Redditer: How do people actually afford cars in Singapore?

[Nut]

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How do people actually afford cars in Singapore?​

General

I’ve always wondered about this. With COE and car prices being what they are, how do so many people manage to own a car, and increasingly conti ones?

Are most of them servicing massive loans? Sitting on solid savings? Dual high income household? Or is it really the stereotype stuff people like to throw around like ah long, doing moonlight side hustles, family money etc? Are they in debt? Do they take massive loans?

Not trying to judge anyone, genuinely curious how the maths works out for a normal person. Would love some honest takes, especially from car owners willing to share roughly how they make it work.

 

[Dongyi]

Enrol in ACS. Life will take care of you after that.

 

[True Believer]

Enrol in ACS. Life will take care of you after that.

That is a stereotype propagated by ignorant people of the low SES variety.

 

[404]

Has few friends, works as a PHV to 'own' the car.

Has few friends, owns the car to be a PHV.

 

[Worm]

Social studies is an exam subject in O Levels

It brainwashes students that COE is a brilliant solution; the poor should be contented with our world-class sardine transport system and not congest their master's roads.

 

[True Believer]

S'pore has arrived at the day when only the top 10% of income earners are able to afford a car. This makes car ownership even more desirable for those who can afford it owing to its status symbol attraction.

 

[joecamel]

many take loan and pay thru their teeth