Has car prices hit rock bottom? Good time to upgrade now?

[Nkps]

320 for $108k? Old one or the latest facelift version?

back side itchy again?

[Throttle2]

I sell you 525i only $90k , ai mai?

[Wt_know]

$95K to $90k in response to COE crashed

 

ok. here is today article in ST

 

Feb 11, 2009

Great time to buy used cars

Prices of many close to scrap value; best buys are big premium models

By Christopher Tan

WHILE ultra-low certificate of entitlement (COE) prices are making it a great time to shop for a new car, it is now an even better time to consider the merits of buying used.

Plunging resale values - thanks to lower new car rates and the weak economy - have brought many used car prices close to their scrap value.

 

The best bargains lie with big premium models, which are bearing the brunt of the battered market. Often, a two-year-old model can be had for nearly half the price of a new car.

 

Because of the economic crunch, there have been some distress sales too. Last week, a 2006 Mazda RX8 sports car went for $55,000 - less than half the price the original owner paid for it. A new one today costs $107,000.

 

Motor trader Eddie Loo of Car Times said: 'The best buys are the 2005, 2006 cars. They are selling at close to their scrap values. For instance, an end-2005 BMW 740Li is going for $150,000.'

 

If the car was scrapped and re-exported, it would fetch around $120,000.

 

And consumers are wising up to the bargains. According to the Land Transport Authority, around 29,500 cars changed hands last year - the most in four years.

 

Mr Michael Ong, chief executive of a management consultancy company Capstone Capital, recently bought himself a 2006 BMW 730Li for $148,000. A new 7-series starts at $318,000 today.

 

Mr Ong, 48, said it was his first used car in 'eight to nine years'.

 

'I'm happy with the car. Although it's nearly three years old, it's well maintained and is like a new car,' he said. 'The price was also good - less than half the price of a new car. And it came with a one-year warranty against all defects.'

 

Analyst Lim Jit Soon of Nomura Singapore said used cars often make more financial sense than a new car.

 

'If you do the maths, buying a used car provides better value.'

 

He said used cars depreciate less yearly. 'The depreciation of a new car is lower only if you keep it for 10 years. But not many people keep their cars for that long. The average is five years,' he explained.

 

In fact, motor traders point out that low resale prices are a huge drag on new car sales - more so than weaker consumer sentiment and tighter credit. 'It is the main thing that is holding back sales,' one trader said. 'No one is willing to suffer that kind of depreciation.'

 

For instance, someone who bought a 2006 BMW 750Li for $380,000 must be willing to lose $200,000 on it today, the owner of a 2006 Mercedes-Benz S500L priced at $409,000 will take a $210,000 hit, and a Lexus LS460 of the same age has devalued by $170,000.

 

Retired motor trader Lee Chiu San said a hot topic at dinner parties today is: 'How do I sell my car?'

 

Two main factors contribute to the plunge in resale values: the substantial slide in COE prices in recent months, and the weakened economy. The latter has dampened demand for cars everywhere.

 

Motor traders said re-export prices have fallen by two-thirds from a year ago as main export markets, such as New Zealand and South Africa, have dried up.

 

Although buying used may seem like a win-win deal, there is one point buyers must be wary of. 'Make sure you buy from a reliable and reputable car dealer,' Mr Ong of Capstone Capital said.

 

'I once bought a car from a second-hand dealer and found that it had a major accident and was 'repaired' by joining the front and back of two different cars together. It was cheap, but I had to sell the car as scrap soon after.'

 

I sell you 525i only $90k , ai mai?

Edited February 11, 2009 by Wt_know

[Sniperben]

buey zhun then cannot call it inside info already.

[Throttle2]

ah bo then?

 

my middle name is Honesty leh

[Vwguy77]

that's the time when STI reaching 1000pt mark

 

Ooi... dun say that leh.... I will cry like there is no tomorrow....

[Onenightstd2]

Ooi... dun say that leh.... I will cry like there is no tomorrow....

 

 

So far, no sign of economy turning for the better, US white house not decisive or can not do much attitude to help financial world.

 

On our side, government lost big money whether paper lost or actual lost, will tend to be carefully and cautious in implement new incentive for growth. IR topping up soon, where to find punter with money to throw here. So will fail initially.

 

US must be out of the wood first, before we can, so in the mean time STI bleed first. 1000pts is not an impossible.

 

 

[Teriyaki]

Loss only $10K for exisiting car? Do you mean top-up $10K or you had gotten yourself a good deal previously for your existing car and only loss $10K depreciation driving it for a certain period of time. The problem with many car owners now is existing car also of distress value.

 

Frankly, if only loss $10K to liquidate my current car, I do not mind changing for a 320i, but I think I will go for a used 320i.

 

 

sorry i mean top up extra $10k to get rid of my current car..

[Teriyaki]

hallo teriyaki, where did you get the price for RX8 (facelift) $79,800 ar? I was asking around last week, PI is selling avg 90 to 95K, whereas MM is selling 100K+ leh.

 

Hi bro.. It's gun metal. only 1 unit. If u interested let me know.. i'll pm u the contact number of the PI. He called to tell me 1 and only unit.. But its facelift model.. Only thing is that I looking for black or red... Didnt really like gun metal / grey.

 

New stock will be more expensive due to the yen-sing currency exchange.

[Teriyaki]

Ya man...where did u get the price of $79800 for the RX8...pls PM me the dealer...thanks

 

hi bro.. PM u the details already....

[Teriyaki]

320 for $108k? Old one or the latest facelift version?

 

Don't think its the facelift... Think they clearing stock..

 

Professional is about $138k

[Teriyaki]

without COE?

 

Bro, price inclusive of 1 bid guaranteed COE.

 

Reason why I am holding back is because dont have the color that I wanted..

 

Btw, pre facelift model is selling for $77k. That was what I last heard. If interested, just call around to check..

 

[Stylezmind]

I sell you 525i only $90k , ai mai?

 

u might interest me with ur 525?pm me ur car details lah..

[Teriyaki]

I sell you 525i only $90k , ai mai?

 

 

lol... i dont mind.. but you said before you will drive till COE expire.. then renew leh... so how to sell leh?

 

[Teriyaki]

Now my concern is... To buy now, or buy later? To buy brand new from PML? or to buy in resale market?

 

So far, I have already limit my car option to either BMW320i or RX8... 323i is good.. But I feel that the extra money I might as well invest in property. 520i is also selling quite reasonable.. But dont think I will change 5 series coz high road tax, high maintenance, etc... and dont think i wanna drive the same as my sis. Only thing is that 320i is really under powered..

[Cantona156]

Now my concern is... To buy now, or buy later? To buy brand new from PML? or to buy in resale market?

 

So far, I have already limit my car option to either BMW320i or RX8... 323i is good.. But I feel that the extra money I might as well invest in property. 520i is also selling quite reasonable.. But dont think I will change 5 series coz high road tax, high maintenance, etc... and dont think i wanna drive the same as my sis. Only thing is that 320i is really under powered..

See bold para.

 

520i and 320i has the SAME road tax.

And if 320i is underpowered, then 520i is dead.

 

You are pretty contradictory.

 

[Ahyoo2002]

back side itchy again?

 

Market survey, to know how much car price has dropped.

 

COE is at rock bottom and many Jap car is still very expensive and I seen many Conti is very cheap now.

 

My friend gotten his 07 320 for $140k

 

[Wt_know]

bro,

 

can PM me your SE ? he/she seems to give good price. pre FL model (new) at $77K ?

that's really tempting. beside, pre fl and fl uses the same engine that produces the same power.

internally and externally i can mod it to my own flavour :-)

 

Bro, price inclusive of 1 bid guaranteed COE.

 

Reason why I am holding back is because dont have the color that I wanted..

 

Btw, pre facelift model is selling for $77k. That was what I last heard. If interested, just call around to check..

Edited February 12, 2009 by Wt_know