Financially-off ppl shd learn to curb their desires for exp bikes (LONG POST)

[lutein]

Housing loan is cheap. If you can get a good loan package and your DTI (debt to income ratio) is manageable (say 30-40% of income), housing loan is actually a good loan because there is a chance of asset appreciation.

 

But if your DTI is like 70-80% then u have to be prepared to eat grass if you lose your job. May even need to do fire sale liao...

[papabread79]

A loan is a loan. Afterall.

[kmax]

A loan is a loan. Afterall.

 

better pay cash

 

http://www.michaelianblack.net/.a/6a00e54edada5e8833010536ac851e970c-500pi

 

http://blog.nationmultimedia.com/home/blog_data/62/62/images/zimbabwe-currency-2008.jpg

[haoKR]

A loan is a loan. Afterall.

 

yeah,haha

 

loan house

loan car

 

of coz loan house,nid to stay,live in

a car is a 'want' thing. can take pub transport ma.

so a car is not nessesary,unless got $$

[Pandoras Kitten 3]

yeah,haha

 

loan house

loan car

 

of coz loan house,nid to stay,live in

a car is a 'want' thing. can take pub transport ma.

so a car is not nessesary,unless got $$

 

True also but truth be told with a family, a 4 wheeled vehicle comes in very useful.

 

Also has that "status symbol" factor, that's why around the world you hear stories about young executives "borrowing to the hilt" for their BMW 3 series...

 

Though the real cunning people dress up in singlet, shorts and sandals, eat and speak humbly.... and later buy a big Mercedes in cash. Jaw drop.

[Throttle]

True also but truth be told with a family, a 4 wheeled vehicle comes in very useful.

 

Also has that "status symbol" factor, that's why around the world you hear stories about young executives "borrowing to the hilt" for their BMW 3 series...

 

Though the real cunning people dress up in singlet, shorts and sandals, eat and speak humbly.... and later buy a big Mercedes in cash. Jaw drop.

 

hhhhmmm, BMW 3 series

[hydrop]

pls dont tell HDB (or condo) owners that they are living beyond their limits..

 

Yah some of them are....thats why during recessions u will see fire sales from time to time...

[cougar]

Yah some of them are....thats why during recessions u will see fire sales from time to time...

so its not a bad thing, like stock market, you just need some people to make bad decisions so that you can profit what. Loan on property is one thing to be wary, lots of old estate being bought at high prices, but its leasehold, bal 30 years bank no more loan. So you can see the real value yourself. Like vehicles, i've work in bike trade before, we make the most from resale bikes rather first hand. The interest is higher, maintenance comes in profit for us. The one who buys first hand, govt make from there. So its like houses and vehicle, there's a govt market and resaler market, and most biz owners are doing reselling.

[Throttle]

Yah some of them are....thats why during recessions u will see fire sales from time to time...

and i'll be there waiting

[wait4me]

yeah,haha

 

loan house

loan car

 

of coz loan house,nid to stay,live in

a car is a 'want' thing. can take pub transport ma.

so a car is not nessesary,unless got $$

some wil lsay a bike is also a "want" thing

 

hhhhmmm, BMW 3 series

 

Dear Senior

 

3 series not for u , i suppose..

 

should be 5 series or audi ??

[kmax]

some wil lsay a bike is also a "want" thing

 

Dear Senior

 

3 series not for u , i suppose..

 

should be 5 series or audi ??

 

wait4me.. throttle likes.. 6...

[DeusExMachina]

Let them learn the hard way.

 

If you can't afford the bike anymore and put it up cheap on Garage Sales, I might just be the one who'll benefit from it.

 

Heh. Life sucks, but hey.....

[Aurium]

well,

i`m sure many brothers/sisters here are loaded and smart to buy cheap bikes or bikes they can easily afford.

 

i am one of such who cant afford to pay full cash for my brand new bike.

honestly, i do not think the situation is tt bad afterall for me,

 

as pointed out by a fellow forumer earlier, i guess it just takes some planning and common sense for the correct buying..

to afford the bike i`m riding now, i might need to save quite sometime to pay in full cash, but by installment, i can ride my dream bike, say 3 yrs earlier? why not? i thought?

time can exchange for money, but money cant buy time??

just plan wisely, anyway bikes aside (since most are relatively cheap )

i`ve known more than enuff car owners who took $0 drive away and max 10 yrs loan.

 

For me, i down 60% and took 3 yrs..

my total interest for the 3 yrs is about 2k+, which i tink is an affordable price to pay as i use instead of waiting for 3 yrs, or for that matter, maybe waiting another 1 yr as i already saved more than 60% of the bike, of cuz, with a hugh bufffer reserved for rainy days...

well, just to celebrate 23rd mth of installment, 13 more to go, i could pay everything thing now, just tt they don allow... early settlement fees (bloody hell), so just wait and pay lohz...

 

loving my bike every single day..

was glad i didnt down for a car like every one else told me to..

but was planing on a 2nd hand OPC COE car for family days. (the cheapest kind )

 

cheers and ride safe everyone..

No flame plz,

 

Rgds,

Aurium

[haoKR]

wait4me.. throttle likes.. 6...

 

wooo. 6 seires

HOT!

[jtzx]

well,

i`m sure many brothers/sisters here are loaded and smart to buy cheap bikes or bikes they can easily afford.

 

i am one of such who cant afford to pay full cash for my brand new bike.

honestly, i do not think the situation is tt bad afterall for me,

 

as pointed out by a fellow forumer earlier, i guess it just takes some planning and common sense for the correct buying..

to afford the bike i`m riding now, i might need to save quite sometime to pay in full cash, but by installment, i can ride my dream bike, say 3 yrs earlier? why not? i thought?

time can exchange for money, but money cant buy time??

just plan wisely, anyway bikes aside (since most are relatively cheap )

i`ve known more than enuff car owners who took $0 drive away and max 10 yrs loan.

 

For me, i down 60% and took 3 yrs..

my total interest for the 3 yrs is about 2k+, which i tink is an affordable price to pay as i use instead of waiting for 3 yrs, or for that matter, maybe waiting another 1 yr as i already saved more than 60% of the bike, of cuz, with a hugh bufffer reserved for rainy days...

well, just to celebrate 23rd mth of installment, 13 more to go, i could pay everything thing now, just tt they don allow... early settlement fees (bloody hell), so just wait and pay lohz...

 

loving my bike every single day..

was glad i didnt down for a car like every one else told me to..

but was planing on a 2nd hand OPC COE car for family days. (the cheapest kind )

 

cheers and ride safe everyone..

No flame plz,

 

Rgds,

Aurium

 

quite true.. as long u can afford the bike and it's repairs, u'r good to get the bike.. If u'r gonna ride the bike for more then 5years. why not installment.. it varies to different people i guess....

[Throttle]

wait4me.. throttle likes.. 6...

 

bro, i did consider 3series - 335i but too common and more "youngish" so decided on the 6series which is more handsome and for matured audiences....lao liao haha.

[papabread79]

6 series as a whole is more common than the 335i.

[Throttle]

well,

i`m sure many brothers/sisters here are loaded and smart to buy cheap bikes or bikes they can easily afford.

 

i am one of such who cant afford to pay full cash for my brand new bike.

honestly, i do not think the situation is tt bad afterall for me,

 

as pointed out by a fellow forumer earlier, i guess it just takes some planning and common sense for the correct buying..

to afford the bike i`m riding now, i might need to save quite sometime to pay in full cash, but by installment, i can ride my dream bike, say 3 yrs earlier? why not? i thought?

time can exchange for money, but money cant buy time??

just plan wisely, anyway bikes aside (since most are relatively cheap )

i`ve known more than enuff car owners who took $0 drive away and max 10 yrs loan.

 

For me, i down 60% and took 3 yrs..

my total interest for the 3 yrs is about 2k+, which i tink is an affordable price to pay as i use instead of waiting for 3 yrs, or for that matter, maybe waiting another 1 yr as i already saved more than 60% of the bike, of cuz, with a hugh bufffer reserved for rainy days...

well, just to celebrate 23rd mth of installment, 13 more to go, i could pay everything thing now, just tt they don allow... early settlement fees (bloody hell), so just wait and pay lohz...

 

loving my bike every single day..

was glad i didnt down for a car like every one else told me to..

but was planing on a 2nd hand OPC COE car for family days. (the cheapest kind )

 

cheers and ride safe everyone..

No flame plz,

 

Rgds,

Aurium

it's true, you dont hv to always pay in full cash.

60% 3yr loan is fair.

 

instalments or full cash is also a way to control/guide oneself to be more realistic or down to earth in spending.

 

otherwise, i too, could have both a maseratiGT and porsche911 sitting in my front porch now

[Throttle]

well,

i`m sure many brothers/sisters here are loaded and smart to buy cheap bikes or bikes they can easily afford.

 

i am one of such who cant afford to pay full cash for my brand new bike.

honestly, i do not think the situation is tt bad afterall for me,

 

as pointed out by a fellow forumer earlier, i guess it just takes some planning and common sense for the correct buying..

to afford the bike i`m riding now, i might need to save quite sometime to pay in full cash, but by installment, i can ride my dream bike, say 3 yrs earlier? why not? i thought?

time can exchange for money, but money cant buy time??

just plan wisely, anyway bikes aside (since most are relatively cheap )

i`ve known more than enuff car owners who took $0 drive away and max 10 yrs loan.

 

For me, i down 60% and took 3 yrs..

my total interest for the 3 yrs is about 2k+, which i tink is an affordable price to pay as i use instead of waiting for 3 yrs, or for that matter, maybe waiting another 1 yr as i already saved more than 60% of the bike, of cuz, with a hugh bufffer reserved for rainy days...

well, just to celebrate 23rd mth of installment, 13 more to go, i could pay everything thing now, just tt they don allow... early settlement fees (bloody hell), so just wait and pay lohz...

 

loving my bike every single day..

was glad i didnt down for a car like every one else told me to..

but was planing on a 2nd hand OPC COE car for family days. (the cheapest kind )

 

cheers and ride safe everyone..

No flame plz,

 

Rgds,

Aurium

it's true, you dont hv to always pay in full cash.

60% 3yr loan is fair.

 

instalments or full cash is also a way to control/guide oneself to be more realistic or down to earth in spending.

[haoKR]

bro, i did consider 3series - 335i but too common and more "youngish" so decided on the 6series which is more handsome and for matured audiences....lao liao haha.

 

er,ya. 3 coupe quite common

get a 630i soft top

 

6 series as a whole is more common than the 335i.

 

er,izzit ?

haha

think both common..sg more n more rich ppl

lol

[ahcaibiker]

getting abit....

 

 

***************

 

there are only 2 groups of ppl involved in the topic

 

1) financially sound, but not willing to park a big sum on a purchase of a bike. no problems meeting installment payment on time.

 

2) those who clearly cant afford it but stubbornly die die want to buy. end up down abit and drag many many years, later bike keep on getting repposessed by bike shop cos cannot pay up installment in time... then kenna the bike storage charges, etc, etc. serious cases will lead up to massive debts and ultimately bankruptcy.

 

those belonging to the 2nd group unfortunately are on the rise. not just on bike purchases but spending future money (hire purchase) on all sorts of things.

[Throttle]

6 series as a whole is more common than the 335i.

 

you comparison is on wrong basis.

anyway the point is that there are many many many more 3series coupes

 

back to topic

 

for folks who think that they choose to live for the day and therefore spend most of their cash to buy the bike of their dreams, therafter having to suffer on daily basis, the truth is they have to live not only for the day but day to day.

Edited October 31, 2010 by Throttle

[kmax]

well,

i`m sure many brothers/sisters here are loaded and smart to buy cheap bikes or bikes they can easily afford.

 

i am one of such who cant afford to pay full cash for my brand new bike.

honestly, i do not think the situation is tt bad afterall for me,

 

as pointed out by a fellow forumer earlier, i guess it just takes some planning and common sense for the correct buying..

to afford the bike i`m riding now, i might need to save quite sometime to pay in full cash, but by installment, i can ride my dream bike, say 3 yrs earlier? why not? i thought?

time can exchange for money, but money cant buy time??

just plan wisely, anyway bikes aside (since most are relatively cheap )

i`ve known more than enuff car owners who took $0 drive away and max 10 yrs loan.

 

For me, i down 60% and took 3 yrs..

my total interest for the 3 yrs is about 2k+, which i tink is an affordable price to pay as i use instead of waiting for 3 yrs, or for that matter, maybe waiting another 1 yr as i already saved more than 60% of the bike, of cuz, with a hugh bufffer reserved for rainy days...

well, just to celebrate 23rd mth of installment, 13 more to go, i could pay everything thing now, just tt they don allow... early settlement fees (bloody hell), so just wait and pay lohz...

 

loving my bike every single day..

was glad i didnt down for a car like every one else told me to..

but was planing on a 2nd hand OPC COE car for family days. (the cheapest kind )

 

cheers and ride safe everyone..

No flame plz,

 

Rgds,

Aurium

 

good calculation, too bad tied down by early settlement fee, nonetheless C14 is good bike to buy brandnew...

[CSV]

That day I had a conversation with my friend about my bike. He said, "u spent so much $ to buy in full, why didn't u got a brand new bike like I did?" (he's riding Gixxer 1k 09', I am riding R1 05')" I told him that I don't want to keep aside so much money a month juz for a bike. I calculate if I keep aside 300-400 a month, is a comfortable amount for me yet shd be enuff for all the maintenance, parking, insurance and roadtax dat the bike needs. If I had to add installments, that would easily b $700 a month and I dun feel like throwing so much money...

 

He said, "whats the problem? ur earning more den me, yet I am able to keep a gsxr and a x1 for work". mind u hor, my fren is currently SCHOOLING and working part-time @ mcdelivery..

 

Den recently, tragedy struck. He got into an accident while working with his x1. Sudden lost of income. Now having difficult keeping e gixxer afloat. He's thinking of letting it go but overall installment + interest rates = bike is more expensive then brand new one. Another friend offered to COI his bike.. but he must PAY him to do so to offset e interest rate. Imagine hor, u have to pay some1 to take ur ride away...

 

Take this as a lesson, esp those kiddies who want to ride their dream bike but are not financial there to do it. Juz becuz u can "afford' the monthly installment, doesn't really mean u can afford it hor. It took me 1 and a 1/2 year to save up for this R1'05 and its a damn good feeling. No worries about anything happen den cannot pay installment.. worst come to worst, juz ride my spark while the R1 sits in the parking lot lol...

 

good job! i really admire people who can pay off their bikes in full. you must also agree with my view that paying monthly installment is a painful and ridiculous idea. i bet it feels damn good when you arrive to pay off the bike in cold hard cash/cheque.

 

thats the main issue, people buy things based on present value, not future value. they buy based on current financial situation, not aware if something happens, everything can change.

[pipipapipu]

Hire purchase is alright is your loan o/s

 

Meaning if you do not need to pay the financial institution to sell your vehicle.

The best way to attain this is to pay a higher downpayment.

 

Alternatively, your bank account balance > loan o/s.

 

This way, you can escape with your shirt intact rather than face the harsh reality. (losing the vehicle is no big deal)

 

Those who downpay less than 30% ultimately are wearing hats that are too big for their heads as most vehicle depreciate at least 30% in the 1st year. Yet there are many people who like to gamble with Mr Fate.

 

Eg: Mr A who rides a phantom (asset) is actually richer than Mr B who rides a BMW (liability) if Mr Fate rolls his dices.

 

But alas, to each his own, and whatever will be will be.. the future's for us to see. hey sarah sarah..