My Monthly Expense on my car as a % of my Montly Income

[Ldawn88]

?? wipe table can get 2K??

you sure...?

 

Then maybe you are right that many people are easily earning that 10k in your previous post.

 

if compare across the board its ok lah, dude

 

(but by no means quite a lot)

 

even i wipe tables also can earn $2k per month.

[Marquee]

lol....bro, if you believe him wipe table can really make $2k, our coffee shop will be flooded with China gal liao.

 

To put nice words for him, he probably meant his passive income or his investment yield is already >$2k. So wipe table is only to pass-time.

[Higgsboson]

Hi LDawn88, in your course of your job, do you come across many earning >25k a month?

[Throttle2]

cool cool, dude.

I dont know too much about headhunting except those headhunters i know, headhunt for jobs way in excess of $250k annual......10 out of 10....unlike your 2 out of 15

 

i am just a lowly suntec foodcourt table cleaner so becos of that , i can misunderstand

plse pardon me if i spew nonsense.

 

i dont mean that you dont earn $10k.

well almost every ex classmate in my faculty earns double that so i'm sure you do as well.

 

as for me i only earn $2k wiping tables.

your words are soothing becos at least i know i'm not so bad as $2k is already 20% of $10k and not many people earn that base own your words.

 

I'm not going against what you say....

 

[Throttle2]

Really lah, next time you go suntec foodcourt, plse wave and say hi.

I can still afford to belanjar kopi....

 

 

p.s. no wonder, in the last few months, i keep on bumping into China girls....

[Ldawn88]

That is my way of acknowledging his comment. not necessarily agreeing though.

[Ldawn88]

yes, there are many.

 

But if that person already command this amt, most probably he needs not approach head hunter or recruitment firms. In SG, any industry is small on its own.

[Ldawn88]

I am not disagreeing what you mentioned too. So no worries.

[Earthforge]

i mean foreign banks, like barclay, UBS, CS etc

 

not those UOB, OCBC etc

 

those who work in banks are usually grads... so what's so surprising that she's a grad?

in fact grads are lowest lifeform with many attaining good honors and masters.

 

 

i think i'm a bit misleading.. i mean HR with experience la... not those fresh grad HR.

 

just imagine barclay pays IT interns (university students) $4500/month to maintain their projects, servers etc.

 

in banks,... the sky is the limit.

 

You would be surprised at the kind of numbers of people working in local banks. Might not be as low as you think for the slighty more senior positions.

[Throttle2]

yeah, i think so too.....

[Friendstar]

huh???

 

i'm not implying that local banks employ lousy staff leh

 

read properly

[Gary84]

bro im driving a legacy...

[Chrispie]

Really lah, next time you go suntec foodcourt, plse wave and say hi.

I can still afford to belanjar kopi....

 

 

p.s. no wonder, in the last few months, i keep on bumping into China girls....

 

It is funny even a table wiper can drive a 5 series hor.. Throttle??

[Throttle2]

Of course not lah, thats why i'm selling it.

 

lesson to learn, dont be like me, take 100% to buy car, now baby milk powder also no money to buy becos petrol expensive.

 

finance company keep sending me letters, car gonna be taken away.

 

oplse buy my car.....

[Chrispie]

u are kidding rite.. ur 100% means 100% PAID... humble lah bro..

 

Everything also more exp now.. last nite I saw another 159 parked downnstairs.. salivated till i flooded my carpark...But gotta curb the desire..

[Zanter]

Some financial consultants will say 1/3 of your disposable income can be used to pay off loan eg car or housing loans, 1/3 living expenditure, 1/3 savings, so 20-30% total for a car expenditure is normal I guess.

 

I am surprised to see people paying $800-900 for petrol though

[The_Bear]

IMO, % of expenses on car over income should be calculated annually. More importantly, the actual cost cannot be ascertained until the point where the car is actually disposed off.

 

For easy computation, we take annual income as the figure that you declare to IRAS (Assuming your declaration is accurate). i.e John Tan earns $4500 a month, take home $3600. Multiply by 12 months = S$43,200. Assuming 3 mths bonus = $3600 x 3 = $10800. The annual income will be $54,000 (deducting off CPF contribution). Secondly, we assume that there are no changes to John's wages for the entire period that he owns the car.

 

John buys a $70k Car. Downpayment $10,000. Loans $60k @ 3.5% PA for 6yrs. Interest Cost = $12,600 ontop of the $70k. Car + Finance Cost = S$82,600. Let's say he drives the car for 10 years. and the paper value at the end is $7000. So the car has cost 82600 - 7000 over a period of 10 yrs. Equate $7560 per annum.

 

Fixed Running Cost Road .

Tax $1000

Ins. $1200

= $2200 per year

 

Variable Running Cost

Petrol = $400 per mth x 12 = $4800 per yr

Parking = $120 per mth x 12 = $1440 per yr

Servicing/ Repairs/ Zhn'g = $500 per yr

Washing = $30 per mth x 12 = $360 per yr

Wooh Ah Boh/ Tio Summon = $200 per yr

ERP = $200 per yr

Total:$7500

 

Add up the 3 major components = $17,260 per year

 

Therefore 17260/54000 = 31.96%

 

Above scenario for a $5k income earner driving a $70k, 1.6l car for 10 years

 

But in reality, income dun stay constant for 10 yrs, who really drive their car for 10 yrs and finally, if u cannot really afford it, u dun haf to wait 10 yrs.

 

" Financial retributions are the most instantenous & certain "

[Zanter]

You have made a good analysis of the Q. I think most of us will just take what we are paying for the car monthly as a write off. This may be inaccurate as it depends on % of loan & how much you can dispose the car at the end of the day. Many people need to top up loans when they sell their cars cos their upfront is low or the car price had dropped like stone.