Buying a Mit Lancer

[Sci10213]

Hi,

 

I have been planning to buy a Mit Lancer for quite some time but apparently $$$ not enough. Thought of getting max loan i.e. 10-year + zero downpayment + OPC rebate of $17,000 so that I dun have to come out with any cash upfront. I work in CBD area so I guess OPC is better.

 

Wonder what is the monthly instalment I have to pay excluding road tax, insurance, mainteinance, parking, etc? Or is getting a COE car cheaper than a 1st-hand Lancer?

 

Any advice? Can show me how to work out the sums ah?

[Steadyla]

Dude you can look at sgcarmart for the loan calculator.

Which of the following are you looking at?

 

1. Normal 1.6A lancer - 51488

2. Lancer sports lancer - 55488

If we take ten year for lancer

 

51488 - 17000(OPC rebate) = 34488

 

10 years loan with 3.5% = $388 montly on installments

[Ghostami]

Think you read the cost of owning SSS thread you will get a rough gauge, but the lancer u are talking about is the new ex model right? If that is the one my advise is save abit more and down, too much to loan for opc

[Slayer]

all that u have listed need to be counted in your budget. (hope u factor that in).

 

installment can be easily calculated.

P= loan amt

N=loan tenor

i= interest rate

total interest I = P x i x N

monthly installment PMT= (P + I) / (N x 12)

 

 

after u add all up, just compare to your budget, then decide whether it is within your budget.

[Nkps]

there are some thread sponsor here u can tok to, they will advise u on the thing u wanna know

[Apollo]

ur request is suicidal. all liabilities.

 

-----------

 

SAY $38,000.00, based on their webby. compound interest rate is 3.5%

 

$38000 * (3.5/100) * 10 yr = $13,300

 

Total sum = $51,300.00 , monthly = $$427.50 ($51K / 10 yr/ 12 months)

 

Road tax: $468/ 6 month

Insurance: depends on age.. say $1200/ yr

parking: check ur area. Office say $180 + home $55 / month

Peak hour driving : $20/ day

Coupons : Say $50/month

Petrol : Say $1.52/litre, @ 10km/litre, say 15.2ct/km, assume u point A to B person, say hit ard $22K km per year. #3,344.0/yr or $9.16/ day

 

Service repair???

Accident???

TP Summon???

Dents caused by others???

Grooming???

 

Ah neh car wash... $60/month

[Osiris]

sorry wrong post

Edited August 14, 2007 by Osiris