Is it worth it to get a car now?

[Knighthunter]

Now is the worst time to get a car, people flocking to showroom and made booking. If they expect to get $2 COE this time keep dreaming what reality is price will mostly like shoot up. The best time if you book the car before last COE bidding that end at $2.

Let say book the car 60k with rebate level 8k 2 weeks ago and COE only $2 delater will rebate you $7998 so your car cost less, but becareful if you delaing with PI they may just wallop the difference and never rebate you.

 

[smalltake]

Dun be get caught up by the $2 COE gimmick, to me, its the carrot dangle by the motor industry and the goverment. Recession is here, and is here to stay. CAsh is king, dun envy those with big cars and big houses...... look at their face, they are worried man!!

Look at your needs, u need a car? Can u do without a car? Car is a liability, never an asset......

 

[ahpan]

No car, can take taxi. No need to worry about parking, fines, maintenance, monthly payment etc.

 

[aryanto]

Agree, esp no need to get scared of parking aunties and also no stress to look for carpark, no stress to find good mechanic to service the car, dont have to worry someone will scratch your car, etc etc.

 

[Godzilla Invades]

I have so many friends now are getting cars like it's free for all but I am pretty sure some will make it to the end and some will just give up.......

Getting cars has it's plus and minus.

I wouldn't say it's a must but I would get a car only if......

1) I have a family of 5 adults (can't take normal cabs)
2) If I am a salesman who travels a lot......and I mean like travelling from East to West and back to North and to South in a day.
3) I carry a lot of equipments (generator, portable studio lights and so on if you are photographer)
4) I travel outstation every week (To Malaysia but have a risk of getting rob)
5) I earn more than $10,000 per month
6) The taxis fares is as high as in Tokyo/London

I don't know what else I can think of but to me owning a car in Singapore is probably more than a luxury items than a necessity. I have asked and seen that about 70% of my friends who owns cars is because of convienience sake. This set of people are just too lazy to take public transport or hates them. So the trade off for more comfort is to spend $$$$$$.

As long as you have lots of MOOLAH, you can do anything you want. It does not matter whether it make any practical sense or not.

 

[jsbn]

Wonder what's everyone's opinion of this, now that COE is so low?

Feel that I must reply.

Ok, considering this:
- Buying a car involves not only the upfront cost, but maintenance and running costs as well
- Costs of maintenance and running costs increases approximately 5 to 10% per annum
- LTA's policy focus is not on price of car ownership but price of car usage.
- Is your job solidly secured for the next 10yrs to ensure that you keep your depreciating liability?
- Are you prepared to fork out at least $1,500 every month for the next 10yrs for your car?
- How fast will you earn back the $1,500 lost to your car?
- How much savings will you have?
- Is the $1,500 lost to your car per month considered as disposable income?

If your answer to all the questions are yes, go ahead. I believe people who buy cars shldn't and don't even have the right to whine if costs keeps going up since they shld have already considered all these factors in advance.
If you do not understand any of the terms used above completely or your answer to any of the questions is a 'no', my suggestion: better not.

 

[David]

I'm surprised that there are a lot more people here not supportive of owning a car! Could it be bcos most of your spendings are on photographic equipment already? :bigeyes:

I guess sometimes it's really hard to pinpoint why anyone here wants a car. I tried asking my colleagues and it seems there is this "invisible force" or addiction in them. Those who have been driving for years will never feel good about taking public transport any more. The mere convenience of moving around outweighs the amount of $ they can save by taking buses or MRT.

But it never amazes me to see many big cars on the roads these days. Despite all the complaints about the hefty ERP and high prices in everything else, nothing can stop them from buying a car.

Hmmm, I suppose it's really one's choice on what to do with one's money.

Just like buying cars, it's quite "scary" to see that amateurs and hobbyists are willing to fork out a lot on camera equipment these days.

Look at the long list of people going for the latest Canon full frame DSLR! In fact, it's sometimes difficult to tell the diff between a pro and hobbyist, based on the equipment they own. And not to mention, all these people probably have their other lens collection and electronic gizmos. So maybe, instead of owning a car, a large part of their money is splurged on camera stuffs instead?

Perhaps it's all about setting priorities in life and knowing what one wants?

 

[Knighthunter]

I'm surprised that there are a lot more people here not supportive of owning a car! Could it be bcos most of your spendings are on photographic equipment already? :bigeyes:

I guess sometimes it's really hard to pinpoint why anyone here wants a car. I tried asking my colleagues and it seems there is this "invisible force" or addiction in them. Those who have been driving for years will never feel good about taking public transport any more. The mere convenience of moving around outweighs the amount of $ they can save by taking buses or MRT.

But it never amazes me to see many big cars on the roads these days. Despite all the complaints about the hefty ERP and high prices in everything else, nothing can stop them from buying a car.

Hmmm, I suppose it's really one's choice on what to do with one's money.

Just like buying cars, it's quite "scary" to see that amateurs and hobbyists are willing to fork out a lot on camera equipment these days.

Look at the long list of people going for the latest Canon full frame DSLR! In fact, it's sometimes difficult to tell the diff between a pro and hobbyist, based on the equipment they own. And not to mention, all these people probably have their other lens collection and electronic gizmos. So maybe, instead of owning a car, a large part of their money is splurged on camera stuffs instead?

Perhaps it's all about setting priorities in life and knowing what one wants?

Car is luxury items here and may out of reach for some, this kind of sentiment is quite common for non-car owner. The other breed is car owner who can fork ten thousands of car price but penny pinching on parking, ERP, etc..including who drives big Merc waiting outside ERP gantry just to avoid $1 charge or illegal parking just to avoid $3 parking charges.
It's your decision to own a car, if you feel you have resource to support it why not?

 

[Reflection]

Ok. Thought i'd post something since i got the information i needed this morning from the papers.

I have an SX4, which i bought for $52,500 with a COE value of $14,000 odd dollars. Now that the COE has fallen, and let's just take the $2 for instance, the selling price of the car is $50,500.
The selling price has only dropped $2,000, but the COE value is next to worthless.
I would think that buying a car now is only good if you're gonna either put a big downpayment, pay in full, or keep the car for 10yrs. Can someone correct me if i'm wrong pls? Thanks!


P.s I bought the new car because i don't fancy public transport, love driving, and my wife deserves some form of luxury after a hard day's work. Since we can afford to maintain a car, we just got one that we liked. Besides... i don't think the paper Mercedes performs as well.

 

[Knighthunter]

Ok. Thought i'd post something since i got the information i needed this morning from the papers.

I have an SX4, which i bought for $52,500 with a COE value of $14,000 odd dollars. Now that the COE has fallen, and let's just take the $2 for instance, the selling price of the car is $50,500.
The selling price has only dropped $2,000, but the COE value is next to worthless.
I would think that buying a car now is only good if you're gonna either put a big downpayment, pay in full, or keep the car for 10yrs. Can someone correct me if i'm wrong pls? Thanks!


P.s I bought the new car because i don't fancy public transport, love driving, and my wife deserves some form of luxury after a hard day's work. Since we can afford to maintain a car, we just got one that we liked. Besides... i don't think the paper Mercedes performs as well.

That's why when COE drop to $2 is not the time to buy a car. If you book car mid of this month and strike this $2 COE is like getting 4-D without buying the ticket.