If got a 1.4L car 3 years ago at abt $73k, and bcos COE has drop to $8k, how to calculate if is worth leh?
other than to ask sales man, is there a formula to do on my own?
thanks
U full cash the $73k? Or take loan?
If you took loan, see how much outstanding balance and how much your car can sell now and how much you have to top up.
Ppl generally say 'break-even' at around 5th year, where most likely your loan and car sale price is more or less same. 1st and 2nd year supposedly lose the most.
Anyway, you lose money cuz car price dropped but also getting new car at a lower price. So more or less the same. E.g you bot your car $73k for a 1.4k... nowadays $73k could have bought the special offer WRX!!
So in your calculations, just consider although you selling your old car at loss, you are buying your new car 'cheaper' than last time.