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  1. #46
    Quote Originally Posted by granzon
    Hi

    Another alternative is taking a 10 year loan on a new car. My personal opinion is 7 years loan is a bit taxing on you now.
    Plus points - You know definitely how much u need to spend every month. No unforseen servicing etc, you are able to take it easier because of the spread out installments.
    Minus points - Heavier interest paid overall, your job security has to be considered, and new cars depreciate in value very quickly

    1 k is good enough for a slightly above average entry level new car. Think Jazz, Vios, Chevrolet, even Swift if you don't mind forking out a bit. (50+k version) and will cover nearly EVERYTHING. What it does not cover is only the servicing which u have to cough up 100+ every 4-6 months. For the next year or so.

    And the other thing you can consider is the bonus for the company. If the allowance is 1 k, I m guessin the company is pretty good in terms of the benefits and this will apply to the bonus too. And as u work for a few years, your bonus and salary goes up while your insurance goes down....Meaning it will only get easier. But as a young driver, your premium will be high. Well just consider all the things and hopefully u can make an informed decision.
    10yrs loan is fatal. never take it up even if you can't help it.

    and assuming life will only get easier is also dangerous.

    also, major servicing cost more than 200 (ie 40k intervals).

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  2. #47
    Quote Originally Posted by booest
    ERP is a horror.....

    from seng Kang to marina sq area is like S$7 i think.. ERP alone.
    who tell you to take cte... too much money issit

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  3. #48
    Quote Originally Posted by necronoth
    Hi guys, i thank you for the concern about me losing my job but the thing is more or less i do need to get a car with my current job.. on the contrary might have a higher chance of losing my job or quitting if i dun get a car lol so need more advise regarding the 3 options i have listed out as I'm not sure which one to take if factoring in maintenance costs...
    Thinking of getting new car got 3 yrs / 10,000km warranty so wun have to worry so much abt paying servicing costs, but during the first 10,000km need to pay much for any kind of servicing / maintenance?
    Thinking of 2nd hand cos mthly loan will be lower but afraid might have to fork out more for servicing over some time, so thats y need advise regarding which option to take
    warranty only cover manufacturing defects. it does not cover wear and tear parts nor servicing costs.

    toyota is 1k and 5k servicing free labour. means you still gotta pay say $25 for their engine oil. 10k onwards is pay n pay. go outside service cheaper.

    honda i don't think got any free servicing. start paying from 1k onwards. correct me if i'm wrong.


    for a start i would suggest a say 5yr old car. but duno that time the coe/pricing how much so depreciation you'll suffer you gotta calculate la. if paying close to new car, then also LPPL. no matter what, check properly before you buy. bring it to a trustworthy mechanic to check.

    if not, get a coe car. most important is also to get the car for pre-purchase inspection at vicom and a trustworthy mechanic. and for coe car, try to avoid hondas, especially if they looked to have been modded before. close 2 eyes safest bet would be the popular g7 corollas. but also must see properly. if modded before, skip it. the g7 has very decent fuel consumption, and still relatively easy to find spare parts.

    and pls dun get auto coe car. get manual. if you are lucky in repairs (lack of it), this option should provide the best value for money and more "crisis-proof" should anything happen (lose job, change job to a coy without allowance, etc). and since loan tenure should be shorter, you can always review your plans few years down the road when you get more stable.

    my coy's car allowance is pathetic... all my sales guys driving coe car. 2 asst managers also driving coe car. before my boss change car recently, my 1.5yrs SGC was the newest car in the company.
    Last edited by weng; Oct 4th, 07 at 12:56 AM.

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  4. #49
    Quote Originally Posted by weng View Post
    10yrs loan is fatal. never take it up even if you can't help it.

    and assuming life will only get easier is also dangerous.

    also, major servicing cost more than 200 (ie 40k intervals).
    10 year loan is not "fatal" la... (not so bad).. just not so recommended for normal worker like u and me... To explain:


    1. Interest is currently at min 3% per year, so total interest for a 50k car if u take full loan is 15000, and your total car price will be 65k. just imagine, 65k can get u like a much better car liao...

    2. So the idea of "opportunity cost" is this, if u are sure that u can make more than 3% per year out of your investments, than the 50k cash is better spent on investing, than to throw into the car.

    3. Car loan is 3% on principal for 10 years, whereas for house loan, every year u deduct the amt u paid that year, then cal. the interest u have to pay for the next year, so comparatively, its "not worth" to get long car loan if u can help it.. Can borrow from parents, and then repay them in lesser interest, both parties win, y let bank earn.

    4. Break even year.. I am sure everyone likes to change car after some time in the future ma right? if i take v little loan or i make huge downpayment upfront, I can scrap my car anytime without owing the bank anything. If you take 7 year loan, typically u need to drive for ard 4-5 years. If you take 10 year loan... u need to drive the car for at least 7 years. if under the 10 year loan, you want to change car at the 4th or 5th year, dun be suprised that u need to top up ~10k-15k to settle your loan with the bank for the old car, before u can buy a new 1.

    5. Based on point 4, it also means that you will be basically in deep shit if you lose your job and cannot find new 1. Cos to "sell" ur car, u need to pay 10-15k as mentioned earlier.

    2 cents.. hope it helps those 1st time car buyers.. good luck
    Last edited by windchoco; Apr 5th, 09 at 01:25 AM.

  5. #50
    Quote Originally Posted by windchoco View Post
    10 year loan is not "fatal" la... (not so bad).. just not so recommended for normal worker like u and me... To explain:


    1. Interest is currently at min 3% per year, so total interest for a 50k car if u take full loan is 15000, and your total car price will be 65k. just imagine, 65k can get u like a much better car liao...

    2. So the idea of "opportunity cost" is this, if u are sure that u can make more than 3% per year out of your investments, than the 50k cash is better spent on investing, than to throw into the car.

    3. Car loan is 3% on principal for 10 years, whereas for house loan, every year u deduct the amt u paid that year, then cal. the interest u have to pay for the next year, so comparatively, its "not worth" to get long car loan if u can help it.. Can borrow from parents, and then repay them in lesser interest, both parties win, y let bank earn.

    4. Break even year.. I am sure everyone likes to change car after some time in the future ma right? if i take v little loan or i make huge downpayment upfront, I can scrap my car anytime without owing the bank anything. If you take 7 year loan, typically u need to drive for ard 4-5 years. If you take 10 year loan... u need to drive the car for at least 7 years. if under the 10 year loan, you want to change car at the 4th or 5th year, dun be suprised that u need to top up ~10k-15k to settle your loan with the bank for the old car, before u can buy a new 1.

    5. Based on point 4, it also means that you will be basically in deep shit if you lose your job and cannot find new 1. Cos to "sell" ur car, u need to pay 10-15k as mentioned earlier.

    2 cents.. hope it helps those 1st time car buyers.. good luck

    Yes he is right. Never buy a car which is under 10 years unless you are guaranteed that you will be holding on to that job for 10 years.

    If not, dun go for it. You will end up in debts when you are job-hopping or (touchwood a bit), kena sacked or retrenched unexpectedly.

    $1k a month, i did some calculations before, you can only get a picanto. Don't eat up into your savings. If you have the liberty to return the car back to company when you leave the job, go for the 10 year loan and save on monthly installment, in the end, when you return the car, you wun feel the heartache. Because firstly, picanto will definitely not your choice for your private car and secondly, you did not spend a single cent on this car. You must get your focus right: You are buying because you need to get from pt A to B. this is not your personal car.

    There are a few things that you will do politically correct (provided if your company takes back the car after you leave the company):

    1. You did not buy a COE car which the company will throw away after you leave. You did thought well for the company.
    2. Buying a new car and yet spending within the 1k limit will let people think that you are focused in getting job done, rather than being a showy person.

    So, to heck with all those fanciful cars that people go for when buying personal cars! You have 1k to play with for your transport. As long as it does not eat into your savings, get yourself the most practical car. Period.

    (P.S. I think option 2 is a great choice too!)
    Last edited by nakshire; Sep 9th, 09 at 07:19 PM.

  6. #51
    Registered donutchance's Avatar
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    If can afford go for 1st hand. else go get 2nd hand one. best is got friend who work as car dealer. can save you from being chop so so much.

  7. #52
    How about renting? About $800-$1000 per month. Nothing to worry except petrol. The rest rental company settle.

  8. #53
    Seriously....best is not to buy a car. The COE system now is ridiculous.
    Insurance is also on the rise esp for newbie.
    Take into consideration the traffic condition now is frustrating, cost of servicing, car park, ERP, fines...etc.
    Some $$ also need to set aside for emergency use.
    If $$ is not a problem then go ahead.
    Very soon only the rich n elites can afford to drive.
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  10. #55
    Why get only car.

  11. #56
    I don't like the way you are posting one-liners ucoolz136. They are generally unintelligent, and suspicious.

    I am watching you.

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  12. #57
    Quote Originally Posted by Shrek View Post
    car is a total waste of $$

    take cab
    I second that, whatever car you buy, you will still lose. A matter of how much depending on the
    age of the car.

  13. #58
    You should go with option 2.
    Last edited by jordon1010; Jan 17th, 17 at 04:54 PM.

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