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
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.