Considering selling car

[Owen_fan]

Hi,

 

My car still have 3 years & 5 months to go, & I'm considering selling it off since now I have a company van to drive. My ride is a 2006 latio & I have checked LTA website on the amount of rebate if I de-registration now. The amount is around 14K. I received a few offers from car dealers, their offers price range between 25K to 29K. Would like to seek advice whether should I sell it off if let say I can get a better quote at $30k, or should I keep it for my family use during the weekend?

[Speed_ong]

Sell it yourself in sgcarmart.

[Passat57]

Hi,

 

My car still have 3 years & 5 months to go, & I'm considering selling it off since now I have a company van to drive. My ride is a 2006 latio & I have checked LTA website on the amount of rebate if I de-registration now. The amount is around 14K. I received a few offers from car dealers, their offers price range between 25K to 29K. Would like to seek advice whether should I sell it off if let say I can get a better quote at $30k, or should I keep it for my family use during the weekend?

 

If you can afford, keep the car, in case you decided to change job or company take away the company van.

[Owen_fan]

I make a mistake for taking up a 10 years loan.

 

I took 47K loan at 2.88% Total intetest $13,536, total loan amount $60,536.

 

Monthly payment $504. I still have 41 months to repay the loan.

 

Not sure have I calculated correctly on the amount to be redeem from the bank.

 

i.e. 41(41+1)/120(120+1) x total intetest = 1,605

 

Total outstanding loan will be

 

$60,536 - (79x$504) = $20720 less $1,605 = $19,114

 

I'm think since I do not drive to work & only used the car during weekend. So do you think that it is good to sell it if the offer price is $30K?

[Sporadic]

I think you should convert it to a weekend car. That way, you still get back $2,200 per year.(And retain your PARF value at the end of your 3.5 years).

 

If you sell, you will find it very difficult to buy a car again.

 

[Newdrive]

I think you should convert it to a weekend car. That way, you still get back $2,200 per year.(And retain your PARF value at the end of your 3.5 years).

 

If you sell, you will find it very difficult to buy a car again.

 

i concur. convert to OPC and get cash rebate every 6 months, use it to offset your loan.

 

dats what i am doing now...

 

bought a 34 months vios for 25k last year oct... convert to OPC, still can claim back $5.5k OPC rebate before COE expires... parf value at deregistration $6k+... total savings is ard $11k+.

[Strat]

I make a mistake for taking up a 10 years loan.

 

I took 47K loan at 2.88% Total intetest $13,536, total loan amount $60,536.

 

Monthly payment $504. I still have 41 months to repay the loan.

 

Not sure have I calculated correctly on the amount to be redeem from the bank.

 

i.e. 41(41+1)/120(120+1) x total intetest = 1,605

 

Total outstanding loan will be

 

$60,536 - (79x$504) = $20720 less $1,605 = $19,114

 

I'm think since I do not drive to work & only used the car during weekend. So do you think that it is good to sell it if the offer price is $30K?

 

think you need to factor in rule of 78 for early settlement.

best is to check with the bank to get outstanding amount,

[Owen_fan]

Hi bro,

 

Thanks for your advise:)

 

I have no intention to get a car in future anymore. I'm thinking if can sell it at $30k now, I should be able to take back around 9k right (i.e 30k - 20,664). Instead of parking the car at the car park most of the time.

[Sporadic]

Sounds about right. With the silly car loan rule of 78, you pretty much won't get much of the interest you paid upfront back. (i.e. it is not a term reducing loan.

 

[Owen_fan]

if also considering the saving on parking, road tax & insurance, would I be better off than holding on to the car by converting it into OPC?

[Mkl22]

you get 1.1k every 6 months. insurance for OPC is just slightly cheaper than Normal plate. Road tax is 184/year. Parking assuming MSCP is 1080. so in the end you Just lose the depreciation plus a bit every year, assuming you do not drive and incur petrol and maintenance costs. As the 2.2k will almost cover all the rest.

[Owen_fan]

Hi bro,

 

My concern now is that my wife may wanted to consider to quit her job. If that happen, means I will need more cash. By selling off the car, I will be able to save on the monthly installment & car park (add up to be around 600+).

[Agnoxis]

In Singapore, it's never worth it to hold on to a car if you're not maximizing the usage. Let's just see how much money you waste on a bread and butter Jap car (like Latio).

 

Depreciation: $6000/year

Road Tax: $700/year

Insurance: $1000/year (assume 30 yo driver)

Parking: $1080/year (assume 12 x $90 HDB season parking)

Petrol: Nil (since you don't drive)

 

Total, you lose $8780 per year. That's about $24/day that you don't drive the car. Still wanna keep it?

 

Even at $4000 depre/$400 road tax/$900 insurance/free parking, I let go my Suzuki Swift the moment I wasn't utilizing it sufficiently. We are just not living in a country that allows you to sell a vehicle for a profit (barring extraordinary circumstances like the COE crazy rise). Every single day you keep the car, you're losing money. Anyway, you already have another form of transport so just sell it off. 30k is a good enough price.

[Leslielai]

Hi bro,

 

My concern now is that my wife may wanted to consider to quit her job. If that happen, means I will need more cash. By selling off the car, I will be able to save on the monthly installment & car park (add up to be around 600+).

 

It does sound you are a little stretched financially.

 

Just sell it to the dealer with the highest quote.

 

 

 

[Ooosh]

Why make youself so difficult,

 

Just sell the car and get back some money since you got company van.

 

Then you will feel much happier, trust me....

 

The reason why man find life so difficult is because he is holding on to possessions that he dont need.

[Kelkoh974]

things that are FREE (Company van / company mobile etc.) are always the best!

If I had a company van, immediately i'll sell away my car and free up the financing there!

 

(No loan is always the best loan!)

 

 

[Whereisretro]

Hi to all...

 

I know my question is not related to selling or to the topic.. But just need some opinion

 

I looking at a proton gen 2 opc , manual 1.3, registered in 2 may 2007.

 

Managed to nego with dealer from 19800 till 19000 and will not be taking loan to pay.

 

Do you guys think it is a good deal? Condition is ok with 3 to 6 months warranty..

[Simplecar]

Why make youself so difficult,

 

Just sell the car and get back some money since you got company van.

 

Then you will feel much happier, trust me....

 

The reason why man find life so difficult is because he is holding on to possessions that he dont need.

Agree with you regarding possessions.

I had my car-free days when i 'suddenly' found myself having lots more discretionary money to indulge.

But i caution that we save the money for rainy days and not buy things we dont need.