Advice needed to buying my first car?
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My situation is such that on average per month, I am currently spending $300 on public transport and a further $200-400 on car rental over the weekends. So in total, I am dumping at least $500 on transport alone. I am wondering is it justifiable for me to buy and own a car???
I've been looking around for a car and narrowed down to both the Mazda3 and a civic, esp the VTi-S. THe mazda is a beautiful model which meets the needs of a normal user, while the civic is a highly-acclaim performance car.
After comparing the prices and weighing the differences, I am contemplating to buy a used Vti-s. The price of a 1 yr old VTI-s is around $62k and the monthly repayment for 90% loan works out to be $660. Plus the fuel (~240), parking (~100), insurance (~100) and tax (~100), my monthly transport expenses will be around 1200. THis is $500-700 more than what I spending on transport now, is it justifiable to waste this additional money? Besides the convenience that I will get, what additional benefits do I get for owning a car??
But I heard from this forum that a new series is coming out in 2006. I am wondering if the new series is to come out, will it push the prices of 2nd hand or used civics further some more???
If so, shd i wait???
I hope to have some valuable advice from experienced ppl here.
Thanks in advance! -
You've already answered your own question... It's already more expensive to own a car than take transport... $500-$700 more each month if you own a car... meaning you're paying double each month... It's better to save the money, and take public transport... unless you have enough savings to last even after buying a car... Unless your job really needs you to have a car, I say save your money... My basic rule of thumb is $1k for a normal car, $1k for saving...Originally posted by damien76:My situation is such that on average per month, I am currently spending $300 on public transport and a further $200-400 on car rental over the weekends. So in total, I am dumping at least $500 on transport alone. I am wondering is it justifiable for me to buy and own a car???
I've been looking around for a car and narrowed down to both the Mazda3 and a civic, esp the VTi-S. THe mazda is a beautiful model which meets the needs of a normal user, while the civic is a highly-acclaim performance car.
After comparing the prices and weighing the differences, I am contemplating to buy a used Vti-s. The price of a 1 yr old VTI-s is around $62k and the monthly repayment for 90% loan works out to be $660. Plus the fuel (~240), parking (~100), insurance (~100) and tax (~100), my monthly transport expenses will be around 1200. THis is $500-700 more than what I spending on transport now, is it justifiable to waste this additional money? Besides the convenience that I will get, what additional benefits do I get for owning a car??
But I heard from this forum that a new series is coming out in 2006. I am wondering if the new series is to come out, will it push the prices of 2nd hand or used civics further some more??? If so, shd i wait???
I hope to have some valuable advice from experienced ppl here.
Thanks in advance! -
best to hold .......... petrol price will kill u ......Originally posted by damien76:My situation is such that on average per month, I am currently spending $300 on public transport and a further $200-400 on car rental over the weekends. So in total, I am dumping at least $500 on transport alone. I am wondering is it justifiable for me to buy and own a car???
I've been looking around for a car and narrowed down to both the Mazda3 and a civic, esp the VTi-S. THe mazda is a beautiful model which meets the needs of a normal user, while the civic is a highly-acclaim performance car.
After comparing the prices and weighing the differences, I am contemplating to buy a used Vti-s. The price of a 1 yr old VTI-s is around $62k and the monthly repayment for 90% loan works out to be $660. Plus the fuel (~240), parking (~100), insurance (~100) and tax (~100), my monthly transport expenses will be around 1200. THis is $500-700 more than what I spending on transport now, is it justifiable to waste this additional money? Besides the convenience that I will get, what additional benefits do I get for owning a car??
But I heard from this forum that a new series is coming out in 2006. I am wondering if the new series is to come out, will it push the prices of 2nd hand or used civics further some more??? If so, shd i wait???
I hope to have some valuable advice from experienced ppl here.
Thanks in advance! -
bro.. i agree with LH83..
IMHO, i will only buy a car when i can save minimal $1000 monthly after all my other expenditure..
den after all that i have $1k-$2.5k.. den i spend on car.. maybe that's $4k a month? or maybe 5k..
den again.. ur 1200.. round it up to 1500.. give more allowance especially witht he current petrol prices increasing..
y round up? bcoz after buying the car.. the $$ may not work out to $1200 but maybe near $1500.. den u might be disappointed and feel sad..
to buy/own a car, its affordable.. to maintain a car.. its expensive.. -
I agree with the 3 posters above me ... Best is not to buy a car now ... thou its cheap ... but petrol is ever rising and nite erp ???
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I agreed with the rest of the ppl views.
However, more importantly, what i feel is that you have to ask yourself if you are comfortable to part with tt additional $500-700.
My rule of thumb is.... if u FORSEE/ANTICIPATE that after owning a car, you no longer feel comfortable financially, dan perhaps its not the right time to own one until u have a deeper pocket.
Rem..owning a car is CONFIRM a 'waste of money' (its a depreciating metal. It will not appreciate in values).
So pls make sure u feel comfotable 'wasting' them($$). Else dont own one.
Condition is different though if u need a car to make a living (e.g Sales job) -
THanks for all the valuable inputs and advice!
Hmm... it seems that its not a good idea to buy one now, guess I have to hold my power at the moment... -
you are spending quite a lot on car rental.
i was wondering who did u rent from? -
actually.. if u do have colleagues living near u.. or if u ferry anybody around...Originally posted by damien76:THanks for all the valuable inputs and advice!
Hmm... it seems that its not a good idea to buy one now, guess I have to hold my power at the moment...
maybe ask them to chip in some $$ for petrol... at the end of the mth, u will be paying most probably ~ 150-250.. or maybe lesser..
$20-$50 per person for a mth is relatively a fair price for them to chip in.. considering if u take a bus to take work.. maybe they are paying $5-$8 for transport daily? $8x30 = $240 a mth.. alternatively.. if ur colleague near u has a car.. u all can take turns to send each other home/work..
i dunno.. maybe some would disagree.. but that's one way la.. to car pool..
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off topic.. what is the price per barrell now huh? it was $70.80 the last time i know and went down to 69.XX after katrina.. if it did drop and is still constant.. y petrol station nv increase discount or $$/litre..