Carrying a Chanel bag or wearing a Rolex are some of the common signs of ‘status’ and class. Singapore is one of the most expensive cities to live in and if you are seen with these items, it simply means you are among the so-called elite group.
Are luxury items always overpriced?
The brands that are associated with luxury will always be expensive. They have a reputation to uphold and as such they are priced above what they can be worth. However, this does not mean that you have to burn a hole in your pocket each time you want a luxury good. There are certain alternatives that you can consider which are among the higher scales of the brand ladder although not at the top-tier (at least not yet).
Owning a luxury car in Singapore
The rule of thumb is that there is no need to go for the most expensive item in every category. When it comes to cars, the usual names you will come across when it comes to luxury cars would be BMW, Audi and Mercedes-Benz. For the top-tier brands, there are the Maseratis, Ferraris and Bentleys. If you are looking for a cheaper alternative for luxury cars, consider something around the S$150,000 mark where you could possibly get a Mercedes-Benz A200 Sport (A) saloon model or the BMW 116i Sport (A). Meanwhile, the Audi A1 or A3 is around that price point as well. This should be a better model as compared to the top-range ones like the Audi RS e-tron.
Are luxury watches all about the name?
Admit it, you do not use your watch to tell the time as much as you do these days because we have our smartphones. When it comes to luxury watches, Rolexes will be the best investment as they are known to appreciate over time. However, there is a strong second-hand market which drives the price up. One of the models that you can consider is the Rolex Oyster Perpetual which is believed to be sold around the US$5,000 bracket while for about another US$2,000, you could get the Rolex Air-King.
For around S$7,000, you could possibly get a Tag Heuer’s Carrera, one of the timeless classics. Around that same price point is Omega Seamaster, arguably one of the most iconic watches from this Swiss watchmaker.
What about luxury bags then?
Handbags are the epitome of class and wealth. If you own a Chanel Classic Bag or the Hermes Birkin, it simply shows that you have ‘made it’. They are good investments as well. However, with the status, comes the price which is usually more than S$10,000. You could consider the Hermes Herbag Zip Retourne Cabine Tilt 50 Bag which is about S$5,000 or the Chanel Mini Flap Bag. The Gucci GG Marmont is only about S$3,000 while you can get a Yves Saint Laurent Lour Camera for less than S$2,000.
