<![CDATA[Can a Fresh Graduate own a car in 2014]]>Interesting article.


http://blog.moneysmart.sg/car-ownership ... singapore/

So yes, only the higher income group can afford a car.

]]>https://forum.kiasuparents.com/topic/69036/can-a-fresh-graduate-own-a-car-in-2014RSS for NodeTue, 28 Apr 2026 03:06:37 GMTWed, 01 Jul 2015 09:46:25 GMT60<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 01 Jul 2015 08:59:12 GMT]]>only the rich can afford to own a car now

]]>https://forum.kiasuparents.com/post/1531439https://forum.kiasuparents.com/post/1531439Wed, 01 Jul 2015 08:59:12 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 01 Jul 2015 08:46:48 GMT]]>Too expensive to own a car in singapore.

]]>https://forum.kiasuparents.com/post/1531434https://forum.kiasuparents.com/post/1531434Wed, 01 Jul 2015 08:46:48 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 03 Jun 2015 23:13:56 GMT]]>Agreed.


Unless you are in sales line and run around all over singapore everyday, a car is definitely not needed most of the time, esp for fresh graduate.

I know of many in generation who only buy a car after the little ones come along.

Imagine the cash that you can save and the return it generates over the years if you put the $$ to good use instead of getting a car and letting it park in the carpark most of the time.

]]>https://forum.kiasuparents.com/post/1517952https://forum.kiasuparents.com/post/1517952Wed, 03 Jun 2015 23:13:56 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Tue, 09 Dec 2014 15:42:57 GMT]]>

wsg:
Hi All


I wrote another post a while back.
This time round, it will be based on a fresh grad buying a 2nd hand car.
It seems \"manageable\".

Do check it out in my post below.
http://wp.me/p1FMAk-cN

However you can always add in some buffer for traffic fines, repairs, etc...
The calculations in terms of Cashflow looks reasonably correct.

However why must a new young grad own a car ? No matter how inconvenient public transport is, it is something young people should learn - to live within their means. Personal transport ownership is a luxury not a need. Most companies in the west provide transport pick up from convenient MRT stations. Just be disciplined to wake up punctually and don't miss the company transport. Save money and stress - no need to drive. Continue sleeping in the bus while being ferried to work. Good reason not to stay back in office after working hours as there is a need to catch the transport. Else company reimburse taxi claims.

Strawberry generation !

]]>https://forum.kiasuparents.com/post/1429395https://forum.kiasuparents.com/post/1429395Tue, 09 Dec 2014 15:42:57 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Sat, 01 Nov 2014 17:01:50 GMT]]>Hi All


I wrote another post a while back.
This time round, it will be based on a fresh grad buying a 2nd hand car.
It seems \"manageable\".

Do check it out in my post below.
http://wp.me/p1FMAk-cN

However you can always add in some buffer for traffic fines, repairs, etc...

]]>https://forum.kiasuparents.com/post/1408621https://forum.kiasuparents.com/post/1408621Sat, 01 Nov 2014 17:01:50 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Fri, 01 Aug 2014 10:31:21 GMT]]>

CJS:
I remember years ago when COE was considered high at $30K+, the cost of a brand new Japanese family sized car could buy you brand new 5 room HDB flat. But now with COE more than doubled the amount, the total cost of a Japanese family sized car could only buy you a new 3 room HDB room. Somewhere the mathematical logic has drastically shifted. Is this logic going in the right direction ? :siao:


Since cars are very expensive now, car owners should be using their cars intensively. Instead, I often see many of my neighbours' cars parked downstairs round the clock collecting dust 365 days a year. I wonder why they even bother to buy a car. Too much $ and nowhere to spent ? :? :moneyflies:
Not too sure about thatā€¦
I bought a Toyota Corolla with COE @$29K in 2001. Price was $90K. Don't think that could have gotten a 5-rm flat.

]]>https://forum.kiasuparents.com/post/1349020https://forum.kiasuparents.com/post/1349020Fri, 01 Aug 2014 10:31:21 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 30 Jul 2014 06:13:52 GMT]]>I think cars will always be expensive in Singapore. šŸ˜ž


Buy it if you need it!

But you can still afford them if you manage your finances well. I don't believe in taking loans, and as long as you don't take to much, the $$$$ you've to pay monthly for your vehicle isn't going to be too bad!

]]>https://forum.kiasuparents.com/post/1345979https://forum.kiasuparents.com/post/1345979Wed, 30 Jul 2014 06:13:52 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 23 Jul 2014 11:55:42 GMT]]>I remember years ago when COE was considered high at $30K+, the cost of a brand new Japanese family sized car could buy you brand new 5 room HDB flat. But now with COE more than doubled the amount, the total cost of a Japanese family sized car could only buy you a new 3 room HDB room. Somewhere the mathematical logic has drastically shifted. Is this logic going in the right direction ? :siao:


Since cars are very expensive now, car owners should be using their cars intensively. Instead, I often see many of my neighbours' cars parked downstairs round the clock collecting dust 365 days a year. I wonder why they even bother to buy a car. Too much $ and nowhere to spent ? :? :moneyflies:

]]>https://forum.kiasuparents.com/post/1340141https://forum.kiasuparents.com/post/1340141Wed, 23 Jul 2014 11:55:42 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Fri, 11 Jul 2014 12:26:03 GMT]]>COE up or down is one thing. still need to consider parking fee, petrol costs and maybe evenā€¦ fines?? sometimes even with car, it doesnt mean it cuts travelling time what with all the heavy traffic and limited parking spaces. Fresh Grads own carā€¦ always thought they must come from pretty good family background. Just my opinion

]]>https://forum.kiasuparents.com/post/1329947https://forum.kiasuparents.com/post/1329947Fri, 11 Jul 2014 12:26:03 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Mon, 07 Jul 2014 01:55:39 GMT]]>

ngl2010:
atrecord:

Govt just announced COEs will increase (only a bit), but it seems like the general sentiment is that it will not go lower than $70K... which is really prohibitive... I wonder why would so many people still fork out such money to buy cars. My MPV only cost $70 when i bought it new 8+ yr ago, now need to pay that same amt for just coe...


Maybe will see whether got cheap and decent used cars or not.

Do you mean COE prices will increase or COE supply will increase?

Just realized that I haven't replied thisā€¦ sorry.

It's the number of COE supply, reviewed quarterly. But the drop in the last 3 mth hasn't been really substantial leh - at least not enough to sway my decision to change car now.

The other problem is also because car dealers are now marking up their cars so that they can make more $$ from selling one car, c.f. to years ago - probably in order to sustain their operations. Imagine if they make $8K per car, but used to sell 100 cars a month, that would be $800K a month, but with the number of COE having dwindled from peak of 12062 pcs/mth in 2015/6 to 4019 pcs/mth now, dealers are likely to sell maybe 35 cars/mth.

In order to go reach even half of what they used to make (half of $800K), they will have to mark up each car to around $11.4K.

I'm no economist and don't profess to know the car biz well, but this is just basic assumptionā€¦

If car dealers are not willing to lower their mark-up, then can only hope for the COEs to drop more significantly if we want to see car prices become more affordable again.

]]>https://forum.kiasuparents.com/post/1325600https://forum.kiasuparents.com/post/1325600Mon, 07 Jul 2014 01:55:39 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Mon, 30 Jun 2014 08:33:25 GMT]]>i know many have already given up their car ownership when the 10yrs is up due to high COE, but why the COE is still so highā€¦ only 1 ans - more rich are living in SG then beforeā€¦

]]>https://forum.kiasuparents.com/post/1321284https://forum.kiasuparents.com/post/1321284Mon, 30 Jun 2014 08:33:25 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Sat, 21 Jun 2014 05:32:36 GMT]]>

pirate:
janet_lee88:

with slight increase of COEs, prices of cars and COE will fall a little...this weekend, there will be people in showrooms.


Don't expect a drastic drop in prices, but don't underestimate the effect of death by a thousand cuts either.

There will be an about 40% increase in the May-July quarter for car COEs. This will probably cause COEs to drop \"a bit\" - ST report says traders expect maybe 10% drop.

Then there will likely be another increase in the next quarter, which will cause COEs to drop \"a little bit\" more. Followed by another increase in the following quarter and COEs to drop yet \"a bit\". And so on and so forth for the next 2-4 years.

A \"bit\" this quarter, a \"bit\" the next quarter... Before you know it, COEs would have drifted down to.... šŸ¤· ???

The inflexion point comes when owners of cars bought at higher COEs find that it is worthwhile to scrap even their 2-3 year old cars just to claw back a portion of the higher COE that was paid. That is when the supply of COE really increases. Which should be just about the time when the Fed is done with QE, interest rates start to rise and people start thinking about why their mortgage payments are going up faster than their salaries. :scared:

Oh wait. This may just be wishful thinking. :razz:

Solid analysis of the COE. Looking forward to May - July and the point of inflexion.

]]>https://forum.kiasuparents.com/post/1316173https://forum.kiasuparents.com/post/1316173Sat, 21 Jun 2014 05:32:36 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Fri, 11 Apr 2014 03:56:06 GMT]]>

janet_lee88:
with slight increase of COEs, prices of cars and COE will fall a little...this weekend, there will be people in showrooms.

Don't expect a drastic drop in prices, but don't underestimate the effect of death by a thousand cuts either.

There will be an about 40% increase in the May-July quarter for car COEs. This will probably cause COEs to drop \"a bit\" - ST report says traders expect maybe 10% drop.

Then there will likely be another increase in the next quarter, which will cause COEs to drop \"a little bit\" more. Followed by another increase in the following quarter and COEs to drop yet \"a bit\". And so on and so forth for the next 2-4 years.

A \"bit\" this quarter, a \"bit\" the next quarter... Before you know it, COEs would have drifted down to.... šŸ¤· ???

The inflexion point comes when owners of cars bought at higher COEs find that it is worthwhile to scrap even their 2-3 year old cars just to claw back a portion of the higher COE that was paid. That is when the supply of COE really increases. Which should be just about the time when the Fed is done with QE, interest rates start to rise and people start thinking about why their mortgage payments are going up faster than their salaries. :scared:

Oh wait. This may just be wishful thinking. :razz:

]]>https://forum.kiasuparents.com/post/1263437https://forum.kiasuparents.com/post/1263437Fri, 11 Apr 2014 03:56:06 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Thu, 10 Apr 2014 07:43:11 GMT]]>

janet_lee88:
with slight increase of COEs, prices of cars and COE will fall a little...this weekend, there will be people in showrooms.

but the CM for Car is still there.

]]>https://forum.kiasuparents.com/post/1262512https://forum.kiasuparents.com/post/1262512Thu, 10 Apr 2014 07:43:11 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 09 Apr 2014 02:00:11 GMT]]>with slight increase of COEs, prices of cars and COE will fall a littleā€¦this weekend, there will be people in showrooms.

]]>https://forum.kiasuparents.com/post/1261347https://forum.kiasuparents.com/post/1261347Wed, 09 Apr 2014 02:00:11 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 09 Apr 2014 01:49:50 GMT]]>

atrecord:
Govt just announced COEs will increase (only a bit), but it seems like the general sentiment is that it will not go lower than $70K... which is really prohibitive... I wonder why would so many people still fork out such money to buy cars. My MPV only cost $70 when i bought it new 8+ yr ago, now need to pay that same amt for just coe...


Maybe will see whether got cheap and decent used cars or not.
Do you mean COE prices will increase or COE supply will increase?

]]>https://forum.kiasuparents.com/post/1261335https://forum.kiasuparents.com/post/1261335Wed, 09 Apr 2014 01:49:50 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 09 Apr 2014 01:47:45 GMT]]>cat B COE is as high as paying for the car.


if a fresh grad owns a car, will he have money to maintain it?
road tax, insurance, petrol, parking and maintenanceā€¦not to forget his meals.

]]>https://forum.kiasuparents.com/post/1261329https://forum.kiasuparents.com/post/1261329Wed, 09 Apr 2014 01:47:45 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 09 Apr 2014 01:43:43 GMT]]>Govt just announced COEs will increase (only a bit), but it seems like the general sentiment is that it will not go lower than $70Kā€¦ which is really prohibitiveā€¦ I wonder why would so many people still fork out such money to buy cars. My MPV only cost $70 when i bought it new 8+ yr ago, now need to pay that same amt for just coeā€¦


Maybe will see whether got cheap and decent used cars or not.

]]>https://forum.kiasuparents.com/post/1261327https://forum.kiasuparents.com/post/1261327Wed, 09 Apr 2014 01:43:43 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 02 Apr 2014 15:29:40 GMT]]>

33mama:
youngsters nowadays v hiong... can put down all the money they have into car or branded....that's how fresh grads own cars nowadays... but then... some fresh grads... younger generations are also very smart... they have a full time job... on top of that online selling things... subline... so what we see may only be the full time job....


:offtopic: but what price in 1 or 2 yrs time do u think COE will drop to? 30K possible... i also bio-ing to change car in next 2 yrs...
Seriously, nobody can predict the coe price even for the next quarter. I walked into various car showrooms and talked to various sales advisors. None of them give me firm ans on coe forecast. The word is maybe this maybe that.

The fact is now in Singapore unemployment rate is low and almost everyone has a decent job, think chances of getting low coes will be slim as the buying momentum is still there.

Just take a look at last year announcement on car loan curbs by the govt. intention of govt is to make Cat affordable. the coe drop for one- two rounds to $58k after announcement before rebounded sharply back to $90k.

So, in short, demand is still there and coes will hover ard $70k zone in my opinion.

]]>https://forum.kiasuparents.com/post/1255483https://forum.kiasuparents.com/post/1255483Wed, 02 Apr 2014 15:29:40 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 02 Apr 2014 13:04:32 GMT]]>youngsters nowadays v hiong... can put down all the money they have into car or branded....that's how fresh grads own cars nowadays... but then... some fresh grads... younger generations are also very smart... they have a full time job... on top of that online selling things... subline... so what we see may only be the full time job....


:offtopic: but what price in 1 or 2 yrs time do u think COE will drop to? 30K possible... i also bio-ing to change car in next 2 yrs...

]]>https://forum.kiasuparents.com/post/1255351https://forum.kiasuparents.com/post/1255351Wed, 02 Apr 2014 13:04:32 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Wed, 02 Apr 2014 12:54:17 GMT]]>Isnt the COE now is at all time high?

]]>https://forum.kiasuparents.com/post/1255337https://forum.kiasuparents.com/post/1255337Wed, 02 Apr 2014 12:54:17 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Mon, 31 Mar 2014 07:12:24 GMT]]>I am sure a lot of car owner know about this inflexion point in 1 to 2 years and may cause a lot of car owner to flock in to buy new car too.

]]>https://forum.kiasuparents.com/post/1253022https://forum.kiasuparents.com/post/1253022Mon, 31 Mar 2014 07:12:24 GMT<![CDATA[Reply to Can a Fresh Graduate own a car in 2014 on Fri, 21 Mar 2014 01:14:23 GMT]]>

pirate:
sleepy:

[quote=\"Han Seo\"]My niece earns $3k plus but is driving a car. No sponsorship from parents. She bought the car 7-8 years ago. And I know many friends who are also earning this amount and driving a car too.


That time COE only $10k+ or $20k+ and allow 10 years loan. That's the period that I'm referring in earlier page. When that 10 years is up, most people can't afford to PQP the car because current COE price is more than what they paid for a brand new car 8 years ago

And this is why the trickle of COE supply now is expected to become a flood in about a year's time. The inflexion point is this year.[/quote]I am hoping that this will be the case too, as my car is expiring in just less than 2 years' time.

But i'm not sure this will pan out nicely. With the growth in population, and more and more young graduates aspiring to own cars at a younger age nowadays (supported by rich parents possibly), compared to a smaller number of people (usually the old or those who cannot afford a car anymore) who stop owning a car every year, the demand is set to rise much faster than the supply.

And there is no way the govt can allow the supply to increase significantly more, as congestion is already pretty bad now, so if the roads are permanently like MRT peak periods, they will face more problems.

]]>https://forum.kiasuparents.com/post/1244160https://forum.kiasuparents.com/post/1244160Fri, 21 Mar 2014 01:14:23 GMT