[Curious] Dealers come in! - About Car Resale Value

[drwatson]

I own a KIA k3(top specs), around 11months, average mileage, accident free. I itchy backside wanted to change to the face lifted 2016 Vezel or Sportage 2016 and so i went to test water on how much my resale value of my k3 is. 

Quotes received from the various websites and PI.

 

Sg Motorist - 74k

Sg Carmart - 70k to 75k

PI - 70k. 

 

If i were to take the price of 74k, my car depreciates by 40k in less than a year. But then I saw a 2013 Forte(the previous model, not k3) is selling for 75k by a dealer at sgcarmart(i assume the dealer bought @ 65 to 70k from the previous owner?). 

 

My question is are they trying to carrot me or the price is really so low? How do i really know the true value of how much my car can fetch? 

 

Anyone i scratch my backside already, not itchy anymore. Now just curious is this the norm....

 

 

Edited May 10, 2016 by drwatson

[Xers007]

The dealer also need to earn 1 hand what ... so for the 2013 forte, maybe they buy in at 67k only and sell it at 75k so earn the difference. 

[drwatson]

The dealer also need to earn 1 hand what ... so for the 2013 forte, maybe they buy in at 67k only and sell it at 75k so earn the difference. 

 

 

ya i know. but that is 2013 forte(old version) and it is a 3 years old car vs 1 year old car and a new model. The pricing doesn't seem right. Anyway i am just curious nia, need to know how this works so i can price my car more competitively if i were to sell it.

Edited May 10, 2016 by drwatson

[Hamburger]

bottom line, be prepare to lose quite a bit as it is especially one year old car.

 

why would anyone buy 1 yr old car where he could have bought a new one instead.

 

i would believe at least 20k difference in the least to entice buyers.

[Hawker]

sg carmart can put up a unreslistic price.

but can sale or not ?

they are just waiting for carrot?

 

[alex976]

Dealer margin all confirm 8 to 10k de cos must pay for so many other stuff.

 

Best is to sell the car yourself using sgcarmart pay $48 for the ad.

 

But like what the other bro says be prepared to lose quite a fair bit.

 

High spec or low spec does not affect the resale value too much, Its hw much you are selling, if not prepared to lose so much then best is not to sell at all and keep driving the K3

[Passion]

you know your car got this thing call PARF? Your OMV say 17k, PARF is 100% at registration, so once you drive out of showroom, you probably left with 15k PARF. Then you need to know your car is old car already, and is a korean car, dealer will slash you until your bone is seen. 

 

So say you buy at 95k for example. Your OMV probably can be 15k + your PARF at 15k + your COE maybe at 50k. Technically, your car worth 80k or so. But dealers need to earn, so they will quote you 10k below what you think your car is worth. Let second hand buyer negotiate another 3k to 5k, and they earn the difference. So if you want to minimize loss. Sell yourself. You probably can sell at around 77k or so. 

[Char]

Keep the car .

[alex976]

Dealer margin all confirm 8 to 10k de cos must pay for so many other stuff.

 

Best is to sell the car yourself using sgcarmart pay $48 for the ad.

 

But like what the other bro says be prepared to lose quite a fair bit.

 

High spec or low spec does not affect the resale value too much, Its hw much you are selling, if not prepared to lose so much then best is not to sell at all and keep driving the K3

[KennyLee83]

car 1 year old sell off confirm plus chop u cant get a good price.

[F355]

Event cars drive a few days already 15k to 20k off new car prices ; so your Kia after driving 1 year dealer knock 40k off is not surprising at all .

 

 

[Mkl22]

you know your car got this thing call PARF? Your OMV say 17k, PARF is 100% at registration, so once you drive out of showroom, you probably left with 15k PARF. Then you need to know your car is old car already, and is a korean car, dealer will slash you until your bone is seen. 

 

So say you buy at 95k for example. Your OMV probably can be 15k + your PARF at 15k + your COE maybe at 50k. Technically, your car worth 80k or so. But dealers need to earn, so they will quote you 10k below what you think your car is worth. Let second hand buyer negotiate another 3k to 5k, and they earn the difference. So if you want to minimize loss. Sell yourself. You probably can sell at around 77k or so. 

 

nothing to do with PARF now. unless COE levels have fallen drastically then PARF will be the lower limit. its all about depreciation and ultimate price.

[Columbian78]

Actually common sense, just put yourself in the shoes of a potential buyer of your old car. Assume dealer margin is 10k and buys your old car for 74k. Will you buy a 1 year old car for 84k from a shady second hand car dealer or pay 95k for a new one from ad? Its 1 year old. Even if 1 week old it is an old car and you need to deal with a second hand car dealer.

 

Dealer also not stupid. Its not eeasy to sell a second hand car 1 or 2 years old. K3 not easy to sell also compare to other models. There is a reason why u want to trade your k3 for other cars.

 

I have a 1.5 year old car and like most people watching coe coming down slowly, look see around to change car. To me the baseline of what i can sell my car for in a falling coe market is paper value. Any dollar more is really a bonus

Edited May 10, 2016 by Columbian78

[drwatson]

Thanks guys for all the comments! and i thought i can top up around 5k to get a new car hehe

[Coltplussport]

I own a KIA k3(top specs), around 11months, average mileage, accident free. I itchy backside wanted to change to the face lifted 2016 Vezel or Sportage 2016 and so i went to test water on how much my resale value of my k3 is.

Quotes received from the various websites and PI.

 

Sg Motorist - 74k

Sg Carmart - 70k to 75k

PI - 70k.

 

If i were to take the price of 74k, my car depreciates by 40k in less than a year. But then I saw a 2013 Forte(the previous model, not k3) is selling for 75k by a dealer at sgcarmart(i assume the dealer bought @ 65 to 70k from the previous owner?).

 

My question is are they trying to carrot me or the price is really so low? How do i really know the true value of how much my car can fetch?

 

Anyone i scratch my backside already, not itchy anymore. Now just curious is this the norm....

Price of Kia k3 brand new from $88k. If your purchase price is $114k, straight away it is a $26k discount from the time you buy. Maybe you can try selling yourself like they mentioned, you could get something closer to $80k.

 

To add on, prices of Vezel and shortage also came down during this 1 year, maybe not as much, so lugi sell, bargain buy lor, not so bad. Backside itchy really is for rich people.

Edited May 10, 2016 by Coltplussport

[Columbian78]

Thanks guys for all the comments! and i thought i can top up around 5k to get a new car hehe

You can when the coe falls further. Assuming u get same class of car as your k3, no need topup just swap.

 

I assume u have little or no loan if you are thinking of this.

Edited May 10, 2016 by Columbian78

[Heman75]

Thanks guys for all the comments! and i thought i can top up around 5k to get a new car hehe

personally i think your K3 has better quality than the vezel..maybe not the logo but definitely the quality is better

[Passion]

nothing to do with PARF now. unless COE levels have fallen drastically then PARF will be the lower limit. its all about depreciation and ultimate price.

What i'm trying to tell TS is that there is this PARF for cars. When the car roll out of showroom, the PARF value will drop. And the drop plus the dealer's profit, it can be starking figure. Imagine for toyota, dealer earns 20k per car. and PARF lose out 4k, the immediate drop in value of the car is 24k. Cannot afford the steep drop then don't buy and sell within 1 year. Let it even out for a few years. At least for 3 years, to even out the loss.

Thanks guys for all the comments! and i thought i can top up around 5k to get a new car hehe

can, top up 5k get a chery or chevrolet sonic or what, sure can. If you want same tier, or bigger car, confirm not possible.

Edited May 10, 2016 by Passion