My dad wants to buy me my dream car(a jap convertible). He bought my siblings a car each & its tempting to accept it, but it means I have to pay for parking & fuel which costs at least $200 a month ? - Seedly




Asked by Anonymous

Asked on 13 Feb 2019

My dad wants to buy me my dream car(a jap convertible). He bought my siblings a car each & its tempting to accept it, but it means I have to pay for parking & fuel which costs at least $200 a month ?

I'm 21. This would affect my monthly savings for some long term goals that i am working towards to. Currently saving/investing about 60% of my income. However I think in the future i will never be able to afford this car on my own, so it feels like this will be my only shot of ever owning this car. Should I indulge in this luxury or reject it? He refuses to use the $ to fund my goals (housing) instead of the car as he has already set aside some $ for that but doesnt wanna add anymore to it.


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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Answered on 14 Feb 2019

Hi. It's so nice and smart of your dad to have plan for cars and house for y'all in times like this. I'm sure you have inherited the good qualities by being sensible also.

On the other hand, the cost of owning the car will be much more , there's ERP as you use , maintenance and repair and it would have cause at least another $150 to $200 on top of the $200. It's very wise and sensible of you to consider this extra cost of ownership. I think there's 2 way you can consider this :

1) Thank him, enjoy the car and help him with the car to do errands and stuff. You can make good use of the car, if these extra cost is concern, use it to get some side income to subsidies the extra monthly cost such as being GrabHitch daily etc.

2) Talk to him and find out why He wouldnt allow you to use the $ instead on funding other things. He must have his reason and next you can share your concern and that maybe you could use this instead on getting first house , ask him to teach you how to invest and budget for it. Use it instead as your investment fund. This not only make even better use of the $, allows you to learn how to grow this $ better, manage finances even better and have more father and son bonding time.

What's better than learning how to increase and accumulate wealth from your own father and what's not more proud for a successful father to teach his sensible son how to manage and increase wealth ? 😀

Cheers and Enjoy either choice, it's good 😃



Ask if he can give you cash instead so that you can use the money to make more money. But your dad is pretty nice to you to set aside money for your car and house.

1 comment

Question Poster

13 Feb 2019

He has already given me some cash to do that too, but he will not add more cash to that as he says the economy is going to hit recession soon and does not trust me enough yet as I’m still young. Yeah he is great! He wants me to have the car to enjoy my youth,but I myself am not sure if I should “enjoy” it to that extent!
Siow Nan
Siow Nan
Level 6. Master
Answered on 29 Jun 2019

It’s funny your dad is giving you a dream car instead of helping you to save up more for your future housing plan which makes more sense if recession comes.

You should work out the calculations and present the sums to him to convince him to put this amount into your housing goals.

alternatively, tell him to buy a more economical car instead and pay you the difference in price for the “dream car” vs the “Budget car” for your housing goal.

if he is still adamant in giving you the dream car.. then you can sell it to finance your house.

in any case, you have an enviable “problem” that not many people has.


KH Puah
KH Puah
Level 3. Wonderkid
Answered on 28 Jun 2019

Ask him to buy you the car 5 yrs later.


Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 7. Grand Master
Answered on 14 Feb 2019

Wow, your dad really got it all planned out for you!

As for the car, these are some expenses you would have to take note:

1) Fuel

2) ERP

3) Parking

4) Servicing

5) Car Insurance

6) Road Tax

7) Misc stuff like Air Refresheners


Depending on how often you drive, the related cost could come up to about ~$800 but that could be easily subsidised if you diligently do grabhitch everyday (Max of 2 trips) and also start to do some RYDE trips (but not very easy to get matches since lesser people using that platform). Since its a convertible, i guess you can only take one person at a time, so grabhitch x2 can come up to about S$25 of net income for you per day. If you are able to take on more passengers in your car, you can easily double that amount!