How much do you earn a month...

[-PeNsKe-]

Originally posted by TachiTJRS@Nov 22 2004, 01:49 PM

Just for your infor guys. I owned 3 cars so far in Singapore. My last was a 1999 Honda Civic SiR EG9. I will give you a breakdown on how I 'suffered' to keep the baby I loved.

 

Monthly Salary: $2200

Car price (used): $55000 when 5 years old

Downpayment: $5000

Monthly installments plus interest at 2.8%: $900+

Number of years loan: 53months

 

Running Cost:

Fuel: I travelled an average of 3000km per month. My car tops $65 of 98 unleaded per tank and covers about 500km per tank which works out to

 

$390 -$400 per month +/-

 

General Maintainence of Oil, filter etc at every 10000km. = $200 divided by 3 months I would have to put aside: about $70

 

Road Tax: $948 for a year. If you divide it by 12 months = $79

Insurance: I paid $2000 a year for a 4 door Civic VTEC. I am 26 years old and not married. Divide it by 12 months =$167

 

ERP, Parking, coupons etc per month: $70

 

So, gentlemen every month I spent a total of $900+$400+$70+$79+$167+$70

=$1686

 

That leaves me with $514 to pay for my handphone, eating, occasional pleasure like movies, shopping and buying stuff for my girlfriend, ciggies etc.

 

As you can see, the car ownership already cost me more that 1/2 of my salary. I did part time work on weekends to get a couple hundred bucks but that meant working my ass off 7 days a week.

 

As a result, I had less time for myself, even less time for my girlfriend, not enough time to enjoy my car (track days etc), ate cheaply everytime, no money to buy tune up parts, was sh*t tired all week.

 

So I sold it and got a bike.

 

Now I pay $200 a month for installments, $250 for fuel, $140 for road tax, $350 for insurance, parking is most of the time free! So I spend only $500 per month plus maintenance because I do my own service at home.

 

The downside is I got no aircon, no radio, no roof, no place to put anything, can only carry 1 passenger but the upside is I am twice as fast, three times smaller and have four times more money to save and use.

 

And thats why I am on this forum.

 

Cheers!

Gd 1. Cheers..

[Guest limpeiwah]

but cab will never be the same as your own car, and also never as convenient.

 

I know but not everybody has the earning power to upkeep a car mah... he he

[dominator]

If you are not really rich and earning that much to keep a car..

ride a bike, save all the money as compare to car. You can save at least $12000 a year.

With that saving you can go for long/short holiday every year to any part of the world. That makes your life more accompplish when old...

 

[Guest ZZR-Pilot]

Originally posted by Throttle@Nov 22 2004, 02:51 PM

Now, I am driving the new Volvo S40 2.4i

Wahh... $$$$$$$$$$$$

[Throttle]

so so lah.....many other people i know are driving more expensive cars..

 

in the end cant compare, becos there'll be those above you and those below you...

 

just fulfill oneself and dont keep up so much with the joneses..

[Guest limpeiwah]

volvo s40 already very branded man next up will be merc bmw etc.

 

im satisfied w my poverty stricken vehicles.

[Guest KISS]

If my job don't requires me to visit clients all around S'pore and if I'm not earning as Im earning now, I wouldn't be driving!

I have my first car in 1996, bought cash at $5,000. I was afraid of taking loans as previously my bike instalments was only around $200-$300/mth.

 

But eventually, in Dec 96, I bought another car which costs $39,000. I paid $660 every month and my average monthly salary was around $6,000 in 1997. Still got much to spare. I was still single then!

 

I have changed to Honda Civic, Toyota Corona, Renault Scenic and the highest I paid was $960/mth.

 

It all depends on your NEEDS and AFFORDABILITY!

 

Currently, I'm driving a Toyota Picnic for $870 a month. The price of the car is lesser than my annual income. I wouldn't spend much on a car at this moment. Now Im married with 2 kids.

 

Im just happy that I got spare $ to have a bike to ride.

 

Do your calculations right!

[Guest limpeiwah]

KISS : good sound advice.

[Throttle]

eh.....I was driving the bMW 318i coupe before changing to this Volvo.....

[Guest doremo]

Originally posted by Throttle@Nov 24 2004, 12:13 AM

eh.....I was driving the bMW 318i coupe before changing to this Volvo.....

are u working as insurance agent or finanical advisor or property agent?

[Guest TachiTJRS]

Originally posted by Throttle@Nov 22 2004, 02:51 PM

Now, I am driving the new Volvo S40 2.4i

S40? Hmm... very comfortable, and fast! Good choice mate.

[Throttle]

I am a banker.

 

thanks tachi. the S40 has performed up to standards so far. I like it

[Skunk]

i think it's very interesting the poll only shows an income range of between $1K to $3.5K....which is below the median salary of Singapore.

 

even at $3.5K income to support a car is not easy man below that better think twice.

[Guest TachiTJRS]

Originally posted by Throttle@Nov 24 2004, 10:13 AM

I am a banker.

 

thanks tachi. the S40 has performed up to standards so far. I like it

Don mention it. I used to test drive a lot of cars in my old job as a automotive journalist. The latest S40T5 was a pretty quick car with nice styling and interior. But do you ride as well?

 

Back to the topic, I think ultimately anyone living here has to think twice about buying a car and if so, he should make sure it can suit his budget. I know a few guys who are 'ah sia kia' driving Evos and WRXs and they only pay for petrol. Even the mods they do is occasionally paid by their parents. These guys will never appreciate the value of hard earned money. I think it doesn't really matter how much we earn. Be it 1K, 2K, 3K or more. The important thing is to cut the cloth to suit your body and I have since learned the hard way. Its ridiculous enough that cars in Singapore are probably the most expensive in the world to own yet I actually see a lot of new cars bought buy first time buyers recently. A lot of them are tempted by low downpayments and long repayment schemes and they buy the car thinking they can eventually pay it off. But when things get hairy like losing jobs, needing to pay for other things, they either are forced to sell their cars at a huge loss, which means they have to top up cash to the finance company or let the finance company repossess the car which will end up the same. I think its very foolish to do so if one cannot comfortably maintain his expenditure.

[Guest limpeiwah]

I am a banker.

 

no wonder u so loaded

[Throttle]

Yes Tachi I ride as well but only for leisure. ZX9R for the track.

 

Fully agree with Skunky

[Guest limpeiwah]

I think its very foolish to do so if one cannot comfortably maintain his expenditure.

 

the key is to live within your means (or your parents means)

[Guest limpeiwah]

here's a suggestion w the breakdown in costs from a real life example : my dad

 

get an old coe car Near to scrap value. aim for the 08/2011 coe expiry. that way u can have a depreciation of around 2000 to 2300 dollars per year. road tax for a 1.6 old car is $1422 +- per annum. insurance is around 700 dollars if u are a first time car buyer. servicing since costs are a concern go jb and do they will be more than happy to take your currency. so here's the breakdown in annual costs.Note that his mileage is extremely high for singapore standards - around 42000km per year

 

Road tax $1422

Insurance* $483 Note that he is an old man of 58 years so u wont get

this price. for a 25 year old insurance is $817 3rd

party only.

Depreciation* $2130 Taking into acct the overhaul and radiator core change

and a nice paint job.

Petrol $5000 an estimate= its actually less cos i pump jb petrol

using my africa twin to transfer most of the time

Parking* $200 Take note that the company gives him a reserved

parking slot. the parking is for misc.if u live hdb

factor in the $65(open air) /$95(multistorey)

every month.

Servicing $700 rough estimate for singapore servicing

 

that about covers it. Throttle see anything i missed out?

[Throttle]

DONT get COE car lah.... screw up got no value, cant even sell.

 

that time you lose big man.....

[Throttle]

if want to get COE car then must get solid car..

 

like Merc SL or Porsche etc...

 

http://img49.exs.cx/img49/734/redPorsche.jpg

 

then can hold value. but then again if you can buy a COE porsche you can buy a big jap car anytime....sorry...heheh

[Guest limpeiwah]

DONT get COE car lah.... screw up got no value, cant even sell.

 

that time you lose big man.....

 

that's y u are purchasing the car at almost scrap value. means if u decide to scrap it u lose only the coe that u used the car for plus a little bit more. seems to work out for my dad.

 

ur right about the cant sell part.

 

nice porsche u own there throttle

[Guest limpeiwah]

basically when u buy a car u gotta plan long term lah. when u wanna sell ALL cars also got to endure a huge loss. brand new car u want to sell after 2 years must sell at near paper value.

[seekie]

Originally posted by Throttle@Nov 22 2004, 01:39 PM

I think you got it wrong, what I'm saying here is that if you are earning not so much then dont think of car first . becos if you whack money when you got not enuff, you become a slave.

 

I rode a bike since 19 until i got my first job in 98 before getting a car in 99. I saved up a lot and bot the car full cash. it was a good feeling....

I calculated and made sure that my finances were well covered. what if I lose my job , what if sh*t happens? have to be prepared. Why be a slave?

 

I see some young people who have cars but loan so much and got no freedom in the end.

 

what is a car? a car is simply freedom. but if it ties you down more than giving you freedom then...think twice please.

eh, u got ur first job in 98 and bought ur car on 99?

is it typo? how can you manage to buy full cash after one year of working?

 

curious to know, if u dont mind, can i ask what are you working as?

[Throttle]

Limpei,

 

that is not my porsche. notice the date is 1995, i was only 22 yrs old then.

ah sia kia....hahaha

 

 

Seekie

it is not a typo, i bot an old sports car RX7 for $24k cash.

 

cheers

[Alex31]

Originally posted by rvf7972@Nov 23 2004, 06:56 PM

great inputs.

 

i am drop the idea now..

 

:thumb:

You are thinking of getting one....my friend?