How much do you earn a month...

[xb84]

Originally posted by xiaogary@May 22, 2007 02:08 am

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.

that's damn ex lah!

[xb84]

Originally posted by xiaogary@May 22, 2007 02:08 am

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.

i'm not even thinking of taking a loan, but that might not be possible, a 3yr loan might still be reasonable.

[Throttle]

Originally posted by xb84@May 22, 2007 08:55 am

i'm not even thinking of taking a loan, but that might not be possible, a 3yr loan might still be reasonable.

Possible, just buy cheaper car loh. like me.

[amgm125]

Well get a cheaper car if you can. Well, for my case, I'll rather get an old EG,or EK. Yes it may be old like wear and tear/road tax etc, but it makes more sense for me financially as these cars are much cheaper to buy compared to brand new cars. As a car enthusaist, I sense I'll change cars every 3-4 yrs if $ allows and these old (performance) cars make sense.

 

For bikes, a class 2b or 2a bike will do good for those pple like me working in raffles. The daily jam is so terrible that a class 2 bike simply makes no sense riding to work everyday.

[xb84]

Originally posted by Throttle@May 22, 2007 04:50 pm

Possible, just buy cheaper car loh. like me.

or use ezlink. like what i'm doing now. move to hdb near mrt.

[Throttle]

wonder why this thread is always being moved up even though there's no no post? anyone care to explain?

[who_noe]

wonder why this thread is always being moved up even though there's no no post? anyone care to explain?

 

errr cos pple only vote but no post

[Throttle]

i see, even voting pushes the thread up.....now i know. thanks

[davidww81]

for those earning less than $1.2k, how do u get ur loans approved?

[Throttle]

it's a wonder isnt it? it's the fault of our system that credit is so lax nowadays. I'm waiting for the wave which will hit our economy again when we will tighten our belts again and learn some valuable lessons in life.

 

One of them being : if your salary is $1.2k, you basically shouldnt be thinking about a car at all.

[archenemy]

$1.2K buy car ah?

 

wah...very daring i should say...

 

lets see...after CPF...take home is $960...

 

installment for car $400

 

petrol $100

 

season parking $65

 

road tax $50

 

insurance $80

 

misc eg parking coupon, cashcash $30

 

servicing & repairs(pro-rated) $30

 

Tyres (pro-rated) $15

 

left with $190. do what with $190?!?

 

breakfast everyday set meal $2 (half boiled eggs, toasted bread + kopi), lunch chicken rice $2 plus teh $0.70...24 working days $112.80. dinner everyday go back eat. cannot eat cai peng cos will burst budget.

 

left with $77.20?!?

 

die....on the road to being on Credit Bureau's blacklist.

[madman]

maybe his job got extra transport cliam for driving car. Some companies do, and they get $600 extra a month for that if you own a car. With a $1.2k salary, and have that to claim, I'll get the car too.

[archenemy]

face it...if his job requires a car...it will most probably means travelling a lot...and the petrol will not only be $100...the $100 is a gauge for people who drive to their office 10km away..park there...& drive home...

 

$1.8K is still not enough to own a car in short....

 

anyone here drives a car with a $1.8K salary?

[Throttle]

like that it's not him owning the car, it's the car owning him, hahah

[amgm125]

Basically, earning $1.2k and taking home $960 is barely enough even for pple taking public transport or riding a budget bike to survive here. Besides decent food, transport, bills, daily needs etc and throw in activities like hobbies/ciggies(optional),entertainment and there's nothing left. I've witness some living examples.

 

Plus the 7% gst coming up, owning a car will always be a dream.

[Throttle]

$1.2K buy car ah?

 

wah...very daring i should say...

 

lets see...after CPF...take home is $960...

 

installment for car $400

 

petrol $100

 

season parking $65

 

road tax $50

 

insurance $80

 

misc eg parking coupon, cashcash $30

 

servicing & repairs(pro-rated) $30

 

Tyres (pro-rated) $15

 

left with $190. do what with $190?!?

 

breakfast everyday set meal $2 (half boiled eggs, toasted bread + kopi), lunch chicken rice $2 plus teh $0.70...24 working days $112.80. dinner everyday go back eat. cannot eat cai peng cos will burst budget.

 

left with $77.20?!?

 

die....on the road to being on Credit Bureau's blacklist.

 

 

Good one.

I conservatively estimate cost of owning my car per month as $2,340

 

BRoken down as such:-

Depreciation $1100 (base on full cash , so no interest)

Petrol $400

Parking $400

ERP $100

Road tax $190

Insurance $100

Servicing and others $50

 

Thats about $28k per yr!

 

so even for a smaller car it will be about $14k per yr base on same usage patterns

[Demon]

Good one.

I conservatively estimate cost of owning my car per month as $2,340

 

BRoken down as such:-

Depreciation $1100 (base on full cash , so no interest)

Petrol $400

Parking $400

ERP $100

Road tax $190

Insurance $100

Servicing and others $50

 

Thats about $28k per yr!

 

so even for a smaller car it will be about $14k per yr base on same usage patterns

 

If you were to calculate economic cost of car ownership by factoring in depreciation, then that amount would need to be offset by cost of transportation if you didn't have that car.

[Throttle]

If you were to calculate economic cost of car ownership by factoring in depreciation, then that amount would need to be offset by cost of transportation if you didn't have that car.

 

wah so chim, no need lah.

This is not theoretical accounting.

Nobody factoring depreciation or anything.

Simple calculation only.

As mention taking that the car is bought with full cash, cost of the car per yr will then normally be taken to be the same as depreciation per yr.

 

Bro, *hokkien phrase * "kiang do ho, mai keh kiang"

[Demon]

wah so chim, no need lah.

This is not theoretical accounting.

Nobody factoring depreciation or anything.

Simple calculation only.

As mention taking that the car is bought with full cash, cost of the car per yr will then normally be taken to be the same as depreciation per yr.

 

Bro, *hokkien phrase * "kiang do ho, mai keh kiang"

 

i think you better check your earlier post. You did mention $1100/month for depreciation. I was only trying to put things in perspective.

[Throttle]

Yes, I think you better check my post, i said $1100 for depreciation (taking full cash so no interest)

 

In other words, depreciation will be equivalent to cost of car.

wonder if anyone here can explain to you what i mean. maybe my explanation is really lousy.

 

It is not like factoring depreciation in accounting theory, dude.

[Demon]

Yes, I think you better check my post, i said $1100 for depreciation (taking full cash so no interest)

 

In other words, depreciation will be equivalent to cost of car.

wonder if anyone here can explain to you what i mean. maybe my explanation is really lousy.

 

It is not like factoring depreciation in accounting theory, dude.

 

Nah, your explanation was absolutely clear.

 

Not trying to find a fight although it was a slow day at work....I was just wondering that going by your logic, if you had to service the car by installation at $1500/mth, wouldn't that inflate your monthly car expense to $3840, and that's like double accounting ?

[Throttle]

No prob, just discussion.

 

You're right! Exactly it would be double counting!

That is why you dont see instalment as part of my original calculation.

so there is no double counting, right?

 

becos, i'm taking that the car is fully paid up and depreciation is the same as cost. That's what i'm trying to explain to you.

 

[Throttle]

Instalments cannot form part of the calculation (if you want it to be accurate) even if it is 100% loan over the life of the car.

 

Becos, there is an intrinsic value (paper value) of a car which can only be discounted using depreciation as a representation of cost and not instalments.

 

Therefore, the best and most accurate simple calculation of cost of car cannot be based on instalments but depreciation. It is also the same formula that people use when determining whether the price of a car is fair or not.

 

Agreed?

 

anyway, i'm sure you know that. just that either, i didnt explain clearly or you didnt read carefully. miscommunication. cheers

[ahchua5582]

it's a wonder isnt it? it's the fault of our system that credit is so lax nowadays. I'm waiting for the wave which will hit our economy again when we will tighten our belts again and learn some valuable lessons in life.

 

One of them being : if your salary is $1.2k, you basically shouldnt be thinking about a car at all.

 

true true!!!!

[Guest NPNT]

$1.2K buy die-cast model lor.

 

I think $1.2K oso not enuff sia buy new R1.