Help needed!
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Hi guys,
I am a newbie here and I really need help. I dun really understand all the things about buying, selling and scrapping a car. I have a scenario here and really need help and opinions from you experts out there.
First of all I intend to buy a car and my mind is set to definitely a COE car and not a new car. As my budget is not that high.
First problem is which type of COE car is value to buy? Is the one that is below 10 years or above 10 years? My maximum budget for monthly instalments would be at most $450 the lesser the better. I definitely would be paying a downpayment of at most $8000.
Second problem would be if I were to get a car that is above 10 years would there still be scrap value after I used it for another 10 years? Meaning to say if let say I bought a 92 Honda civic which the COE will last till 2012 if I were to scrap it after that do I still get any money in return?
Correct me if I am wrong, from what I know is that if the car is less then 10 years and you used it up to its first ten years and you scrap it you will get the PARF value back right? But what about a car that is reaching 20 years stage? Like the scenario I mention.
Third problem I saw ads on the straits times stating 92&93 Honda civic ESI, VTI, asking for $18.8K at monthly installment of $190-310 per month. Is there any gimmicks to these ads? or is this realy value for money?
Last problem, If i were to get a second hand Honda FIT of about only 1 to 2 years old, with a downpayment of $8000 at most can I get to pay a monthly instalment of $450 or less??
Please do help me clarify my problems and confusion. I would be glad if anyone could help. Thanks -
COE cars are used cars above 10 yrs old, meaning their COEs have been renewed. used cars below 10 yrs old are called PARF cars.Originally posted by noideazz:Hi guys,
I am a newbie here and I really need help. I dun really understand all the things about buying, selling and scrapping a car. I have a scenario here and really need help and opinions from you experts out there.
First of all I intend to buy a car and my mind is set to definitely a COE car and not a new car. As my budget is not that high.
First problem is which type of COE car is value to buy? Is the one that is below 10 years or above 10 years? My maximum budget for monthly instalments would be at most $450 the lesser the better. I definitely would be paying a downpayment of at most $8000.
Second problem would be if I were to get a car that is above 10 years would there still be scrap value after I used it for another 10 years? Meaning to say if let say I bought a 92 Honda civic which the COE will last till 2012 if I were to scrap it after that do I still get any money in return?
Correct me if I am wrong, from what I know is that if the car is less then 10 years and you used it up to its first ten years and you scrap it you will get the PARF value back right? But what about a car that is reaching 20 years stage? Like the scenario I mention.
Third problem I saw ads on the straits times stating 92&93 Honda civic ESI, VTI, asking for $18.8K at monthly installment of $190-310 per month. Is there any gimmicks to these ads? or is this realy value for money?
Last problem, If i were to get a second hand Honda FIT of about only 1 to 2 years old, with a downpayment of $8000 at most can I get to pay a monthly instalment of $450 or less??
Please do help me clarify my problems and confusion. I would be glad if anyone could help. Thanks
downpayment 8k, monthly of 450 a new car is possible. kelisa or picanto is within this budget. check out www.sgkiaclub.com for info regarding picanto.
COE cars, ie those with their COEs renewed have some scrap value. but not much. and NO PARF rebate at all.
the ads u see in newspapers 10.8k monthly less than 250 are all gimmicks. 350 to 400 is more realistic.
honda fit will not meet ur budget. lets say around 55k selling price. down 8k, left 47k instalment. loan 8 yrs (2003 model) at 3.45% interest per year. monthly is $658. this is a rough estimate.
hope this helps. -
just to add on.
92 93 honda civic esi and vti are generally not in very good condition. with quite a lot of problems eg. overheating etc. unless u are very familiar with cars and very experienced, or u are so lucky to get a car in good condition, its best to avoid such cars. even if u get a good car, the components (timing belt etc) need replacing due to wear and tear still.
regarding scrap value of 20 yr old cars, i am not sure. forgot liaoz. think some others will help u out regarding this.
last of all, dun forget to include petrol, parking, erp, road tax, insurance, fines, servicing etc etc in addition to your monthly instalment. at least 1k for everything to be safe. if u dun have this budget, please reconsider buying a car. -
Think Fit or Jazz is around 68k now, new. So if you get it new, it is cheaper than the above example by $30/month.Originally posted by imprezaWRXSTi22B:......
honda fit will not meet ur budget. lets say around 55k selling price. down 8k, left 47k instalment. loan 8 yrs (2003 model) at 3.45% interest per year. monthly is $658. this is a rough estimate.
hope this helps.
Anyway, doing a reverse calculation, you can afford any car at the price of $51373. 10-year loan, 2.45% interest, 8k down payment. So you do the maths.
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Calculation:
(450 * 12 * 10 divided by 1.245) + 8000.
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Think Getz and Aveo also within your range. Maybe Accent, Rio too. -
Thanx peepz. FC is quite a concern for me too. wad is picanto's FC like?? and based on your experience how much do you put aside for petrol monthly?
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wbucket's calculation is accurate. any new car below 51k is within ur budget. alot of models to choose from actually. picanto fc is quite good. can hit anything between 15 to 17km/l for manual.Originally posted by noideazz:Thanx peepz. FC is quite a concern for me too. wad is picanto's FC like?? and based on your experience how much do you put aside for petrol monthly?
ur petrol consumption depends on the distance u travel everyday. here is a breakdown of $200 monthly.
$200 monthly
lets say $1.50 per litre (roughly 95 or 98 grade)
$200 gives u 133.33 litres
lets say ur car gives u 12km/l ( a very reasonable average for manual cars below 1.6 litres)
so 133.33 litres give u mileage of 1600km.
so u will travel roughly 1600km every month if ur petrol is $200.
that works out to 53.33km per day. which is say pasir ris to town and back?
this is a rough estimate and hope this helps. -
Originally posted by imprezaWRXSTi22B:
I think the case is that, if you scrap your car on the 10th year after the COE expire, you get back a sum of money (scrap value). However, you renew the COE and decides drive the same car for another 10 years, then at the end of the 20th year after the 2nd COE expires, you get back nothing. Of course if you decide to sell the car between the 10th to the 20th year, you get back some money for the 2nd COE that you paid.
just to add on.
92 93 honda civic esi and vti are generally not in very good condition. with quite a lot of problems eg. overheating etc. unless u are very familiar with cars and very experienced, or u are so lucky to get a car in good condition, its best to avoid such cars. even if u get a good car, the components (timing belt etc) need replacing due to wear and tear still.
regarding scrap value of 20 yr old cars, i am not sure. forgot liaoz. think some others will help u out regarding this.
last of all, dun forget to include petrol, parking, erp, road tax, insurance, fines, servicing etc etc in addition to your monthly instalment. at least 1k for everything to be safe. if u dun have this budget, please reconsider buying a car.
The depreciation looks something like this:
Depreciation for 10 years= 2nd COE + Scrap Value
Depreciation per year = 2nd COE + Scrap Value / 10 years -
I worked at Bukit batok, stay tampines. Goes out during weekdays and sometime weekdays. My 1 full pump about $43 (30 litre), last me 1.5 week. I drive a kelisa in its burn-in period, now FC 17km/l. I wonder what it would be like after burning in and that I have bush-up my skills.Originally posted by noideazz:Thanx peepz. FC is quite a concern for me too. wad is picanto's FC like?? and based on your experience how much do you put aside for petrol monthly?
Heard picanto about 15km/l, but think depends on your driving method. You floor, it drinks. -
I think if I am not wrong, there is some money if you were to scrap your car of 20 years. What they would call it, bodykit value? Correct me if I am wrong.
If Honda Civic VTI, ESI is really preoblematic what about proton or Lancer or any cars that is after 10 years? -
By the way how much would toyota vios monthly payment with a downpayment of 8K? I heard vios is quite good and cheap.?
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yah, comment on honda city as well..
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new cars r u buy it 1st hand...Originally posted by noideazz:Hi guys,
I am a newbie here and I really need help. I dun really understand all the things about buying, selling and scrapping a car. I have a scenario here and really need help and opinions from you experts out there.
First of all I intend to buy a car and my mind is set to definitely a COE car and not a new car. As my budget is not that high.
First problem is which type of COE car is value to buy? Is the one that is below 10 years or above 10 years? My maximum budget for monthly instalments would be at most $450 the lesser the better. I definitely would be paying a downpayment of at most $8000.
Second problem would be if I were to get a car that is above 10 years would there still be scrap value after I used it for another 10 years? Meaning to say if let say I bought a 92 Honda civic which the COE will last till 2012 if I were to scrap it after that do I still get any money in return?
Correct me if I am wrong, from what I know is that if the car is less then 10 years and you used it up to its first ten years and you scrap it you will get the PARF value back right? But what about a car that is reaching 20 years stage? Like the scenario I mention.
Third problem I saw ads on the straits times stating 92&93 Honda civic ESI, VTI, asking for $18.8K at monthly installment of $190-310 per month. Is there any gimmicks to these ads? or is this realy value for money?
Last problem, If i were to get a second hand Honda FIT of about only 1 to 2 years old, with a downpayment of $8000 at most can I get to pay a monthly instalment of $450 or less??
Please do help me clarify my problems and confusion. I would be glad if anyone could help. Thanks
cars below 10yrs old wif previous owner(s) r known as used cars....
COE cars r cars more than 10years old cos they only hav coe value...
there wont be any scrape value for cars after 10 years...
$18k for Honda r gimmicks unless they r left wif only around 3yrs...
but $190-$310/mth r definitely dealers' gimmicks(unless u dwn alot lah)...
for Honda Fit,it has to depend on the price the dealer sell...
but i guess shd be about $600 for $8k down...