Able to buy new car given trade in old car???

[Ikokchan]

Dear seniors, old bird, lao jiao,

 

I am a newbie to this . Sleeping member for quite a while and finally discover how to post message. I need your advice on the following:

 

As u know, new car prices are at historic low . I am currently driving a Nissan Sunny EX (1.5) Manual, registered in June 2002. I have an outstanding loan amount of $35,000 (monthly payment of $630 with interest 2.45% over 7 years). I am thinking of changing to a new car (prefer Toyota Vios 1.5 Auto mainly because of the low fuel consumption). However, if possible, I want to retain the status quo. Meaning, same monthly payment and no need to pay cash down payment. Is it possible?

 

Was thinking if the price is so low, why drive an old car with such high fuel consumption.

 

Please give your frank opinion.

[Martmode8850]

your paper value should be less than $35k now... so not so worth to change now me thinks...

[Freemen]

However, if possible, I want to retain the status quo. Meaning, same monthly payment and no need to pay cash down payment. Is it possible?

 

It may be possible, trade in your old ride & buy a new car stretching 10 years but you will lose more at the end. First you lose when you change, last you lose more to the bank when you over stretch.

 

peace Bro

[Duadua2]

my opinion is:

GO FOR THE NEW CAR

[Remygenn]

GO FOR THE NEW CAR

 

Explain to him in depth lah

[Duadua2]

in depth ah......im not good at explaining in depth.the most important is my msg to him:

GO FOR THE NEW CAR

[Remygenn]

 

U r not into this in depth thingy ..but u direct ahh ...*remember*

[Ikokchan]

Thanks REMYGENN.

 

Thanks Martmode8850 and Freemen for your contributions too.

 

Duadua2, give me some logical reasoning leh. Cannot just go by feeling right? I not a millionaire leh, just snap fingers can buy new car. Nearly become one last week when kena TOTO 4 numbers and the other two numbers missed by one each. Wow liao eh. But thankful to win some kopi money.

 

Car really is a consumption good but can't live without one. Dun know why, no car in the past but can survive. Now, cannot??? So sad.

[Sterrier]

Usually i am a very prudent person.... so i wouldn't advocate changing .... especially your concern was fuel consumption. i mean how much savings do you expect to get? 50 bucks/months? I dun know how much you will lose in terms of finance charges, capital loss, etc.... i wonder how many months do you need in order to recover your losses from your savings in petrol consumption?

[Looneytune]

well if ur outstanding loan is abt e paper value of e car now, u may wanna consider changing. but u have to be willing to lose quite a fair bit on ur current ride, cos initially when u bought it, its was probably ard 70+k. the 1st few years the depreciation is very high. so it means u lose more than 10k each yr for ur ride of 2+ yr. can u sleep at nite knowing this? if u can sleep, go ahead and change.

another thing is when u get a new car, can u be sure u'll not be tempted to change in another few yrs time? given the low ARF now, new cars will be worth alot less & in few yrs time, when u wanna change, u're gonna lose another few tens of thousands.

 

if i were u, i wld drive till nearing e 5 yr mark for ur current ride b4 considering again. for a very simple reason: its damn difficult to save a few tens of thousands. but its freaking easy to blow it away. in e mean time, refrain from looking at newspaper advert on how cheap cars are selling nowadays!

[Sgspurs]

how much is the paper value of your sunny now ?

need also to see any penalty if you pay off your sunny' loan. Don't forget

abt rule78.

 

 

 

Dear seniors, old bird, lao jiao,

 

I am a newbie to this . Sleeping member for quite a while and finally discover how to post message. I need your advice on the following:

 

As u know, new car prices are at historic low . I am currently driving a Nissan Sunny EX (1.5) Manual, registered in June 2002. I have an outstanding loan amount of $35,000 (monthly payment of $630 with interest 2.45% over 7 years). I am thinking of changing to a new car (prefer Toyota Vios 1.5 Auto mainly because of the low fuel consumption). However, if possible, I want to retain the status quo. Meaning, same monthly payment and no need to pay cash down payment. Is it possible?

 

Was thinking if the price is so low, why drive an old car with such high fuel consumption.

 

Please give your frank opinion.

[Ikokchan]

Thanks Sterrier, Lonneytune and Sgspurs, very rational reasoning.

 

I bought the car at $73K plus loan interest of around $8K, it is effectively $81K. Looking around, my car now will fetch around $45K. Minus repayment of loan of $35K, only left with $10K cash. Really lugi until siao. If not for my family (wife and 8 months old daughter), I think I will jsut revert back to my old days of taking public transport and bus 11.

 

Well, got to work harder loh. Thanks.

[Looneytune]

hi bro, since u got fmy now, all e more dun burn precious money away! drive a few more years b4 it reaches end of yr 5. the calculation of depreciation of ARF from year 1-5 is the same at 0.75x. so it makes sense to carry on cos what u lose is only annualized depreciation of coe.