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 How much salary to afford 260k car?

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shaniandras2787
post May 29 2019, 10:42 AM

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QUOTE(prophetjul @ May 29 2019, 10:21 AM)
I see.  Cars are generally depreciating assets unless they become antiques or collectibles.
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That is what statistics over the history has shown us but Bobby has his own line of thoughts.

I believed he somewhat counters the argument with utility against depreciation - his assumption is that a car when bought generally enables you to earn income whereas a house just sits there and does nothing UNTIL you sell it and provided that it could be sold for the market price.

You spent most of the time using the car that enables you to generate income and you only use a small fraction of your time in a day utilizing the house which doesn't do anything for you therefore what you have is book value but you do not actually enjoy that "gain" in tangible forms.

At least that's what he proposes.
fun_feng
post May 29 2019, 11:22 AM

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QUOTE(shaniandras2787 @ May 29 2019, 10:42 AM)
That is what statistics over the history has shown us but Bobby has his own line of thoughts.

I believed he somewhat counters the argument with utility against depreciation - his assumption is that a car when bought generally enables you to earn income whereas a house just sits there and does nothing UNTIL you sell it and provided that it could be sold for the market price.

You spent most of the time using the car that enables you to generate income and you only use a small fraction of your time in a day utilizing the house which doesn't do anything for you therefore what you have is book value but you do not actually enjoy that "gain" in tangible forms.

At least that's what he proposes.
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Seems twisted the logic..
How much percentage of the working force truly needs a more expensive car to enable him/her to earn more income??
prophetjul
post May 29 2019, 11:25 AM

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QUOTE(MasterConfucion @ May 29 2019, 10:40 AM)
if i buy car i don’t consider it asset but as a toy so the money i put in is only measure in terms of entertainment.
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Expensive toy. biggrin.gif
sunami
post May 29 2019, 11:28 AM

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QUOTE(MasterConfucion @ May 23 2019, 10:04 AM)
Since they say don't have big head don't wear so big hat, so when buy car, how much salary is consider big enough head to buy 260k car assuming 10% downpayment?

If too small head and buy expensive car I think salesman also laugh you.

Please advice realistically cos I expect some ppl will say income 1 million and other troll post.. but this is serious kopitiam.
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salesman doesnt car your car towed by the bank in few months time..
all they care is your loan approved and he gets the commision..
drug5
post May 29 2019, 12:09 PM

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If you can pay for the monthly installment why not. As long as you are happy.

Btw my circle of friends don spend this way. One guy is well off working offshore 30k/m salary and he is only using his First Gen City. Probably he spend his money elsewhere that interest him.

Anyway TS just buy if u r confident that u could afford it.
shaniandras2787
post May 29 2019, 12:21 PM

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QUOTE(MasterConfucion @ May 29 2019, 10:40 AM)
if i buy car i don’t consider it asset but as a toy so the money i put in is only measure in terms of entertainment.
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to consider a car a "toy", you must have reached the level where you can buy a car of any value on impulse. anything less than you cannot.

QUOTE(fun_feng @ May 29 2019, 11:22 AM)
Seems twisted the logic..
How much percentage of the working force truly needs a more expensive car to enable him/her to earn more income??
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that video drew plenty of backlashes as it was controversial but we cannot deny that he is quite successful so he is entitled to his opinion in that manner - for what it is worth, he has his point.

some people skimmed on food but spent lavishly on expensive holidays - it's personal preference on priorities, can't fault him on that.
SUSMasterConfucion
post May 29 2019, 12:57 PM

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QUOTE(shaniandras2787 @ May 29 2019, 12:21 PM)
to consider a car a "toy", you must have reached the level where you can buy a car of any value on impulse. anything less than you cannot.
that video drew plenty of backlashes as it was controversial but we cannot deny that he is quite successful so he is entitled to his opinion in that manner - for what it is worth, he has his point.

some people skimmed on food but spent lavishly on expensive holidays - it's personal preference on priorities, can't fault him on that.
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haha. even toy got limit bro. for example a cyclist enthusiast can spend 20k for a bicycle but doesn’t mean h needs to be rich enough to buy any bicycle. maybe pro bicycle cost 50k?
shaniandras2787
post May 29 2019, 01:13 PM

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QUOTE(MasterConfucion @ May 29 2019, 12:57 PM)
haha. even toy got limit bro. for example a cyclist enthusiast can spend 20k for a bicycle but doesn’t mean h needs to be rich enough to buy any bicycle. maybe pro bicycle cost 50k?
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a car requires a long term tenure to pay off the entire purchase price with interest whereas a bicycle doesn't therefore committing towards purchasing a car is definitely not the same as committing towards purchasing a RM50,000.00 bicycle.

a bicycle does not have the burden of other financial commitments towards maintaining a car during the tenure (eg insurance, fuel, tires, etc).

if any individual thinks that his/her nett RM20,000.00 monthly salary (if) is entitled him/her to treat a car as his/her toy then frankly, he/she is really immature.
thurtin
post May 29 2019, 02:44 PM

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The sad/funny truth is that the RM260k car is only 30k to 40k USD in other countries.
SUSfuzzy
post May 29 2019, 03:07 PM

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QUOTE(shaniandras2787 @ May 29 2019, 10:42 AM)
That is what statistics over the history has shown us but Bobby has his own line of thoughts.

I believed he somewhat counters the argument with utility against depreciation - his assumption is that a car when bought generally enables you to earn income whereas a house just sits there and does nothing UNTIL you sell it and provided that it could be sold for the market price.

You spent most of the time using the car that enables you to generate income and you only use a small fraction of your time in a day utilizing the house which doesn't do anything for you therefore what you have is book value but you do not actually enjoy that "gain" in tangible forms.

At least that's what he proposes.
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Then he's purposely twisting his logic to fit his world view. My 2 cents is, don't take financial advice from him.
shaniandras2787
post May 29 2019, 03:45 PM

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QUOTE(thurtin @ May 29 2019, 02:44 PM)
The sad/funny truth is that the RM260k car is only 30k to 40k USD in other countries.
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2 reasons:-

1) because you get cheaper fuel; and
2) a particular car company here in Malaysia needs poteksyun.
shaniandras2787
post May 29 2019, 03:49 PM

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QUOTE(fuzzy @ May 29 2019, 03:07 PM)
Then he's purposely twisting his logic to fit his world view. My 2 cents is, don't take financial advice from him.
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Yeah, it was twisted in a way.

I enjoyed his car reviews because they were raw in the sense that he says what he sees things to be - no fancy daisy stuffs but i have to admit, he has since veered off quite a bit especially when he begins creating so much segments,

Autobuzz now seems to have a more elaborate and concise manner in delivering information.
SUSfuzzy
post May 29 2019, 03:54 PM

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QUOTE(shaniandras2787 @ May 29 2019, 03:49 PM)
Yeah, it was twisted in a way.

I enjoyed his car reviews because they were raw in the sense that he says what he sees things to be - no fancy daisy stuffs but i have to admit, he has since veered off quite a bit especially when he begins creating so much segments,

Autobuzz now seems to have a more elaborate and concise manner in delivering information.
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I don't really watch that many reviews, but couple of the malay ones were good. On topic, relevant info with a light dash of humor.
SUSianh.cj P
post May 29 2019, 05:03 PM

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QUOTE(zstan @ May 23 2019, 09:09 AM)
The car you can afford is your current salary x 12
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If i work Singapore do i use the salary in MYR x 12

or SGD x 12 then take the absolute value

or Use the salary i would have gotten if i work in Malaysia x 12
James1983
post May 29 2019, 06:59 PM

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QUOTE(ianh.cj @ May 29 2019, 05:03 PM)
If i work Singapore do i use the salary in MYR x 12

or SGD x 12 then take the absolute value

or Use the salary i would have gotten if i work in Malaysia x 12
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Same thing. Basically your annual salary
Example, If your salary is 3k sgd, then 36k SGD car price, no such car I think (means you can’t afford a car in SG)

I think the cheapest car in SG is about 70k? So you need about 6k salary to afford the cheapest car.

If you are buying a car in Msia with SGD salary, also same. If salary sgd 6k, then max about 70k SGD (RM 210k) price car in Msia.

But then you need to question yourself, although technically you can afford 210k car in Msia, why bother spending so much on car in Msia when you are not even based here?

This post has been edited by James1983: May 29 2019, 07:01 PM
rawrkun
post May 29 2019, 08:00 PM

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Can buy with disposable cash without affecting your savings, investment, lifestyle. If can get a good low or zero interest loan maybe spread out <3years.
SUSianh.cj P
post May 29 2019, 08:38 PM

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QUOTE(James1983 @ May 29 2019, 06:59 PM)
Same thing. Basically your annual salary
Example, If your salary is 3k sgd, then 36k SGD car price, no such car I think (means you can’t afford a car in SG)

I think the cheapest car in SG is about 70k? So you need about 6k salary to afford the cheapest car.

If you are buying a car in Msia with SGD salary, also same. If salary sgd 6k, then max about 70k SGD (RM 210k) price car in Msia.

But then you need to question yourself, although technically you can afford 210k car in Msia, why bother spending so much on car in Msia when you are not even based here?
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Buy in Malaysia. To use the car during weekends, we don't travel much during work days if based in Malaysia anyway. And i have parents who can use the car.

if for whatever reasons i can no longer work in SG how do i finance the car? The budget would have gone way out of my salary in Malaysia can afford.
pgsiemkia
post May 29 2019, 09:04 PM

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QUOTE(shaniandras2787 @ May 23 2019, 09:50 AM)
» Click to show Spoiler - click again to hide... «

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Buy bmw, 6 yrs free maintenance and warranty. If buy a phev, save on petrol too. So having high pay >12k nett and knowing how to stretch that ringgit will keep you afloat. High salary but poor cash management no use. End up poor by end of month.
Cubalagi
post May 30 2019, 02:19 AM

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QUOTE(MasterConfucion @ May 29 2019, 07:35 AM)
ya i know the feeling. maybe that’s why tooo comfortable with my financial security it become boring and make me want to spend something
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Buy something like a new pair of office shoes then.. Far less financially damaging than a car. Also gets u to work. 😂

This post has been edited by Cubalagi: May 30 2019, 02:20 AM
shaniandras2787
post May 30 2019, 08:44 AM

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QUOTE(ianh.cj @ May 29 2019, 05:03 PM)
If i work Singapore do i use the salary in MYR x 12

or SGD x 12 then take the absolute value

or Use the salary i would have gotten if i work in Malaysia x 12
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honestly, the "x12" guideline is unreliable.

cost of ownership of cars differs from country to country and for Singapore, you also need to take into account the various taxes imposed (eg: ARF, CEV, VEF etc).

owning a car in Singapore is actually very costly.

QUOTE(pgsiemkia @ May 29 2019, 09:04 PM)
Buy bmw, 6 yrs free maintenance and warranty. If buy a phev, save on petrol too. So having high pay >12k nett and knowing how to stretch that ringgit will keep you afloat. High salary but poor cash management no use. End up poor by end of month.
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that additional 1 year warranty BMW is offering now is for car purchased during their Raya holidays only, i do not foresee them extended it beyond that period.

PHEV may save you on some fuel but you'll first need a landed property for that and secondly, while you may be enjoying upfront saving, you'd be paying it later on for the battery replacement (+workmanship cost) and suffering from a much drastic lost in terms of trade in value.

QUOTE(Cubalagi @ May 30 2019, 02:19 AM)
Buy something like a new pair of office shoes then.. Far less financially damaging than a car. Also gets u to work. 😂
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far less damaging and also far less "noticeable" biggrin.gif

TS can't flash his brand new shiny shoes and impress colleagues now, can he?
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