Earn 20K to afford Beemer 3 series??!!

[Karoon]

actually true...

 

i owned my first beemer when i was single. earning 5k but no other obligations except parents. the car really was like a wife. money from wallet goes direct to car. every trip to workshop is a 4-figure affair, no less. nothing left at end of month. if not for side income and bonus, really $0.00 savings.

 

with a family now, don't think i can afford one, nor do i want to spend that much on a car (already married the woman of my dreams ). but it was a great babe magnet then....

 

 

[Kxbc]

So many people speak about that magic x% of monthly income which is to be car expenses. Given that some will pay in full, some take super duper long loans, perhaps this formula will help to nail down that elusive x% definition.

 

x% = [(price of car + all interest to be paid over loan period)/(10 years x 12 mths) + cost of monthly running expenses including petrol, parking, ERP + (annual maintenance + road tax + insurance)/12] / [Monthly take home pay excluding year end bonuses which are paid out in lump sums + other monthly recurring income streams]

 

Good?

[Kxbc]

Wow! My running costs per month based on my formula above is $1100 for a 1.5l Jap sedan. Did not expect it to be so much!

[Alechi]

The monthly salary is but just one of the many variables to consider when buying a car. Why people get so caught up with it, there are so many scenarios possible:

 

1) Salary is $2K / month ... liquid cash (family rich) of $300,000 in bank -> buying 3 series no problem

2) Salary is $15K / month ... monthly mortage payment for house is $8K/mth, + household costs + children education + maid -> cannot afford to throw in a 3-series without affecting quality of life

3) No salary ... cos unemployed, but heng heng struck $1mil toto ... -> buying 3 series no problem

 

etc .....

 

As above, why argue who's right or wrong? Cos there's no one correct answer anyway ...

[Ibj]

I recently went to MB to enquire about the new E Class which costs around $180k. When I asked the salesman what should my salary be to qualify for car loan, he mentioned around $10k per annum.

 

So I am puzzled as to how come u need to earn $20k to drive off with a Beemer 3 series which I think costs a bit less that the E class.

 

As a rough calculation, your income needs to be about 5x the monthly instalment for your car.

[Joseph22]

  On 12/14/2009 at 2:36 AM, Kxbc said:

Wow! My running costs per month based on my formula above is $1100 for a 1.5l Jap sedan. Did not expect it to be so much!

 

Wah your running cost sure is high... What is the car you are driving?

My Lancer GLX monthly is Max Sgd.900.00

[Jamesgetz]

  On 12/14/2009 at 2:43 AM, Alechi said:

The monthly salary is but just one of the many variables to consider when buying a car. Why people get so caught up with it, there are so many scenarios possible:

 

1) Salary is $2K / month ... liquid cash (family rich) of $300,000 in bank -> buying 3 series no problem

2) Salary is $15K / month ... monthly mortage payment for house is $8K/mth, + household costs + children education + maid -> cannot afford to throw in a 3-series without affecting quality of life

3) No salary ... cos unemployed, but heng heng struck $1mil toto ... -> buying 3 series no problem

 

etc .....

 

As above, why argue who's right or wrong? Cos there's no one correct answer anyway ...

 

very good examples!

[Yorkshire]

passat is an expensive car too

 

and yes, jetta tsi is cool, especially the sport model

[Kxbc]

Latio.

 

I thought my petrol bill of $150 per mth already low liao. Perhaps it's due to my parking which amts to $225 pm for both office and home. My ERP and other parking are also around $50 pm.

Edited December 14, 2009 by Kxbc

[Joseph22]

  On 12/14/2009 at 3:05 AM, Yorkshire said:

passat is an expensive car too

 

Yeah but i will go for Superb if i want to get something like Passat. Cheaper and better

 

  On 12/14/2009 at 3:05 AM, Yorkshire said:

and yes, jetta tsi is cool, especially the sport model

 

Yap.. i am targeting that for mine next car.

[Mcf777]

  On 12/13/2009 at 4:17 PM, 1l0v3you said:

lol no need 20k laaaaa..

abit too kua zhang.

 

or he talking about p.a?

like that abit tight leh.

 

my friend earning 6k also can buy 525.

he can live with spending less on his entertainment and stuff like that.

he loves his car so much i think he will sell his brother just to continue driving his 525 lol.

 

 

 

for my dad, he calculate everything nice nice then confirm his buy

 

6K buy 525. very hiong. LOL.

car depreciation, road tax, insurance, car maintainace and petrol adds up to almost S$20-30K PA.

Unless he dont have to pay housing loan and parent/wife allowance.

Edited December 14, 2009 by Mcf777

[ThePeak]

  On 12/13/2009 at 4:17 PM, 1l0v3you said:

my friend earning 6k also can buy 525.

he can live with spending less on his entertainment and stuff like that.

wow...dats some serious stuff....aniway back to the topis...i guess its base on wat ones priority n vision. My elder bro now, from wat i noe, is drawing abt 12k. He park his money here n there n almost everywer dat he can earn more. His saving solid n guess wat??? His driving a toyota picnic. God!! I seriously tink hes a $$ freak... ...not dat i spend like crazy..infact im quite a spendthrift.. just dat there are ppl like my bro ard...good thing abt them is, they will not bother u abt $$...

[Yorkshire]

good choice! now that jetta is equipped with 7-speed dsg

 

superb is decent too, but exterior look can be an acquire taste for some.. personally i like the engine more than anything else..

 

back to topic.. i was at vcs during the weekend, volks appear to be heading towards premium branding.. tiguan was priced at $128k?!

[Sdf5725]

  On 12/11/2009 at 4:41 PM, Fuelsaver said:

i'm a manyzer who drives a colt plus turbo.. prev drivin rsz.

 

it's a choice. i prefer not to over commit. if the worst should happen, i can full settle outstanding loan n hav spare. not showing off here as i believe many others richer than me. anyway i dont c myself as loaded.

 

i will not wait for worst to happen then fully settle the loan. i will pay fully before something happen. so the interest will reduce.

[Sdf5725]

  On 12/13/2009 at 11:44 AM, Speedz76 said:

buy car easy.. if u want, u can also get BM 3 series.. just take 10 year loan.. only the daily car expenditure like parking, petrol, erp, road tax, insurance, wear and tear,servicing will kill u if u cant afford.

 

if earning 20K per mth.. juz save up and fully pay up the car la..

 

Get 3 series, 10 year loan. and leave it most of the time at the carpark will not cost much. Not much parking fee, not much petrol, seldom go to place with ERP, road tax not high, insurance just normal. Where got kill you? this is exactly my neigbour doing now.

[Joseph22]

  On 12/14/2009 at 3:22 AM, Yorkshire said:

good choice! now that jetta is equipped with 7-speed dsg

Yap Sweet.

 

  On 12/14/2009 at 3:22 AM, Yorkshire said:

superb is decent too, but exterior look can be an acquire taste for some.. personally i like the engine more than anything else..

 

Yes the exterior is a bit ah pek... but i like the size of the car and.... engine... but then again, Passat Exterior is not that good in the first place. I am not sure if you notice this about Passat, teh Steering wheel is align slightly to our right... meaning its not center to our body... this might be uncomfortable for long distant driving.

 

  On 12/14/2009 at 3:22 AM, Yorkshire said:

back to topic.. i was at vcs during the weekend, volks appear to be heading towards premium branding.. tiguan was priced at $128k?!

 

I dont mind if they heading towards premium if Skoda is taking their place. But apparently not... Then again, Honda are also movin towards Premium price...

[Yorkshire]

  On 12/14/2009 at 3:32 AM, Joseph22 said:

Yes the exterior is a bit ah pek... but i like the size of the car and.... engine... but then again, Passat Exterior is not that good in the first place. I am not sure if you notice this about Passat, teh Steering wheel is align slightly to our right... meaning its not center to our body... this might be uncomfortable for long distant driving.

 

yup.. saw the steering alignment on passet coupe, weird.. engine wise, 6-speed dsg is sufficient for SG roads..

 

  On 12/14/2009 at 3:32 AM, Joseph22 said:

I dont mind if they heading towards premium if Skoda is taking their place. But apparently not... Then again, Honda are also movin towards Premium price...

 

indeed, the facelift stream rsz is going for $97k! and subaru is not far off, the exiga gt is $110K!

[Joseph22]

  On 12/14/2009 at 3:37 AM, Yorkshire said:

yup.. saw the steering alignment on passet coupe, weird.. engine wise, 6-speed dsg is sufficient for SG roads..

 

 

 

indeed, the facelift stream rsz is going for $97k! and subaru is not far off, the exiga gt is $110K!

 

Actually their 6 speed DSG is more superior than 7 Speed. 6 speed can go up to a higher torque and BHP than 7 speed...

 

 

Yes... i think its ridiculas for Sub and Honda... Faints... VW face lift and their car become cheaper if not maintance same price...