How much must earn to buy M3?

[IS250C]

Have a vision to buy a new M3 costing about $350k in the near near future.
I was given an estimated monthly instalment of $5k for 7 years repayment with $0 deposit
I am wondering how much my monthly salary need to be to afford this monthly instalment of $5k?
Or should I phase it that what you think your monthly salary should be when you commit to a loan of $5k repayment.

 

[masschaoz]

Re: How much must earn to buy M3?

Have a vision to buy a new M3 costing about $350k in the near near future.
I was given an estimated monthly instalment of $5k for 7 years repayment with $0 deposit
I am wondering how much my monthly salary need to be to afford this monthly instalment of $5k?
Or should I phase it that what you think your monthly salary should be when you commit to a loan of $5k repayment.

going by how financial institutions approve the loans, u need to be earning 20k per month lo..

 

[Meek]

How much must earn to buy M3?

you answered it oredi.

Me too. But I am with even with less courage. I find a lot more car park diffcult to drive so I left my car in pml showroom.

 

[wobbles]

Re: How much must earn to buy M3?

Emeritus Senile Mentor (Mental) Adjunct (Suspended) Professor Wobbles say:

1. Loophole closed. No more 7 year loan
2. M3 will cost more than $350K confirm - Munchen Auto also money-faced, not only PML or PAP.
3. Wise saying got say: car should not cost more than 10% of house, therefore cars should not cost more than 10% of houses. The second part of the first sentence is there to make it sound more profound than it is not.
4. If mortgage servicing ratio for house should not be more than 30% of salary (so sayeth the experts), then, loan servicing ratio should not be more than 3% of salary - given point number 3 above. Cool right?

And if you believe what I say, then you deserve to be Robert-carrot head chopped by whoever that will be selling you your M3 in the future

 

[Slow_poke_driver]

Re: How much must earn to buy M3?

Monthly repayment=5k.

Just need to earn 5k per month loh.

 

[Slow_poke_driver]

Re: How much must earn to buy M3?

Emeritus Senile Mentor (Mental) Adjunct (Suspended) Professor Wobbles say:

1. Loophole closed. No more 7 year loan
2. M3 will cost more than $350K confirm - Munchen Auto also money-faced, not only PML or PAP.
3. Wise saying got say: car should not cost more than 10% of house, therefore cars should not cost more than 10% of houses. The second part of the first sentence is there to make it sound more profound than it is not.
4. If mortgage servicing ratio for house should not be more than 30% of salary (so sayeth the experts), then, loan servicing ratio should not be more than 3% of salary - given point number 3 above. Cool right?

And if you believe what I say, then you deserve to be Robert-carrot head chopped by whoever that will be selling you your M3 in the future

Means wobble's house very expensive and fully paid in cash?

 

[Meek]

Re: How much must earn to buy M3?

Means wobble's house very expensive and fully paid in cash?

Got humpback whale in his swimming pool one wor....

 

[wobbles]

Re: How much must earn to buy M3?

Means wobble's house very expensive and fully paid in cash?

Yesh, yesh house is very expensive no thanks to Malboro Tan and gang (and admittedly, me trying on hat a couple of sizes too big for head), but got brokebackbreaking 30 year mortgage to payback until kar-Ch'ng explode.....

 

[wt_know]

Re: How much must earn to buy M3?

another wise man said ... car = 1 year salary (incl or excl bonus, up to you la)
if 1 year earns $350K ... can drive M3 liao

 

[jasonmaxima]

Re: How much must earn to buy M3?

declared or undeclared income..... IRAS taxman wants to know.....

 

[ktnpl]

Re: How much must earn to buy M3?

Buy only if you have spare $350K lying around that you will never need in your lifetime and also provided you do not need insurance and everything else including home is fully paid. By not needing insurance, my definition is this: say you need $1 million coverage, you already have $1 million sitting in the bank and do not need third party to cover you.

 

[Baby1M]

Re: How much must earn to buy M3?

Buy only if you have spare $350K lying around that you will never need in your lifetime and also provided you do not need insurance and everything else including home is fully paid. By not needing insurance, my definition is this: say you need $1 million coverage, you already have $1 million sitting in the bank and do not need third party to cover you.

That is the Life of being a Singaporean where car prices are............. sigh.

 

[ktnpl]

Re: How much must earn to buy M3?

That is the Life of being a Singaporean where car prices are............. sigh.

The problem is a lot of young people are contemplating buying expensive cars like M3 when they should be working on achieving their financial freedom first. Their priority is wrong. No matter how much one earn, we can always find contentment by buying what we can afford. If someone is thinking of taking a 7 year loan for an M3, he/she is not ready and should revisit the idea maybe 5, 10, 15 or 20 years down the road. When you can afford to buy a few M3s without breaking a sweat, that is the right time to buy an M3.

 

[C3P0]

Re: How much must earn to buy M3?

True to a certain extent, but by the time we grow old we may not have the reaction time and balls to drive a M3 the way it should be driven. There are certain things in life that can only be done at a certain age. But of course, financial prudence is also very important. So I will say it's a balancing act.

Like my friend who is young and successful and can afford AMG and M3 etc, yet balance other things like his finance very well as well.

 

[IS250C]

Re: How much must earn to buy M3?

True to a certain extent, but by the time we grow old we may not have the reaction time and balls to drive a M3 the way it should be driven. There are certain things in life that can only be done at a certain age. But of course, financial prudence is also very important. So I will say it's a balancing act.

Like my friend who is young and successful and can afford AMG and M3 etc, yet balance other things like his finance very well as well.

Fully Agreed.
Therefore all those old uncles above 40 years old please don't waste your money buying car that you cannot handle or don't rev above 4,000rpm.

 

[OldMasterQ]

Re: How much must earn to buy M3?

Got $ buy no $ don't buy la......can't afford don't buy la, Giam siap don't buy la, don't like don't buy la.....what so difficult......

 

[MW]

Re: How much must earn to buy M3?

Got $ buy no $ don't buy la......can't afford don't buy la, Giam siap don't buy la, don't like don't buy la.....what so difficult......

best post this afternoon!

 

[ac323]

Re: How much must earn to buy M3?

Got $ buy no $ don't buy la......can't afford don't buy la, Giam siap don't buy la, don't like don't buy la.....what so difficult......

sounded like your V3 has arrived.......











cheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeers

 

[OldMasterQ]

Re: How much must earn to buy M3?

sounded like your V3 has arrived.......





cheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeers

You stalked on Calvin?

and please say SORRy coz you OT.

THis is a $ + M3 thread, not V3.

 

[Red_Bean_Bun]

Re: How much must earn to buy M3?

30k per month ......