How much do you earn a month...

[Throttle]

Originally posted by onefour02@Sep 30 2006, 09:42 PM

throttle, i probably share the same thoughts as you on:

1. depreciation of vehicle

2. investing

 

i feel damn guilty spending my own savings on a bike that loses value every year.

i have seen the opportunities of making money with money.

 

that is why:

1. i have placed my money on shares, instead of putting 2 class2 bikes otr.

2. my current bike i'm using to travel to uni is paid with my dividends/capital gains.

 

there's always the temptation of putting a class2 bike otr.

and it will be harder to resist once i enrol for class2 this coming thurs!

 

what i'm trying to do now is:

1. stay on my current s4

2. build up my capital such that dividends/capital gains will be able to pay for bigger bikes and other obessions

 

 

 

 

 

 

 

 

 

 

 

 

my heart asks me to put a cbr1000rr otr once i pass my class2,

my head says i shall probably wait for another few years and get a used bike.

good for you, onefour2. I think you are quite disciplined and should go far.

Dont forget to reward yourself when you deserve it.

[BlackDawn]

Originally posted by Throttle@Sep 30 2006, 10:22 PM

I think so, Kiamh. you only have to find your comfort level and tie that with your affordable level.

You really hit the spot, Throttle.....

 

I punch the calculators & its telling me that its within my affordable level to buy a car (after my wife gets her license) & still splash out on a Harley (to fulfil a dream)... but I'm finding it hard to convince myself to put that amount (i.e. exceed my comfortable level) into "assets" that can only depreciate in value.

 

I would like to make my monthly savings work harder for me in view of future income & I feel bad when I harbour spending the $ on a bike (& car) when my Phantom can get me (& the wife) around at such economical costs...

 

Then again, if I don't chase my dreams (of the HD) now while I'm still relatively young (& not a parent yet), when will be a better time??

 

Life is full of dilemmas.... struggle with this ever so often, man....

[Throttle]

simple, get the Harley. forget the car. wait a few more years, your Harley will still be around and you would have saved enough and your salary would also be higher, then get the car.

[BlackDawn]

Originally posted by Throttle@Sep 30 2006, 10:44 PM

simple, get the Harley. forget the car. wait a few more years, your Harley will still be around and you would have saved enough and your salary would also be higher, then get the car.

Thanks for the comments

I'll review carefully to see if I need the car that badly... for that matter, I'll also review if I really want the Harley that badly....

[xb84]

kiamh, if i were in your shoes, these would be most impt to me:

 

1. try to get your harley asap and ride as much as possible before the baby comes into the picture. (u will probably be busy changing diapers and feel guilty leaving your wife alone at home with the baby while you go out to ride.)

 

2. get a car just b4 the baby pops out! (during the 9mths and after birth, you and your wife would probably have to make frequently trips for checkups, a car would be really useful.)

 

3. cost comparison. (you mentioned buying a harley which could cost 20k - 40k brand new or 10k second hand.) if u are going for a 10k harkey the choice of buying a bike would be easy, but if you're going for a 40k bike, some thought has to be put into it.

 

 

 

 

 

 

 

a. for me i would definitely feel better riding even a used 10k harley, than be in a 50k car just like any other singaporean and get stuck in traffic jams in peak hour traffic.

 

b. when commitments (baby) arise, its no longer abt the cost of the vehicle, its about driving your wife comfortably and safely to the clinic for regular checkups, rather than waiting for taxis with driving that could make not only ur wife but u dizzy too.

 

 

 

 

 

 

 

i. i believe you will still be able to continue to live your dream of riding a harley at 30, 40, 50, 60 and on, so why not just pickup a used harley for now. (hoping to find a gd deal from expats leaving sg. hehe.)

ii. there will still be many chances for you to upgrade, or even acquire 2 or 3 or 4 bikes altogether!

[Ex7rema]

hmm... after reading this forum i really think twice about getting a car i need some opinions from u guys is $1.4k monthly salary enough for a OPC kia picanto???

[Skunk]

Originally posted by Ex7rema@Oct 1 2006, 02:26 PM

hmm... after reading this forum i really think twice about getting a car i need some opinions from u guys is $1.4k monthly salary enough for a OPC kia picanto???

season parking alone is already $95....which is 6.7% of your income, u say enough?

 

$1.4K get 2B bike already the max already. Should not spend more than 25% of pay on transport, which means u only got $350 to play with.

[Throttle]

Originally posted by Ex7rema@Oct 1 2006, 02:26 PM

hmm... after reading this forum i really think twice about getting a car i need some opinions from u guys is $1.4k monthly salary enough for a OPC kia picanto???

you gotta be bloody joking, dude

[Enotsol]

Average amount spent on a normal budget sedan such as a vios comes up to about $1500 a month when u include road tax, insurance etc etc... seriously don't entertain the thoughts of having a car when your total income does not even breach the $2.5k mark at the very least... and that's considering you scrimp every cent. In other words, simply not worth it.

 

A 2B bike will get you from point A to B easily in Singapore albeit exposed to the elements and it's much more easier on your pocket.

[Ex7rema]

aiya relac la asking only leh.... anyway i use to own a 2b bike but after afew accidents i scare liao den my parents also disallow me from riding again... so now i take bus take mrt everyday smell people who dun like to shower in the morning to cover up their BO sibei chao man ... after all still not bad liao quite alot of babes take public transport...hehehe

[Ex7rema]

anyway what is the expected salary to own a OPC car???

[BlackDawn]

Originally posted by onefour02@Oct 1 2006, 01:18 AM

kiamh, if i were in your shoes, these would be most impt to me:

 

1. try to get your harley asap and ride as much as possible before the baby comes into the picture. (u will probably be busy changing diapers and feel guilty leaving your wife alone at home with the baby while you go out to ride.)

 

2. get a car just b4 the baby pops out! (during the 9mths and after birth, you and your wife would probably have to make frequently trips for checkups, a car would be really useful.)

 

3. cost comparison. (you mentioned buying a harley which could cost 20k - 40k brand new or 10k second hand.) if u are going for a 10k harkey the choice of buying a bike would be easy, but if you're going for a 40k bike, some thought has to be put into it.

 

a. for me i would definitely feel better riding even a used 10k harley, than be in a 50k car just like any other singaporean and get stuck in traffic jams in peak hour traffic.

 

b. when commitments (baby) arise, its no longer abt the cost of the vehicle, its about driving your wife comfortably and safely to the clinic for regular checkups, rather than waiting for taxis with driving that could make not only ur wife but u dizzy too.

 

i. i believe you will still be able to continue to live your dream of riding a harley at 30, 40, 50, 60 and on, so why not just pickup a used harley for now. (hoping to find a gd deal from expats leaving sg. hehe.)

ii. there will still be many chances for you to upgrade, or even acquire 2 or 3 or 4 bikes altogether!

Thanks for the comments Will keep them in mind...

[Skunk]

Originally posted by Ex7rema@Oct 1 2006, 09:41 PM

anyway what is the expected salary to own a OPC car???

considering OPC Kia Picanto

 

Cost of Car ownership

 

it should cost you around $680 monthly. Considering transport to be 25% of your income, you should make in excess of $2700 monthly to be able to afford it comfortably.

 

But OPC cannot use during "normal" hours, so you gotta factor in other transport costs as well. I would say an income of $3K is minimum.

[Throttle]

I second that.

[Ex7rema]

orhh... ok thx for ur advice...

[Throttle]

I've been thinking.....maybe I sell my car to buy a cheap secondhand everyday car and also buy an old Porsche OPC for driving during weekends.... quite shiok leh.......

[Guest max_nhk]

I would advise against looking just at monthly figures.

 

You can achieve low monthly installments by simply taking 10 year loan. But even with the cheapest car and the lowest interest rate, most people will end up paying with their arms or legs.

 

Best is save up a fat downpayment, or even better pay full cash!

[Throttle]

Originally posted by max_nhk@Oct 23 2006, 05:41 PM

I would advise against looking just at monthly figures.

 

You can achieve low monthly installments by simply taking 10 year loan. But even with the cheapest car and the lowest interest rate, most people will end up paying with their arms or legs.

 

Best is save up a fat downpayment, or even better pay full cash!

you mean me?

 

I agree, I usually pay full cash or loan only 2 -3 yrs for all my cars

[Guest max_nhk]

Originally posted by Throttle@Oct 23 2006, 06:41 PM

you mean me?

 

I agree, I usually pay full cash or loan only 2 -3 yrs for all my cars

Nope. It's just a general comment.

 

Low monthly installment is sometimes used to hide the hugh amount of $ ppl really pay for a car.

[xb84]

shld a person clear his/her 200k housing loan first or 50k car loan first?

[Throttle]

if you ask me, i'll say clear the car first.

 

why? becos housing loan is real proper loan caluculated in a fair way using correct mathematical principles which is interest reducing and based on interest rates which are tighter. It is also easier to do a reloan on your housing.

 

Car loans are all "bullshit" loans which are calculated in a way that totally and only benefits the lender such that even if you have returned 99% of your principal, the loan interest is still base on 100% principal unpaid.

[Demon]

Originally posted by onefour02@Oct 24 2006, 01:14 AM

shld a person clear his/her 200k housing loan first or 50k car loan first?

of course car loan first because it's a short term loan first. Long term loan such Housing loan is on monthly rest, and some banks allow for repayment vacation, just service the interest.

 

Should you housing loan be serviced wholly by CPF ? If both are paying by cash, aren't you stretching yourself too thin ?

 

[Options]

Erm...

actually if u r buying a normal car, be it a picanto or a lancer or a TS...

Ur monthly expenses on it will somehow add up to over $1k....

not to mention cars like BMW 3 series which monthly installment cause u more den $1k with ard $15k downpayment.

advice... save up n down a high amount of downpayment to reduce the years of installment u will be paying...

 

Bad example:

a honda fit which cause ard $54k with $0 drive away at 2.88% interest rate for 10 years....

total = $69552 ($15552 interest for 10 years)

monthly installment = $579.60

so basically means u r paying only for e interest for e first 2.5 years...

depreciation = $4.6k per year

so again it means dat u can only break even at e 7th year...

DO U PLAN TO KEEP E CAR FOR SO LONG???

 

Good example:

same model at $54k with a 20k downpayment at 3% for 6 years

total = $40120

monthly = $557

U only need 3 years to break even....

meaning highly returns when u wanna sell e car earlier....

 

juz my 2 cents....

 

[xb84]

Originally posted by Demon@Oct 25 2006, 01:16 PM

of course car loan first because it's a short term loan first. Long term loan such Housing loan is on monthly rest, and some banks allow for repayment vacation, just service the interest.

 

Should you housing loan be serviced wholly by CPF ? If both are paying by cash, aren't you stretching yourself too thin ?

 

1. i do not have money in my cpf as i'm still studying.

2. i do not own a car or a hdb.

3. i was just trying to plan for the future.

4. i was wondering if it would be better clearing a hdb loan first as the principal sum is higher and repayment period is longer. but throttle has already highlighted on the reducing balance for hdb loan.

5. though i have 2 classmates who are already married at 22 and paying for their hdb, i dont think i'm settling down so soon.

[Throttle]

Onefour02, dont worry, you are still very young.

 

Your friends married at 22?? , that's very fast by current Singapore standards. I personally dont think it's that advisable to settle down at such a young age.

 

I believe that by the time you go into the job market, the prices of cars and tax structures may change yet again. But it's good that you are taking effort to understand certain aspects.

 

Planning is good but dont plan too much and miss the present.

Good luck