High COE cars

[Ginyu]

16 hours ago, Dp26 said:

I don’t doubt your good intentions but for someone earning 240k annually today, don’t really think they looking at 120k car only. 
 

120k for new car barely gets you much choices nowadays. 
 

I’m thinking more of like max “6 months” of your income as loan. 
Taking a car’s 10 years lifespan, it’s 5% of 10 years income.
Quite affordable in the whole scheme of things? 
The rest have to fork out as down payment. 
 

Just thinking out aloud. 

 

Erm earning 240k pa is only classified as middle income, still far off to be even considered as rich. .They should be looking at 120k car  instead of 300k car as already exceeded their affordability 😂 

Edited December 22, 2021 by Ginyu

[Dp26]

2 minutes ago, Ginyu said:

Erm earning 240k pa is only classified as middle income, still far off to be even considered as rich. They should be looking at 120k , for 300k already exceeded their affordability 😂 

Only 120k car? 
shit man I’m super off from most of your thinkings  

 

Better 面壁思过

 

im not saying they should buy 240k car but 120k car max? We talking about cannot afford or shouldn’t purchase? 

🤔

[badlammy]

Dang...mine is really a $120k car, but I'm definitely not earning $240k.

But it's how much we spend/save, not how much we earn right.

[Ginyu]

Many go all out to sacrifice their quality of life just to show off. See some live on bread so that they can drive nice luxury car to show off. 😂 i even saw one holding the car key on his hand when he buy kopi when he can just leave it in his pocket. 

Edited December 22, 2021 by Ginyu

[Mits_jc]

21 hours ago, Ginyu said:

Many go all out to sacrifice their quality of life just to show off. See some live on bread so that they can drive nice luxury car to show off. 😂 i even saw one holding the car key on his hand when he buy kopi when he can just leave it in his pocket. 

Well...give the fella benefit of doubt, it could be a thumb drive shaped like a luxury-make car key 😂

[Volvobrick]

22 hours ago, Ginyu said:

Many go all out to sacrifice their quality of life just to show off. See some live on bread so that they can drive nice luxury car to show off. 😂 i even saw one holding the car key on his hand when he buy kopi when he can just leave it in his pocket. 

Put in pocket will scratch the key fob..... 

Should hang around the neck like a pendant. 

[Ginyu]

10 minutes ago, Volvobrick said:

Put in pocket will scratch the key fob..... 

Should hang around the neck like a pendant. 

He was holding a Mercedes car key maybe just a CLA180 😂 The gesture is obviously want to haolian 😂 

[Volvobrick]

8 minutes ago, Ginyu said:

He was holding a Mercedes car key maybe just a CLA180 😂 The gesture is obviously want to haolian 😂 

Haolian with Merc? Very low standards. 

At least something like this mah:

[macrosszero]

Blessed (or wise) are the people who can buy cars even when COE is high because it suggests the delta between a 30k and a 90k COE is insignificant to them.

For the rest who cite that it’s ok to take *some loans or larger loans just because the group above are doing so, it is contingent on the money loaned from the bank working harder than the interest you have just incurred. 

And car loans are the worst kind in terms of interest rates, besides loan sharks and credit lending firms. That’s why there are many used car dealers that have “credit” in their business name - the car is literally a vehicle that allows them to lend money!

If you or your financial manager can do so well, hold off your purchase and invest your own money, then a few years down the road you can join the full cash club here in MCF.

if you view the loan as a means of spending future money for a chance at getting a positive return on investment, please don’t fool yourself.

Edited December 23, 2021 by Macrosszero

[Mockngbrd]

My car 40k nia, u all rich fkers

[Mkl22]

1 hour ago, Volvobrick said:

Haolian with Merc? Very low standards. 

At least something like this mah:

this key for sure will hardly be used for it intended function cause most of the time the car is sleeping at the workshop.

[Mkl22]

23 minutes ago, Mockngbrd said:

My car 40k nia, u all rich fkers

don't bluff la, you are also rich, although the 944 was cheap to buy ... 🤣

Edited December 23, 2021 by Mkl22

[Mockngbrd]

15 minutes ago, Mkl22 said:

don't bluff la, you are also rich, although the 944 was cheap to buy ... 🤣

my cars are all jalopys. now I drive Toyota

Edited December 23, 2021 by Mockngbrd

[Ginyu]

2 hours ago, Volvobrick said:

Haolian with Merc? Very low standards. 

At least something like this mah:

If he drive that, strangers at kopitiam will never know. He ownself know he drive that can Liao no need to broadcast 😂 

Edited December 23, 2021 by Ginyu

[Mits_jc]

5 hours ago, Mockngbrd said:

My car 40k nia, u all rich fkers

See the mention of 40k bring back memories of the time,
Some years back before COE went up to 50+ k, I renewed PQP COE at $46, 454.
Still driving the car now 😂

[Dp26]

6 hours ago, Macrosszero said:

Blessed (or wise) are the people who can buy cars even when COE is high because it suggests the delta between a 30k and a 90k COE is insignificant to them.

For the rest who cite that it’s ok to take *some loans or larger loans just because the group above are doing so, it is contingent on the money loaned from the bank working harder than the interest you have just incurred. 

And car loans are the worst kind in terms of interest rates, besides loan sharks and credit lending firms. That’s why there are many used car dealers that have “credit” in their business name - the car is literally a vehicle that allows them to lend money!

If you or your financial manager can do so well, hold off your purchase and invest your own money, then a few years down the road you can join the full cash club here in MCF.

if you view the loan as a means of spending future money for a chance at getting a positive return on investment, please don’t fool yourself.

Very much agree with you. 
 

When I got a new car this year, my wife was asking me if the interest charged for the loan is high or low? Cos it seems very “cheap” in her view. Have to explain the EIR instead of the advertised rate but don’t think she get it much. Lol
 

Anyway long story short, took the loan and on the same day invested the full loan amount to beat the “cheap loan rate” 

 

At the end of the day, you know your finance/opportunity cost better than anyone and should always be prudent with any purchase. 

[Arogab]

On 12/21/2021 at 5:04 PM, Throttle2 said:

Yeah i mean they dont have to look at $120k cars . All they need to do is down more cash.  No cash then dont buy $240k car with $240k annual income lor.

heehee

But many are still buying with 7 years loan. Some of them even take 10 years laon thanks to some dealers who toe the grey lines

[Throttle2]

27 minutes ago, Arogab said:

But many are still buying with 7 years loan. Some of them even take 10 years laon thanks to some dealers who toe the grey lines

And therein lies the issue.

you dont restrict the kid from eating the cookie yet look away when he eats it.