Having a car in Singapore is like a reflection of your social status. Sometimes I feel like I need to get one to not be "looked down upon". If you are financially capable of buying a car, would you?

Agree!! I'm at the age where my peers/colleagues/cousins are all driving a car. I open social media i see all of them driving their car. TBH, the FOMO is real but i console myself that EOD, i have more $$$ to spend on appreciating assets that can propel me to early retirement.

The only upside i can think of car ownership is convenience otherwise is just throwing $$ away on a depreciating asset.

No need to show how much money you have at the end of the day. Most importantly, is how much money you secretly stash away and no one (maybe except relatives) knows about how rich you're.

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e.g. my uncle and aunt who live in the same 3-room HDB flat for over 40 years since they got married are actually millionaires. The car they had last time was a 20-year-old car, since my uncle did business when he is younger and he needed it. They know a car is a depreciating asset. Unless absolutely necessary and for valid reasons (showing off is not), it's not advisable to get one in Singapore, where going anywhere is convenient with public transport & car ownership cost is damn high.

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Now they're in their 70s...Every year, they go Europe holiday and can go holidays a few times in a year (different countries). Like that, then shiok...Buy/create memories, not material goods. Plan long-term, you've a long road ahead.

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40-50 years down the road, maybe your friends will be the ones who envy you!

Dont think you should be ashamed because it is a personal choice. You can also save time to get to wherever u wan through ride hailing transportation methods! Isnt it great to get 'chauffeured' and help the drivers earn his livelihood?

In life, focus on doing things that value adds to your own life! With your hard earned money, you decide what is best for you, without needing to care about how others think! If I am financially capable, I would still not get a car as I would direct the funds to other areas to improve my own quality of life/family! Plus, it's actually quite stressful driving a car in Singapore (jams, multiple traffic lights, impatient and dangerous drivers etc). Why not just grab/taxi where you can relax and enjoy while getting from one point to another with someone driving you? :)