Originally posted by tikoman:
installments = not more than $800/per month...
downpayment = can down anything up til 10k max
cc wise = below 2000cc
dun need a fast car...but reasonable pickup will do
i'm not a speed demon so i'm fine with most vehicles
4) income = fixed $2.5k/mth [take home after CPF deduction]
5) full mthly contributions not more than 1.5k/mth for:
a) mthly installment
b) petrol [capped @ $300/mth]
c) parking fees
d) mthly contributions for insurance [taking 1yr ins/12mths]
e) mthly contributions for road tax [taking 1yr rd tax/12mths]
you are willing to spend $1500/mth.
less petrol of $300 = $1200assuming you are staying at HDB, season parking = $65
plus, parking here and there, ERP, say = $55
Total for parking and misc = $120
less this cost = $1200 - $120 = $1080here comes the fun part:
A.
assume your insurance is $1000/yr, this amount will allow you to get most
saloon car.
per month will be $1000/12 = $85
and road tax, depending on the size of the engine:
<1600 cc = $1000/yr (approx), = $85/mth (approx)
1600cc < size < 2000cc = $1500/yr, = $130/mth
So, amount left for installment
= $1080 - $85 - $85
= $900+ for a car <1600 cc
OR,
= $1080 - $130 - $85
= $800+ for a 1600cc < size < 2000cc
B.
assume you want to get a 2 door sports car, your insurance is $1800/yr.
per month will be $2000/12 = $150
and road tax, depending on the size of the engine:
<1600 cc = $1000/yr (approx), = $85/mth (approx)
1600cc < size < 2000cc = $1500/yr, = $130/mth
So, amount left for installment
= $1080 - $150 - $85
= $800+ for a car <1600 cc
(the only car i can think of for this amount of installment, for sports car is PROBABLY a mazda mx-5...)
OR,
= $1080 - $130 - $150
= $750+ for a 1600cc < size < 2000cc
(but usually, for this amount of installment, you won't be able to get any 2 doors sports car, maybe the hyundai tuscani...)
So, this is my estimation for you. calculation is based on 10years loan, with a bit of downayment (apporx 10%)... of course, talking about purchasing a new car.
anyway, this is my approximation for my own salary too. planning to get a new car too...
oh yea, the COST for the car here is really MIMIMUM liao...
AND, havent include car maintenance every 3-4 months, which is about $200-$300...