Advice on scrap worth on Honda Vti

• Mercury_1

  16 Jul 03, 19:04

  Hi,
  
  A fren of mine is looking at a honda vti of about 3 yrs old, just wondering if anyone here knows the scrap value of the car. That is after the COE and OMV value what would the body be usually worth? The dealer said in the area of $10,000 but I'm not too convinced, any1 here knows the approx?? Or is there a site to valuate such vehicles?
  
  Also how does the PARF valuation for the car work? does any1 know about this?
• Ah Wei

  16 Jul 03, 21:35

  Hi,
  
  The parf of a Vti should worth more than 10k....... in the region of 15k. At least that's what the parf of my 2 year old Vti worth upon scraping.
  
  I don't know how to calculate cos don't bother to. The simpest way is to look at the log card. They'll state the parf of the car upon scraping.
  
  Hope this helps.
• Mercury_1

  16 Jul 03, 23:20

  Thanx Wei,
  I'll prob have to do more checking too, just want to know if the dealer is charging a decent price or making too big a profit.
  
  Thanx!
• Ah Wei

  17 Jul 03, 00:01

  Hi again,
  
  How much is the car, and which year iwhich mnth is the car from? Care to let me know?
  
  Thanks.
• Mercury_1

  17 Jul 03, 01:00

  Hi,
  
  It was Aug 2000, the COE was about 33k and OMV about 22k if I'm not wrong, the scrap value was about 53k as listed by VICOM. but the dealer wanted about 63-64k for it.
• Ah Wei

  17 Jul 03, 07:49

  Hi Mercury,
  
  Oh, you are saying scrap value as of if the car was scrap now, nt when it is 10 years old, i see the point now.
  
  Okie, my advise is as such. OMV is 22k, which mean that the scrap value after 10 yrs is abt 17k plus (abt 80% of 22k).
  
  The car is left with 7 yrs 1 mnth. To make it simple, its 7 yrs. thus 64-17 will give you 47000k in 7 years, thus making it a depreciate of 6700plus per year. It's consider reasonable for a Vti.
  
  If can't judge it by the scrape value as of scraping it now. No1 look at t this way, if not, really can forget abt getting a car cos the selling value is definitey higher than that.
  
  Of cos, loan does play a part as well if the car is worth buying. Anyway, I can tell you that the 2000 civic is really cool in term of look.
  
  Last but not least, ask your friend bargain down another 1-2k, market is bad now, there's a chane he might get the discount.
  
  Hope this help as well.
• ahbeng

  17 Jul 03, 14:36

  I would suggest you to look for a brand new from Kah mtr, I look at it this way.
  New 1.6VTI - 83~86K, scrap around 11k, depc 7.2K per year.
  2000 1.5VTI - 6.9K per year (no warranty, old model, 100cc less)
  
  Alternatively you can consider some other like the new corolla, very good price few K cheaper than civic.
  No point in getting any thing in those year of high coe and mov eg 99~2002.
  
  ahbeng
• Ah Wei

  17 Jul 03, 15:29

  Ah Beng,
  
  In term of calculation, you are not wrong.
  
  But when getting a car, one has to think of the finance side, for example the car cost 20k more, and that person need to loan 20 more thousand, that would mean more interest every month. Yes I do agree that overall a new car is more worth it but the bottom line is how tight the budget is, or how much interest do you think you can afford to pay. Also, the Insurance ($$$). Old car definitely have cheaper insurance cos most insurance are based on the market value of the car. A 20k difference in value would mean a saving of at least a few hundred dollars per yr.
  
  Another thing to think of will be what car that person like. Some personally prefer honda, while some nissan or toyota. For 63k, I think you can get quite a few brank new car like the Kia Rio 1.5, Hyundai Getz 1.4 etc. So it all boils down to what he like.
  
  You might not have realise as well, in fact the old 1.5Vti performance is almost on par with the new 1.6Vti. I have done a little reading on the 1.5Vti and 1.6Vti before, though not those in depth kind of study. So I can boldly say that a 1.5Vti is as good as a 1.6Vti. And guess what, a 1.5Vti means you get to pay slightly cheaper road tax. Not a lot but when the time come, even a 100 dollars or 50 make a difference, thrust me. Of cos unless you are earning 4-5k a month salary.
• Mercury_1

  17 Jul 03, 20:21

  Hi Wei,
  
  Thanks for ur speedy help and advise, we did manage to knock off about 1k and had the dealer throw in 1/2 yr road tax. So all in all I would say both sides are okay.
  
  But really appreciate ur advise on the matter!
  
• Ah Wei

  18 Jul 03, 01:39

  Hi Mercury,
  
  Glad your friend manage to get some discount off the car. Hope he enjoy his Vti soon.
  
  Btw, you are most welcome. I'm glad my advise do help in some way as well.
  
  Cheers~