Brand New Toy

I bought myself a new car over the weekend. I deliberated about writing it here, but now I guess it shouldn't matter who's reading and who's not. The process of buying my new toy kept me busy for the past 2-3 weeks - doing research, visiting car showrooms during weekends, especially Sundays when I'm not conducting classes.

I've been thinking of buying a car for a few months now, so I'm glad I took the plunge over the weekend, which basically removed the agony of oscillating between the decision to get one or not. And because I was already mentally prepared to buy one, I reckoned the best time to buy it is during depressed COE prices, like right now.

I know all the cons of owning a car, in particular a brand new one. It's expensive, the first owner takes a heavy hit on depreciation, prices could potentially fall further on downturn, and I haven't even started on expenses like petrol, parking, ERP, road tax, maintenance. It's not cheap.

But I just couldn't wait.

The decision wasn't easy. I am concerned about the downturn, and also thinking about parental approval and opinions of others.

When I was young, I did have problems breaking to my parents about certain extravagant purchases and spendings, but now that I work and earn my own money, they don't interfere so much. They still add their 2-cents but to no avail. At work, there's a certain 'invisible' (or maybe self-imagined) pressure about what kind of car one should be driving, and my boss will surely chip in with some comments.

And no, I did not buy my dream car.

My dream car (right now for my age) is the Audi A4. I prefer it over the similar range Mercedes C-class and BMW 3-series and other entry level luxury cars. No proper reason for doing so, except that I love the exterior, the interior and it was just love at first sight when I went to the showroom. I think it's classy, elegant, and most importantly, not a common sight on the road.

Despite my colleagues stirring me big time and my boss asking me to get it, I managed to control myself because the retail price of S$139,000 is no joke. I'm not even sure if my job is secure, so I'd rather not be dragged down by a hefty liability and a loan to finance. I went for something more affordable, so that I still have my dream to aspire, an opportunity to upgrade.

In the weeks leading up to my big purchase, I didn't even look at the car that I bought eventually. Everything just transpired real quick. After class on Sat, I went to Leng Kee/Alexandra to take a look. I saw this model which I haven't really noticed before. Looking at it further got me interested and I enquired about the price. As I took the conversation to the next level, the sales exec suggested a test drive. During the test drive, I liked what I experienced and as they say, the rest is history.

I paid a $5,000 deposit on the spot and from then on, I have been super excited and I am now eagerly waiting for my car to come (subject to successful COE bidding).

When I returned to work, my colleagues continued to stir me. They've been stirring me to get one every single day, so much so that even when I bump into my boss at the gents, the one thing he asks 'when are you buying a car?' rather than my work.

So I broke the news to them. After I told my boss, he gave his stamp of approval. He commented that my car has a 'good engine' but that I am 'very uncle'! To a certain extent it's true with regards to my choice of car and colour, but I don't really want to buy a flashy sports car or a coupe/cabriolet. In fact, I don't even fancy a hatchback. I just feel that it's not me. Anyway, I don't care since I'm the one driving it and seeing it everyday.

My boss has a mantra which sort of resonates in me. I think I concur, but having someone verbalise it simply reaffirms my views.
1) If you don't spend money, money won't come in.
2) Spending money has a psychological effect.

If I apply it in my context, it is certainly true. After that huge purchase, I feel extremely motivated to earn it all back to patch that hole in my pocket. And also, the psychological effect of being able to earn your own money and spend it. Spending money is definitely as therapeutic as blogging, if not more.

That was the personal ambition I was talking about. I've fulfilled it, I am so looking forward to it.

Next up, I guess I can use my ride to start scouring for potential property bargains. I am of the view that property prices will come down for the next 2-3 years and I want to be involved this time round when the property market recovers.