downpayment

[Seijirou]

hi guys, lets say u are goin to purchase a car. and u have ard 10k on hand. how much are u willing to down or u are not willing to down, just full loan the car and drive for 10 yrs?

[Throttle]

If I have only$10k, I think clearly cant afford a car.

I'll be down to earth and forget about buying altogether.

Overspending on speculative income will KILL you.

[Demon]

Originally posted by Seijirou@Nov 22 2006, 02:30 AM

hi guys, lets say u are goin to purchase a car. and u have ard 10k on hand. how much are u willing to down or u are not willing to down, just full loan the car and drive for 10 yrs?

There is almost zero details in your question so any answers will be equally vague.

 

[Demon]

Originally posted by Throttle@Nov 22 2006, 09:58 AM

If I have only$10k, I think clearly cant afford a car.

not necessarily.

 

If his plan is for an budget OPC, which can cost less than $20,000. With a $10K d/p, over a period of 10 years, the monthly instalment is only $104.

 

[Sky99]

Originally posted by Throttle@Nov 22 2006, 09:58 AM

If I have only$10k, I think clearly cant afford a car.

I'll be down to earth and forget about buying altogether.

Overspending on speculative income will KILL you.

actually not really. my dad bought a normal car. around 60k. he downpay not even 10k. around 7k. then he paid 1 mth around 400+.

[Throttle]

Yeah that's your opinion. I cant dispute. I'm just giving mine.

[Sky99]

Originally posted by Throttle@Nov 22 2006, 02:06 PM

Yeah that's your opinion. I cant dispute. I'm just giving mine.

Ok. btw its alright to downpayment 10k only if he has a high salary. but do check about how much u gonna spend on car. cux my dad jus own a normal nissan car. but i think every week , he pump petrol. 1time around $60. 1 mth = $200+ (petrol nia).and 400+ for every mth . 600+ le. but haven't count road tax , carpark all . unable to tell u guys. cux i duno, i try to ask my dad that how much he actually spent on his car per mth.

[Throttle]

exactly my point. If you only have $10k on hand, it does go to show your personal networth. Why get a car and squeeze yourself?

 

Anyway, I respect the person who down $50k to buy a $100k car and can still live his life without scrimping and saving compared to a fella who downs $50k to by a $250k car and then become a pauper just servicing the car....

 

as usual my opinion only, that's what forum is about right? opinions of different ppl

[stylomilo]

its depends on each bah... with such good public transport network in SG, i actually dun need a car... but than the passion for motorsports...

 

people drive to work... i work to drive...

 

but i am still loving it...

[Sky99]

EH. WAIT. i thought that my dad actually scapes his old car. which can fetch around 30k. then he actually paid 7k. then left around 20k+.. but each mth mus pay 300-400+. oops. Throttle. now i 100% agree with u .

[fooz]

Originally posted by Seijirou@Nov 22 2006, 02:30 AM

hi guys, lets say u are goin to purchase a car. and u have ard 10k on hand. how much are u willing to down or u are not willing to down, just full loan the car and drive for 10 yrs?

tts the main reason y many pple are facing negative equity.

if ur gg to service ur loan for 10full yrs.

ur interest will can come up to as much as 50% of the principle amt.

(easily can buy a spanking new bike)

 

frankly, do ur maths before committing financial suicide.

[Guest doremo]

eh i just manage to save my 10k. I think better to save it, though always got impulse to buy car...... got bike is good enuff la. Owning car in SG is a liability.

[Seijirou]

yea thx guys i guess i rather reconsider about getting a car. but if i dun buy it during my regular service in the force, i dunno when i can own a car le.

[Throttle]

Well, I can see that you are creating reasons/excuses for yourself to buy the car. Reasons of which are wrong but anyways go ahead, buy it. Then see if your life will improve by owning a car.

 

If it does, excellent.

If it doesnt, just be prepared for a big big hole in your pocket and regrets.

[katana777]

Originally posted by Seijirou@Nov 26 2006, 05:46 AM

yea thx guys i guess i rather reconsider about getting a car. but if i dun buy it during my regular service in the force, i dunno when i can own a car le.

after ORD there's still alot of high earning jobs out there

maybe u can consider getting a car then

[minorsage]

Originally posted by Sky99@Nov 22 2006, 01:58 PM

actually not really. my dad bought a normal car. around 60k. he downpay not even 10k. around 7k. then he paid 1 mth around 400+.

wah lao. he took minimun downpayment and 10 yrs loan issit?

 

even for a 50K loan, he will be paying around 17-18K interest.

 

also a 10 yrs loan car will typically takes around 7-8 yrs to breakeven.

and that is a real long time !!!

 

lower monthly but you pay so much more overall.

[minorsage]

Originally posted by Seijirou@Nov 26 2006, 05:46 AM

yea thx guys i guess i rather reconsider about getting a car. but if i dun buy it during my regular service in the force, i dunno when i can own a car le.

you sign on?

 

1st of all which car are you looking at?

 

OPC or normal plate?

[Dino Bravo]

Originally posted by Seijirou@Nov 26 2006, 05:46 AM

yea thx guys i guess i rather reconsider about getting a car. but if i dun buy it during my regular service in the force, i dunno when i can own a car le.

hi, just to share my views...

i'm in the regular service too. i did think about it before reagarding what you mentioned. if i don't own a car now, i dunno if i would be able to if i quit the force.

 

but think of it, if you don't buy a car now while in the force, when you quit the force, ain't it common sense that you will have MORE money? that makes it easier for you to own a car.

and if you are worried that if you quit the force, you wouldn't be able to afford a car... think twice! what makes you think that if you buy a car now while in the force, you will be able to survive when you quit the force?

since we are in the same line... my advise is save the money.

regulars (less big shot officers) do not make alot of money, its just the bonus that is healthy. other than that, i would say the pay sucks if you compare the ratio of work:salary and enviroment:salary. there are much more chances out there to make it.

another thing to take note of... many young regluars end up in dept cos of their cars... many end up in dept cos of their spending habits too...

save as much as you can while in the force, so when you quit or when SAF kicks you out, you still can survive for a period of time without income, and also have the strength to raise your middle finger up high and show it to them.

UNABLE TO CROSS OVER TO PP2 AND GOLDEN HANDSHAKES nowadays are a norm.

IT'S NO LONGER AN IRON RICE BOWL.

 

ps: i have frens and coursemates who are drawing the same salary as i am. they took 10yr loan for their cars. and they are sort of looking down on me seeing that i'm riding a bike. they taunt me saying the price of my bike can buy a small car why i so stupid dunno how to think. but i did consider the cost of keeping a bike and a car. price of buying might be same, but price of KEEPING is way different.

few years down the road, lets see who has the last laugh. can look down on me now its ok, assets are not my piority NOW, savings and investments are.

set your piorities right... it will keep you smiling for years if you do it right. do it wrong and you can spend almost a lifeitme to pay off the bills plus interest.

 

they have zero savings at the end of the month while i get to save a healthy sum.

i'm living very comfortably now. and not so worried about not having spare cash on hand.

[hachi]

Originally posted by Dino Bravo@Nov 26 2006, 02:36 PM

hi, just to share my views...

i'm in the regular service too. i did think about it before reagarding what you mentioned. if i don't own a car now, i dunno if i would be able to if i quit the force.

 

but think of it, if you don't buy a car now while in the force, when you quit the force, ain't it common sense that you will have MORE money? that makes it easier for you to own a car.

and if you are worried that if you quit the force, you wouldn't be able to afford a car... think twice! what makes you think that if you buy a car now while in the force, you will be able to survive when you quit the force?

since we are in the same line... my advise is save the money.

regulars (less big shot officers) do not make alot of money, its just the bonus that is healthy. other than that, i would say the pay sucks if you compare the ratio of work:salary and enviroment:salary. there are much more chances out there to make it.

another thing to take note of... many young regluars end up in dept cos of their cars... many end up in dept cos of their spending habits too...

save as much as you can while in the force, so when you quit or when SAF kicks you out, you still can survive for a period of time without income, and also have the strength to raise your middle finger up high and show it to them.

UNABLE TO CROSS OVER TO PP2 AND GOLDEN HANDSHAKES nowadays are a norm.

IT'S NO LONGER AN IRON RICE BOWL.

 

ps: i have frens and coursemates who are drawing the same salary as i am. they took 10yr loan for their cars. and they are sort of looking down on me seeing that i'm riding a bike. they taunt me saying the price of my bike can buy a small car why i so stupid dunno how to think. but i did consider the cost of keeping a bike and a car. price of buying might be same, but price of KEEPING is way different.

few years down the road, lets see who has the last laugh. can look down on me now its ok, assets are not my piority NOW, savings and investments are.

set your piorities right... it will keep you smiling for years if you do it right. do it wrong and you can spend almost a lifeitme to pay off the bills plus interest.

 

they have zero savings at the end of the month while i get to save a healthy sum.

i'm living very comfortably now. and not so worried about not having spare cash on hand.

Well agree with you as my bro also in the force and his co workers keep pressurizes him to buy a car....Is funny...Those who dont have money in their bank cannot stand those who has it....

[Throttle]

I know who has the last laugh, the banks and the car sellers!!

 

Hahah

[Demon]

Originally posted by hachi@Nov 26 2006, 02:50 PM

Well agree with you as my bro also in the force and his co workers keep pressurizes him to buy a car....Is funny...Those who dont have money in their bank cannot stand those who has it....

I don't think you guys understand the effect of peer pressure in the forces. It's not a matter of being weak, it's the feeling of belongingness, like a groupie. The effect is more pronounced in the forces because of their irregular working hours and your buddies tend to be people in the same environment. If you are in a group where everyone has a hot hatch, if you don't own one, you are as good as out of the group.

 

[Throttle]

Of course we understand.

 

Peer pressure is everywhere dude, in the Forces or outside. right from school days. It IS a weak excuse to buy a car and plunge yourself in debt if one cannot afford.

 

It's call "keeping up with the Joneses" or Rat Race.

 

So next time your kid's classmate all have branded clothes and shoes.

And he/she comes home to give you this reason, you go buy him/her everything his/her classmates have? Just to be in the group?

[78-Boi]

Simple breakdown for bros here to have a better overview of what liablities a car owner is in....glory?? peer pressure?

 

OKie here it goes....Average japan/korean car base on $55k without downpayment.

 

Monthly installation $500 x 12 = $6000

Road tax yearly $880 = $880

Insurance yearly (25years old) $1500 = $1500

Petrol (monthly) $250 x 12 = $3000

Maintance service (1/3mths) $200 x 4 = $800

Car park (Per mth) $70 x 12 = $840

Cash Card (twice a month) $20 x 6 = $120

Coupons(Average 1 book a month) $10 x 12 = $120

 

TOTAL= $13260 yearly

 

Thats maintaining a car, imagine you working how many months to settle this car before you talk abt your saving, other expensives etc....hoho

 

 

 

 

Read more below....

 

Others

Tyres 2years once 300-400

Timing belt (40k mil) 40-60

Spark plugs (40k mil) 80=100

brakes pads (1-2years) 80-100

Window wiper (6mths) 30

Car Battery (1-2years) 70

Car wash products 50+

Car polish (CNY) 150

 

 

 

 

 

 

And the above is without ..........

 

Fines 50+-

Modds unlimited

Self inflict accidents >150per spray

 

 

 

hope it helps.... :help: :cheeky:

[Throttle]

good one 78 Boi. And you have already understated many things becos thats only for a small family car....

 

ERP alone is easily $60 a month if you work in the city.

Parking is easily $300 a month (work and home and recreation)

[Kutrax]

Good info guys..

for married couple should be ok.

If u still single forget it unless u rich.

Later buy car no money to save n get married.

 

thanks for the breakdown.