Should I change my Car
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Hi
I have faced a dilemma. At the moment, I am driving a Hyundai accent 1.3 for about 3.5 years. For the past few months, I have thinking of changing a new car such as vivos or liana
The reason that I want for the change are as follow
The prices for both models are quite attractive as $61-63K. If I trade in my current car now, I can get back about $7K and not need to put any money for the booking fee. The monthly loan for the new car will be about $700-$750 for 8 years.($650 for current model.) Therefore, I got a new car with 3 years free servicing and warranty. My current car needs some maintaince as wear and tear. Actually, my car is still in quite good condition.
Questions:
1)The omv for my current car is 130% (under the old structure). Is it means that I must scrapped the car before the fifth year? Do it mean that I "delay" scrapping the car and I will be "lose out"
2) Will the COE drops in the next few months? Not sure about the COE trends.
3) I just change a new job. If i got dismissed or sacked, I am not able to maintain my new car. I know that I have to pay alot of money back to the bank. is it a worth the risk to change my current car now.
As I am confused to all these matter, I really need your advices and views on this matter.
Greatly appreciated
rainmaker -
"The omv for my current car is 130% (under the old structure). Is it means that I must scrapped the car before the fifth year? Do it mean that I "delay" scrapping the car and I will be lose out"
Yes, if you scrap your car before the fifth year is reached, you can get back 130% of OMV on your PARF rebate. Every year thereafter, you will lose 10% on the OMV each year. At the end of 10 years, you will only get back 80% of the OMV.
"Will the COE drops in the next few months? Not sure about the COE trends."
There is always speculation on COEs, and there is never a sure way of predicting the direction the COE can go... You can only try to guess through observation of what is happening in the market. I feel that COEs should not have any drastic changes in the next few biddings(esp Cat A)... But then again, who knows for sure?
"I just change a new job. If i got dismissed or sacked, I am not able to maintain my new car. I know that I have to pay alot of money back to the bank. is it a worth the risk to change my current car now."
In general, owners of new cars need a lot of time before they 'break-even' on their loans. Since you can get back some money through scrapping this car, you can always keep this option in case something happens and affects your finance. (Worst come to worst dun drive only) If your income in the new job is unstable and you may change job anytime, try not to increase your monthly instalments and get yourself stuck in a new loan.
eddie -
Buy a Kelisa lah,it only cost $59,900
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More like 49.9K.Originally posted by ceecookie:Buy a Kelisa lah,it only cost $59,900
In my opinion, unless u are assured of a 3K job(at least) for the next 10 years, forget about the car.
The car industry will go through alot of changes in the coming 5 years. Be prepared for some bad news.
Stick to SBS and MRT though. CHeap and good.