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Wednesday, April 20, 2011

Wise Consumption Techniques.

Hi guys, I’m back! Quite a few of you asked me how I got started in acquiring wealth. So I decided to share a couple of blogs in wise consumption. The two biggest things we will acquire in our lives(besides expensive wives or husbands) are our real estate properties and cars. In Singapore especially, cars are very expensive items. The government has a policy of controlling the vehicle population so the acquisition costs of a vehicle is high and the running costs is even higher. I will not comment on running costs as it is a personal decision.

However, when buying a car you can certainly try to lower the costs of acquisition. I just bought a Land Rover. Many of my friends are curious about my choice but it has always been a wish of mine. It looks odd besides the rest of my quite exotic cars but I really like it. I bought it because the dealer is charging a realistic price now.

What do I mean?

All dealers have a cost of importing the vehicle. Add all the taxes and cost of the COE, well that forms the cost to the dealer. Of course dealers will need to charge a premium for their services. New market entrants like Citroen will charge a single digit percentage premium and well sought after marques like BMW can charge up to 40 plus %. Yes you read it right. A LOT of your money is going to Performance Motors instead of the car you acquired.

I don’t know about you, the price I paid for my new ride is a single digit premium. I want a lot of quality metal instead of horrendously high profit margins going to distributors. If you want maximum bang for your buck, you might want to do some research. Thanks to websites like sgcarmart.com. You can easily access this information. Just click to SGcarmart.com. They have done all your research for you.

I am very happy to report that I am happy with my new car and I am a person who likes to extract maximum value instead of just going for brands. Just a little side track from my property blogs.


Your Friend,
Andy Ong
20/04/11