Topic: How do you determine if someone is ready to join the "car-owning tribe" based on income
I've been following the recent fluctuations in COE prices, and it got me thinking—what level of income truly qualifies someone to be part of the "car-owning tribe" in Singapore? With the current prices stabilizing slightly after months of increases, it's clear that owning a car is more of a luxury than ever.
For me, I believe it's not just about the gross income but also about financial stability and long-term planning. A car might seem like a symbol of success, but with COE prices so high, it requires careful budgeting. I’ve seen friends who rushed into buying a car only to struggle with the maintenance costs and loan repayments.
On the other hand, there are those who meticulously plan for this purchase, ensuring they have a solid savings buffer, no outstanding debts, and a stable income flow that can absorb any unexpected costs. This, to me, is what truly defines readiness to join the "car-owning tribe."
What do you all think? Is there a certain income threshold that you believe someone should hit before they consider buying a car? Or do you think it’s more about financial habits and planning? Would love to hear your thoughts!
For me, I believe it's not just about the gross income but also about financial stability and long-term planning. A car might seem like a symbol of success, but with COE prices so high, it requires careful budgeting. I’ve seen friends who rushed into buying a car only to struggle with the maintenance costs and loan repayments.
On the other hand, there are those who meticulously plan for this purchase, ensuring they have a solid savings buffer, no outstanding debts, and a stable income flow that can absorb any unexpected costs. This, to me, is what truly defines readiness to join the "car-owning tribe."
What do you all think? Is there a certain income threshold that you believe someone should hit before they consider buying a car? Or do you think it’s more about financial habits and planning? Would love to hear your thoughts!
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