Budget Planning for getting a car need advice

[Alaska]

Yes, first party comprehensive insurance is expensive for a new driver and brand new car. If never owned a car before, don't think have NCD (non-claim discount).

why not get a 2nd/3rd/4th hand as a starting using third party insurance. In addition buy yourself a personal accident insurance from yr insurance agent.

Unless there are other family members able to support financially.

[Ceratoblack]

Totally agreed wif Alaska...

how much down payment do you intend to throw?
what capacity and brand you are looking at?

This is liability means you are buying convenience and time.

The higher down payment to throw, the lesser interest, the lower amt of monthly payment. Don't like the idea of having debts whole life.
The smaller capacity, insurance, road tax, petrol consumption and servicing are in the lower range.
ERP and parking are all the same regardless of cars, this depends your own living standard.

[d69]

my uncle started putting my name in his car insurance for the past year, not sure that helps or not. If not, i shd get my father to be the 1st party insurance issit? We are looking at a few choices,

A Suzuki Swift
A Mit Colt
A Toyota VIOS

we are looking at the 1.4 to 1.5L range, budget 50L est plus abit, try to get a 500 monthly car installment. Not sure I will down as the monthly isnt gonna be a big difference as even if i want to down is also 5K + nia

Last enquired over the phone with C&C, full 10 year loan for colt is 600 per month

ANother question, how much in petrol am i looking at? We probably be driving to work, our place is Newton/Novena and probably we will try to avoid the jams and ERP by gtg through Serangoon instead.

[snowmanyee]

i tend to agree with Alaska that it's good to star off with a second hand car cos lower depreciation and cheaper cos the first owner would bear most of the loss. I am talking about 2 to 3 years car. In S'pore, 1.3 litre car is sufficient if you want it as just a means of transport.

However, the pros of buying a new car is that you are warranted fot at least 3 years. Your budget of $500/mth probably allows you to buy a car around $45000 for a 10 years loan. I would say the PI Fit or Swift is within your budget. I would go for the Fit. Compact, 1.3 litre, sporty and famous for it's low petrol consumption. Also Honda cars fetch higher resale value and that would somehow minimise your yearly depreciation.

Petrol $200 per month for FIT is realistic. Parking $100, ERP $100 should be more than enough but also depends on your frequency of going to town area. Insurance differs but for Fit and driver (like your dad or uncle with many years of experience) could indeed lower your premium. Probably $800 - $1000 (depends on profile and insurance company) should be more than enough, which means your monthly budget of $100 should be sufficient. car maintenance is minimal for the few 3 to 5 years for a new car since it has warranty.

Good luck!