Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 [replyif i were you, i would take a shorter loan, and pay more upfront... say a 5-6 loan is the best... max at 7yrs.. dun go anything longer.. coz these days, even MIJ cars are getting from bad to worse... by the time 5-6 yrs, most cars would be developing signs of age and etc.. by then it would be a better choice to sell and top up alittle more and get a brand new ride... getting a 10 yr loan is a NO-NO! mmz.. for your information, my ride was financed for 2 yrs, and come Dec 2007, my ride would be fully paid up [/reply] thank you!...trying to work out the finances now for a 7 year loan and see how...thanks for the advice... What if i get a 10 year loan and maybe say 4 years later I sell the car? confirm "lugi"? ↡ Advertisement Link to post Share on other sites More sharing options...
Porker Turbocharged August 14, 2007 Share August 14, 2007 You buy car in Singapore (in fact all over the world) sure lugi one. Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 i would say if you are able to come up with $1.2k easily and comfortably, then by all means own a car.. if you break down the cost of ownership of a normal car, each month would easily cost u $1.2-$1.5k... there is insurance lah, road tax lah, servicing lah, parking lah, erp lah, petrol lah... every !@!@!@!#@#@! that cost $$$$ do you seriously need a ride? for me, i do and the place where i worked in allows me to drive, without paying any ERP and dun need to encounter any jams at all... thats a great info to know! a round monthly figure...thanks a lot.... hmmm...seriously, u have set me thinking....and seriously...probably i can do without the ride....my work allows me to claim cab....so the car is more for travelling ard during my free time.... .... Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 sweet ride.... my gf's cousin also getting 1... not sure he book already anot.... maybe you guyz can go together maybe have better price heh keen pm me... btw sat in a SSS once before it was a friend's bf new ride feel that its pickup faster then my lancer alright...thanks man....I will seriously think abt it.... Link to post Share on other sites More sharing options...
Steadyla Neutral Newbie August 14, 2007 Share August 14, 2007 Dude, really have to work out as my fren took the 10 years loan with $0 down payment and he will only break-even in 5 to 6 years time. So try putting a 20% down payment and take the 7 years. That's what i am doing. Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 Don't suicide with 5k upfront and 10 years loan.If possible,save for a few more months to like say 10k upfront.And take lesser loan.maybe 30k loan or something and spread it like say 500 to 700 per month.To your comfortable level.Eating too much into your take home may cause you unable repair the damage if at any point of time,the car got into accident or need parts replacement. oh ya hor....didn't think abt that....thanks man....great advice... if say i increase my upfront and in the end monthly instalment is $700...ard how much will it come up to per month when all the other cost add up? Wat i am really afraid are the hidden costs....$1.2k...$1.3k...around there? Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 IMO, everyone wont want to pay more interest,if they can afford more down payment, and short term period. However, due to their finance constraints, not everyone can afford that luxury. To me, there is no problem taking a 10 years loan, with min down payment. However, when the owner has some other committment, he/she has lesser $$$ to play around. Again, if $$$ can be invested in some other financial products with higher return, say 20% per annual, then use the $$$ and invest in it and go for ZERO downpayment, since the effective interest for car is abt 18% yeah...thank you for your objective comment and advice Link to post Share on other sites More sharing options...
Steadyla Neutral Newbie August 14, 2007 Share August 14, 2007 Dude, The only costs are only the insurance and first month installment. All the rest are included in the package. Pm me if you need help as i just signed an agreement last week. Link to post Share on other sites More sharing options...
Weixiang_06 Clutched August 14, 2007 Share August 14, 2007 [replyif i were you, i would take a shorter loan, and pay more upfront... say a 5-6 loan is the best... max at 7yrs.. dun go anything longer.. coz these days, even MIJ cars are getting from bad to worse... by the time 5-6 yrs, most cars would be developing signs of age and etc.. by then it would be a better choice to sell and top up alittle more and get a brand new ride... getting a 10 yr loan is a NO-NO! mmz.. for your information, my ride was financed for 2 yrs, and come Dec 2007, my ride would be fully paid up thank you!...trying to work out the finances now for a 7 year loan and see how...thanks for the advice... What if i get a 10 year loan and maybe say 4 years later I sell the car? confirm "lugi"? [/reply] yes, confirm lugi big time if u take up 10 yr loan, and want to sell off the car 4 yrs later.. there is this penalty for early redemption, you have to check with the bank that is doing ur loan Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 It seems like you are clueless about personal basic financial management. The cost of car ownership can be easily worked out on a spreadsheet. For current price of SSS, if you downpay 10,000 (excluding insurance), you need to pay monthly instalment of abt $750/mth. Other expenditures include petrol (Ron 98), road tax (957/yr), insurance, servicings, car parking, ERP, etc.. all adds up to more than $1.3k a month. That's about 15.6k per year. And you breakeven at about the 4-5th yr. Not to talk about 5k downpayment and 10years loan. I hope Im wrong but i'm assuming that your pay is barely $3k/mth (gross) and you dun have much savings. You are trying to stretch whatever you have or you can just to own a SSS. Which, frankly, it's suicidal. I urge you to think through your finances carefully and ask yourself if you are ready to pay through your nose for something that just reduce in value everyday... There is no hurry in getting a car unless you really need it for your job. Even so, you should get something more within your means. Car models and designs changes frequently and, trust me, you will be tempted to change car just a 1-2 years down the road. haha...not clueless abt personal basic financial management but quite clueless abt the additional cost of owning a ride...thats why i wanna know abt them to aid in my "personal basic financial management"....anyway i know u mean no harm... ....thanks for the info and advice Link to post Share on other sites More sharing options...
Weixiang_06 Clutched August 14, 2007 Share August 14, 2007 i would say if you are able to come up with $1.2k easily and comfortably, then by all means own a car.. if you break down the cost of ownership of a normal car, each month would easily cost u $1.2-$1.5k... there is insurance lah, road tax lah, servicing lah, parking lah, erp lah, petrol lah... every !@!@!@!#@#@! that cost $$$$ do you seriously need a ride? for me, i do and the place where i worked in allows me to drive, without paying any ERP and dun need to encounter any jams at all... thats a great info to know! a round monthly figure...thanks a lot.... hmmm...seriously, u have set me thinking....and seriously...probably i can do without the ride....my work allows me to claim cab....so the car is more for travelling ard during my free time.... .... dun forget, if you intend to park in the city, assuming you are working in the CDB, dun forget their season parking easily cost $200-$300... and dun forget the hefty ERP rates in town during peak hours... mine place is in the heartlands (free parking), so at least i get to save on ERP, and season parking. Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 IMO, everyone wont want to pay more interest,if they can afford more down payment, and short term period. However, due to their finance constraints, not everyone can afford that luxury. To me, there is no problem taking a 10 years loan, with min down payment. However, when the owner has some other committment, he/she has lesser $$$ to play around. Again, if $$$ can be invested in some other financial products with higher return, say 20% per annual, then use the $$$ and invest in it and go for ZERO downpayment, since the effective interest for car is abt 18% Currently, i tink the lowest interest rate is 3.5% for 10 yr loan. And that works out to be a whopping 35% in interest Loan interest in gurantted. Investments is not guranteed. haha...i did the calculations and i got 35% too...hmmm...maybe Ronnchee has a lobang for low interest car loan... ... Link to post Share on other sites More sharing options...
Weixiang_06 Clutched August 14, 2007 Share August 14, 2007 hope you can do ur sums well, and dun be in rush to get a ride like a friend of mine.. Personally, i know her income was about 2+k when she took up a honda city ride, for 10 yrs loan to clear the financing, she even had to combine income with her sister... i was like do you really need to scrimp and save to afford the ride... i know she moonlights, and hence at least the proceeds could go into helping her with the monthly installments. If you really want a ride, you can think about it again when your take home pay is >3k (meaning after the 20% CPF contribution)... else its really living on the edge... Link to post Share on other sites More sharing options...
Bonjoey 1st Gear August 14, 2007 Author Share August 14, 2007 those 3.5 to 4% ones i think are tied to rebates and there are extra clauses to it other than the rule 78. some dealers do offer low interests rates for long tenures. please dun vomit blood....but...wat rebates? wat extra clauses? and wat Rule 78? seems like something I have to watch out while reading the fine print...have to do more homework before all this car-buying stuff Link to post Share on other sites More sharing options...
Ghostami 2nd Gear August 14, 2007 Share August 14, 2007 Actually quite alot of people nowadays are doing that. If car prices are like 10 years ago and the rule is still 20 or was that 30% dp for new cars, you think there would be so many cars on the road now? With current peer pressure building up in the society, its not surprising you see lots of people jump into this wagon, I admit I am one of them, but I am not worried about spares and repairs, those who know me would know why . Link to post Share on other sites More sharing options...
Zcold 2nd Gear August 14, 2007 Share August 14, 2007 Bro... was thinking that since yr work allows u to claim cab... n u use the car during free time (presumingly at night and weekends) y not OPC? save on car cost n tax Link to post Share on other sites More sharing options...
Weixiang_06 Clutched August 14, 2007 Share August 14, 2007 the hefty penalties associated to redeeming your loans early... if i am not mistaken... there are clauses here and there... cash rebates may look good, and give you the discount upfront.. but if you need to sell off ur ride earlier, you will be ... coz the money you need to pay back is going to tear ur car-zhg... just kidding.... Link to post Share on other sites More sharing options...
Weixiang_06 Clutched August 14, 2007 Share August 14, 2007 actually hor, to be honest, i was interested in her.. but dismayed by her expenditure and this rush to get the ride.... seriously thinking, wah its a 10 yr liability thing... and you look at her collection of watches and etc.. she comes across as a high maintenance girl, so its no go for me... ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
4th generation Suzuki Jimny coming in 2018.
4th generation Suzuki Jimny coming in 2018.
Can buy this new engine oil in Giant? $17.90
Can buy this new engine oil in Giant? $17.90
Fuel Pump
Fuel Pump
Truck casually carries van on S'pore expressway
Truck casually carries van on S'pore expressway
sgCarMart Reviews: Audi A6 Sedan Mild Hybrid 2.0 TFSI S tronic Design
sgCarMart Reviews: Audi A6 Sedan Mild Hybrid 2.0 TFSI S tronic Design
Swift Owners
Swift Owners
New Land Rover Discovery Sport
New Land Rover Discovery Sport
[Official] 2024 3rd Generation Porsche Panamera
[Official] 2024 3rd Generation Porsche Panamera