Redditer: I can't imagine my life without a car now. But can I afford one in Singapore?

[Flibbertigibbet]

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I can't imagine my life without a car now. But can I afford one in Singapore?​

Question

I’ve been around cars my whole life. My business is tied to them, and over the past year I’ve lived in three different countries. Buying a car was always a bit of a headache, but it was something you could figure out.

Then I moved to Singapore and I wasn't ready for this. I started looking into getting a car, I’ve been in love with the G series BMW X3 and I want to get one before the next generation comes out (I'm not yet ready for new design decision to be honest)

Then I saw the prices here! It's insane. A bit context:

My income after taxes is around ~$20k SGD. I have savings, and almost everywhere my level of income was enough to go and bye a car, but Singapore seems to be different

When I started breaking things down, I genuinely don’t understand how people here afford cars. From what I’ve learned:

• You’re limited by loan rules tied to ONLY car market price, not taxes and permits
• You need a massive upfront payment
• COE adds another huge amount
• And overall prices are just on another level

So I’m sitting there thinking: Who is actually buying cars here? How does this make sense financially?

Then BMW’s site pointed me to Eurokars Auto where things went interesting.

They offered me leasing with option to buy the car after I leased it. And this is the first time the whole story started make some sense.
I was quoted roughly 4k SGD/month all-in, Includes car, insurance, road tax, servicing and terms from 18 to 36 months.

So with this potential option I no need a huge upfront payemnt. When I compare that to buying, especially with the upfront cash requirements, leasing actually feels like the only thing that makes sense for my situation right now.

But here’s what confuses me:

I barely see leasing discussed here in the sub. Is leasing just not popular in Singapore? Is there any reason If so? how are you guys actually buying cars at these prices? And more importantly - should I try car leasing or I didn't understood things fully and I can actually afford a car?

Would really appreciate hearing how locals and expats approach this.

 

[True Believer]

It is difficult to put a price on comfort and convenience, so it boils down to affordability; if a car is priced out of your budget in S'pore, then take public transport. If you can afford a car, then buy it if it improves your quality of life to your desired standard. I have owned cars for the past 33 years, so the only way I will give up driving is when I can no longer afford to do so.

 

[syed putra]

It is difficult to put a price on comfort and convenience, so it boils down to affordability; if a car is priced out of your budget in S'pore, then take public transport. If you can afford a car, then buy it if it improves your quality of life to your desired standard. I have owned cars for the past 33 years, so the only way I will give up driving is when I can no longer afford to do so.

He says, why dont you lease, you silly billy!

 

[True Believer]

He says, why dont you lease, you silly billy!

Syed, do you see me replying to him, you imbecile? I am sharing my thoughts only on car ownership in SG based on my personal experience.

 

[nabeifuckpap]

Want to buy car go Malaysia

 

[True Believer]

Want to buy car go Malaysia

The average PMET couple in Malaysia lives in a landed home and has 2 cars.

 

[WangChuk]

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I can't imagine my life without a car now. But can I afford one in Singapore?​

Question

I’ve been around cars my whole life. My business is tied to them, and over the past year I’ve lived in three different countries. Buying a car was always a bit of a headache, but it was something you could figure out.

Then I moved to Singapore and I wasn't ready for this. I started looking into getting a car, I’ve been in love with the G series BMW X3 and I want to get one before the next generation comes out (I'm not yet ready for new design decision to be honest)

Then I saw the prices here! It's insane. A bit context:

My income after taxes is around ~$20k SGD. I have savings, and almost everywhere my level of income was enough to go and bye a car, but Singapore seems to be different

When I started breaking things down, I genuinely don’t understand how people here afford cars. From what I’ve learned:

• You’re limited by loan rules tied to ONLY car market price, not taxes and permits
• You need a massive upfront payment
• COE adds another huge amount
• And overall prices are just on another level

So I’m sitting there thinking: Who is actually buying cars here? How does this make sense financially?

Then BMW’s site pointed me to Eurokars Auto where things went interesting.

They offered me leasing with option to buy the car after I leased it. And this is the first time the whole story started make some sense.
I was quoted roughly 4k SGD/month all-in, Includes car, insurance, road tax, servicing and terms from 18 to 36 months.

So with this potential option I no need a huge upfront payemnt. When I compare that to buying, especially with the upfront cash requirements, leasing actually feels like the only thing that makes sense for my situation right now.

But here’s what confuses me:

I barely see leasing discussed here in the sub. Is leasing just not popular in Singapore? Is there any reason If so? how are you guys actually buying cars at these prices? And more importantly - should I try car leasing or I didn't understood things fully and I can actually afford a car?

Would really appreciate hearing how locals and expats approach this.

TCSS lah .... how he go school from Pri to Sec to Poly? how he go NS and start work? Cant imagine how he grow up here then correct!