Sponsored Links

To retire by age 45, start with a plan.

"Is early retirement the right financial choice?" Jim Ellis discusses long-term financial growth strategies. I have blogged a...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Pageviews since Dec'09

Recent Comments

ASSI's Guest bloggers

Tea with AK71: The price of my car now.

Saturday, December 4, 2010

The prices of cars in Singapore are still appreciating.

On 2 May, I mentioned that "in August last year, I convinced my mom to change her car" and "we decided on a Mitsubish Lancer Mivec 1.5 for $60k .....Guess what, it would cost her about $80k now to get the same Mitsubishi 9 months later!" Well, guess how much the same car would cost today? $87,988!




I blogged about buying a new car for myself on 1 August a few months ago. The "final price is $71k for a new Mazda 2 Sedan with leather seats and solar film." Guess how much it would cost today? Get ready for this really eye popping price tag: $96,988!

I am very happy to learn this but it is scary at the same time.  Talk about inflation!

Related posts:
Tea with AK71: Buying a car now?
Tea with AK71: Bought a new car!

20 comments:

Anonymous said...

simply wished that our stocks can & will appreciates as fast & as much too.

SnOOpy168

Mknace said...

:):):)
nice

AK71 said...

Hi SnOOpy168,

It is most mind-boggling! Make money from buying a car? I know it has happened before but it is very rare.

As for our investments in the stock market, it depends on what we are investing for. I am primarily investing for income; capital gains is a nice bonus, if it happens. :)

AK71 said...

Hi Mknace,

It is for me and any car buyers who bought before the prices went crazy or crazier. Not so nice for anyone thinking of buying a car now. ;p

Anonymous said...

Well AK

As a former car/van/bike owner, I just want to breakeven or recover what I had paid for the bike.

Had I held my van until last year, I would have gain as much as I had paid for it 6 years ago.

Senseless numbers and senseless intervention by the garmet. If they are as good, there won't be any HDB price issue - due to under supply and over demand. And I would still be baby-step closer to my dream of owning a 2nd property....

SnOOpy168

AK71 said...

Hi SnOOpy168,

Ahem, getting political, I see. ;)

I won't be able to buy a HDB flat anymore. :(

Well, I think the PAP government has done more good than bad. They are not perfect but they would still get my vote. ;)

Anonymous said...

A rich uncle came over for dinner last night. They were at Leng Kee Road, where he just traded in his 11 month old Honda, at a S$9k profit (i.e. OTR $ - trade in $ = $9k profit), for some turbo-charged VW. He topped up about $29k for this new VW.

My eyes rolled....

SnOOpy168

Raelynn said...

the prices are jaw dropping! i think at the rate the prices are rocketing, it just might be a better idea to cab o.o

AK71 said...

Hi Raelynn,

In Singapore, it has always been a better idea to take taxis instead of buying a car unless we move around a lot and if we have to ferry children and elderly in the family. ;)

Car ownership has a hefty price tag in our small country. This is true in more ways than one.

Temperament said...

Hi AK71,
I know. I know.
Even Hyundai Advante cost more than $80K+. Ah......(心 痛)...
You are born under a "Lucky Star"(very smart Star too).

Actually,when the COE was at or/near the lowest level in history, I was tempted to replace my one and half years old Vios with less than a year old Honda Civic(I like.)
Missus insisted to replace with a new one if I really wanted replacement. She said,"No point replacing our 'new' car with an old car".She has her logic too.
I disagreed because I was trying to save(my money hoarding habit)1st-year-depreciating-new car's $$$value by buying a within a year-old Honda Civic(I like).

My sister-in-law and brother-in-law, each bought a new Toyota Camry at only $80K+ at that time.

So 心 通。。。。。啊。。。。。。
The moral of the story is sometimes spending is better than hoarding,when you can afford it.
Opportunity usually knocks, once at your door only.
Cheers & Shalom

AK71 said...

Hi Temperament,

Aiyoh, I paiseh lah. A little smart and a lot of luck is more like it for me.

I always believe that whatever we do, luck plays a very big part. It is the wild card! So, my saying is "70% luck, 30% hard work". ;-p

Actually, back in August 2009 when I convinced my mom to replace her car, my dad asked me to replace mine as well.

Mine was a 4 year old Mazda6 and had been trouble free. I was reluctant to replace it. If it is not broken, why fix it? Why spend more money?

Well, last year, opportunity came knocking, literally, as my car was pillarised! Back door on the driver side. Sad. :(

I was, perhaps, somewhat emotional and mentally stressed up by work. So? Got a new car. Totally illogical, I know. Turned out to be a good move. Lucky.

Pillarised.

If not for the accident, I would still be driving my Mazda6 which would be more than 5 years old by now. I like this new car but miss the old one too. :(

AK71 said...

Hey Temperament,

I want to share a blog post with you since you mentioned money hoarding:

Real estate as a hedge against inflation.

I spoke with a friend about 8 or 9 years ago about buying private property but he kept saying he wanted to save more money first. Well, prices have doubled since then.

Another friend said the same thing but, finally, he bit the bullet last year, buying a private property which would have been 35% cheaper if he had bought it when it was launched a few years earlier. On paper, the property is worth 40% more than his purchase price now. Happy for him. :)

Temperament said...

Hi AK 47,
Ya lor, there is even a saying, "God help those who help themself". But some people will call it "Luck".
But I am very 4Ks, so still living in a 4 room HDB flats.

Actualy, when I was much younger I try to use leverage to upgrade to private property. But my job was never stable because I hated office politics; my wife's job as a banker seems to be O.K.(Though she suffers a lot of office politics too, the same as me. Only she is quite a tolerant person.)

So my wife had no confidence to allow me to use leverage to upgrade to private properties though I was actually not afraid.
Anyway, my wife is quite a
contented person, as long as she has all the simple things in life, she is happy.

Since I am the other half of the "marriage's equation", I have to balance the equation lo.
Brother, peace is more important then prosperity to sustain a marriage.
So you see in a sucessful marriage, you must make provisions for each other's "everythings".

At that time I wanted to upgrade to a Semi-D free-hold landed property in Yio Chu Kang advertised for only $500K+; I tried to sell my HDB maisonette at $250K but not sucessful.(In the end I sold it for $400+ in much later years).
So you see opportunity don't knock at your door twice.

My wife believes(many Chinese too), if the thing is not yours, even if you have it now , you will lose it later. That's is very true in marriage. No point trying to contol your partner

Ha! Ha!
Cheers!
(Hope you enjoy my long-winded story. If not just give me a yawn.)

AK71 said...

Hi Temperament,

No worries about being long winded. I enjoyed reading your personal experience. :)

I guess you are older than me? A freehold semi-D for $500K? Wow! I would have grabbed.

Actually, your wife has the secret to happiness and that is contentment. One who is never contented can never be happy. I need to be constantly reminded of this. ;)

Temperament said...

Hi AK47,
Ya hoh, my wife is really smarter than me in a way. I sometimes don't know what risk I am taking. 大 胆 包 天, 不 知 死 活。
Ha! Ha!

$500-560 K plus for the Semi-D was really the price. I remembered it was one of the dip in property price at that time. Once in a "green moon" I still talk(more like blaming)to my wife about this missed opportunity. I would have bought something even if not that house. But somehow, nobody wanted to buy my maisonette, so how could I bought before I sold.
Now let us use our power of imagination: Supposing someone had bought my maisonette then most certainly I would have upgraded to a free-hold private property.
Then whether we will be better off than now, nobody can say.(I may not have so much CPF left to invest in Stock market. I may not even able to service the house mortgage if I had bought.)
So my wife's belief:
"If the thing is not yours no point forcing yourself to get it; you will still lose it in the end.
Ha! Ha!
My wife is indeed the wiser of me.
Cheers!

AK71 said...

Hi Temperament,

Haha.. You are able to see the better side of your better half. That is wisdom beyond words. ;p

I wish you and your wife "White heads till old". ;-p

Singapore Man Of Leisure said...

I really like this exchange between you AK71 and Temperament. Now I got to know both of you better :)

AK71 said...

Hi SMOL,

Although by no means intentional, I am glad our exchange has provided you with some enjoyment. ;p

Temperament said...

Hi AK47,
Thank you for your well wishes.
Actually I am old already- going to be 63+. But I am still learning a lot from all of you. This is one of the way to prevent my mind goes to pot.
Thank you-all of you very much.

AK71 said...

Hi Temperament,

Typing this at the airport, waiting for my flight. Wifi connection at Changi Airport is free and fast! Good. :)

Wah, you are only a couple of years younger than my dad. Respect. :)

No wonder a freehold semi D in your younger days was $500K. My mom told me about cheap landed properties in Singapore before. Her favourite was a semi D in Kebangan for less than $200K!

You set a good example for us younger ones: live and learn. Learning is a never ending journey. Thanks for sharing. :)

P.S. Actually, I am AK71. AK47 would make me your age. Hahaha. ;p

Monthly Popular Posts

 
 
Bloggy Award