mininum salary to afford a CTR?

Hi guys
CTR is a realli wonderful car.
i wonder how much salary must one have to afford and maintain one?
how much down payment are you guys putting down for the car?
I am planning to get 1 in say 1 to 2 years time

Dat is the EXACT same question I asked my CO, only the cars I asked about are BMWs, Bentleys and Lambos...kekeke

I think the answer was, it's not really up to you to decide. first have to check the car in question how much your downpayment. Then you gotta decide how many years you want your loan to be and *here it comes* you gotta get the bank to approve your evil plans (loan). Of course you gotta to think of the ever increasing ERP, petrol $, future road tax, insurance, COE, mod money, repair and maintenance, tires....

$2500/mth can liao....no need downpayment, take 10 yrs loan. All for a dream car!! It's worthy!!!

Coaxialcable wrote:

$2500/mth can liao....no need downpayment, take 10 yrs loan. All for a dream car!! It's worthy!!!

I beg to differ bro....although no downpayment is shiok to drive off but the interest that you will be paying over 10yrs, backside also open flower...

Best to plonk as much DP as you can, the rest then take loan. Dun let banks earn our hardearned $$$, after all they are also 'loansharks', only thing that separates them from the ah longs is that they are legal while ah longs are not

From my personal point of view, a comfort zone will be minimum $5k...

Well, what I mean by comfort zone is that after minus the installaments, petrol, parking charges, ERPs, ocassion fines, servicing, maintenence, insurance, road tax, tyres, mods etc... You still must have a comfort amount of money for food, family, parents, wife, kids, electricity bills, water bills, groceries etc... The list goes on and on and on...

I know alot of friends who, after minusing their car expenses, only left zhun zhun money for food...

My advice will be, if you really want to $0 or $1 to drive away a new car, it's fine... But don't ever go and take cash rebate...

Siao_Gu wrote:

From my personal point of view, a comfort zone will be minimum $5k...

Well, what I mean by comfort zone is that after minus the installaments, petrol, parking charges, ERPs, ocassion fines, servicing, maintenence, insurance, road tax, tyres, mods etc... You still must have a comfort amount of money for food, family, parents, wife, kids, electricity bills, water bills, groceries etc... The list goes on and on and on...

I know alot of friends who, after minusing their car expenses, only left zhun zhun money for food...

My advice will be, if you really want to $0 or $1 to drive away a new car, it's fine... But don't ever go and take cash rebate...

Bro Siao Gu's comment brings to mind another factor to consider.. Are you single or got family? It makea a big diff to the your monthly expenditure.. If single, den maybe you can afford it with lesser income??

Bro

Plan ahead!
If ya single, do plan marriage, new house, renovation and etc cost
If ya married and childless, do take into consideration milk powder cost and child education and so on
If ya married with kid, do plan for your retirement

If short, do not plan "just enough" $$
Prices keep rising, "just enough" will become "not enough" soon

is the bank's general guideline - 3 x monthly instalment cannot exceed your gross pay

Minimum salary to afford a car? No such thing, it all boils down to your living expense. If you earn 5k, but spend 3k for all the neccessities, take away the cpf contributions you will be probably be left with about 1k a month, will that amount all go towards the car loan+operating costs+maintainence?

Its important to work out the sums carefully, irregarless of how much you earn. and put things in your own perspective.

hachirokku wrote:

is the bank's general guideline - 3 x monthly instalment cannot exceed your gross pay

wow it has dropped to 3? thot it was 4... wah subprime credit man... if thats the case its v easy to afford high end cars!

3x is crazy man default rate v high

i say 5 times is my minimum confort level or else lose job immediately have to sell car thats crazy man

How much u earn is not important, it is how much savings you have that's important.

eiji wrote:

Minimum salary to afford a car? No such thing, it all boils down to your living expense. If you earn 5k, but spend 3k for all the neccessities, take away the cpf contributions you will be probably be left with about 1k a month, will that amount all go towards the car loan+operating costs+maintainence?

Its important to work out the sums carefully, irregarless of how much you earn. and put things in your own perspective.

Alternative.. get a job that has transport allowance.. best if it is >1k..

do a spreadsheet working so that u can work out the sums before asking the banks if they will finance u or not

how much are your instalments now?
i drive a colt version r now.. driving for 1 year le but i cant sell it now or i will lose lot of money
so i have to wait say around 2 years before i can buy a CTR

wats up with your colt? Its a nice car

u just wanna try K20a vtec issit? hehe

hope the COE environment will be in your favour in 2 yrs... but looks on the rise with the quota reduction

my sums were between S$25.7K - $28.4K on per annum basis for all-in costs, based on mileage of 60km - 100km per day @ 10.5km/l respectively

mebbe the nxt ITR will be another quantum leap? could be worth waiting for if its tight for u now

gear[x] wrote:

Alternative.. get a job that has transport allowance.. best if it is >1k..

So you have any?

vertex6291 wrote:

how much are your instalments now?
i drive a colt version r now.. driving for 1 year le but i cant sell it now or i will lose lot of money
so i have to wait say around 2 years before i can buy a CTR

ya bro why wanna sell? Nice car leh, my friend owns one, happily driving and modding like no tml

Maintenance too high or petrol too shiong?

colt version r is nice but CTR much better haha
acceleration is not bad... once the turbo gets its way, its is pretty quick esp from 80 to 140km/h, but after that acceleration so-so

petrol wise is not too bad either.. i always use turbo FC ard 11.5 to 12km/l

i wana to try vtec... getting sian of turbo le haha

vertex6291 wrote:

colt version r is nice but CTR much better haha
acceleration is not bad... once the turbo gets its way, its is pretty quick esp from 80 to 140km/h, but after that acceleration so-so

petrol wise is not too bad either.. i always use turbo FC ard 11.5 to 12km/l

i wana to try vtec... getting sian of turbo le haha

VTEC is good

A Turbo VTEC is even better!

bro
CVR have chiat CTR before....thats according to someone else....
this is not stirring hor...just to let u know that some heavily modded CVR have chiat CTR before
no flame pls...
anyway....i earn 2k a mth and dwnpay 1k
so i left 1 k to mod every mth...
1-2yrs time might have a diff car out liao and the interest rates and coe prices will diff
so no point calculating now...
just go with the flow and get something that suits u and ur family and pocket best...!!
cheers
do feel free to join us in our meetups and we will poison u gao gao!!!

lmc78 wrote:

bro
CVR have chiat CTR before....thats according to someone else....
this is not stirring hor...just to let u know that some heavily modded CVR have chiat CTR before
no flame pls...
anyway....i earn 2k a mth and dwnpay 1k
so i left 1 k to mod every mth...
1-2yrs time might have a diff car out liao and the interest rates and coe prices will diff
so no point calculating now...
just go with the flow and get something that suits u and ur family and pocket best...!!
cheers
do feel free to join us in our meetups and we will poison u gao gao!!!

That CVR is a monster of its kind, not to be messed with.

Are u sure you earning 2k a mth only?

P.O.W.E.R wrote:

lmc78 wrote:

bro
CVR have chiat CTR before....thats according to someone else....
this is not stirring hor...just to let u know that some heavily modded CVR have chiat CTR before
no flame pls...
anyway....i earn 2k a mth and dwnpay 1k
so i left 1 k to mod every mth...
1-2yrs time might have a diff car out liao and the interest rates and coe prices will diff
so no point calculating now...
just go with the flow and get something that suits u and ur family and pocket best...!!
cheers
do feel free to join us in our meetups and we will poison u gao gao!!!

That CVR is a monster of its kind, not to be messed with.

Are u sure you earning 2k a mth only?

think should be set aside 2k for the car. 1k for installment then another 1k for maintaining and mods

haha.. colt version r how u mod also only 1.5 turbo..
CTR looks much nicer and grown up with 2L VTEC R spec! .. its a monster in stock form!