Father splurges on nice wheels for 23-year-old daughter

[Musicwhiz]

Very lucky young adults! 36-year old lawyer definitely can afford a nice set of wheels. Do you know how much they charge for their professional fees?

Father splurges on nice wheels for 23-year-old daughter

Out of the gloom of 2008, a new tribe of big spenders has emerged in 2010. They are young, well-travelled and ready to splurge. -TNP

Tue, Dec 14, 2010
The New Paper

By Zaihan Mohamed Yusof

SHE loves shopping and she adores European brands.

From Chanel to Dior, Ms Cheryl Tay likes to splurge her hard-earned $2,500 monthly income on haute couture.

When the 23-year-old banking and finance undergraduate has a date with her friends, she zooms around in a two-door Mercedes-Benz CLK 280 - a gift from her father early this year - which costs about $220,000.

Though thankful of the gift, Ms Tay said she does not receive any allowance from her parents, preferring instead to maintain her lifestyle through her own means.

She works part time in the food and beverage industry.

Sure, cars here may be the priciest anywhere in the world, and usage including parking and fuel isn't cheap, but people are splurging on nice wheels.

Lawyer Soh Chu Bin, 36, bought a BMW M3 for about $370,000 two weeks ago.

Mr Soh says of his 4-litre car: "I have always wanted one (the M3). It's a performance car built for serious drivers. It clocks 4.6 secs doing 0 to 100kmh."

That means he makes it to the next set of lights in record time.

Pricey? In the luxury car trade, clients are paying anything from $200,000 for a car. European marques are proving popular.

At the end of August this year, Volkswagen (VW) was ranked fourth, overtaking brands like Honda, Kia and Hyundai.

Audi, in 13th spot last year, is now at the eighth spot with sales of 1,447 units - an increase of 30 per cent over the same period last year.

The top three positions, traditionally held by mass-market brands like Toyota, Honda and Hyundai, are no longer secure.

Creeping close to pole position are luxury marques Mercedes-Benz and BMW, now second and third respectively in overall ranking.

As of August, they posted sales of 3,075 and 3,024 units respectively - a big leap from Mercedes' fifth and BMW's seventh places last year.

[newborn1000]

370k.........if very invested in dividend stocks, should yield at least 6-8%.....tats 22.2k to 29.6k

Tats about a right for a local university's fee.........wow, big spenders?

[Musicwhiz]

The father is confirmed a big spender; but let's hope the daughter knows how to be thrifty. After all, earning $2,500 gross does not give you the opportunity to be a spendthrift, but seeing how she likes branded goods, perhaps it's too much to hope for huh?

[wj888]

370k.........if very invested in dividend stocks, should yield at least 6-8%.....tats 22.2k to 29.6k

Tats about a right for a local university's fee.........wow, big spenders?

Maybe he's doing that..
He could be using the dividends to pay for his monthly installment of the M3. Very sustainable imho.

[Musicwhiz]

Maybe he's doing that..
He could be using the dividends to pay for his monthly installment of the M3. Very sustainable imho.

I am quite confident the father's got his own expenses covered.

Check back 10 years later to see how his daughter is doing, though.

[lonewolf]

Well its easy for those who are born with a silver spoon to come to daddy or mummy for monies for the 'must get' designer bag.

How else do you think she get her collection of designer bags on her $2500 salary. I willing to bet she get a fat 'allowance' from daddy to maintain her lifestyle. - though she may claim otherwise.

Just maintaining the Benz alone (insurance, petrol, parking and ERP) will put a sizeable dent on her $2000 take-home pay.

Or maybe she works part-time in some other profession?

[Musicwhiz]

$2,500 gross means $2,000 take home salary. Assuming she pays for road tax, insurance, ERP, parking and petrol, I suspect she'd have about $1,200 left for her branded designer bags. Minus that and she'll probably have to eat bread and drink water for the rest of the month.