Looking for a car on a tight budget

[Tohto]

17 minutes ago, Fitvip said:

It is good to have a thorough consideration before committing as a car is a big ticket item and it is going to drain the family finances heavily. 

Just starting a family, it is very basic to have at least 6 months reserve for rainy days. The present economic situation warrants it to be increased to at least one year! 

Hold the desire and start saving. Waiting for the opportune time to commit rather than doing something which one can ill afford.

My wife is one that hit due to Covid 19. She work in tourism industry and since Feb had been no income.

Now working in ntuc as part timer, she has seen other part timer from hotel, SIA steward in the same NTUC fairprice.

We know the pain. 

Lucky my job is still very stable.

[Hamburger]

Instead of buying car insurance, it's more imperative to buy child's insurance with hospitalization. 

 

 

[Ct3833]

22 minutes ago, Tohto said:

My wife is one that hit due to Covid 19. She work in tourism industry and since Feb had been no income.

Now working in ntuc as part timer, she has seen other part timer from hotel, SIA steward in the same NTUC fairprice.

We know the pain. 

Lucky my job is still very stable.

Glad to know your job is stable. The fact that your wife is able to secure a part time job is also a blessing during this difficult time regardless the pay. 

[Tohto]

15 minutes ago, Hamburger said:

Instead of buying car insurance, it's more imperative to buy child's insurance with hospitalization. 

 

 

The younger the cheaper the price.

[Shinylord]

44 minutes ago, Hamburger said:

Instead of buying car insurance, it's more imperative to buy child's insurance with hospitalization. 

 

 

Ah yes child hospitalization insurance , it slipped my mind 😅 , another issue to discuss with wifey, going to get killed for forgetting abt it

[Ct3833]

On 7/8/2020 at 8:31 PM, Fuelsaver said:

Just sharing my experience many yrs back. I managed to earn in excess of 3k before CPF deduction then. Got a Coe car for some 14k. Because of my spending habit, l'm left with very little every month even I'm single. But I need to work 6 days back then from 8-7. If you are taking back less than 2k, pls don't buy if you can bear with it. You will be taken aback by the "unforeseen" costs. Used car that is out of warranty coverage can be a time bomb. Many bros before me have given you the details so I shan't bore you further.

2k per month is still very low to own a car. Let me use some states here.

number of house hold  =1.37mil

Number of cars on the road =600k

Median  household income = 9.2k per month

Meaning, half the house hold earn more than 9.2k.  And less than half of the 1.37mil house hold are owning a car.

Assuming 2 pay cheques per house hold, that translates into 4.6k  per person per month, that average out to be about every 2 persons who earn 4.5k or more , only 1 would own a car. Those who earn below 4.5k, are below the median earning level, should try not to own a car, of course , there are exceptions,  some need a car for living, some need it for unique reasons, on the contrary, some rich one dont  even own a car. 

What I am sharing is in GENERAL........ in Singapore we always talk about generals...no generals no talk....😄😄😄

 

 

 

 

Edited July 10, 2020 by Ct3833

[Vegas]

On 7/7/2020 at 11:52 PM, Shinylord said:

Which used dealer might u suggest to get it from , been going through the forum seem like is hard to find a trusted one 😞

How much would the maintenance cost and if possible may i know roughly hw much will an insurance cost to owning such a car

Well im bringing a stable income of ard 1.6k after cpf deduct if that helps but yes gotta keep some spare for baby power, diapers etc 😅

sorry, but its def not the income to think about a car esp with your baby...

its not even stretched... its pretty impossible unless you eat bread daily, ur wife too, and baby drink condense milk mix with water

[Shinylord]

1 hour ago, Vegas said:

sorry, but its def not the income to think about a car esp with your baby...

its not even stretched... its pretty impossible unless you eat bread daily, ur wife too, and baby drink condense milk mix with water

Yes i agreed and decide not to have a car but either rent it or take a grab if any urgent situation arrives after reading throught all the comment and advise 🙂

[Voodooman]

On 7/8/2020 at 9:34 PM, Shoebox said:

TS, have you considered switching careers to be a grab driver?

Most Grab drivers earn more than your current salary even after deducting costs and rental, and they have a car of top of that. 

Driving PHV for a young man like TS is a dead end's job. 

He might have better long term prospect by holding down a stable job with benefits and opportunity to upskill.

 

 

Edited July 13, 2020 by Voodooman

[Fitvip]

On 7/10/2020 at 2:12 PM, Shinylord said:

Ah yes child hospitalization insurance , it slipped my mind 😅 , another issue to discuss with wifey, going to get killed for forgetting abt it

Have you explore what staff benefits you can enjoy? NSmen should have some benefits , if I am not wrong.

[Jamesc]

Heng one less bidder for next COE.

[Fitvip]

5 minutes ago, Jamesc said:

Heng one less bidder for next COE.

You can reuse the GV COE leh!

[Jamesc]

8 minutes ago, Fitvip said:

You can reuse the GV COE leh!

[Fitvip]

3 minutes ago, Jamesc said:

The upper one cannot pass lah! Imagine she id your mil watching her car go up in flames, she would be very  sad and shocked!🤣

[Jamesc]

2 minutes ago, Fitvip said:

The upper one cannot pass lah! Imagine she id your mil watching her car go up in flames, she would be very  sad and shocked!🤣

MIL trapped in car on fire.

[Shinylord]

On 7/13/2020 at 1:35 PM, Fitvip said:

Have you explore what staff benefits you can enjoy? NSmen should have some benefits , if I am not wrong.

Yes i did 🙂

[Dilemma]

On 7/7/2020 at 11:52 PM, Shinylord said:

Which used dealer might u suggest to get it from , been going through the forum seem like is hard to find a trusted one 😞

How much would the maintenance cost and if possible may i know roughly hw much will an insurance cost to owning such a car

Well im bringing a stable income of ard 1.6k after cpf deduct if that helps but yes gotta keep some spare for baby power, diapers etc 😅

You could rent a car and take 1-2 hours of ur working day to drive grab or do grab food deliveries, weekends depending on ur stamina if u wan to earn more $.

I think that would be sufficient to cover the rental and you have a car to drive. 

[Brass]

11 hours ago, Dilemma said:

You could rent a car and take 1-2 hours of ur working day to drive grab or do grab food deliveries, weekends depending on ur stamina if u wan to earn more $.

I think that would be sufficient to cover the rental and you have a car to drive. 

I think we shouldnt tempt TS any further with owning a car.

I see that he has been taking big strides in putting off the idea of buying a used car for now.

I believe that if he exploit all chances in life (legal) to upskill and get a promotion, and with the savings from not owning a car, he will be in a much better position when his children enter primary school.

Then, he may actually be able to even get a new car if all stars align well. 

Commercial PHV isnurance is bloody expensive. 2000 plus a year.

2 hours isnt quite enough to cover all car related expenses and will tire TS out even further in the long run, minimising his chances for a breakthrough in his career.