08 Jun 2021
I'm a fresh grad that just started my first job. Should I get a car?
My work requires 4 hours of transportation every day (2 hours each way) as it's at Jurong Island. If I drive, I might be able to save the 2 hours every day. Is it worth it to get a car to save that 2 hours? Or should I just tahan and save up the money?
I did fiddle with that thought also when I started work many years ago, but eventually I decided that cash is king and I'd be better off having cash than burning it. Nowadays however, I do hear of people utilizing grabhitch which may be a better option than buying a car outright.
A car will probably cost close to $2K/mth to maintain (loans, insurance, maintainence, petrol, ERP, etc), so don't underestimate the cost of having one. I'd say as a rule of thumb that if your annual income is in the top 35% of income earners in Singapore, you may consider one.
I have a car and I have friends who also pondered that question. Generally if you work at Jurong Island, and your pay should be quite ok, I would say if you like driving and your work hours are irregular “shift work”, getting a car might make sense.
And you have have more control over your time.
I think there're many factors to consider. Do u have other loans that u need to pay off like study l...
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