July 30, 2021

20 thoughts on “Emotional farewell to my remarkable driving machine!

    1. Hi Yaruzi,

      I read your story too and understand your peacefulness now. For my work and family, I do need a car.

  1. Rolf,

    You must be the first blogger to share not only "adjustment" of his portfolio for whatever may come, you also "lightening" your personal assets!?

    Selling your car because you can is not the same as selling it because you "have to".

    Now this is not planning ahead. (That's a superficial level skill)

    This is exercise in foresight!

    1. Hi Jared,

      Ur compliments is appreciated, but a bit over-heightened! hehe…

      For some (likely not many financial blogger here), when they are younger in the society, they tend to "add" assets/loans in order to spur them to be more driven. Although it may be not so ideal, because the drive must be from within, yet, it is at least better than finding an "escape" route from work.

      As long as there come to a point where we realize what is truly the priority, and like what u say, not as if u "have to", it should be fine.

      Of course it should not be a stage when u r already in deep shit and no return. And more importantly, it should not compel your poor parents who seriously cannot afford to fork out the sum, just because they love u!

      The feeling of gradual lightening for me is great, but I do not want to be completely lightened for now, as I still want to have some burden to spur me, in case somehow I lose drive and be complacent. 🙂

  2. Rolf,

    Initially after reading your headline, I thought u scrap the car totally…

    Although I never had a BMW, I also backside itchy and I know actually what u meant.

    I said no more car when 10 years is up, my wife damn pissed off.

    I said ok. We renewed the car, she said ok, but if coe low by new one ok.

    So I actually hope COE dun go below 30k

    I rather have 1 debt less for 5 years

    1. Hi SI,

       For a 5 year old car, it is not economical to scrap. I did know some “pi mao” about cars since I was quite involved in cars when younger and even manage to sell and earn commission. To scrap a car, normally it is 10 years after COE in SG or you must see how much the PARF and car body value you can take back.

      There is also a formula to calculate for used car, after you purchase how long you can break-even before selling. Hence, having a car loan is not so scary as long as you know how to do the sums correctly and know more about cars!

      Frankly renewing COE is not so economical in SG, considering the road tax and insurance. If you are not into buying new car, you can go for car that is left 1-2 or 3 years. Buying a car not necessary need to have a car loan if you can pay down full or depend “how many years” car you buy.

      Why in debt? LOL! If COE down, used car price will drop also.

      Anyway, having a car is not a crime like sometimes I sense many are trying to portray. Having debt that you are unable to service is not good, likewise bring money into coffin is also not good.

      If a car can bring happiness to your wife and your family, why not? Sometimes, we need to give right?

    2. Not literally scrap La, Rolf,

      I mean do without.

      I did do some calculations and think take 2-3 years car might be cheaper.

      But i drove my car for 8 years and (finger crossed), has not been giving me much problem, when u buy 8 year old car from someone else is…

      I know u can go for inspection, but I wonder how good is it… I will most prob do a through inspection at my 10th year to see if it's worthy to renew

      To be honest, if I can dump 50K one go, maybe I can be in that situation u mention, but I dun have 50k for a car… Hehehe

      The 5 years debt free will be saved for a "car" lol. I in mid lift sandwich crisis now… Parents …. Need my finance resources

  3. Is a wise move, better late than never.U will notice a great increase in ur saving w/o a car.

    1. Hi Dividend Town,

      I still need a car for my job and my family and frankly for my character who like to visit many places and sneak out at night to have coffee with friends.

      Yes, the savings will be very good, but apparently it will trade off for additional burden in feeding a big family.

  4. Hi Rolf,

    Yeah! Got new car to drive 😉 Old one didn't go, new one cannot come! I recently changed a new old car also, and am very pleased with the trade. I'm sure with your job perks, there must be some allowance for transport to offset your expenses.

    Do blog about your feelings in downgrading or upgrading of your car haha!

    1. Hi LP,

      Yeah! Happy that you are pleased with the trade and with the new old car.

      Like u, I will consider only new old car for now. And depreciation per year ideally to be within 12k, so that my transport n petrol allowance can at least cover effectively. And perhaps those that left with 1-3 yrs so that my commitment is more flexible/economical in case I choose to sell or stop owning a car!

      New car buyer normally have to pay for the Import tariffs etc since the parf is eventually transferred to the used car owner who finished the 10 year. So a used car is more economical in this sense, unless for new car, u r cash rich and intend to finish driving ten years! But that essentially also mean u r tied to a depreciating asset for ten years!

      I will downgrade in brand and amount spent, but upgrade in Size and no. of seats! So that per trip spent can fetch more people.

      Maybe that is how We find value! 🙂

    1. Hi Twinhills,

      Tks for the great recommendation. Great minds think alike!

      In fact a friend of mine just got it and frankly I think that is a good deal as far as depreciation p.a (if u finish driving 10yrs) for a Bimmer! But the down payment n the need to finish driving so many yrs is not tasty,

      The fuel consumption is one of the best in it's class. I did got a really good offer from PML.

      But itchy is one thing, I already disciplined myself that I am gg to spend more money on car anymore for at least the next many years other than the allowance company pay me!

  5. drove for five years “flushing” petrol and money.

    well, go for the i8. you dont flush that much petrol… hahah… joking..
    its a good move, cars in sgp is an liability..
    i have resisted the urge for a car for the longest time…

    1. Hi FC,

      you are not wrong! If charging point become more convenient in Sg, I will definitely want to get a Tesla one day!

      Car is a big liability! But as I mentioned, I need it for work and because company is paying for my car, petrol n parking allowance so I will not really feel the pinch as much if I get a more economical car!

      And if you think that having a car will bring u more happiness in gg to places "more ulu" less crowded with ur love ones n ability to save time for u to meet more close friends/relatives, then maybe the trade off is good.

      If u just have a car to drive from home to work n vice versa, then better take B (bus) M (MRT) or W (walk)!

      Need to understand ur own or ur family needs, more important than the money sometimes! 🙂

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