Help needed: How much to top up if change car?

[Zedzee]

Hi, can someone help me estimate how much i would have to top up if i were to change/sell my 2008 mazda 2 now?

 

I used the a loan calculator and got the figure. Is it correct?

 

Loan amount: $46,800

Interest rate 3.25%

Total interest: $15,210

Total payable: $62,010

Amount paid: $4650.75

Rebate of unearned interest (less20%): $10,418.22

Full redemption: $46,941.03

 

I am wondering, is it if my car can sell for $40,000 now, i only need to top up $6,941.03?

 

Can someone help?

 

Thank you!

Edited January 5, 2009 by Zedzee

[Xspace]

when u buy? coe, omv, etc?

[Route88]

Hi, can someone help me estimate how much i would have to top up if i were to change/sell my 2008 mazda 2 now?

 

I used the a loan calculator and got the figure. Is it correct?

 

Loan amount: $46,800

Interest rate 3.25%

Total interest: $15,210

Total payable: $62,010

Amount paid: $4650.75

Rebate of unearned interest (less20%): $10,418.22

Full redemption: $46,941.03

 

I am wondering, is it if my car can sell for $40,000 now, i only need to top up $6,941.03?

 

Can someone help?

 

Thank you!

 

 

 

The best is to check with ur bank for full settlement. Then minus ur car sale.

 

 

 

[Zedzee]

The best is to check with ur bank for full settlement. Then minus ur car sale.

 

I've check with the bank, the redemption amount is abou the amout as calculated by the calculator.

 

 

So i'm right in the sense that:

 

full redemption - car sale = top up amount?

 

 

 

i think my coe + omv is about 27k

Edited January 5, 2009 by Zedzee

[Route88]

I've check with the bank, the redemption amount is abou the amout as calculated by the calculator.

 

 

So i'm right in the sense that:

 

full redemption - car sale = top up amount?

 

 

 

i think my coe + omv is about 27k

 

 

 

Yes...COE or OMV does not matter if u manage to sell at open market

 

 

 

[Zedzee]

Yes...COE or OMV does not matter if u manage to sell at open market

 

okok, my doubts has been cleared.

 

Thanks for the replies!

[Bornno1]

I've check with the bank, the redemption amount is abou the amout as calculated by the calculator.

 

 

So i'm right in the sense that:

 

full redemption - car sale = top up amount?

 

 

 

i think my coe + omv is about 27k

 

i tot shld be parf rebate + remaining coe ?

Edited January 5, 2009 by Bornno1

[Hiphiphoray]

full redemption - car sale = top up amount?

 

Ya...u are correct.

 

For the record, i lost approx 20k on my OPC Lancer cs3 @ age 2yrs 6mts.

 

Had top up 8+k for my current Sonata.

 

 

[Galantspeedz]

Hi, can someone help me estimate how much i would have to top up if i were to change/sell my 2008 mazda 2 now?

 

I used the a loan calculator and got the figure. Is it correct?

 

Loan amount: $46,800

Interest rate 3.25%

Total interest: $15,210

Total payable: $62,010

Amount paid: $4650.75

Rebate of unearned interest (less20%): $10,418.22

Full redemption: $46,941.03

 

I am wondering, is it if my car can sell for $40,000 now, i only need to top up $6,941.03?

 

Can someone help?

 

Thank you!

 

since yours is a new car, pls double confirm if you need to pay additional penalty due to a tie-in period for reasons (eg, cash rebate)

 

[Twofouronenite]

U better check ur loan policy, call the bank. Might have penalty for early repayment.

[Zedzee]

oh yes, i took the 4k rebate. so probably have to pay back 3.6k cos my car is only 1 year old.

 

Penalty for early repayment not stated leh, i thought the penalty is the 20% deduction from the interest rebate?

 

[Twofouronenite]

oh yes, i took the 4k rebate. so probably have to pay back 3.6k cos my car is only 1 year old.

 

Penalty for early repayment not stated leh, i thought the penalty is the 20% deduction from the interest rebate?

Dun thought thought, better check with Bank. That's the correct and accurate answer u can get! Small print u might not noe!

[Zedzee]

Dun thought thought, better check with Bank. That's the correct and accurate answer u can get! Small print u might not noe!

 

Yes, definitely.

 

I just want to find out if the rough estimation is done correctly.

 

Thanks for all the replies!

 

[Mercutio]

Hello Zedzee,

 

Any particular reason u planning to give up the M2 and opt for another make?

[Zedzee]

Actually i'm thinking of changing to mx 5 or 207cc.

 

Just toying with the idea only. hehheh

[Mercutio]

Ah upgrading i see... tot the M2 was giving u heaps of trouble... i myself drive a M2 and i think its great except the accessories are limited and are quite costly where u managed to find some..

 

If there's one car I'd give up the M2 for it would be a Civic. Love that car but out of my reach at the moment.

[Zedzee]

m2 is a nice car! so far no major problems except for vibration when footbrake is engaged in D gear.

 

I agree on the accessories part. Limited and expensive.

 

Anyway i was just thinking. Cos change now may not need to topup alot since a new m2 is priced so high now.

 

But then, economy also not very good. SO better to have cash by my side just in case.

 

Edited January 5, 2009 by Zedzee

[Lsm_83]

I would advise you to keep the car for the time being. In view of the market not doing well. Also most of the used car dealer will bring down their price to attract buyer. Unless you are able to price way below the dealer price if not it is hard to sell away. Most of them i know now are taking the parf and coe value only. Also now the export market not good. I seriously dont think you may be able to get a good price.