On average hw much is sufficient to own a car in spore?

• ah_wei83

  11 Feb 08, 00:43

  with all the ERP,oil prices,lesser COE etc...hw much are those car owners earning a month in order to pay off their car loan and live comfortably??

• gabrielhrteo

  11 Feb 08, 01:04

  I would say monthly salary to be more than $6k.

• BangHong

  11 Feb 08, 03:01

  Normally if wanna divide carefully... road rax. average fuel and everything etc....

  around 2k should be enough and will have spare if you didnt use so much...etc...

  So 2k is what you need per month... that is without accident and unexpected foresee events....

  And your other salary i don care how much , enough you use ok liao..

• zerocool85

  11 Feb 08, 19:24

  pls do a search before asking such questions again..

  maybe we should  do a sticky on a basic calculation for an example..

   

• cornyfish2000

  11 Feb 08, 19:44

  Originally posted by gabrielhrteo:

  I would say monthly salary to be more than $6k.

   

  I believe more than 80% of existing car owners don't earn 6K a month.

   

• eagle

  11 Feb 08, 20:05

  
  

  Originally posted by cornyfish2000:

   

  I believe more than 80% of existing car owners don't earn 6K a month.

   

  hmmm..... means more than 80% of workers don't earn 6k a month too...

  
  Extra info:
  1) average wage in Singapore is about 3.6k
  2) 290k workers out of 2.73mill labour force are low income

• BrUtUs

  11 Feb 08, 23:32

  if u r single with no liabilities then 4.5-5k is gd enuff to relaxing own one without worry for erp or oil cost... more responsibilities then add more to tat amt...

• 798

  11 Feb 08, 23:35

  Originally posted by gabrielhrteo:

  I would say monthly salary to be more than $6k.

  
  so much?!?

• gabrielhrteo

  12 Feb 08, 01:18

  TS said live comfortably and can afford a car ma. So i think $6k and above should be more than enough. =) If u earning 4k a month. Monthly installment $800. Haven include petrol, season parking, maintanence, ERP, etc etc. Total add up i think need ard $1.2k for the car. $4k - 1.2k = $2.8k. Minus CPF phone bills electric bills etc etc. Expenses don left much for comfortable living. Just my theory.

• cornyfish2000

  12 Feb 08, 20:17

  Well i think there is no right or wrong answer to threadstarter's question.

  Alot depends on

  1) The price of the car - eg. Buying a vios vs an Evo

  2) Your downpayment - Taking 100% loan vs paying for the car full upfront (savings over the years or struck lottery!)

  3) Your loan duration

  4) Other commitments - House, parents, kids, household/daily expenditure etc

   

   

• ah_wei83

  13 Feb 08, 00:34

  thanks for the reply guys....just a guy who love the joy of driving but with all the inflation , rising oil prices and decrease in no of COE.i guess my dream of driving my own car out at nite for a supper is near to impossible.....unless i am a cab driver.tat wan also must wait cos cab driver must be 35 years old and above. "love the joy of driving"

• BangHong

  13 Feb 08, 02:00

  Dont worry your time will come.....

• Altis84

  14 Feb 08, 22:07

  I did some sums before. Should be roughly 1.3k a month for a basic car.

• Bloop...

  15 Feb 08, 14:57

  Altis84, I hope you mean just to pay for the car and associated costs - parking, ERP, petrol, parking, roadtax, maintenance, etc...

  If you mean take home pay 1.3k you can afford a car then... eh...

  One important thing no one mentioned here also is - do you intend to retire some day or work till you die?

• BangHong

  15 Feb 08, 15:02

  Altis84 must be joking....

   

• mh2

  16 Feb 08, 09:56

  SGD1.2k per month jus for car expenses.

   

  apply only to SGD60k and below car.

• guitarman1

  16 Feb 08, 11:39

  Altis84 obviously talking about car expenses la, not take hm salary... -_-... juz tat topic subject asking abt take hm salary.

  Assume :-

  $60k car

  Full loan for 7 yrs at 3% int =$1800/yr = $12600 interest (over 7 yrs)

  Total = $72600

  Not counting in the PARF benefits yet as you only get that back when scrap, so $72600/7 = $10371/yr payable = $864/mth

  (This is not calculating depreciation value of car but actual expenditure u muz come out wif... )

  Add in expenses :-

  - Road tax ~ $100/mth (paid 6mthly or yearly)

  - Insurance ~ $100-200/mth (paid yearly)

  - Season parking $90

  - Fuel $200-400 (depend on usage)

  - Outside parking $50-100

  - ERP $30-50

  = $560 minmum extra oredi

  $864 + $560 = $1400+ liao

  This haven't include fines, maintenance (oil change, spark plug, tyres etc...) which when counted as a monthly expenditure can add another $50-100 on average.

  tink take home $3k then is considered decently 'comfortable' if u got no kids or family commitment.. half to car, half to expediture (not much savings).

   

• BangHong

  16 Feb 08, 16:18

  i know, but 1.2k just for car.... surely not enough.. think also dont think.. dont make your life live in misery if you wanna spend 1.2k..

• onlooker123

  18 Feb 08, 21:27

  Don't just consider the cost.  Also consider the opportunity cost.

  Cars are an expense.  You need to be saving up for building up your assets (including a home) plus retirement.  Government is not going to feed you.