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Thursday, 10 April 2014

My brand new #car cost only $43,999 in 2006


Extracted from

CarBuyer Singapore complied a list called Toyota Corolla Global Price Index. (TCGPI) and found out that Singapore is still the most expensive country to buy a Toyota Corolla. From this list, we can see that the cheapest Toyotas in the world are more than 6X cheaper than in Singapore! ($135,988 divided by $20,741.46 = 6.56 times)
Check out CarBuyer Singapore article from the link below:
https://sg.news.yahoo.com/global-price-comparison-toyota-corolla-171720950.html

Money$mart concluded that this crazy high pricing existed because of the Certificate of Entitlement (COE)!
Aiiii

I actually bought my brand new Kia Rio 1.4A in 2006 at a very decent price of $26,999 ($43,999 - $17,000 rebates) as I registered it as an Off Peak Car (OPC), + $1,200 for leather seat. My monthly installment was $292 monthly. Later on in 2012, I switched it to a normal car plate by paying the pro-rated rebates of $9,000 and it is still manageable.

However, come 2016 when the COE expired, I will need to change car or switch to taking public transport again after 10 years. I guess if I am buying the same car brand new, I will still need to pay additional $70,000 to $80,000 and it should still be under financing (how to afford paid up?) and with the interest added, it is going to cost even more.

Siao liao lor!
Need more money to buy the same type of car!
Inflation?
But this inflation will be close to 11% p.a in average over 10 years!!! (2006 to 2016) Not mentioning the interest added.

I am wondering how much a HDB flat will cost when my son got married when he is 28 year old. (He is 8 year old now).....

However, I believe everything will comes around if you have FAITH!

I know what I have to do now, I’ve got to keep breathing because tomorrow the sun will rise. Who knows what the tide could bring? - from Cast Away

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