yrs. And my very humble workhorse Phantom will live to see 10 yrs before she goes to the scrap heap. Let's see how the FZ1 will stand the test of time.

 

 

 

 

So good... If only I had that kinda raise. I've only seen 6% per year for the last two.

 

I guess the only surefire way to get a double digit increment would be to switch jobs.

 

My increment onli 3% max .

[MoNsTer]

this thread is really good and got me thinking and OMG i dint know I spend abt $700 monthly. Really got to find ways to cut it down as it is definitely more than 25% monthly.

[FuLL of SoRRoW]

for me.. as at tis point of time.. i dont mind forking out 50% of my income to bikes cause i got no other commitment...

 

the other 50% goes to savings, my parents and daily necessities..

then again.. i dont spend much as i dont realli go out...

so my expenditure including bills... alwasy below $400..

 

so balance always for a rainy day or more for my bike lah.. hehe

[barefoot]

i cleared finish my 6 months part time job pay for mine bike. now no income, need to wait next bike before i can look for a temp full time job again

[Throttle]

bike petrol, road tax, insurance, ERP, parking a month is about $150

car petrol road tax insurance ERP parking a month is about $880

 

Total only about $1000++ per mth

Very comfortable since all wheels fully paid.

[rhema83]

I saw how my friends suffer with negative equity (even with bikes) and large installments. So I saved up for a few years and bought my bike with cash.

 

I think insurance installment and road tax divided by 12 months add up to less than $200. My workplace is 15 km from my home, so each month I visit the petrol station 3 to 4 times. But maintenance can be substantial. If I average it out, I think I am in the 20% range.

 

Luckily for me, my bike is not just my transport. I derive great pleasure from it, and I don't spend on other things. I'm still living comfortably.