There has been many advertisements on the internet displaying $0 down payment car schemes for consumers.
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In the end many YP’s who are not even earning a decent amount of wage wants to buy continental cars such as BMW, Mercedes and Audi.
A netizen pointed out that many Singapore youth has little to almost no savings and splurge on non-essential items via instalment and paying the debt till their mid 30s.
Example:
- Car A: $100,000
- Down payment $0
- Insurance $700- $2200 (depending on NCD or type of car)
- Loan period 10 years with 1.99% interest.
- Instalment of at least $1000 a month.
With COVID-19 affecting globally, it has affected global sales of many non-essential merchandise, to boost the economy it is important that the people are also spending money.
However, it is still essential to have a habit of monthly savings as a safety net in case some emergency happens like medial fees.
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