Wintersonata Clutched January 27, 2009 Share January 27, 2009 (edited) Hi Bros, Need your advice based on whether to change car or not... Current driving a 6 yrs old Hyundai Sonata, it has served me well over the years... Car loan fully paid up... PARF : $16k COE : $12k (based on End Feb 2009) Total rebate : $28k However, like most aging cars, its due for some major overhaul which would cost another $2-3k to allow it to continue for another 4 yrs more... My parents are aging too and finding it hard to get into the car due to it's low sedan profile... With the current low COE but even lower re-sale value of the current car, I am checking whether is it worth it to change a new car or get second-hand car... I am looking at car with higher profile, SUV, Cross-over or maybe MPV... Not really in hurry to change now, can afford to wait for dealers to cut their fat margins first... Edited January 27, 2009 by Wintersonata ↡ Advertisement Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged January 27, 2009 Share January 27, 2009 ?Depending how long you want use the car..... <5yrs, buy 2nd hand car >5yrs, buy 1st hand car Try to hold on till at least April, my guess is should drop quite abit anyway your car is worth paper value only so no difference when you sell the car Link to post Share on other sites More sharing options...
Mosin Neutral Newbie January 27, 2009 Share January 27, 2009 hi bro,, Ur current ride parf 28k left with 4 years keep this will set u back 7k per year not including higher maintenance... would suggest u get a new ride,, as the depreciation per year for a new ride might be close to 7k .... 2cents GXFC [flowerface] Link to post Share on other sites More sharing options...
Eko6 2nd Gear January 27, 2009 Share January 27, 2009 Ur current ride parf 28k left with 4 years keep this will set u back 7k per year not including higher maintenance... you sure? PARF goes to zero after 10 years??? Muaahhhhhh...... Link to post Share on other sites More sharing options...
Wintersonata Clutched January 27, 2009 Author Share January 27, 2009 (edited) ?Depending how long you want use the car..... <5yrs, buy 2nd hand car >5yrs, buy 1st hand car Try to hold on till at least April, my guess is should drop quite abit anyway your car is worth paper value only so no difference when you sell the car I am not a regular car swapper... Haha, my previous cars all last for more than 5 years... Only 2 reasons which prompt me to consider a change of car now, lower car prices (not necessary a good buy due to high margin by dealer, result in higher depreciation) and my parents... I can afford to wait since my car is already fully paid-up... Edited January 27, 2009 by Wintersonata Link to post Share on other sites More sharing options...
Wintersonata Clutched January 27, 2009 Author Share January 27, 2009 (edited) hi bro,, Ur current ride parf 28k left with 4 years keep this will set u back 7k per year not including higher maintenance... would suggest u get a new ride,, as the depreciation per year for a new ride might be close to 7k .... 2cents GXFC [flowerface] I should be getting about $12k back after 10 yrs, so basically $16k over 4 yrs and of course, higher maintenance charges... But you are also right as the car straight depreciation is at $7k over 10 years.. If it's still the boom year with COE at $20-30k, I would have continue to drive this car until the next recession where good value bargains would appear... However, I feel that within the next 12 months, good bargains should appear and it only happen once every 5-10 yrs... I didn't want to miss this opportunity... Edited January 27, 2009 by Wintersonata Link to post Share on other sites More sharing options...
Mosin Neutral Newbie January 27, 2009 Share January 27, 2009 (edited) you sure? PARF goes to zero after 10 years??? Muaahhhhhh...... u are rite,, should have 50% of ARF left at end of 10years... [flowerface] Edited January 27, 2009 by Mosin Link to post Share on other sites More sharing options...
Gz0707 4th Gear January 27, 2009 Share January 27, 2009 its clear you know the AD profit margins well, the depreciation values etc. Interesting ideas have surfaced, from your thread as well as genie's - to take advt of new rides with super low upfront costs. I think the only choice you have to make now is either a newer 2nd hand car or brand new one, a safe AD option or unsafe PI which could disappear over nite. Happy hunting. btw there are brand new 2 Crossover registered and waiting for owner, go check it out. If not, check out the Carens going at 52k now. Link to post Share on other sites More sharing options...
Wintersonata Clutched January 27, 2009 Author Share January 27, 2009 (edited) its clear you know the AD profit margins well, the depreciation values etc. Interesting ideas have surfaced, from your thread as well as genie's - to take advt of new rides with super low upfront costs. I think the only choice you have to make now is either a newer 2nd hand car or brand new one, a safe AD option or unsafe PI which could disappear over nite. Happy hunting. btw there are brand new 2 Crossover registered and waiting for owner, go check it out. If not, check out the Carens going at 52k now. Thanks bro... Maybe i am lucky that my car is beyond the "body" value discussion anymore since most export markets has low demands or has collapsed... and I don't really lose a lot on body value as compared to less than 5 yrs old car... With low COE, some cars has become more "affordable" like VW Tiguan, but the dealer is still making $30k+ margins... Bloody suckers... Maybe there could be PI that is willing to do it for 50% lesser margin instead... Edited January 27, 2009 by Wintersonata Link to post Share on other sites More sharing options...
Gz0707 4th Gear January 27, 2009 Share January 27, 2009 yes, u are in a "luckier" position - ironically as a car owner in the most exp ownership country in the world, no less. Let it go lah - Ford also started selling the Mondeo at 30+ k margin, now only at 20+k, with more margin to trim. Just look at the Passat cost (76k) and Touran and u will know what I mean. So next the 2 qtr shd be interesting - would love to see the day that PA makes only 5k margins on a new car ... u can start reading on the Tiguan 2.0T spec now ... imagine 80+k for the Tig and 85k for a brand new Passat 1.8T. Very hard to sleep with eyes closed ... hohoho ... In the meantime, if you are really impatient, the new 6 pot Epica 5 gear awaits at only 67k ... Link to post Share on other sites More sharing options...
Wintersonata Clutched January 27, 2009 Author Share January 27, 2009 yes, u are in a "luckier" position - ironically as a car owner in the most exp ownership country in the world, no less. Let it go lah - Ford also started selling the Mondeo at 30+ k margin, now only at 20+k, with more margin to trim. Just look at the Passat cost (76k) and Touran and u will know what I mean. So next the 2 qtr shd be interesting - would love to see the day that PA makes only 5k margins on a new car ... u can start reading on the Tiguan 2.0T spec now ... imagine 80+k for the Tig and 85k for a brand new Passat 1.8T. Very hard to sleep with eyes closed ... hohoho ... In the meantime, if you are really impatient, the new 6 pot Epica 5 gear awaits at only 67k ... In no hurry to commit now, waiting patiently for dealer to start dropping their margins... In fact, the longer i wait, the less depreciation i will suffer from my current car... Haha... Yes, a Tiguan at $80k is a good buy... haha... Will wait for that day... Should happen within this year... Link to post Share on other sites More sharing options...
Chickensoup 1st Gear January 27, 2009 Share January 27, 2009 Hi Bros, Need your advice based on whether to change car or not... Current driving a 6 yrs old Hyundai Sonata, it has served me well over the years... Car loan fully paid up... PARF : $16k COE : $12k (based on End Feb 2009) Total rebate : $28k However, like most aging cars, its due for some major overhaul which would cost another $2-3k to allow it to continue for another 4 yrs more... My parents are aging too and finding it hard to get into the car due to it's low sedan profile... With the current low COE but even lower re-sale value of the current car, I am checking whether is it worth it to change a new car or get second-hand car... I am looking at car with higher profile, SUV, Cross-over or maybe MPV... Not really in hurry to change now, can afford to wait for dealers to cut their fat margins first... Should change due to your high scrap. In this case high scrap means for a 6 yr old car can get 28K is consider high. Buy used 2 or 3 yrs old MPV or SUV or Cross-over as you mention. These used car are beaten down in price due to low new car prices. New car prices can't be beaten much further as they have OMV, ARF and COE to be paid to Govt. Moreoever, LTA is very likely to reduce 2009 quota, hence the COE will be artificially forced up. Link to post Share on other sites More sharing options...
Marquee Clutched January 27, 2009 Share January 27, 2009 (edited) Bro, I have nothing much to comment on the $$ part. As for ageing parents, please bring them to test drive the MPV or SUV that you are considering. Those car have a higher CG and higher profile. Some aged people have difficulty in getting into the car. Some also feel that the high CG make them giddy. Edited January 27, 2009 by Marquee Link to post Share on other sites More sharing options...
Seabass_sg Neutral Newbie January 27, 2009 Share January 27, 2009 Agree with Marquee. . . . wat suits us might not suit our ageing parents . . . . so if one of ur reasons to change a car is ur parents, best bring them to test drive and ask them to be honest as some parents might feel paiseh and will just say ok ok even when they are not comfortable with the ride . Link to post Share on other sites More sharing options...
Ferraricalifornia 1st Gear January 27, 2009 Share January 27, 2009 my aunt has back problems, so she isn't comfortable by the looks of it in my car due to the harsh ride...even on short journeys, still hurts...got to bring the elders down for testdrive...very important Link to post Share on other sites More sharing options...
Sktan10 5th Gear January 27, 2009 Share January 27, 2009 Hi Bros, Need your advice based on whether to change car or not... Current driving a 6 yrs old Hyundai Sonata, it has served me well over the years... Car loan fully paid up... PARF : $16k COE : $12k (based on End Feb 2009) Total rebate : $28k However, like most aging cars, its due for some major overhaul which would cost another $2-3k to allow it to continue for another 4 yrs more... My parents are aging too and finding it hard to get into the car due to it's low sedan profile... With the current low COE but even lower re-sale value of the current car, I am checking whether is it worth it to change a new car or get second-hand car... I am looking at car with higher profile, SUV, Cross-over or maybe MPV... Not really in hurry to change now, can afford to wait for dealers to cut their fat margins first... I think your sonata is 2003 model,right? Still under the old scheme.Drive till 10yrs u should get back 10.4K. So 28k-10k=18k for another 4 yrs so your depreciations is 4.5k per year. Alot of new cars now also depreciate around 4.5k per year,so my suggestion is worth to change. Link to post Share on other sites More sharing options...
Picanto 3rd Gear January 27, 2009 Share January 27, 2009 Hi Bros, Need your advice based on whether to change car or not... Current driving a 6 yrs old Hyundai Sonata, it has served me well over the years... Car loan fully paid up... PARF : $16k COE : $12k (based on End Feb 2009) Total rebate : $28k However, like most aging cars, its due for some major overhaul which would cost another $2-3k to allow it to continue for another 4 yrs more... My parents are aging too and finding it hard to get into the car due to it's low sedan profile... With the current low COE but even lower re-sale value of the current car, I am checking whether is it worth it to change a new car or get second-hand car... I am looking at car with higher profile, SUV, Cross-over or maybe MPV... Not really in hurry to change now, can afford to wait for dealers to cut their fat margins first... working as? job is very secure? Link to post Share on other sites More sharing options...
Porche 5th Gear January 27, 2009 Share January 27, 2009 a used car will be better for this time ↡ Advertisement Link to post Share on other sites More sharing options...
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