Checklist before buying new car

[Sdf4786k]

I thought it would be good to compile a list of to do before purchase

 

Sort of a sharing and paying back to the forum

 

Those that have additional infor, feel free to add

 

1. Check out how much you can loan.

Yes, there are times when you "feel" you can meet the monthly payment, but then , the bank thinks otherwise.

 

Lets not debate in dubious ways like overstating sales agreement and "football" payment.

 

Yu may also want to check out the citiloan assist and there are good rates to be gotten for new cars. just be aware there will be some work on your part to be done so a good sales person is required. You are ideally cutting out the sales person comm of 800 to 1000 dollars on average.

 

If like most, you have a condo loan or a condo is on the horizon, BUY condo FIRST as that will also hit your loan for the Condo.

 

2. check out which credit card is having a promotion for that month. a 10000 to 20000 down payment by card can gain you a lot of rebate / cashback.

 

3. Forecasting COE is as good as buying 2 coconut to point to the sky to contact your MP for tips on COE increase or not. Be aware that the 6 bids and top up only helps to lock you in on the down payment .

 

Your choice of cars that you could have gotten IF it rise can be quite disappointing. imagine you book a 1.5L car and because of the top up, you would have being buying a 1.6L car as compare to the car at that point in time where you put ink to paper.

 

4. New car launches as they say early bird gets the worm. Can be as good at 6 K off. Cars that are in stock in that configuration would get you better discount. BUT note that lime green and orange coulors will be sticking with you way long after many CNY is over. So have to take the color that you like. But that's me.

 

5. Event cars maybe cheap, but its also DUMB specs. The savings may negate the fact that when selling, you are also getting lower resale. WHY ? 2nd hand car dealers has a list of specs that they note down. so things like a normal car sold with all the bells and whistle vs a dump down version will very quickly be identified by the second hand car dealers. Bi xenon head lights and LED are one example and IF its a second owner car, its even worst. So be careful not to be happy to have a 4K discount and getting short change in the end. As the saying goes, the devil is in the details.

 

6. Getting a pre own may not be so bad. Do note that the 6 - 9 months old car is normally 30 - 45 K different .

You not buying a car from NTUC. So bargain away.

 

Do check the TnC.

 

7. Check out the various insurance as that is also a big unknown. It varies and if you can ask on your own, the savings are as large as 300 to 400. Do note that the Sales will not be happy, so you have to check with the sales on what is the final price without loan and insurance.

 

As the loan interest rate can varies do not be mistaken that its 1% different only. Car loan interest is very different from how other loans are calculated. ITS a lot of MONEY.

 

Those that think otherwise can try out the apps on the SGCARMART to have a taste of the delta of 1% for 50K loan for 5 years. If its easy peasy lemon queezy, then good for you.

 

8. Do check when the YOM is. we are in 2015. If you still getting 2014 or earlier, there are insurance implication when it comes to fair market value.

 

Do also check when you will be registering the car. If you register in dec 31 vs 2 Jan, your resale value can be as different as 4k to 6 K when its time to sell.

 

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This is not exhaustive and as money is involved, those that buy do note of the risk that you take base on my insights

[7hm]

and for those collecting their ride:

http://www.mycarforum.com/topic/1802820-new-car-checklist/

[Forte3737]

UP for awareness

and for those collecting their ride:

http://www.mycarforum.com/topic/1802820-new-car-checklist/