Calculating car value (please help)

• tyljos

  20 Jan 06, 16:50

  Helo,
  anyone knows how to calculate car value.
  Currently owes bank for 49,000 (including interest)
  Bank interest rate is 1.8%
  COE 21000
  Parf 12868
  If 2 years later, when the car is 5 years old and
  If I intend to scrap 2 years later, how much must i top up?
  
  Is it worthwhile to trade in my car Vios to a new car Vios?
  
  Thanks...
• huoye

  20 Jan 06, 17:40

  more details needed
  
  for eg: ur paper value
  ur loan outstanding
  car registered
  blah blah blah
• sunnyMAN

  21 Jan 06, 00:37

  Originally posted by tyljos:

  Helo,
  anyone knows how to calculate car value.
  Currently owes bank for 49,000 (including interest)
  Bank interest rate is 1.8%
  COE 21000
  Parf 12868
  If 2 years later, when the car is 5 years old and
  If I intend to scrap 2 years later, how much must i top up?
  
  Is it worthwhile to trade in my car Vios to a new car Vios?
  
  Thanks...

  1) you must calculate total interest you owe bank
  2) in order not to incur a loss, you must AT LEAST pay off all interest before u sell
  3) calculate COE + PARF remaining ( thats the value of the car )
  4) take this value - outstanding loan still oweing bank
  
  if +ve value means bank will give you the balance
  if -ve value you must top up
  
  5) if +ve value means its not even neccessary to pay a downpayment and you MIGHT even enjoy a lesser loan for the new car since car pricing is dropping
  
  6) if you talking abt 2 yrs later..you need to know whats the COE + PARF remaining..or you can estimate from depreciation...den follow the same calculation as above
• wbucket

  21 Jan 06, 09:19

  Originally posted by tyljos:

  Helo,
  anyone knows how to calculate car value.
  Currently owes bank for 49,000 (including interest)
  Bank interest rate is 1.8%
  COE 21000
  Parf 12868
  If 2 years later, when the car is 5 years old and
  If I intend to scrap 2 years later, how much must i top up?
  
  Is it worthwhile to trade in my car Vios to a new car Vios?
  
  Thanks...

  S$49000 after 3 years of ownership. Meaning a total of S$70k loan. Looks like a near S$65k Vios with about S$10k downpayment. Then COE should be about S$25k. So most likely the parf value is around S$20k. Looks like you have to top up about S$15k to repay your loan after scrapping the car.
  
  Whether is it worthwhile or not depends on individual. For me, I have no plans to scrap my car after just 5 years of usage, even though my loan period is 5 years.