πππOne of the most expensive items to own in Singapore next to a house is to own a car. It is simply mind boggling how much we have to pay for COE or Certificate of Entitlement and that is only the starting point and it is only valid for 10 years. That is not even a car.
However just imagine if there is no COE, what would happen to our roads? If the car ownership is allowed to increase unfettered? Driving can be a nightmare with daily traffic jams and work productivity would be affected.
I currently own a Mitsibishi Outlander for the last 8 years and soon I need to replace the car with another one. I have looked after the car well and sent it for regular servicing. A good car like this can last well over 10 years but I have to send for scrapping when 10 years is up.
I would like to keep the Mitsubushi for more than 10 years. I wish that I can buy another COE just to keep my existing car for another 10 years. But unfortunately I cannot. So I would be looking to buy another car within the next 2 years.
Will I buy a new car or a secondhand car? I prefer to buy a new car but if the COE is sky high, I would buy a second hand car.
A car to me is just a mode of transportation. It does not have to be fancy, just functional and economical to run. A car is after all a depreciating asset. I much prefer to spend my hard earned dollars in buying quality stocks. In the long run, these stocks will grow exponentially in value due to the magic of compounding while a car ends up in a scrap yard.
That's the hard truth. However I wouldn't live anywhere in the world except Singapore as it is safe and a great place to bring up kids. Life is about making choices and I choose long term to live comfortably but not lavishly.
@Tiger_SG @TigerStars @TigerClub @Tiger_comments @CaptainTiger @MillionaireTiger
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