Financial question: Pay off housing loan?

[vermilion]

Hi, I am bad in financial planning and thus would like to hear some advises.

I have 310k cash.

My condo outstanding loan is 283k, 3 year fixed coming to an end and I will need to refinance in Feb 2016.
My car will scrap in Mar 2016, and I need to buy a 2nd hand or new car.

If you are me, would you:
1) Pay off housing loan and buy a car later (after enough money saved)
2) Buy a car and refinance housing loan in Feb 2016

And why?

Thanks for your help.

[Arcachon]

You know the answer but your heart think otherwise, think with your brain not your heart.

[Arcachon]

If I will you, I need to ask myself the car is a need or want. What is the. RO I.

[Citizen]

Very individual, depending on lifestyle. Thrifty or lavish. I will buy new car and refinance my loan.

[2824]

Yes really up to the individual and remember cash is king.

But at loan of $200k+, dun think (might be wrong) the banks will be too keen with refinancing, suggest you check with the banks for repricing and refinancing
My suggestion, get a car and do a partial repayment

Anyway, really it is a good problem to have.

[cbsh38584]

Hi, I am bad in financial planning and thus would like to hear some advises.

I have 310k cash.

My condo outstanding loan is 283k, 3 year fixed coming to an end and I will need to refinance in Feb 2016.
My car will scrap in Mar 2016, and I need to buy a 2nd hand or new car.

If you are me, would you:
1) Pay off housing loan and buy a car later (after enough money saved)
2) Buy a car and refinance housing loan in Feb 2016

And why?

Thanks for your help.

My Honda civic 1.6L was due to scrap in Jul15. I want to extend for another 10 yrs as my car mileage was only 155km
as I seldom drive long distance. Pay COE $58k + some servicing 5k+. But my wife insists she needs to buy a new MAZDA car.
Finally, I agreed as I do not want to quarrel with her. We paid $133k. We paid $73k for down payment & car loan @58k.

If I will to extend my COE + car servicing. I just pay $63k. The $73k which I use to pay the Mazda car down payment . I can contribute
the $73k into my sons CPF. In ten years time. $73k in my sons CPF will grow to 100k (estimate).

But the $73k I pay for my Mazda car down payment become a "TOILET PAPER" in 10 years time.

[onglai]

Hi, I am bad in financial planning and thus would like to hear some advises.

I have 310k cash.

My condo outstanding loan is 283k, 3 year fixed coming to an end and I will need to refinance in Feb 2016.
My car will scrap in Mar 2016, and I need to buy a 2nd hand or new car.

If you are me, would you:
1) Pay off housing loan and buy a car later (after enough money saved)
2) Buy a car and refinance housing loan in Feb 2016

And why?

Thanks for your help.

if u are single, do anything u want. but if u are married/with kids and always need to car to fetch ur wife/kids ard.. get car first.

[vermilion]

My Honda civic 1.6L was due to scrap in Jul15. I want to extend for another 10 yrs as my car mileage was only 155km
as I seldom drive long distance. Pay COE $58k + some servicing 5k+. But my wife insists she needs to buy a new MAZDA car.
Finally, I agreed as I do not want to quarrel with her. We paid $133k. We paid $73k for down payment & car loan @58k.

If I will to extend my COE + car servicing. I just pay $63k. The $73k which I use to pay the Mazda car down payment . I can contribute
the $73k into my sons CPF. In ten years time. $73k in my sons CPF will grow to 100k (estimate).

But the $73k I pay for my Mazda car down payment become a "TOILET PAPER" in 10 years time.

:) my car is around 100km only, i dont use the car everyday, mainly to fetch mum during weekend to brother's house or bring her somewhere to eat. the car is for appointments and go shopping and marketing. i have friends suggesting this to me too. but... my car's condition:
1) wind screen scratched
2) headlight problematic
3) LED lights on radio panel spoilt
4) leather seat 1 big hole and cracking
5) dents
6) paint touch up needed

to buy a new mazda now is around 110k i think... to renew coe and make good 7k this adds up around 62k. so i think not so bad... given that i have less problem and trouble in future...
new honda vezel is around 100k? i saw ads on sgcarmart... or maybe i should buy 1 year old car... that is a lot cheaper...

[Laguna]

My Honda civic 1.6L was due to scrap in Jul15. I want to extend for another 10 yrs as my car mileage was only 155km
as I seldom drive long distance. Pay COE $58k + some servicing 5k+. But my wife insists she needs to buy a new MAZDA car.
Finally, I agreed as I do not want to quarrel with her. We paid $133k. We paid $73k for down payment & car loan @58k.

If I will to extend my COE + car servicing. I just pay $63k. The $73k which I use to pay the Mazda car down payment . I can contribute
the $73k into my sons CPF. In ten years time. $73k in my sons CPF will grow to 100k (estimate).

But the $73k I pay for my Mazda car down payment become a "TOILET PAPER" in 10 years time.

1. Your wife's happiness value the most
2. You have just saved 10 years of nagging...

Worth it...

[cbsh38584]

:) my car is around 100km only, i dont use the car everyday, mainly to fetch mum during weekend to brother's house or bring her somewhere to eat. the car is for appointments and go shopping and marketing. i have friends suggesting this to me too. but... my car's condition:
1) wind screen scratched
2) headlight problematic
3) LED lights on radio panel spoilt
4) leather seat 1 big hole and cracking
5) dents
6) paint touch up needed

to buy a new mazda now is around 110k i think... to renew coe and make good 7k this adds up around 62k. so i think not so bad... given that i have less problem and trouble in future...
new honda vezel is around 100k? i saw ads on sgcarmart... or maybe i should buy 1 year old car... that is a lot cheaper...


If you have no children. The best is not to buy a car. U got Uber , Grab taxi etc service. Why need a car if U don't drive often?

Build up your reserve more & wait for next year opportunity to buy equity or retail bond etc. If possible self contribution some excess cash into your CPF.

I see the next 10 to 20 yrs will be tough. Don't anyhow buy your "WANT". Only your "NEED". If U screw up your money management. You will
see your financial trouble will come to haunt U in next 10 to 20 yrs time.

[cbsh38584]

1. Your wife's happiness value the most
2. You have just saved 10 years of nagging...

Worth it...

I acknowledge her contribution to this family. So I agree to her "demand".

[cbsh38584]

:) my car is around 100km only, i dont use the car everyday, mainly to fetch mum during weekend to brother's house or bring her somewhere to eat. the car is for appointments and go shopping and marketing. i have friends suggesting this to me too. but... my car's condition:
1) wind screen scratched
2) headlight problematic
3) LED lights on radio panel spoilt
4) leather seat 1 big hole and cracking
5) dents
6) paint touch up needed

to buy a new mazda now is around 110k i think... to renew coe and make good 7k this adds up around 62k. so i think not so bad... given that i have less problem and trouble in future...
new honda vezel is around 100k? i saw ads on sgcarmart... or maybe i should buy 1 year old car... that is a lot cheaper...


Look at the oil price & world economy. By now u should know why it is important not to anyhow buy your "WANT". That is your new car.
Permanent Job securities is a problem for the next 10-20 yrs. Your cash is not enough at all.

[cbsh38584]

Look at the oil price & world economy. By now u should know why it is important not to anyhow buy your "WANT". That is your new car.
Permanent Job securities is a problem for the next 10-20 yrs. Your cash is not enough at all.

Always REMEMBER.
Your company PROMISE a job for you TODAY ONLY. But they NEVER PROMISE you a JOB for you TOMORROW.

So Be prepared for rainy days (CRISIS) . No matter how well you’re doing, you’ve got to be prepared.