How to count breakeven for 2nd hand car?

[Skxly]

bro tried ur spreadsheet but not able to see the figure...maybe the cell too small anyhow can able to make it bigger or send me the revised copy

Just let me know which columns are too narrow and I will adjust the worksheet accordingly. I tested the worksheet with price into the 6 digits eg. $150,000 and COE at $40,000 ... all seems fine.

[Hiphiphoray]

Just key use onemotoring website assist lor.

 

https://vrl.lta.gov.sg/lta/vrl/action/pubfu...bateBeforeDeReg

 

My 2nd hand sonata will break even in March 2013. After 5yrs driving

 

Sonata price : 44800

Reg date: 29 Sept 2005

Car Transfer on 20 April 2008 (car age approx 2.5yrs old)

Full Loan: 44.8k @ 2.68% x 7yrs

COE: 14808

OMV: 17014

 

i like this car very much. If the car can last, i will definately try to continue driving it till 10th year and beyond if possible.

 

 

Kinda blur in calculating loan breakeven for 2nd hand 3yrs old car.

 

Example... example only...

 

Price - $44,800

Reg date - 12-Jan-2005

COE - $20,200

OMV - $19,700

 

maximum loan shld be 7 yrs since is a 3yrs old car.

 

Assuming $0 downpayment, interest 2.98%(Normal for 2nd hand car loan?)

 

Need to take how long to breakeven leh?

[Skxly]

Just key use onemotoring website assist lor.

 

https://vrl.lta.gov.sg/lta/vrl/action/pubfu...bateBeforeDeReg

 

My 2nd hand sonata will break even in March 2013. After 5yrs driving

 

Sonata price : 44800

Reg date: 29 Sept 2005

Car Transfer on 20 April 2008 (car age approx 2.5yrs old)

Full Loan: 44.8k @ 2.68% x 7yrs

COE: 14808

OMV: 17014

 

i like this car very much. If the car can last, i will definately try to continue driving it till 10th year and beyond if possible.

 

*Swee* I like white cars too but cannot tahan the cleaning. Yours is not bad at about $6k per year. You should track the QPQ from the 7th year onwards if you want to keep it running beyond the 1st COE. Last March's PQP for $3K does not come often.

[Hiphiphoray]

Thats my intension. I'll start monitoring the QPQ in due course. By the way things are going, i'll happily settle 10k for a 5yr COE.

 

Its a pity hor........sporeans keep changing cars too early too often.

 

Till now, i still cannot compreh how a new car can depreciate 50% value within 3 years when its in almost perfect and good condition.

 

Furthermore we run the cars here in excellent road conditions and short distances. We are pampering our cars too much.

 

*Swee* I like white cars too but cannot tahan the cleaning. Yours is not bad at about $6k per year. You should track the QPQ from the 7th year onwards if you want to keep it running beyond the 1st COE. Last March's PQP for $3K does not come often.

 

[Unltd]

Thats my intension. I'll start monitoring the QPQ in due course. By the way things are going, i'll happily settle 10k for a 5yr COE.

 

Its a pity hor........sporeans keep changing cars too early too often.

 

Till now, i still cannot compreh how a new car can depreciate 50% value within 3 years when its in almost perfect and good condition.

 

Furthermore we run the cars here in excellent road conditions and short distances. We are pampering our cars too much.

 

Actualy, the problem is in the condition of the roads here. In fact alot of start stop driving is bad for any car, if you look at car manual for servicing, you will find that servicing for city driving conditions is half the duration for long distance driving. Thus actually same car driven the same distance for 3 years in Singapore and same car driven the same distance for 3 years in say Australia, New Zealand or even Malaysia would mean that the Singapore car had substantially more wear and tear.

 

We are actually not pampering our cars la, but I do agree 3 years is way too short and car is considered to be still pretty new. Unless you got into major accidents before

[Jayl33]

Bro, you're right i'm calculating for new car.

 

For old the calculation I have implemented in a spreadsheet.

I calculated if you take over this car on Dec 07, your breakeven period will be 55 months from Dec 07.

 

I have attached the spreadsheet. I assume that scrap metal value is 0.

 

 

 

Super duper! Very usefull Spreadsheet! Thanks Redwood!

[Skxly]

Thats my intension. I'll start monitoring the QPQ in due course. By the way things are going, i'll happily settle 10k for a 5yr COE.

 

Its a pity hor........sporeans keep changing cars too early too often.

 

Till now, i still cannot compreh how a new car can depreciate 50% value within 3 years when its in almost perfect and good condition.

 

Furthermore we run the cars here in excellent road conditions and short distances. We are pampering our cars too much.

You triggered an idea for a new extension to the Financial Cost of Ownership tool. I will add the computation for COE extension.

 

Renewing the COE for a car nearing expiry has three components:

1. QPQ - easy to determine from LTA

2. PARF rebate - 50% of OMV

3. Forgone unused duration of 1st COE - can be computed.

 

I need your opinion about the following:

-Do you want to know the fully loaded monthly cost over the full lifecycle ie. from the original registration date to the expiry of the renewed COE?

-Do you want to know the fully loaded monthly cost only from the point of renewed COE to its expiry?

 

The difficulty part is to determine the right terminology to such cost measurement ... to minimize confusion.

 

I guess the banks are not going provide COE renewal loan so there is no break-even point. You should start saving for the QPQ.

 

skxly

[Tigerwoods]

Oh thank, i did a calculation... If i not wrong, it will only breakeven ard 3 yrs.

 

I asking this becos i wondering issit worth for me to change my current 4yo ride to a 2nd hand 3yo ride, and ride for maybe another 2 yrs then scrap.

There is NO SUCH THING as BreakEven when you buy a car.

Its lose all the way

 

When you sell your car, your loan = or < than sell price - this is not called breakeven - its called _________ (Fill in the blanks)

 

[Skxly]

There is NO SUCH THING as BreakEven when you buy a car.

Its lose all the way

 

When you sell your car, your loan = or < than sell price - this is not called breakeven - its called _________ (Fill in the blanks)

For motoring, the appropriate term should be equity of the vehicle. There are three kinds of vehicle equity:

 

1. Negative equity is when the amount you owe for the loan on the vehicle is more than the vehicle

[Jrage]

hi

Current interest rate is 2.28% for used car.

If you have existing loan, can check with your lender if they have any promo. I know citibank is giving 2.18% for used car if you are an existing customer. :)

 

As for changing to a opel, muz seriously consider, cos' most probably have to drive until scrap.

There does not seem to be a re-sale mkt for some of the European brands.