How much do you earn a month...

[Throttle]

Originally posted by Demon@February 18, 2007 09:14 am

Using monthly income as a basis would be too simplistic which I believe this is one of the reasons for the present car roaring sales. All things equal, a guy earning $10,000/month owning a BMW X5 and living in a prime district condo, could be "poorer" than a guy earning $2500/month, driving a Picanto, and living in a 3-room HDB.

 

Yes, it is simplistic. this Poll is bloody simplistic so just keeping the trend.

The fact is the equation to answer this question is too complicated.

 

All things equal, a guy earning just $10k a month (in reality) CANNOT afford a BMW X5 and a prime district condo lah...

 

If he does so, he will fall into the category of people as follows:-

 

1. People who lose their car immedaitely when they lose their jobs.

2. People who lose their residence immediately when they lose their jobs.

3. Stupid people.

4. Wannabes

 

 

Haha...cheers HCNY

[R.C]

Originally posted by Throttle@November 24, 2004 10:13 am

I am a banker.

 

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

mmm... maybe that was in the past? I'm sorry for the assumption...

 

most Singaporeans are not really owning cars anyway... it belongs to the hire-purchase company..

[Throttle]

My apologies indeed, RC

That was indeed the past...2004..more than 2 years ago...wow.

 

The word is so overused, there's no meaning to it really anymore.

I dont use it unless for simplicity sake.

 

So which bank are you from?

-----------------------------------------------------------------------------------

 

Using leverage to buy a car is fine and probably essential as a form of managing risks. Just dont bite off more than you can chew.

 

Yes most Singaporeans are "owning" cars on their future income.

Hopefully this future income comes, otherwise another sad story.

[R.C]

Hey throttle, no worries man...

 

I'll let you know which bank in PM... frankly speaking, I have no idea what's the definition of a banker either.. I use it for simplicity sake as well.. haha...

 

yeah, thats the sad reality... most of us bite off more than we can chew and we end up losing the "freedom" you speak about in previous posts.

[Throttle]

Yes hard to define but unless one is of quite a certain level with the ability to strategise, move resources, lead and execute plans and can make decisions and concerning tens of million of dollars, I really dont think one should be called a Banker. Many people who simply work in a Bank call themselves bankers...haiz...

 

Let me not digress into another topic.

But I'm really tempted to change my car.....must tahan (ren) invest more, save more, smoke more cigars instead of changing cars so often.

[nhyone]

Originally posted by Throttle@February 18, 2007 10:55 am

Sometimes it's not a bank giving you the loan , it's a finance company. and willingness to give a loan is not be equal to affordability.

You should have gone one step further and point out bank/finance companies lend out to the car's market value, so they'll make no or minimum loss if you default. As for total loss, they already force you to buy comprehensive insurance.

 

As for affordability, the implicit assumption is that you need to pay for the installment. Remove that element, the cost is often cut by half.

 

I worked for 8 years before I decided to buy a COE car. Not having to pay installment gives me a good feeling!

[Throttle]

that's nice......

[drebbit]

http://www.singaporebikes.com/?r=drebbit

 

i dont post tis for fun...sign up and earn money small money..

dont look down on small earnings..there;s a reason why i post it here

 

read tis newsletter to believe it...

http://www.singaporebikes.com/mar2007.php

 

 

gogogogog sign up mannn and get paid just by reading emails...

[Throttle]

wtf?

[Throttle]

Backside damn itchy lately, feel like getting a second hand 5 series BMW.

 

Sell my Volvo, down $80k-$90k take another 3 yr loan, monthly only about $1k.....

 

hhmmmm.....but then again how long more before backside itch again? sigh....

[archenemy]

Originally posted by Throttle@March 25, 2007 12:21 am

Backside damn itchy lately, feel like getting a second hand 5 series BMW.

 

Sell my Volvo, down $80k-$90k take another 3 yr loan, monthly only about $1k.....

 

hhmmmm.....but then again how long more before backside itch again? sigh....

its an incurable itch bro...

 

it will be there until you scratch the itch...haahaa...

 

and going by your record..you know that it doesnt take long for the itch to come again..how long you owned your S40 already?

[Throttle]

Very very long by my standards..... 3 yrs already......

Actually still very solid. Pick up and power also good.

But humans are like that. Backside itchy....

 

Everyday check in papers and internet to sniff out what car to buy.....

If only i like Jap cars, then can buy until song song as the price is very very affordable.

 

But I dont think i'll buy brand new cars again. doesnt make sense to buy brand new and change every now and then. lose big big.

 

Toying with the idea of :-

 

BMW Cabrio

Audi Cabrio

BMW 5series

Merc CLK200

etc etc....

[Throttle]

Today went to see 525i, CLK240, Saab Cabby, 330 Cabby....

 

See until damn bored....I think I'll stick with my Volvo and use the cash to buy another property or invest somewhere.....

 

That is, until the itch comes again.....hahahaah

[xb84]

5 series look like tanks. 3 series cabrio is.... *drool*

[specialc]

Originally posted by Throttle@March 26, 2007 02:51 pm

Today went to see 525i, CLK240, Saab Cabby, 330 Cabby....

 

See until damn bored....I think I'll stick with my Volvo and use the cash to buy another property or invest somewhere.....

 

That is, until the itch comes again.....hahahaah

Forget all these lah. Get an Audi Cab. Lesser on the roads.

[Throttle]

that is also one of the choices.......now busy with a lot of things....gotta leave it as it is first.............

[archenemy]

bro..i wish i had such a headache...thinking of which car to buy....haahaa...

 

as for me now...its paying off my installments for my miserable turbo charged diesel van...

[Throttle]

bo bian, now cant bear to buy Carrera so buy something cheaper first.

Cham See Tong......hahahahahahahahaha........

 

Actually, the best thing for me to do now is to reinvest the money rather then change cars. I'm still on the line regarding what to do.

 

Head vs Heart

[xb84]

Originally posted by Throttle@March 28, 2007 02:48 pm

bo bian, now cant bear to buy Carrera so buy something cheaper first.

Cham See Tong......hahahahahahahahaha........

 

Actually, the best thing for me to do now is to reinvest the money rather then change cars. I'm still on the line regarding what to do.

 

Head vs Heart

keep reinvesting till the point when the only bugging question is the color of the car and not the cost... (how shiok sia)

 

[Throttle]

Originally posted by xb84@March 28, 2007 08:27 pm

keep reinvesting till the point when the only bugging question is the color of the car and not the cost... (how shiok sia)

 

That's probably the smarter thing to do....

 

I'll let nature take it's course

[xb84]

and try not to drive pass autobahn showroom too often.. later gian..

[Throttle]

Originally posted by xb84@April 19, 2007 02:02 pm

and try not to drive pass autobahn showroom too often.. later gian..

I drive pass at least once everyday dude, bo bian.......

[xb84]

i must be getting old.

 

while i was in army, my aim was to save money for a brand new jap class2 otr.

about 2yrs after ord, i have my class2b, class2a, and i cancelled my class2 course at bbdc just before my tp test. (seen enough crashes and thought my life is worth much more)

 

through my investments i can now afford 2x jap class2 otr or a toyota altis otr. but seeing investments grow feels good.

 

rather than "how much you earn a month" i'm not concerned about "how much passive income you have a month". i like my cars to come "free" or "sponsored".

[Throttle]

good for you!

[xiaogary]

I own a car and bike. After paying for 2 years plus car instalment, already broke even, if sell car can get back $7-8k cash now. If sell next year, can take back $9-11k. Sell the year afetr can take back $13-14k.

 

Cos I downpayment $20k 2 years ago and car interest rate was only 2.2% that time I took 7 years. But dont intend to sell now. If continue to pay instalment $400+ per month, for every 1 more year I get back $2-3k more cash when sell car. That means the car only cost $2k+ per year of usage since instalment for a year abt $5k and cash back after full settlement when sell car appreciate $2-3k a year. In tend to sell car at 5th year. Can take back $14k cash from the sale of car after full settlement of loan.

 

So now is best time to buy bike since my insurance is cheap already at $1.4k per year. Compared to 2 years ago when I intend to buy 04R1. $5.5K for 1st Party and $3.7k for 2nd party. Just bought a 07R1 and oh gosh, bike interest is rock high, 4% per year. Now my Bike instalment is more expensive than my car instalment.

 

Now car interest is 2.85 % so high. At first wanted to change to Civic Type R JDM which cost $100k. My monthly instalment will also be like now abt $1k per month. now paying $480+ for car and $490+ for bike. No regret becos my R1 can go faster than a Type R. Haha...

 

One thing learn and hope to share. Whenever you take loan, its a waste of money. Becos u lost on the high interest rate. Unless u willing to lose that money, or else dont take too much loan. Or else u will take very long to break even. As a guide line. Never take full loan. At least save $20k for down, and loan max 7 years for brand new car. I have fren loan 100% loan 10 years. They will take 9-10 years to break even. And their interest total paid is near half of their car price. Not worth it right? They regretted. So make sure you don't.