First big ticket item maybe?

Looking for financial advice on my first big-ticket purchase Hi everyone, looking for some advice on whether getting a Class 2B licence and buying a second-hand motorcycle would be financially sensible in my current situation. Some background: \- Take-home pay: $3.2k/month \- Current savings: $59k \- Current monthly expenses: Around $600 \- Starting a part-time degree at SUSS in January next year, which will take around 4 years to complete. \- Planning to use the Tuition Fee Loan (TFL) to pay for my school fees. My estimated cash outlay to repay the loan in full is around $15k, which I intend to pay upon graduation in 4 years' time to avoid interest. \- Haven't factored in personal insurance/investment yet. Estimated motorcycle costs: \- Class 2B licence: Around $2k \- Second-hand bike: $10k–$15k upfront, including a buffer for initial expenses \- Monthly running costs: Around $300–$500, including petrol, parking, insurance and maintenance. The main reason I'm considering getting a bike is convenience. I've been commuting to school for the past 2.5 years, and having my own transport would make things much easier. I could probably speak to my boss about adjusting my working hours to start and end an hour earlier, so getting a bike isn't strictly necessary. However, having my own transport would give me much more flexibility, especially when juggling work and part-time studies. And the possibilities of weekend trips nearby, i meant lifestyle improvements buttttt okayyyy I'm generally quite frugal, with my current expenses at around $600 a month. However, this would be my first big-ticket purchase, and I'm unsure whether I'm being financially sensible or simply justifying a want. Would appreciate some opinions on these questions: 1. With $59k in savings and $3.1k take-home pay, can I reasonably afford this without setting myself back financially? 2. Is $300–$500 a month a realistic estimate for owning a second-hand motorcycle in Singapore? 3. Would you get the bike now for the convenience, or continue taking public transport and save the money? I'm not planning to take out a loan for the bike and would pay for it upfront. I just want to make sure I don't make a financially irresponsible decision, especially with four years of part-time studies ahead and personal insurance still to consider. Appreciate any honest advice, especially from those who own motorcycles or have studied part-time while working. Thanks!

18 comments held Reddit says 17 on reddit ↗

u/[deleted] -5 2 days ago

[deleted] — already gone when the archive first saw it
u/b0ssY88 1 2 days ago

How much time are u saving with a bike? I think when it gets convenient, u'll want to travel to more places and that'll add additional expenses for u. Honestly, if im u at ur age, i'd rather save the money and let it compound via investments or smth. But that said, no right or wrong. Just trade-offs.
u/Adventurous_Scar_319 OP 1 1 day ago

I am saving at least 6 hours per week on travel if I am counting for school only, 3 lesson weekly, 1.5h one way via public transport
u/WatchyT 12 2 days ago

I own a 2B bike myself, here's my opinion. 1. Yes. 2B bike is cheap to own and maintain. For me it cost an average of $10/day all in. 2. Depends on type of bike you get. But generally for a 2nd hand bike, $300/month is enough unless your bike has major problems that require workshop fixing. 3. Finanically and logically speaking, owning a vehicle of any type in singapore is never worth it 90% of the times. It's the emotional part of having your own vehicle and that sense of "freedom" that makes it worth while. Even if you don't plan to get a bike, go sign up for the 2B license! You learn a new lifeskill and you can always rent first before committing to buying a bike.
u/Branny-Tamisier 1 1 day ago

point 3 is spot on, its never really about the math with vehicles here
u/Adventurous_Scar_319 OP 1 1 day ago

Yeaa, agree with point 3! I was taking public transport when I was doing my PT diploma, and yea, I've definitely gotten tired of the long commute. But idk if I can justify getting a 2B bike when I still have other alternatives. Saw another comment suggesting doing delivery to cover the cost. My work requires me to declare any second occupation, and honestly idw to bother w it
u/ynwa0101 6 2 days ago

SAFETY SAFETY SAFETY
u/adept1onreddit 7 2 days ago

Whatever you do, make sure you have enough medical insurance. No matter how good of a rider you are, you can't control the idiots, drunkards, k-pod zombies, etc. on the road.
u/Icy-Frosting-475 6 2 days ago

Buy lor cannot tahan then sell. Better to learn the hard way then not learn
u/timetobeanon 7 2 days ago

not sure why but your last sentence struck a chord with me I was always trying to put that ideology succinctly when explaining to my friends but could never find the words. gonna steal it ty
u/jerrypolar 2 1 day ago

Same, good liner.
u/Zealousideal-Ad-706 5 2 days ago

I have been riding 2B bikes for 20 years and here are my thoughts: 1. We can still be frugal with the purchase. I would reduce the initial cash outlay (e.g. I opted for 6yo 2nd hand bike for $ 5k, never buy new). This will keep the purchase to eat a smaller percentage of your $ 59k savings. The difference will go into investment, consider the opportunity cost. 2. A bike is useful for me to reduce the temptation of buying a car, as a bike saves my time better than a car does. Keeping this thought since I started saving 20y ago, till now grown enough savings sufficient for a few cars (also telling myself can buy doesn't mean can afford). 3. Convenience and time-saving is really there, and I will still take it even with the increased safety risk. We are all some sort of risk-takers anyway in this sub. All the best, OP.
u/Jumble_Up 2 2 days ago

Not advice, but just well wishes in riding on the roads.
u/MrGoldfishBrown 1 1 day ago

Hi i recently got a 2b bike, a scooter around 4 years COE left for around 5.5k. Insurance is around 500 this year as i just passed my 2b, fuel wise is very good, around 20 for a full tank which lasts me 1 week. Parking is $17 for HDB parking. Finance wise you are well set for it. I would however suggest that you take afew lessons first to see if this is really for you. I know of many people who gave up after the first lesson, and many demoralised when they cannot pass. Do take into consideration whether or not this is for you before the financial planning.
u/max-torque 2 1 day ago

That pay and savings you can full cash bike, running costs will be cheaper. Yes it's much more convenient. Side note, get personal accident/injury insurance if you don't have
u/Adventurous_Scar_319 OP 1 1 day ago

Yea looking to get full cash, hence the budget
u/chocolateuyu 2 1 day ago

Hi! I’ve had a 2b bike for almost 5y, i hope this info will be useful for you. 1. Yes 2. Yes - more context below 3. Before i bought the bike i justified the cost by telling myself i’d do delivery and it’d help me get from point A to B quicker i.e. convenience. It’s been 5 years, i’ve made so many new friends and new experiences i would’ve never gotten by taking only public transport. I would choose buying a bike over and over again. More context that may help your financial decision (will try to TLDR) \- My bike is a 2017 Yamaha 150cc. I bought secondhand and paid $6k for 5y remaining \- Petrol set me back average $80/mth \- Regular servicing (engine oil+filter) set me back $30-35 every 1.5 months (depending on how often you ride too). I will not go in depth into major servicing as it is unlikely you will need to do so with your budget. \- Parking set me back $20 (HDB concessionary parking) monthly. Find out how much your workplace/school carpark charges and topup from there. Topup another $10-20 monthly for shopping mall parking Apart from the upfront cost from purchasing the bike, dont forget to factor in the cost of gear. I upgraded my helmet and gloves after i passed. Helmet: anywhere from $100-900 depending on brand Jacket: $200-400? Gloves: $50-150 There are pants and boots but i do not find them necessary for SG hence i don’t have them; but it depends on your risk tolerance. I do not feel like its necessary to drop $10-15k on your first bike even if it’s secondhand but if it is what you desire then go for it. I personally feel $7k is enough.
u/Adventurous_Scar_319 OP 1 1 day ago

Tbh idk how much bike cost hahaha, I just went on carousell n pick the higher end, better to budget more than less