Ultimate Car Buying Guide

What if you wanted something a little more luxurious? Or you felt that it was time to upgrade your current ride?

So instead of owning an entry-level Nissan March or a Subaru Impreza, we decided to do some calculations with the likes of the BMW 5-series and its German competitor, the Mercedes E-class. Besides the hefty $130,000 downpayment, you’re looking at a monthly repayment of around $2400 for your automotive loan. Plus you’ll be paying more for your road tax and insurance as well. Let’s not forget that you’ll probably be going out more in your fancy, executive European sedan so it would be safer to set aside around $3500/month just to ‘feed’ your HDB on wheels.

Still reading along? Great. We’re not dissuading you from purchasing a car, just making sure that buying a car is a lot more than just dishing out the downpayment. Some of us might actually be better off using the money we’ll have to spend each month for the car, on public transport instead. Using $20,000 a year (this is interest free mind you), one can spend $55/day on taxi and come out square without having to worry about finding a parking lot or having to deal with traffic during rush hour. Yes, of course there are downsides such as not being able to flag a cab or not being able to zip out at midnight for supper with friends.

So ,what final tips do we have now that you’ve decided to take ownership of your own set of wheels?

• Be realistic. Everybody wants a fancy sports car but your spouse/family might be able to gain more from a vehicle that serves a purpose, rather than having a car that’s all about the numbers or style.
• If you require a vehicle for work and travel a fair bit (more than 2000km per month), then you might want to consider buying a diesel powered vehicle as not only is diesel fuel cheaper, diesel cars get better fuel economy as well.
• Don’t over-modify your car. Not only does it usually void the factory warranty, it might also get you into trouble with the law. And while most modifications give you better handling and more power, the trade-off is usually higher wear on tyres and/or poorer fuel economy.

Finally, owning a car is a joy that sometimes cannot be calculated in monetary terms. Until it breaks down of course. On a more serious closing note, with fossil fuel looking to go the way of the dinosaurs and COE prices showing no signs of retiring from its upward climb, now might be a good time to ‘lowball’ that used car dealer or persuade the new car salesman to cut you a good deal.

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