Is this deal worth it?
-
Hi all,
my bf and I are intending to get a car. and just nice, my sis and bro in law wish to sell off their 4 mths old honda fit 1.3A to get a larger car (as the boot is too small for them.. the boot is full with just a baby pram). We wun be transferring the names, due to the fees involved and since we're all a family.
This is what the calculations comes out to..
monthly instalment $607 (he took a loan for 10 yrs @ 4%, with cash rebate of more than 5K)
insurance (yearly payment) $1400
road tax (every 6 months) $350
the insurance is cheaper due to the higher age when compared to buying the car under my bf or my name. the cashback wise, my bro in law basically pumped all the $ back to the car already.
the car comes with a full authenic Mugen body kit (limited 2005 edition), new brakes, Sparco seats, new suspension bar, sports rims etc. (alot of modifications done that i'm also not sure.. haha)
basically, the cashback went to the first instalment of the car, road tax plus all the mods. the mods exceeded the cashback value, but bro in law doesnt mind abt that.. and in additional, parts of the car which I don't like, he will sell away and refund the $ back to us (eg. I dun fancy the RIMS).
I'm seriously not sure abt market pricing out there.. thus would like to seek your honest opinion. Pls advice, thanks! -
Not advisable to get second hand cars off relatives or friends. Things will turn out nasty if the car has problems later in the future.
-
yeah,... I'd advise u to transfer the car as well,... the inconvenience (and misunderstandings) may not be worth it,...
In any case, one day both of u will want your own car,... so the savings, NCD for insurance, etc will come into play one day under your own names,...
-
Do you know how much they will lose if they sell the car now???
-
Best done at arms-length.
And how come so short sighted didnt plan well for boot space requirement? -
10 year loan with a 4% interest. signs of deep poo.
-
transfer name? then who is going to do the full settlement? the bank wont allow name transfer unless ur car is fully settled.Originally posted by TheDream:yeah,... I'd advise u to transfer the car as well,... the inconvenience (and misunderstandings) may not be worth it,...
In any case, one day both of u will want your own car,... so the savings, NCD for insurance, etc will come into play one day under your own names,...
but i wont really recommend u to take over the installment cuz S$604/= is quite high. lets see..
brand new fit: S$55k(est.)
downpayment: S$5k
loan amount: S$50k
- - - - - - - - - - - - - - - - -
mthly installment at 2.8% interest rate: S$534/mth
by coming out with an extra $6k u can get a brand new fit wif 3 yrs or 60000km warranty..why not?
-
pai seh didnt notice its a 4 mths old car. but are u sure the car is perfectly alrite? kinda of werid tat they are willing to lose $$ by letting go a 4mth old car.
-
Real life tends to screw up even the best laid plansOriginally posted by sir_boris:Best done at arms-length.
And how come so short sighted didnt plan well for boot space requirement? -
Are u taking over & continue the loan?If yes,then not worth it?
As someone mention,do u know the car worth how much now?
Easily 15K gone.
Dont care about the bobykit.When u sell your car next time,it not worth a single cent.Car dealer only care about sportrim,leatherseat & whether major
accident anot.Paintwork how nice also no use. -
Whether or not they transfer the name for the car, they will still need to decide who to take over the payments of the car what,...Originally posted by so_nice:transfer name? then who is going to do the full settlement? the bank wont allow name transfer unless ur car is fully settled.
but i wont really recommend u to take over the installment cuz S$604/= is quite high. lets see..
brand new fit: S$55k(est.)
downpayment: S$5k
loan amount: S$50k
- - - - - - - - - - - - - - - - -
mthly installment at 2.8% interest rate: S$534/mth
by coming out with an extra $6k u can get a brand new fit wif 3 yrs or 60000km warranty..why not? -
10 yrs @ 4% is quite a lousy deal... not trying to promote family discontentment or what.. somehow i think that its not as simple as boot too small....Originally posted by joanne:Hi all,
This is what the calculations comes out to..
monthly instalment $607 (he took a loan for 10 yrs @ 4%, with cash rebate of more than 5K)
insurance (yearly payment) $1400
road tax (every 6 months) $350 -
u shud transfer the name.
in case things sour up, ur relatives could sell off the car and claim it as theirs -
You need to calculate your break even stage, unless you are prepare to hold on the car for the next 8-9 years (for 10 years loan), if not, the moment you sell within say 3 years time, you gonna top up a significant amt of $$$. Please do the maths 1st, regardless whether the car comes with whatever freebies.
Remember all the interest @4% is very high too. That's why, now a days, pple tends to go for the shortest loan and lowest interest rate, so that they will not suffer in the long run.
Just my 2 cents of advise, but in anyway, if you find that you shouldn't go for it, then let them know your p.o.v. I think they should understand. Remember most important is... not to let family feelings be affected.
-
10 years at 4% interest is really a bad deal, my loan's like 2.7%
-
those wif cash rebates are usually higher %
-
i seriously think getting a car from relatives or people related to you is not worth risking