Overseas for 2 years - what to do with my 1 yr old latio?

[Cheekg98]

it's your own car ... only u know the maths ...

[Will_I_Am]

Option 2 is illegal, so it's OUT.

Selling it will save you the troubles for the 2 years you are not around.

 

 

 

 

 

Hi folks

 

Need to get your views. I have a 1 year old latio (registered in May 08), but will be going overseas for 2 years. So what do I do with the car? My options that I can think of are as follows:

 

1) Sell the car

Pros - Get the cash first. No hassle

Cons - Lose out in terms of depreciation. (Bought for $60k, indicative selling price for 1 yr old latio is around $45k, 3 year old selling for around $35k)

 

2) Rent out the car for 2 years.

Pros - Earn some rental income for 2 years and sell the car when I am back. Hopefully, rental income is more than $10k to offset the difference in the selling price in 1 year old latio vs 3 year old latio

Cons - Difficult to get (trustworthy) lobang. Higher risk, in terms of accident, insurance renewal, etc.

 

3) Let the car idle/lend to friends/relatives

Pros - Can use car when back during holidays

Cons - Lose $.

 

[Lab4games]

go overseas to work or study?

 

work got guarantee employment for next 2 yrs? have heard of ppl going oversea to work and then kanna axed and got to come back...

[Terence_oh]

1) Sell the car

Pros - Get the cash first. No hassle

Cons - Lose out in terms of depreciation. (Bought for $60k, indicative selling price for 1 yr old latio is around $45k, 3 year old selling for around $35k)

 

Did you factor in Finance charges (interest) in your calculations?

[Leech]

Bro, let ur folks, i.e. ur parenrts, use the car. This option no heart pain as there is no 'loss'. Filial piety !!!

[Sterrier]

Thanks all for your advice. Looks like the overwhelming response is to sell the car and save all the trouble. Most probably, will do just that. Family (ie wife and kids) will be moving overseas with me and parents has no driving licence, so no one to pass the car to. Luckily, car is fully paid for, so no finance charges/top ups to worry about.

 

 

[Leech]

Thanks all for your advice. Looks like the overwhelming response is to sell the car and save all the trouble. Most probably, will do just that. Family (ie wife and kids) will be moving overseas with me and parents has no driving licence, so no one to pass the car to. Luckily, car is fully paid for, so no finance charges/top ups to worry about.

 

Bro, no siblings? Pass it to them to drive as a spare car. Sell now lugi one BIG hole. Sell later at most lugi less (relatively). Ask ur folks to go learn how to drive. Hope they are not over the cut-off age... Advantage for u is that the car is fully-paid up. So no hurry...

[Prozac]

my fully paid 9 month old latio sedan was valued at 35k by Audi for trade in...

[Kamen]

hi bro,

 

i faces the same situation as u. my car was april 08..going oversea assignment for 2yrs..btw where u going oversea....i m going to perth....

 

cheers

[Sterrier]

going to japan. most prob in Jul/Aug 09.

 

$35k for a nine-month year latio is ridiculously low! All my siblings got their own car, so no one will be interested to 'rent' from me.

[Rayoh]

bro, think carefully...

 

Let say Today sell can fetch 36K-38K.... 2 yrs down the road, still can sell 36K-38K ???

 

In your case, pretty clear cut, just sell!!

[Pcslim]

All the friends/relatives/colelagues i know who kena overseas posting will only keep their house but for sure sell off their car. IMO, unlike property, car price confirm depreciates with time. The later u sell, the more loss u will likely to incur.

[Vextan]

the ideal choice will be to rent it out. the rental will pay for the instalment, even earn some. if sell now the depreciation for one year ownership is ridiculously high (60k - 35k = 25k ! then might as well dont go overaeas work and save this money better), and only rental can cover it. to minimise the risk that comes with rental, can sign a rental agreement with established car leasing companies which there are plenty. everything in black and white so wont have dispute in future.

Edited April 13, 2009 by Vextan

[Gendut]

Hi folks

 

Need to get your views. I have a 1 year old latio (registered in May 08), but will be going overseas for 2 years. So what do I do with the car? My options that I can think of are as follows:

 

1) Sell the car

Pros - Get the cash first. No hassle

Cons - Lose out in terms of depreciation. (Bought for $60k, indicative selling price for 1 yr old latio is around $45k, 3 year old selling for around $35k)

 

2) Rent out the car for 2 years.

Pros - Earn some rental income for 2 years and sell the car when I am back. Hopefully, rental income is more than $10k to offset the difference in the selling price in 1 year old latio vs 3 year old latio

Cons - Difficult to get (trustworthy) lobang. Higher risk, in terms of accident, insurance renewal, etc.

 

3) Let the car idle/lend to friends/relatives

Pros - Can use car when back during holidays

Cons - Lose $.

 

Dear Whomever

 

I have a third option that you may find suitable.

 

Do you realise that by converting your car to an OPC will net you $2.2K per year?

 

You can then allow someone(relative, brother or friend) to keep the car for his use. This will run the engine occasionally on weekends. You may even extract some $$$ for that use. Alternatively, just keep it at home and earn $2.2K/year.

 

When you come back in 2 years time, reconvert and use back your car. It will cost you less this way.

 

Just say thank you.

[Tigershark1976]

think the selling price u stated is the price that most 2nd hand car dealer is selling.. if u sell to them, i dun think u can get even 80% of it...

[Will_I_Am]

I think the process is irreversible.

You can only convert once. Normal to Red or Red to Normal.

Edited April 13, 2009 by Mazda_mad

[Vextan]

convert car to opc cannot enjoy the 17k rebate la ... get the facts right.

[Carndablues]

the ideal choice will be to rent it out. the rental will pay for the instalment, even earn some. if sell now the depreciation for one year ownership is ridiculously high (60k - 35k = 25k ! then might as well dont go overaeas work and save this money better)

 

Actually, wrong!

 

You've obviously never been posted overseas before. If the TS got his negotiation hat on, he would've asked for daily allowances and accomodation and transport all covered. So in affect, you will spend $0 of your salary, you just survive on the daily allowance, which is pretty generous depending on your negotiation skills.