USED Corolla or NEW Matrix/Cerato
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Thinking of getting a USED 2003 model 1.6A Corolla (previous generation) or a NEW Korean car (e.g. Matrix, Cerato) as they cost around the same - slightly > $50k.
Should I get the used Corolla or the new Korean car? While the interest rate for a used car loan may be higher and the car will not be under warranty, I'm quite concerned about the resale value, reliability and fuel consumption of Korean cars, even new ones.
Appreciate your opinions on this matter! -
Hi,
If you are seriously concern abt the resale value, go for the Corolla. -
Why not get a new car when you have the option to?
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For fuel saving and more power go for corolla....
In addition, it's parts are much more durable and easily available compare to hydundai car makes.... -
MAtrix and Cerato known to be petrol guzzler , the hiporolla u are eyeing gives you a mileage of 15 km/L for the 1.5 L version.
Personally I will go for the hiporolla -
My opinion:Originally posted by nakata10:Thinking of getting a USED 2003 model 1.6A Corolla (previous generation) or a NEW Korean car (e.g. Matrix, Cerato) as they cost around the same - slightly > $50k.
Should I get the used Corolla or the new Korean car? While the interest rate for a used car loan may be higher and the car will not be under warranty, I'm quite concerned about the resale value, reliability and fuel consumption of Korean cars, even new ones.
Appreciate your opinions on this matter!
2003 Corolla 1.6A ($54K - $58K)
PRO
1) brand reliability
2) better resale value (based on 65% OMV)
3) good FC
CON
1) car shall be hitting a mileage which require you to change timing belt?
2) wear and tear starts to surface: tyres, brake pads/disc etc as warranty going to end
3) higher interest rate (3.125%)
New Cerato/Matrix ($51999/$5188
PRO
1) smell of new car
2) warranty
3) lower interest rate
CON
1) heavy car thus FC higher
2) lower scrap value as COE is low and 55% OMV
3) poor resale value of Korean cars in the market -
Some points which I would like to comment:
Originally posted by flash9933:
My opinion:
2003 Corolla 1.6A ($54K - $58K)
PRO
1) brand reliability
2) better resale value (based on 65% OMV)
Not exactly to our advantage. A higher OMV meant a slightly higher scrap value which makes resellability a problem when the buyer compares this to the deck-low prices of the new car prices. My friend's 2002 VTi which has a 130% OMV was deemed too high in terms of scrap value so dealer can't afford to take in and resell. In the end, it was traded-in to be de-reg for export; worthing only 4k above its scrap value...
3) good FC
CON
1) car shall be hitting a mileage which require you to change timing belt?
Toyota Engines do not have timing belts. VVTi uses Timing Chain that do not require replacement at regular intervals.
2) wear and tear starts to surface: tyres, brake pads/disc etc as warranty going to end
3) higher interest rate (3.125%)
New Cerato/Matrix ($51999/$5188
PRO
1) smell of new car
2) warranty
For the Cerato, the 100,000km warranty comes with the most expensive servicing charges by C&C so u may like to take note of it...
3) lower interest rate
CON
1) heavy car thus FC higher
Yes. The Matrix weighs 1260kg while the Cerato weighs 1274kg. In contrast, the Civic weighs 1160kg, the Altis 1175kg, the Lancer 1085kg, the City 1090kg and the Vios 980kg. Naturally becos of its weight, it will bring you to the kiosk more often than jap car owners...
2) lower scrap value as COE is low and 55% OMV
As mentioned above, got good got bad. The Parf will continue to decline with the decrement of the ARF imposed on new cars; Question is which FY will the government implement that. In the long run, car owners of 55% OMV scrap system will still lugi somehow...
3) poor resale value of Korean cars in the market
Agreed. Look at Hyundai advertises its car every sat in the classified. They kept slashing prices like nobody's business. At this rate u may get to c a 45k price tag for a 1.6L Matrix by end of the year (provided COE continues its current trend). There is absolutely zero points for customer loyalty as those who had bought Hyundai cars see their cars depreciating faster than continental cars... The dealer is solely interested to keep its current 2nd best seller position while striving for the 1st so volume counts. -
it is advisable to work with scrapped value if you go for korean car.Originally posted by nakata10:Thinking of getting a USED 2003 model 1.6A Corolla (previous generation) or a NEW Korean car (e.g. Matrix, Cerato) as they cost around the same - slightly > $50k.
Should I get the used Corolla or the new Korean car? While the interest rate for a used car loan may be higher and the car will not be under warranty, I'm quite concerned about the resale value, reliability and fuel consumption of Korean cars, even new ones.
Appreciate your opinions on this matter!
But if resale value is more important, then jo for japanese car -
the 1.8L matrix FC is better than the 1.6L as 1.6L is under powderedOriginally posted by seancannot:MAtrix and Cerato known to be petrol guzzler , the hiporolla u are eyeing gives you a mileage of 15 km/L for the 1.5 L version.
Personally I will go for the hiporolla -
Hi,Originally posted by nakata10:1) car shall be hitting a mileage which require you to change timing belt?
Toyota Engines do not have timing belts. VVTi uses Timing Chain that do not require replacement at regular intervals.
Thanks for clarifying the question as I also not sure so I put a '?'.
I'm also looking at Corolla 1.5XLi, but the price is ranging from 52K-55K for a 2 years old car. The scrap value(less body) is around $38K at the moment. LTA transfer fees around $750 ... So still pondering whether is it a wrong decision to buy a 2 yo cars where it cost the same as a new one of a Korea brand. -
i think 55 k is overpriced.... fair value should be around 48 to 50 k ... who would buy when for around similar price you can get a brand new car...Originally posted by flash9933:Hi,
Thanks for clarifying the question as I also not sure so I put a '?'.
I'm also looking at Corolla 1.5XLi, but the price is ranging from 52K-55K for a 2 years old car. The scrap value(less body) is around $38K at the moment. LTA transfer fees around $750 ... So still pondering whether is it a wrong decision to buy a 2 yo cars where it cost the same as a new one of a Korea brand. -
Originally posted by flash9933:Hi,
Thanks for clarifying the question as I also not sure so I put a '?'.
I'm also looking at Corolla 1.5XLi, but the price is ranging from 52K-55K for a 2 years old car. The scrap value(less body) is around $38K at the moment. LTA transfer fees around $750 ... So still pondering whether is it a wrong decision to buy a 2 yo cars where it cost the same as a new one of a Korea brand.
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If the scrap is 38k then add ard 10k for the body. So if the owner directly scrap to scarp dealers he would most probably get ard 48k. If u buy from dealers then add 5k. So the price we are looking at is around 53k if get from dealer. Get direct from owner would be 48k like that. At 53k u r just 9k short of paying for a brand new Altis instead. This is the dilemma that I was trying to say earlier on that a high OMV may not necessarily work to our advantage. Now u know wat I mean?Originally posted by seancannot:i think 55 k is overpriced.... fair value should be around 48 to 50 k ... who would buy when for around similar price you can get a brand new car...
The transfer fee of is capped at 2% of the mkt price for the car. In this case, the so-call mkt price of the car is its current scrap value which I believe should be $37,500. Therefore 2% of it would be $750. This amount of $ goes to the government coffers so no choice if u want a car, u pay the price.
It's very impt to keep your cool and be impartial in your judgement when buying the car. No doubt it makes economical sense to go for a new korean car as compared to a 2nd hand jap car, the fact remains that we are not comparing apple to apple here. Even if its a new korean car, eventually 2 or 3 years down the road u will start to tink twice... -
A new Cerato or Matrix should be having a OMV of about $12K (max) for auto. At the price of $52K, the COE is about $17K. If the car is going to scrap in 3 and 5 years time, the paper value will only cost $21.8K and $18.4K respectively (sorry, but Korea cars really dun fetch any body price currently). Anyone selling the ride off early will definitely cry big times unless he pay at least 30% d/p.Originally posted by SeeTees:It's very impt to keep your cool and be impartial in your judgement when buying the car. No doubt it makes economical sense to go for a new korean car as compared to a 2nd hand jap car, the fact remains that we are not comparing apple to apple here. Even if its a new korean car, eventually 2 or 3 years down the road u will start to tink twice...
Likewise for a 2 yo G9, the current scrap (less body) is $38K. At its 3rd year and 5th year, it will have a rebate of $33.3K and $28K respectively. On paper, you own a second hand car for about 2 years and scrap, you wun lost much.
I'm quite concern about the rebate values of cars in future, so it is rather dilemma to choose on new Korean car or a G9. -
New Altis 1.6 Deluxe Version now cost $63876
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Think you offer 6-8K above the paper the owner will sell cos dealer wont offer 10K for that body. Get the used Toyota, depreciation will be lower than a new Kia.
Actually all cars resell value mainly base on paper now adays, it doesn't really matters which make it is. Maybe the body can fetch 1 or 2 K more for Jap make compare to Korean, but you do pay a few K more when you buy it. It comes to a square one.
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$52,000 to $55,000 for a 2 year old Corolla is the market rate. Can check it out from here:
http://www.sgcarmart.com/main/listing.php?MOD=corolla&CAP=Any&PR1=0&PR2=&TP=Any&GR=Any&FR=2003&TO=2003
With some skilful negotiations, can probably bring it down to $50,000.
Resale value of Toyota is definately much better than Korean cars. If you are planning to change your car 2-3 years down the road, go for the Corolla! -
I think dun get matrix 1.6
if u wan the big space, u can get it.
i recommend manual tranmission cars. More FC friendly but all depends on ur right foot. More control of ur car. -
Get the corolla... u won't regret... be it the used that u mentioned or top up a few k to get the new...
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all this scrap/paper/depreciation thing is making me a bit confused...can someone explain in layman language what it's all about?Originally posted by SeeTees:If the scrap is 38k then add ard 10k for the body. So if the owner directly scrap to scarp dealers he would most probably get ard 48k. If u buy from dealers then add 5k. So the price we are looking at is around 53k if get from dealer. Get direct from owner would be 48k like that. At 53k u r just 9k short of paying for a brand new Altis instead. This is the dilemma that I was trying to say earlier on that a high OMV may not necessarily work to our advantage. Now u know wat I mean?
The transfer fee of is capped at 2% of the mkt price for the car. In this case, the so-call mkt price of the car is its current scrap value which I believe should be $37,500. Therefore 2% of it would be $750. This amount of $ goes to the government coffers so no choice if u want a car, u pay the price.
It's very impt to keep your cool and be impartial in your judgement when buying the car. No doubt it makes economical sense to go for a new korean car as compared to a 2nd hand jap car, the fact remains that we are not comparing apple to apple here. Even if its a new korean car, eventually 2 or 3 years down the road u will start to tink twice... -
What is what all about? you did not say whioch part you are not clear with. Or you are having problem understanding what this thread was all about in the 1st place?Originally posted by nakata10:all this scrap/paper/depreciation thing is making me a bit confused...can someone explain in layman language what it's all about?