Getting a first car, need advices

[Helpmeplz]

Hi bros out there, have been riding for the last 5 years, and finally planning to get a 4 wheeler.

 

I hope with ur experience and suggestion, i will be making a fast and a wiser decision.

 

I have been scouting in the mart online for the pass few weeks, and was very tempt to get a close to 4 years old Latio Sports.

 

Price Tag was around 40k. I worked out the maths and realise i will be paying about $460 monthly if i were to downpayment 10k. OMV was about 16k.

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Then there after i when to the auto mart at ubi.. saw a couple of latio sports, 2009 model, price tag around 55k. OMV 18k

 

Worked out the maths again with 10k downpayment and 8.5 years loan, monthly approx $510.

 

Difference of 50 bucks monthly, and can drive 3 years more.

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I also got fren who advices me not to put any downpayment. But I was thinking if i have got 0 downpayment, monthly will be quite xiong for me.

 

So to down or not to down??

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I believe these are some of the questions that are not only bugging me, but to those newbies who are interested in getting a ride in this COE insane period.

 

Ur opinion is appreciated!

 

Hope fellow forumer can help, and give me some guidance.

 

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[Tohto]

Do not listen to your friend.

Pay as much downpayment as you can afford. With zero downpayment, you will not able to break even till you almost scrap your car.

By the 5th year you own the car, most probaly your backside will be itch already.

[Helpmeplz]

Do not listen to your friend.

Pay as much downpayment as you can afford. With zero downpayment, you will not able to break even till you almost scrap your car.

By the 5th year you own the car, most probaly your backside will be itch already.

 

That is if i am gonna get a new car right?

 

So if i have no downpayment, and with my vehicle not break-even, i will have to compensate?

And if I have break-even, at that point, i will be able to change to a new ride with no compensation?

 

Correct me if im wrong.. A total noob when it comes to car.

[Youth92]

Say NEVER to no down payment!

[Watwheels]

Your fren working for the bank? The more loan you take up the more loan interest you will have to pay the bank. That fren of yours very naive.

Put whatever amount you are comfortable with such that you will not be burden by the installment.

 

I think you know lah. Things like petrol bill, insurance & roadtax, parking etc have to be factored in. Just can't look at the amount of installment per month. Dun forget you will have to eat also unless you are not human.

 

Usually when COE prices are up ppl switch from driving to riding, you are the exception.

[Genes]

downpay as much as u can afford. new car or old car, same deal applies. Also, buy from direct sellers where possible.

 

My 2 cents. Good luck searching!

[Tohto]

That is if i am gonna get a new car right?

 

So if i have no downpayment, and with my vehicle not break-even, i will have to compensate?

And if I have break-even, at that point, i will be able to change to a new ride with no compensation?

 

Correct me if im wrong.. A total noob when it comes to car.

 

Yes. With zero downpayment, by 5th year the money you own the bank will still be more than the car paper value. You will have to top up the different to the bank in order to get rid of the car.

[Helpmeplz]

Your fren working for the bank? The more loan you take up the more loan interest you will have to pay the bank. That fren of yours very naive.

Put whatever amount you are comfortable with such that you will not be burden by the installment.

 

I think you know lah. Things like petrol bill, insurance & roadtax, parking etc have to be factored in. Just can't look at the amount of installment per month. Dun forget you will have to eat also unless you are not human.

 

Usually when COE prices are up ppl switch from driving to riding, you are the exception.

 

Yup i did factor the rest of the car expenses in.. Thanks for the advice.

 

As for why did i switch to driving is becoz had a bad accident a few months back.

 

Enough of the downpayment thingy, i appreciate it though.

 

New car or 2nd hand car?

 

 

[Tohto]

With current new car price, 2nd hand is a better choice.

[questionedfish]

need be so headache?

 

if u see a car your like, it's within your budget and finanacial means, and it satisfy most of ur criterias, it's deal sealed alr.

 

buying a car nia

Edited November 2, 2010 by Lamzh87

[Helpmeplz]

any thing i need to take into consideration if i buy a 5 years old car and a 1 year old car?

 

Buying car require alot of commitment financially, so i need to be triple sure before i make a move

 

[Hermitage]

Yep, so I guess the no downpayment part solved. Now for your other dilemma. 4 year old latio, or 1 year old latio?

 

Think you'll find that the depreciation for the 4 year old latio will be a fair bit less than the 1 year old one. Factor in the additional interest you'll have to pay for taking a bigger loan over a longer period of time, I'd suggest you go for the 4 year old car. That is IF everything is to your liking, i.e. correct colour interior/exterior, mechanically sound.

 

 

[Cammys_MR]

Hi bros out there, have been riding for the last 5 years, and finally planning to get a 4 wheeler.

 

I hope with ur experience and suggestion, i will be making a fast and a wiser decision.

 

I have been scouting in the mart online for the pass few weeks, and was very tempt to get a close to 4 years old Latio Sports.

 

Price Tag was around 40k. I worked out the maths and realise i will be paying about $460 monthly if i were to downpayment 10k. OMV was about 16k.

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 

Then there after i when to the auto mart at ubi.. saw a couple of latio sports, 2009 model, price tag around 55k. OMV 18k

 

Worked out the maths again with 10k downpayment and 8.5 years loan, monthly approx $510.

 

Difference of 50 bucks monthly, and can drive 3 years more.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 

I also got fren who advices me not to put any downpayment. But I was thinking if i have got 0 downpayment, monthly will be quite xiong for me.

 

So to down or not to down??

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 

I believe these are some of the questions that are not only bugging me, but to those newbies who are interested in getting a ride in this COE insane period.

 

Ur opinion is appreciated!

 

Hope fellow forumer can help, and give me some guidance.

 

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 

 

Bro get a Mitsubishi Lancer Ex..sporty look and original made in Japan Value for money$$

[Little_prince]

hmm...

 

no point loan lah...

 

I chose to pay full to save on interest and can buy 3rd party insurance

[SGCMmaomao]

The insurance for a "sport" version of any model will cost a bomb...

 

u must consider the life span of ur car, the younger the car is, the instalment will be lower cos the dealer can work out payment in longer repayment period..

 

if the car is older eg, 4 or 5yo.. the $$ doesn't have much repayment period though the price is cheaper..

 

consider a basic or other model/brand cos first time car owner, insurance is already a bomb...

[Mightymito]

I think you are making a mistake of thinking that you would be happy to drive a second hand mid range car over a long term. You may think that now but its almost guaranteed that you would either want something better soon or like something else soon especially since this is your first car.

 

You need something that is within your budget, practical and yet possible to replace in a year or two without burning a hole in your pocket.

 

Get a 10 year old honda civic with new coe and inspection cert with a 6 month waranty from the dealer.

35k currently . 10 k downpayment 460 per month for 5 years. You can drive a few years or sell after a year with some money back.

 

Dont get the 'best' you can afford now and regret.

[Maroon5]

in your case, i wil choose the 2009 one..depreciation almost the same as the 4yr old.

[Djdp]

get a 05 one, more worth it in terms of scrap + body value.