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
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
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
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!!!
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.
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.
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.
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 $?......
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?
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