How Much is Your Net Worth?

[pianist]

these people's networths shortened a bit by a car dealer fraudster?:-

Update on Dec 17: For a second day in a row, car buyers turned up at Volks Auto at 50 MacPherson Road yesterday to demand for refunds though their efforts were in vain as the car dealership remained closed and it seems its director, Mr Alvin Loo, has gone missing as attempts to him were unsuccessful, reported various local media.

More than 60 customers have been left in the lurch, reported The New Paper (TNP) on Wednesday, and the WhatsApp chat group formed by angry customers has reached about 90 participants.

On Tuesday, police officers were also present at the dealership and the apparent victims of the Volks Auto fiasco were speaking to them, reported TNP.

A Bentley owner's friend, who claimed he was sent by the owner as a representative, said the owner is already coming to terms with what has happened and knows it is hard to get any refund back. He is considering whether to take the matter to court.

According to a car dealer from Apex Car, the Bentley could be worth more than $500,000.

Another woman in her 30s, who only wanted to known as Miss Li, claimed she paid $93,000 in deposit for a new Porsche Macan. TNP reported that online dealerships state that this particular Porsche model could cost more than $200,000.
- See more at: http://transport.asiaone.com/news/genera...hQJDE.dpuf

[yewkim]

Always buy from agent. Then one will not get into trouble. Why save ? If one can afford, go to agent to save all these trouble.

There is a saying, "cheap thing are no good, good thing are never cheap". So if u want to buy iphone, go to Singtel, Starhub or M1, u can be assure it is a genuine one. But if you want cheap and good, then most likely you got cheated and cooked. Remember Sim Lim, People's Park, and so many. In my country Indonesia, it is normal to get cheated. LOL

[CityFarmer]

OK wow, nice to see the discussion flowing from my initial post, and how the thread has sort of morphed into a "car discussion thread", haha.

In relation to what valuebuddies, vesfreq and specuvestor have mentioned, yes I feel that it is kind of ridiculous to see so many top-end car models on the streets. Most are of the BMW, Peugeot, Volkwagen, Mercedes or sports car types (which are the bestsellers incidentally), rather than the Hondas, Toyotas or Hyundais. It could be a case of being heavily indebted (what Chinese like to call punching your face to resemble a fat person), or they could be drawing on rental income from their multiple properties to feed the installments.....

My experience is that I've never needed the car, not even when my daughter was born 5 years ago. The positive is that I live rather close to the city and also have straight buses and trains to Orchard Road, so granted this made life a little more bearable. But we still had to "struggle" up the buses/trains with the pram back then, but it wasn't that big a chore. And I do agree that time spent on the buses and trains allows me to connect better with my family - I always get to joke around with my girl and ask my wife about her day. I seriously couldn't do that if I was driving (I know this for a fact because I do borrow my parent's car now and then, and I need to concentrate on the road!).

One thing I also do not understand is the purchase of a car as a status symbol. Why should it be so desirable to continually impress people whom you either don't know, or simply don't care about? I ask myself whether Singapore is simply too stressful, or too boring (maybe both?); and whether our goals and priorities have shifted so much such that only material items can bring us joy and satisfaction (if only fleeting). I also lament how our society is turning more and more materialistic by the day, with around 40,000 people owing more than a year's worth of salary due to over-spending.....

I think I find a lot of satisfaction in reading, just being with my family, enjoying good music and yes, eating (which may explain my increase in weight over the years!). If everyone out there could understand that happiness need not be about the next car to buy, the next bag to get and the next watch to wear, I think this world would be overall a much better place......

I concur. In fact, enjoyable experiences are usually "cheap", even FOC.

I enjoyed a 1-to-1 football session with my girl, over a playground, in a windy weekday afternoon, when nobody around. It was FOC

Having said so, owing a luxury car, isn't a sin. As long as it is within their means, and not solely to "show-off", it should be an acceptable behavior, similar as owning a beautiful and expensive art...

[Temperament]

Always buy from agent. Then one will not get into trouble. Why save ? If one can afford, go to agent to save all these trouble.

There is a saying, "cheap thing are no good, good thing are never cheap". So if u want to buy iphone, go to Singtel, Starhub or M1, u can be assure it is a genuine one. But if you want cheap and good, then most likely you got cheated and cooked. Remember Sim Lim, People's Park, and so many. In my country Indonesia, it is normal to get cheated. LOL

i always try to remember if i want to buy something from "unauthorised" dealers or a car from parallel importers, i am taking much, much more risks lol. Not that authorise dealers have zero risks. And my neighbour was a car // importer too.

So the absolute value of the thing i am going to buy is very important.
Up to a few $100s was my experience of buying from "Unauthorised Dealers". Like buying recently a Samsung Tab S 8.4. The funny thing is, it comes with Local Samsung Warranty card and a sealed box with Samsung's label- "Do not purchase if seal is broken". So i have taken the risk lol and have saved about 80 to 100 dollars lol.
What?
Me cheapskate?
Yes lol.
If i am right i am rewarded with 80-100 dollars lol.
And what's the difference from taking risks in the stock market?

[valuebuddies]

I bought my wife a breastpump from amazon for USD169, if I were to buy the same in Singapore it costs SGD499. Both come with 2years international warranty. So cheap thing = no good? Who says so?

[specuvestor]

Think the discussion is about absolute cheap. You are now talking about cross border import/ exports price differentials which has different economics.

You have to assess the trustworthiness of the counterparty in this case. Buying from US or China vs getting from Singapore has different implications

Even if it is authentic vendor, buying Coke or Kit Kat from different places are different even though they look the same.

That said, focusing on cheapest is NOT a solution. Early last decade HDB learnt that the hard way. But it is easiest to measure QUANTITAIVELY and so easiest admin and audit. The right approach is Value for money but that takes into account subjectivity and skill and experience in assessment. The media equates value= cheap but actually a shoe that last 3 years at double the price is better value than one that last a year.

[mrEngineer]

Have anybody actually wondered how the second generation of Singaporeans are fuelled with cash to buy expensive cars? Most of time when I am in Orchard, I see young people driving mercs bmws or audis but I couldn't really imagine how could they afford one. My theory is that they probably have rich parents who got wealthy because of the property boom in the last decade. I am kind of baffled if all of these youngsters are highly saddled with debt..

[Musicwhiz]

Have anybody actually wondered how the second generation of Singaporeans are fuelled with cash to buy expensive cars? Most of time when I am in Orchard, I see young people driving mercs bmws or audis but I couldn't really imagine how could they afford one. My theory is that they probably have rich parents who got wealthy because of the property boom in the last decade. I am kind of baffled if all of these youngsters are highly saddled with debt..

Yes, that's one possible explanation - that their parents bought the car for them, or that they are just driving their parent's car.

I would also think this trend is fuelled by cheap credit provided by the old system of car loans (i.e. 0% down payment, 10 year loan tenure). It could, of course, also be the case that the cash flows from rental are helping them to service the loan installments.

Or they could simply just be super heavily indebted.

[yewkim]

Always buy from agent. Then one will not get into trouble. Why save ? If one can afford, go to agent to save all these trouble.

There is a saying, "cheap thing are no good, good thing are never cheap". So if u want to buy iphone, go to Singtel, Starhub or M1, u can be assure it is a genuine one. But if you want cheap and good, then most likely you got cheated and cooked. Remember Sim Lim, People's Park, and so many. In my country Indonesia, it is normal to get cheated. LOL

i always try to remember if i want to buy something from "unauthorised" dealers or a car from parallel importers, i am taking much, much more risks lol. Not that authorise dealers have zero risks. And my neighbour was a car // importer too.

So the absolute value of the thing i am going to buy is very important.
Up to a few $100s was my experience of buying from "Unauthorised Dealers". Like buying recently a Samsung Tab S 8.4. The funny thing is, it comes with Local Samsung Warranty card and a sealed box with Samsung's label- "Do not purchase if seal is broken". So i have taken the risk lol and have saved about 80 to 100 dollars lol.
What?
Me cheapskate?
Yes lol.
If i am right i am rewarded with 80-100 dollars lol.
And what's the difference from taking risks in the stock market?

To be cheapskate is alright. Who don't want to buy cheap? That is where the trouble start. So when someone offer cheap, most got hook. Like the case at Sim Lim Tower

But if one can afford, go for safety. Agent is definitely safer. Of course, in life there are no such thing as 100%, but with agent , we can be sure of at least, close to 100%. Even if I buy a computer, i will go challenger or Harvey Norman. They are unlikely to sell computer with fake parts inside, like my friend who discover when he bought his from a computer shop.

And there are no means to check them, till we discover it ourselves many months down the road and if you are bad luck , instantly. Some times , saving a 70$ to 100$ end up inconvenient is not good mathematic.

If no money, save up then buy later, better than end up losing even more money and worse, nightmare and heartache and pain.

[yewkim]

Try not to leave your car with workshop over nite if you do not know them very well.

I believe you know what i means? Go to agent for a peace of mind. U know they use original parts and they don't steal your original part from your car.

One of my friend learn this the hard way. After repeat problem arise, he got no choice but send to agent. Agent told him many parts are not original. So want to save, end up pay even more. This is a true story i share with you.

If one want o save, make sure you know the other party well enough. It is true some good thing are cheap. But most are cheap for hidden reasons hor...

That is sure way to reduce your nett worth by many digit.