how to measure affordability when buying cars ?

[detach8]

Re: how to measure affordability when buying cars ?

I think it's damn condescending to say if you didn't pay cash you can't afford the car and maybe you should take the MRT. Somebody wealthier than you is gonna say if you didn't pay cash for your house you can't afford it - so you really ought to go live under a bridge.

Oh so you fly first class to London once a month? Gasp! What happened, no private jet?? How come you're not at Art Basel this week?

Where does it end? The forum is not a place to show off wealth so please get off your high horses already (even if it's an Andalusian breed).

Chill bro, it is a good way to understand how different people think. I find it very interesting.

 

[kenntona]

Re: how to measure affordability when buying cars ?

Kenneth is reverse engineering type he looks for solid partner first then bed, oh almost forget that he loves to squeeze in one king size water bed with many partners. Please don’t let him know I say one…..whahahahahaha

Eh don't drag me in. I am a poor peasant.

Subject to big-small eyes.

 

[detach8]

Re: how to measure affordability when buying cars ?

I think it's damn condescending to say if you didn't pay cash you can't afford the car and maybe you should take the MRT. Somebody wealthier than you is gonna say if you didn't pay cash for your house you can't afford it - so you really ought to go live under a bridge.

Dont be mistaken bro. My formula is no different from Kenn's. A good gauge is one year's salary. Whether one wish to take a loan to service it or to pay cash also depends on how good that person is in investing his fund (to get better return that more than offset the loan interest). I am providing my own gauge so I think there is no need to whack me for that. And like Kenn, I do not recommend overspending on a car as there are other things we should not miss out on in life.

Yeap I think it really depends on the kind of purchases. Bro T6 here may be thinking of his M3 :whatthe: ... if you ask me... the only time I will buy something like an M3 (hey not just the car man, road tax, insurance, fuel alone I think pays for my F10) I must have at least $1m sitting around.

 

[T6]

Re: how to measure affordability when buying cars ?

Disposable income can change (job changes, economy changes), similarly other lifestyle habits can also cause it to change (run lion)... it's a hard thing to figure out. Somebody who earns $3K may say disposable income $2K. Somebody who earns $20K, is the disposable income still $19K?

Lifestyle changes are needed. It all goes back to this... have we forgotten where we came from? (Recalling what wobbles said got published on TNP)...

If one day I ask a million dollar net worth person to take a low salary, eat hawker everyday or even say cook yourself "dorm style", can he/she adapt? Some people I know say they can't. You tell the auntie washing your dishes at the foodcourt, she will tell you siao ah stop eating restaurant and sell your car and stop running lion lah. :furious:

I appreciate that some simple things in life are fine and it does not necessarily mean that if one day I am forced to sell my BMW and eat char kuay teow at Amoy all day it is a bad thing... it's just a path we may need to cross to get to bigger things.

I agree with you bro. My wife and I grew up from poor families. I lost my father since 4. My scouts shorts were my outing shorts. No allowance for social outings. Have to give tuition to support myself thru uni. So I am careful about what I can afford.

Disposable income varies from person to person. Someone with mortgae, kids, old folks to take care of has very different disposable income. Someone with old money also have different considerations.

 

[arsenal62]

Re: how to measure affordability when buying cars ?

Eh don't drag me in. I am a poor peasant.

Subject to big-small eyes.

Poor your tua pui cb...........now I tell the whole world that:

For you $$$ is no concern but you want best of both worlds so a bit hard.
The watches you have can easily buy BMW M5....high class...errrrr sorry hor GTR still rules! I love JDM...

If you are poor then me beggar liao.

Big-small eyes I like....mercedes benz e class leh.

 

[porky88]

IMHO... It is good to have some level of stress or "push"... How much stress u can take or need.. Only u know...

Logically under the Singapore car ownership structure... Assuming you put 30% down.. And the rest u take 5-7 year loan... And assuming u change car before the 5th year... Your car will only get bigger/faster....

 

[totoseow]

Re: how to measure affordability when buying cars ?

cars r even more emotional than property. we r in this forum bcos we all hv bit of money.....either leveraged or not. if u hv a bmw it means u r credit worthy.
cutting away the bullshit , the rest are just personal opinions on how u wanna work ur dollar.

 

[detach8]

Re: how to measure affordability when buying cars ?

IMHO... It is good to have some level of stress or "push"... How much stress u can take or need.. Only u know...

Kind of true also. +1

But very risky.

If one day you see me at Amoy eat char kuay teow and inside my BMW leather key fob is a mazda key you know what happened

 

[arsenal62]

Re: how to measure affordability when buying cars ?

cars r even more emotional than property. we r in this forum bcos we all hv bit of money.....either leveraged or not. if u hv a bmw it means u r credit worthy.
cutting away the bullshit , the rest are just personal opinions on how u wanna work ur dollar.

Please don't drag me in I am just a lowly commoner I do not have a BMW! whahaha

 

[golfgti]

Re: how to measure affordability when buying cars ?

as uncle buffet said, its ok to finance an investment, not ok to finance an expense... i try to stick to this idea as much as possible.

 

[detach8]

Re: how to measure affordability when buying cars ?

as uncle buffet said, its ok to finance an investment, not ok to finance an expense... i try to stick to this idea as much as possible.

words of wisdom...
hmm...

 

[wobbles]

Re: how to measure affordability when buying cars ?

Just reading the responses kinda confirms that this is a very emotional topic indeed. The following is just my humble take on the matter. Please do NOT think I actually HAVE a dozen properties or how many millions in the bank from the essay below.... IRAS already done the checking, and they say I'm NATO.

Anyway, here goes:

When I was in the 'wealth accummulation phase' earlier in my youth, I would easily have gone with what bro detach8 said - eat $2 CKT everyday (fcuk what it does to my cholesterol levels) just so I could finance the next property or my next whatever. This kind of self denial, however, cannot go on indefinitely. Sooner or later, the body breaks down & then you start to question - "is it all worth it?" I mean, "what the fcuk am I doing this for?", "who am I leaving it all to?"

OK, now that I've gotten my "x" number of properties in my portfolio, my "y" amount in investable cash sitting in the bank & my "z" pile of FX earning decent interest, and now that x + y + z + 100% full coverage, health insurance (not the endowment kind, fcuk if I care what my nieces & nephews will end up getting after I keel over) = enough for old age & coffin money, then it's time to relax a little & LIVE LIFE.

And the best way to do it is to LIVE LIFE RESPONSIBLY that will NOT shake the x + y + z + insurance equation too violently.

Of course, each person will assign a different value to the parameters of x + y + z + insurance. Some of us would be happy with x = 1 property (fully owned), y = $500,000 (cash + CPF) and z = some RM, some AUD, some stocks, some equities, maybe some bonds paying % higher than inflation.

Bros S2k, jasonmaxima &/or Kenntona might say x = 6 Singaporean condos, 5 Australian townhouses, 4 Malaysian Iskandar Project holiday homes, 3 USA distressed property sale, 2 London Wharf front apartments & 1 GCB ...

On the otherhand, bro Hitmee might say y = $500,000 DAILY from his money counting machines

Whatever.

But, at the end of the day, if you're happy with your own equation, then whatever's left behind should be used to actually LIVE the rest of your life before you become fertilizer for the grass & flowers @ CCK....

Just my 2 cents worth ...

 

[Darth Vader]

Re: how to measure affordability when buying cars ?

conclusion ?

good cars are getting too unaffordable ?
just like good housing ?

 

[DrK]

Re: how to measure affordability when buying cars ?

How many here share the car expenses with spouses or gfs? Is the disposable income here personal or combined? How many can say they truly own the car, so you can tell your wife not to drive it because it is yours?

 

[DrK]

Re: how to measure affordability when buying cars ?

I paid my cars in full too. It is a good feeling.

I'm not haolian. Cars are not in Spore. Irrelevant.

 

[wobbles]

Re: how to measure affordability when buying cars ?

How many here share the car expenses with spouses or gfs? Is the disposable income here personal or combined? How many can say they truly own the car, so you can tell your wife not to drive it because it is yours?

I "own" the F02 (took a 1 year loan, paid up in full), but it's registered in wifey's name.

I will "own" the F13 in another 9 months' time. Registered in my own name (first car "owned" by me)

But, after 10 years, none of us will "own" anything.

Pwnz'ed by COE, ultimately, pwnz'ed by Garhmen. Best.

 

[wt_know]

Re: how to measure affordability when buying cars ?

when i grow up i want to be like wobbles ... but i need to find the $2 CKT stall first
this weekend going to KL and pump V-power ... because it's cheaper

 

[wobbles]

Re: how to measure affordability when buying cars ?

when i grow up i want to be like wobbles ... but i need to find the $2 CKT stall first
this weekend going to KL and pump V-power ... because it's cheaper

That one is in Amoy Street... bro detach8 say one.

Please give field report of Mid Valley Mall hotel... spas

 

[Mockngbrd]

Re: how to measure affordability when buying cars ?

nowadays i think no more $2 liao la...

 

[detach8]

Re: how to measure affordability when buying cars ?

How many here share the car expenses with spouses or gfs? Is the disposable income here personal or combined? How many can say they truly own the car, so you can tell your wife not to drive it because it is yours?

House share, car nope. Wife has her own car, I have my own car. We pay our own. But if I ever need to dispose my car I will share her car with her.

Of course I can tell my wife not to drive it... actually she prefers her own car ROFL... she finds my car too big/cumbersome.