Need help in buying a car !
-
Hi Guys
I would like to buy a car and need yours expertise.
I am looking into a 4 doors car with a monthly payment of about $500-$600.
Should i buy a new car or a 2nd hand car ?
What is the price of some popular car ?
I am new in buying a car, Please advise on any stuffs which i should know.
Many thanks
Best Regards
Viper -
if monthly is ard 500~600 dat mean u downpayment hv 2 be alots if not u hv 2 get a cheaper 2nd hand car..
-
ok let's say i want to get a new car (price abt 65k) with no down payment or can only afford to pay 3k downpayment !
how much will i need to pay per month for a 10 years loan. ? -
Interest for 10 yrs loan is abt 2.45% per annual.
-
Hi,
Theoritically, you're not able to get a new car cos the downpayment should at least be 20%. The car dealer might be able to do something if your downpayment is less tahn 20% but if you are talking abt 3k or less, I'm not too sure what they can do. Also, its not worthwhile as the interest of the car is gonna kill you. I would suggest you get a 2nd hand car somewhere near the region of 5 yrs old.
Lets take a 1.5l Korea car for example (more budget), a 5 yrs old car will cost you ABOUT 32k for example (Will be cheaper if you buy direct from owner rather than go through dealer). And if you downpay 3k, you'll loan abt 29k for 5 yrs. Thus it'll work out, take that the interest is 2.2%:-
29000x2.2% =638 /per yr (interest only)
638x 5 yrs = 3190/for 5 yrs
So add the interest to your loan of 29000, it will be a total of S$32190 for 5 yrs.
So 1 yr you pay 32190/5 = S$6438/yr
Mnth will be 6438/12 = S$536.50
Understand? If you base on 65k for a brand new car, and downpay 3k, lets say acceptable = 62000 loan. 10 yrs interest will be slightly higher, so lets say 2.4% (Me not sure, but not advisable to loan 10 yrs one, for a car, not worth it). Your calculation will be:-
62000x2.4%=1488/per ye (interest only)
1488 x 10 yrs loan = 14880
14800+ loan = 14800+62000= 76880
So 1 yr = 76880/10 = 7688
1 mnth = 7688/12= 640.66
But the total you pay for the car is 79880 for a 65000 car cause of interest.
Base on your 65k car, if you get 7 yrs loan (will be slightly less than 10 yrs, so lets say 2.3% interest) will be:-
62000x2.3= 1426
1426x7= 9982
Mnthly will be: [(62000+9982)/7]/12=$892/per mnth
However, your total paying will be 65000+9982=74982 for the car, which mean you save S$4898 for the cars in 3 yrs, though you pay S$252.00 more.
Get the calculation? Hope this example helps. -
Hi
Thanks alot Ah Wei, you really teach me alot.
I am now alighten. Thanks again!
Any more things for me to take notes ?
This forum is really great !!! -
Hi again Viperjet,
Glad my post is of some help. Errmm what else to take note, hmmmmÂ…Â….
Just a few pointers –
Road tax had got to do directly to the capacity of the car. So a 1500cc car is definitely having cheaper road tax than a 2000cc car. It doesnÂ’t matter if itÂ’s a Hyudai 2000cc or a Merz 2000cc, you will be paying the same amount of road tax.
Insurance – Has got to do with your age and driving experience. And also, the value of the car. So, a 2nd hand car basically have a cheaper insurance than a brand new one. It’s all these that make a person save money, other than the car’s value itself.
-
there are a few cheaper range of car now..
depends if you looking for euro car or japanese etc.
japanese, sedan car maybe a sunny, most common and cheap...or smaller one like toyota iST, which is not really a sedan.
european car, sedan, new megene,5 door, but expensive.. i think european better get 2nd hand..cheaper..skoda ovitivia is quite cheap.. -
skoda nt really tt good...megane is ex yes and quite roomy... VIOS not bad wad...quite affordable...if u really want a cheap one go get the toyota VItz 3 door...Originally posted by _____:there are a few cheaper range of car now..
depends if you looking for euro car or japanese etc.
japanese, sedan car maybe a sunny, most common and cheap...or smaller one like toyota iST, which is not really a sedan.
european car, sedan, new megene,5 door, but expensive.. i think european better get 2nd hand..cheaper..skoda ovitivia is quite cheap..