OPC insurance

• jakku

  12 Jan 07, 11:06

  ANy one has any idea how much difference will a OPC insurance be from a normal plate car>>? hope to get a cheap opc juz for transport ... btw how to one calculate e break even pt.. if say i get a opc sec hand n i plan to drive for say only 3 yrs plus will i break even by den (eg a sec hand picanto at 18000)
• pyjamasgirl

  13 Jan 07, 02:05

  hi.
  opc ins is cheaper by abt 10 to 15% (a rough guide)
  
  mthly instalment depends how much loan u tke for the car, plus any dwnpayment.
  
  usually 2nd hand car cant tke full loan yrs ie, 10yrs. so usually sometimes mthly can be high which is reasonable for u to buy a new car. but then brk even for 2nd car is faster.
  
  say if u tke a loan of 5yrs. mayb ard 2nd yr u can more or less chg car.
  
  say u tke full loan and a loan yrs of 5yrs.
  picanto opc selling $19k.
  interest rate 4%/yr
  
  19000x4%=$760/yr x 5= $3800 (total interest payable for 5yrs)
  
  total car cost (meaning loan taken) $19000+$3800= $22800
  
  mthly instalment = 22800/5yrs = $380
  ---
  opc rd tax $50
  yrly insurance $1900 (assuming less than 1 yr driving exp, under 25yrs old)
  1st mth instalment $380
  
  how to knw if u can qualify for the bank loan.
  tke ur mthly instalment multiply by 4(times of ur pay)
  u must earn at least that amt to get loan.
  
  i hope it helps.
  thou a bit messy and lack of info.
  
  : )
• jakku

  15 Jan 07, 09:55

  thanks a lot for e info...