Need advice from Car owners.
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Hi all
First time posting here. Hope can get some advice.
Am thinking of getting a car but on a tight budget. Looking at KIA Picanto at the moment and seems like I can afford to pay for it. But I got no idea what are the payments involved. Could use some advice if anyone can give.
My questions:
1. Is KIA Picanto a good car?
2. Using their online calculator, it seems the monthly installment is $424.34 if I make a 10% downpayment and take up a loan period of 10 years. Does that sound about right?
Appreciate any kind of advice from anyone. Damn blur about this whole car biz... Thanks!
Regards,
MK -
HiOriginally posted by thursday:Hi all
First time posting here. Hope can get some advice.
Am thinking of getting a car but on a tight budget. Looking at KIA Picanto at the moment and seems like I can afford to pay for it. But I got no idea what are the payments involved. Could use some advice if anyone can give.
My questions:
1. Is KIA Picanto a good car?
2. Using their online calculator, it seems the monthly installment is $424.34 if I make a 10% downpayment and take up a loan period of 10 years. Does that sound about right?
Appreciate any kind of advice from anyone. Damn blur about this whole car biz... Thanks!
Regards,
MK
Yes, the monthly instalment is about right, assuming the 10-year interest rate is about 2.7% PA.
Assuming the Picanto is about 43K,
After downpayment, the loan amount is about $38700
At 2.7% PA, the total interest you pay for borrowing this amount over 10 years is about $10449
So monthly instalment is ($38700 + $10449) / 120 months = Approx $410.
Cheers!
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wah so rich, got $$$ to buy car car
croco o level nia
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erm, are you sure you wanna get the picanto?
i have no objection about it, but i think you shld go for a better car...
i was stucked to my car for 2years, and regretted getting it. try to save up and go for something you really like. the waiting process is a killer, but i think it's worth it. really, the feeling of holding on to a car you don't like sucks big time. don't get one just becasue you need a car for driving.
of cos, if you're using it for travelling from point A to B, i guess it's an okay car.
btw, are you sure you want to get a 10years loan? have you asked yourself how long you're going to drive it? back to my same question about for what EXACTLY you want the car for. for 10 years loan, the break-even is about on the 5th year, which mean, you can only sell it on the 5th year if you don't want to lose any money when selling it. for 7years loan, the break-even is on the 2.5th year.
and within these years in which you're holding on to the car, for your case is 5 years, are you sure you'll hold on to your current job and maintain the car? it's not just about the monthly installment, but also the maintenance costS, insuranceS, petrolS, parkingS, etcS etcS... -
define your definations of a "good car"Originally posted by thursday:Hi all
First time posting here. Hope can get some advice.
Am thinking of getting a car but on a tight budget. Looking at KIA Picanto at the moment and seems like I can afford to pay for it. But I got no idea what are the payments involved. Could use some advice if anyone can give.
My questions:
1. Is KIA Picanto a good car?
2. Using their online calculator, it seems the monthly installment is $424.34 if I make a 10% downpayment and take up a loan period of 10 years. Does that sound about right?
Appreciate any kind of advice from anyone. Damn blur about this whole car biz... Thanks!
Regards,
MK
are we talking about absolutes here or based on value n class? -
I have also choosen a bidget car, kelisa. Picanto seems nice, although some part of it looks poorly built. Have you went down to their showroom, test-driven it? I know Picanto auto is really weak and have very bad FC. If getting it, go for the manual one. My bro test-driven it and said, it is about what you expect from a 48k (the price then) car. So I guess it is OK.Originally posted by thursday:Hi all
First time posting here. Hope can get some advice.
Am thinking of getting a car but on a tight budget. Looking at KIA Picanto at the moment and seems like I can afford to pay for it. But I got no idea what are the payments involved. Could use some advice if anyone can give.
My questions:
1. Is KIA Picanto a good car?
2. Using their online calculator, it seems the monthly installment is $424.34 if I make a 10% downpayment and take up a loan period of 10 years. Does that sound about right?
Appreciate any kind of advice from anyone. Damn blur about this whole car biz... Thanks!
Regards,
MK
As for the cost, other than the installment, it is save to include $500 for other expenses. Fuel, carpark (home and out), road tax, insurance, minimum maintence.
As everyone is thinking COE might drop after around March again, you might want to wait til then. Save up some money (1k per month, if you can't, don't get a car) for more downpayment. Try to decrease the loan period to 7 years. It is only about 100 more per month, but you save thousands!!! -
hmm... getz might be a better choice. $ not much diff mah.Originally posted by thursday:Hi all
First time posting here. Hope can get some advice.
Am thinking of getting a car but on a tight budget. Looking at KIA Picanto at the moment and seems like I can afford to pay for it. But I got no idea what are the payments involved. Could use some advice if anyone can give.
My questions:
1. Is KIA Picanto a good car?
2. Using their online calculator, it seems the monthly installment is $424.34 if I make a 10% downpayment and take up a loan period of 10 years. Does that sound about right?
Appreciate any kind of advice from anyone. Damn blur about this whole car biz... Thanks!
Regards,
MK -
Originally posted by rumie:......
btw, are you sure you want to get a 10years loan? have you asked yourself how long you're going to drive it? back to my same question about for what EXACTLY you want the car for. for 10 years loan, the break-even is about on the 5th year, which mean, you can only sell it on the 5th year if you don't want to lose any money when selling it. for 7years loan, the break-even is on the 2.5th year.
and within these years in which you're holding on to the car, for your case is 5 years, are you sure you'll hold on to your current job and maintain the car? it's not just about the monthly installment, but also the maintenance costS, insuranceS, petrolS, parkingS, etcS etcS...
These 2 fellows fairly cover everything kekeOriginally posted by wbucket:I have also choosen a bidget car, kelisa. Picanto seems nice, although some part of it looks poorly built. Have you went down to their showroom, test-driven it? I know Picanto auto is really weak and have very bad FC. If getting it, go for the manual one. My bro test-driven it and said, it is about what you expect from a 48k (the price then) car. So I guess it is OK.
As for the cost, other than the installment, it is save to include $500 for other expenses. Fuel, carpark (home and out), road tax, insurance, minimum maintence.
As everyone is thinking COE might drop after around March again, you might want to wait til then. Save up some money (1k per month, if you can't, don't get a car) for more downpayment. Try to decrease the loan period to 7 years. It is only about 100 more per month, but you save thousands!!!
Just want to add my 2 cents worth. The fixed costs of the car such as the actual price of the car are things you can see. But there are a lot of hidden costs such as maintenance, petrol, road tax, insurance, carpark (season and outside), interest for the loan and the number of years you are going to loan that you must take notice of because these are the costs that are actually going to kill you. The time when you breakeven your loan is also important.
If you are even going to struggle a bit in paying just the instalments for the car, then please do not get one. You might end up making a huge loss if you find that you can't upkeep the car after a short time and have to be forced to sell it due to the loan. Lastly, know what you are getting the car for. Plain transport or whatever. Consider how long you will like the car you want to buy, FC, leg and boot space and whatever you consider to be important and compare it with your budget. You can narrow down your choices fairly easily then. Hope this helps -
Hi all
Thanks for the responses! After reading them, I think I wait a few more years when more stable before I think about getting a car lah.
I also asked a friend about KIA Picanto, he said Korean cars come cheap but the parts are expensive. SO shelving the idea for now.
Thanks again!
MK -
Here is my calculation,
picanto 42.9K
go for OPC (rebate 17k)
left 25.9k
if possible throw in 5.9k (downpayment)
u only loan 20k
If take 7 yrs loan,
monthly installment abt $250-$280 (didnt calculate...just some mental calculation)
Road Tax $50/yr so abt $4/mth
Fuel (since OPC means less usuage) say $120/ mth
carpark $65/mth
Insurance say $1,800 (will varies) abt 150/mth
warranty 3 yrs (so no maintenance cost for 1st 3 yrs)
so for 1st 3 yrs, every month need to cough out $280+$120+$150+$65+$4= $619 (estimated)
After tt once breakeven sell off the car to get a better one after 3 yrs if can afford.
$619/mth(estimated) for an OPC kia picanto.
Worth or not? Its up to u guys to decide.
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pls see below.
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hi guys, i intend to get the toyota vios auto deluxe OPC at $58,776-$17,000 = $41,776. will pay downpayment of $4,776 and left with loan of $37,000. based on a 7 yr loan at 2.2%, monthly instalment will be about $500.Originally posted by vroomvroom:Here is my calculation,
picanto 42.9K
go for OPC (rebate 17k)
left 25.9k
if possible throw in 5.9k (downpayment)
u only loan 20k
If take 7 yrs loan,
monthly installment abt $250-$280 (didnt calculate...just some mental calculation)
Road Tax $50/yr so abt $4/mth
Fuel (since OPC means less usuage) say $120/ mth
carpark $65/mth
Insurance say $1,800 (will varies) abt 150/mth
warranty 3 yrs (so no maintenance cost for 1st 3 yrs)
so for 1st 3 yrs, every month need to cough out $280+$120+$150+$65+$4= $619 (estimated)
After tt once breakeven sell off the car to get a better one after 3 yrs if can afford.
$619/mth(estimated) for an OPC kia picanto.
Worth or not? Its up to u guys to decide.
hdb carpark should be $95 pm and petrol $100 pm.. reasulting in a total of about $700 pm. what is the typical insurance rate for a 28 year old guy with 1 year licence?
Is there any other hidden cost? I did not take in road tax cos its minimal at $100 per yr?
based on the calculation above, how much do u think a person's salary should be to afford comfortably??
what if the coe for the next 3 months increase? will Borneo ask for a top up or will i lose the bid? and what if the coe drops? will i get a refund of $?
lastly, I am getting this car for weekend use cos my work place is rather near my home.. do u guys think this is justifiable?
thanks bros. -
Hi, let me share my thoughts.Originally posted by nick28:hi guys, i intend to get the toyota vios auto deluxe OPC at $58,776-$17,000 = $41,776. will pay downpayment of $4,776 and left with loan of $37,000. based on a 7 yr loan at 2.2%, monthly instalment will be about $500.
hdb carpark should be $95 pm and petrol $100 pm.. reasulting in a total of about $700 pm. what is the typical insurance rate for a 28 year old guy with 1 year licence?
Is there any other hidden cost? I did not take in road tax cos its minimal at $100 per yr?
based on the calculation above, how much do u think a person's salary should be to afford comfortably??
what if the coe for the next 3 months increase? will Borneo ask for a top up or will i lose the bid? and what if the coe drops? will i get a refund of $?
lastly, I am getting this car for weekend use cos my work place is rather near my home.. do u guys think this is justifiable?
thanks bros.
If i am not wrong, if one got his licence for less than 2 yrs, the insurance is gonna cost u more than $2k per annum. Maybe around $2.3-2.5k.
with that, it would means another $200/mth to your monthly expenses.
So u have to set aside $900-$1000 a month.
I reckon with tt monthly expenses, a gross of $3k (take home only $2.5K) would not even be enough for u to continue leading a normal life. You will prolly be more careful with what u spent and save on other aspect just to support tt car.
(Cos i assume u got your other expenses to take care of, for eg, ur own life insurance, ur allowance to your parents, your other bills like phone bills, internet bills etc)
To afford comfortably,
I reckon a single person gross must at least be $3.5-$4k (take home ard 3K)
while a dual income, must be at least $6k-$7k (take home $5k).
I am no expert in the COE area so no comments on tt.
As for your last question.
I would say u do not need to ask for other ppl's opinions. The decision should lies with yourself whether u feel the money is worthwhile spending on.
My own take is...if i can afford comfortably, dan what the heck..i will just go for it and enjoy life. Afterall, we only live our life once. (But just make sure u are well covered and ready for unexpected rainy days)
Cheers. -
oh well.. thanks bro. my gf is 27 with 8 years licence liao. so prob its more worthwhile to get the car under her name.Originally posted by vroomvroom:Hi, let me share my thoughts.
If i am not wrong, if one got his licence for less than 2 yrs, the insurance is gonna cost u more than $2k per annum. Maybe around $2.3-2.5k.
with that, it would means another $200/mth to your monthly expenses.
So u have to set aside $900-$1000 a month.
I reckon with tt monthly expenses, a gross of $3k (take home only $2.5K) would not even be enough for u to continue leading a normal life. You will prolly be more careful with what u spent and save on other aspect just to support tt car.
(Cos i assume u got your other expenses to take care of, for eg, ur own life insurance, ur allowance to your parents, your other bills like phone bills, internet bills etc)
To afford comfortably,
I reckon a single person gross must at least be $3.5-$4k (take home ard 3K)
while a dual income, must be at least $6k-$7k (take home $5k).
I am no expert in the COE area so no comments on tt.
As for your last question.
I would say u do not need to ask for other ppl's opinions. The decision should lies with yourself whether u feel the money is worthwhile spending on.
My own take is...if i can afford comfortably, dan what the heck..i will just go for it and enjoy life. Afterall, we only live our life once. (But just make sure u are well covered and ready for unexpected rainy days)
Cheers.
one thing though.. which car would u recommend with a budget of $50k to 60k before arf rebate for OPC?
for OPC since we do not drive that often, would it be cheaper in maintenance and it is suppose to last 8 or 9 years compared to full time car of 4 to 5 yrs right? also, what do u mean by breakeven in ur email above?
do u drive now anyway? -
Rule of thumb, try saving at least 1k per month for now. If you can do it comfortably, than it is OK. Someone who earn 3-4k per month, but spend it all most of the time wouldn't be able to support the car, whereas some thrifty guy who take home 2k might be able to afford it. However, remember that 1k per month, we are talking about budget car with a decent FC. One that doesn't breakdown offen, or isn't expensive to service. Vios seem to fit the bill.Originally posted by nick28:......based on the calculation above, how much do u think a person's salary should be to afford comfortably??
what if the coe for the next 3 months increase? will Borneo ask for a top up or will i lose the bid? and what if the coe drops? will i get a refund of $?......
As for the COE, if you really wants the car, go for the comfirmed COE package. If I am not wrong, it is 1k more. The refund thing, you have to check with the SE. I heard even 1-2k drop in COE, they will refund you, for BM. Other dealers' practice is usually only when COE drop until 16k will they refund you. It is under a agreement you would sign before they bid for you. -
I guess if u sign it under ur gf's name, insurance should be ard $1600-$1800Originally posted by nick28:oh well.. thanks bro. my gf is 27 with 8 years licence liao. so prob its more worthwhile to get the car under her name.
one thing though.. which car would u recommend with a budget of $50k to 60k before arf rebate for OPC?
for OPC since we do not drive that often, would it be cheaper in maintenance and it is suppose to last 8 or 9 years compared to full time car of 4 to 5 yrs right? also, what do u mean by breakeven in ur email above?
do u drive now anyway?
I would recommend Vios. I think its the most value for money in tt range.
Certainly (assuming all else the same) less usage will means less maintenance.
err...the 8-9 yrs concept or 4-5 yrs thingy, i think u got it mixed up. its not meant to be this way.
When ppl say for 10 yrs loan the breakeven is abt 5yrs it means that if u wish to sell your car anytime before the 5th yr, u might have to pay the bank $$ to get it sold off.. break even means the value of the car matching the outstanding loan amount. this translates to you having to pay the bank money when you sell the car before the break even period, and receiving money nett if you sell after break even period.
So normally, it means tt if u go for 10 yrs loan, u must be prepared to stick to your car for at least 5yrs. Else, be prepared to cough up $$ just to sell it off.
I dont drive as of now...but i will soon -
nope not really... parts are relatively cheap.. esp the popular models.. you just get your stuff from the authoritize dealers... you can find out more from the car forums... like kia, chevo and hyundai...Originally posted by thursday:Hi all
Thanks for the responses! After reading them, I think I wait a few more years when more stable before I think about getting a car lah. I also asked a friend about KIA Picanto, he said Korean cars come cheap but the parts are expensive. SO shelving the idea for now.
Thanks again!
MK