need help in buying 2nd hand car
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Hi bros, I m a student currently studying n working part time and i know nothing about buying a car. Hope u guys can help me out here.
1. i came across this car is it worth it? for $55,550
Mazda MX5 1.8A
Price -
Road tax
$1,022 per year
Transmission Auto
Engine cap 1839 cc
Reg date 11-Jan-2005
Mileage 32,000 km
Features Soft Top Cabriolet, ABS, Front And Rear Disc Brake, Rear Wheel Drive, 2 Airbags.
Accessories Original Factory Fitted Audio System, Original Sports Rims, Solar Film, Reverse Sensor, Fog Lamps.
Description Less Than $7k Depreciation, For A Sexy Red MX5, Nice Bidding Number Worth $2k To Go With, Super Low Mileage At 32000km For A 3.5 Years Old Car, Soft Top Like New.
COE
$20,300
OMV
-
Depreciation
-
No. of owners 2
Type of veh Sports Car
Availability SOLD
2. how much do i have to pay per mth,a rough amount?(not including insurance,rd tax n petrol),&(including insurance,rd tax n petrol) n if i were to sell it off after 1yr or 3yrs of use, how much will i lose? or use it till coe end n renew it is it better?(is it if i pay finish n use it till coe end then renew i only need to pay the coe price at that time?)
3. can teach me how u guys calculate a 2nd hand car value so that i wont buy a overpriced 2nd hand car/the things about 2nd hand car that i left out.(i m not sure about coe price last time n now, how does it affect the price of the 2nd hand car)(what is omv?Depreciation?n paper value?.if can explain more about this 2.)
i read alot on these topic but i still dun really understand, if can explain in a simple way.thanks in advance. -
Originally posted by boarocks:
Hi bros, I m a student currently studying n working part time and i know nothing about buying a car. Hope u guys can help me out here.
1. i came across this car is it worth it? for $55,550
Mazda MX5 1.8A
Price -
Road tax
$1,022 per year
Transmission Auto
Engine cap 1839 cc
Reg date 11-Jan-2005
Mileage 32,000 km
Features Soft Top Cabriolet, ABS, Front And Rear Disc Brake, Rear Wheel Drive, 2 Airbags.
Accessories Original Factory Fitted Audio System, Original Sports Rims, Solar Film, Reverse Sensor, Fog Lamps.
Description Less Than $7k Depreciation, For A Sexy Red MX5, Nice Bidding Number Worth $2k To Go With, Super Low Mileage At 32000km For A 3.5 Years Old Car, Soft Top Like New.
COE
$20,300
OMV
-
Depreciation
-
No. of owners 2
Type of veh Sports Car
Availability SOLD
2. how much do i have to pay per mth,a rough amount?(not including insurance,rd tax n petrol),&(including insurance,rd tax n petrol) n if i were to sell it off after 1yr or 3yrs of use, how much will i lose? or use it till coe end n renew it is it better?(is it if i pay finish n use it till coe end then renew i only need to pay the coe price at that time?)
3. can teach me how u guys calculate a 2nd hand car value so that i wont buy a overpriced 2nd hand car/the things about 2nd hand car that i left out.(i m not sure about coe price last time n now, how does it affect the price of the 2nd hand car)(what is omv?Depreciation?n paper value?.if can explain more about this 2.)
i read alot on these topic but i still dun really understand, if can explain in a simple way.thanks in advance.Just my 2 cents worth... I might not be able to answer all.... This's what I know so far...
By the way.. the car was SOLD based on your description. But I will explain from the following example.
Since the car was registered on 11th Jan 2005, theoretical deregistration date is on 11th Jan 2015. Given today's date of 30th October 2008, the car still have approximately 7 years to go. That's assuming you are driving to the very last day of its lifespan.
Having said that, assuming a market 2nd-hand car interest rate of 2.88% and you take full 7-year loan, your monthly instalments will be around $800. Up to you to deduce if that's expensive or not. That cost excludes all other things.
Ok... if you wish to sell your car be it within 1 to 5 years, you have to consult a second hand dealer. He will quote a price for you. From there, you will be able to calculate your depreciation, because depreciation (in years) = [(Final selling price - Cost Price) / Number of years ]. Again, the amount is subjective. But usually, any car that has a depreciation of over $8000 is considered high. That usually applies for executive cars over 2.0 litres.
It's wise to pay off your instalments before selling your car. Because, even if you were to renew COE after the 10 years, any outstanding amount will roll over to your next payment. For example, if you have $10,000 in outstanding loan and the new COE that you buy is $20,000, you have to fork out $30,000. If you wish to sell your car, say at $30,000; but because you owe $10,000, you will only get back $20,000.
OMV refers to "Open Market Value". It refers to the vehicle price w/o COE and taxes, in simpler terms. From the OMV, you can calculate it's PARF rebate or scrap value, the money will u get back when you deregister your car at the end of the 10-year COE. If I'm not wrong, currently the PARF rebate is 70% of OMV. So, higher OMV will have higher scrap value. But, of course, higher OMV will mean that the car will cost more.
Paper value is what most 2nd hand car dealer will associate to the valuation of the car. It's more for those who are changing owners or changing their cars. As for the transfer porcess... I'm not too sure.
Hope this helps and if I have made a mistake somewhere..do enlighten me... Thanks.
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$55k is okay la.. but mazda cars are never known for its resale value. i own a mazda 6 2003 reg in aug, bought at 80988, now worth only 38k..
you will have to cough out about $800 a month alone JUST for the car ALONE. you still have to factor the price of COE and insurance annually.
road tax will be about 1200-1300 annualy, insurance, im not very sure, you can expect it to be about 2000 a year.
petrol will be about $400 a month, parking and ERP charges has not been taken into consideration yet. car servicing also..
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Originally posted by zerocool85:
$55k is okay la.. but mazda cars are never known for its resale value. i own a mazda 6 2003 reg in aug, bought at 80988, now worth only 38k..
you will have to cough out about $800 a month alone JUST for the car ALONE. you still have to factor the price of COE and insurance annually.
road tax will be about 1200-1300 annualy, insurance, im not very sure, you can expect it to be about 2000 a year.
petrol will be about $400 a month, parking and ERP charges has not been taken into consideration yet. car servicing also..
Wow... the car certainly depreciates a lot. Now you still driving the car? Given the high depreciation, it might be wise to stick to the car, to buffer the 'monetary loss' each year. Just my 2 cents' worth...
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Originally posted by lianamaster:
Wow... the car certainly depreciates a lot. Now you still driving the car? Given the high depreciation, it might be wise to stick to the car, to buffer the 'monetary loss' each year. Just my 2 cents' worth...
yeah.. still driving the car.. wanted to trade the car for the FD2R in the first place.. but the value wasnt right.. so bought a old b-series honda to play with...
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its best to hold on to ur existing car...as you know times are bad and i dun think its a good time to buy a car now,somemore 2nd hand.