Buy 2nd car or trade in current car?

[Shull]

Bros, currently facing a dilemma and would like to ask for advise. Especially from financial(depreciation, trade in value) point-of-view.

 

The current civic i am driving will be fully paid up by Dec this year. But it is showing signs of wear and tear liao..Shock absorber already chui..what i am most worried is the gearbox..although jap cars very easy to get recon part, i hate the thought of sending the car for repairs etc etc..So now i'm kinda stuck.

 

Option 1:

Trade in this for a new car. The paper value as of 1st July is about 28k. Minus outstanding loan of 4k, can get back about 24k for the trade in. Plus point is, there no need to fork out another sum of money for downpayment. Downside is, every driver in my family(currently 3) will be sharing 1 car to use.

 

Option 2:

Wait til the current car is fully paid up(COE left about 3 yrs) and get a 2nd car. Downside is, need to fork out another sum of money for downpayment. But family has 2 car to drive instead of everyone sharing 1 car. Capacity is also doubled. Good for family trips with relatives. Esp going up north.

Edited April 15, 2009 by Shull

[Iziz]

If ur worry is abt gearbox, y not send to a gearbox specialist for them to check?

[Shull]

If ur worry is abt gearbox, y not send to a gearbox specialist for them to check?

 

gearbox is only a minor part of the picture..what i am most concerned which of the 2 option made more sense in terms of finance?

 

don't trade in and lose out on the depreciation..or trade in but end up with 1 car to use..

[Sir8]

Option 3: Keep the car till EOL. And take public transport.

[Iziz]

E big costs u shld be aware of is engine/gearbox. E rest r more or less affordable changes.

 

Whether 1 or 2 cars, it depends on whether can ur family afford it? Kinda like a need/want issue bah. Financially it is definitely going to be less prudent wif 2 cars but if it causes less friction within e family and e family can afford it, y not?

 

But its just me, coz I always deem relationships, esp family, more impt and of coz its icing on e cake if affordability can be included as well

 

Forgot to add: This is spoken in my personal capacity.

Edited April 15, 2009 by Iziz

[Ng_kok_seng]

better sell and get new car..

Now it is the best time ....to get best price for your used car and cheapest for your new car..

The car market is so down now...so sale for car trade is very dersperate now...

I am sure you can get the best of both world if you make effort to do some homework.Cheers

[Shull]

Option 3: Keep the car till EOL. And take public transport.

 

This is definitely out of the question. As my family travel up north often..about 1-2 times a mth..and each trip will clock about 300+km..

[Shull]

E big costs u shld be aware of is engine/gearbox. E rest r more or less affordable changes.

 

Whether 1 or 2 cars, it depends on whether can ur family afford it? Kinda like a need/want issue bah. Financially it is definitely going to be less prudent wif 2 cars but if it causes less friction within e family and e family can afford it, y not?

 

But its just me, coz I always deem relationships, esp family, more impt and of coz its icing on e cake if affordability can be included as well

 

Forgot to add: This is spoken in my personal capacity.

 

At the current economic climate, it definitely makes more sense to keep 1 car only..

 

If the car has got like 3-4yrs before the loan is cleared..i will go for trade in..

but now, it's so close to being fully paid up and the thought of having 2 cars without the need of servicing 2 loans is simply too tempting..haha..

[Shull]

better sell and get new car..

Now it is the best time ....to get best price for your used car and cheapest for your new car..

The car market is so down now...so sale for car trade is very dersperate now...

I am sure you can get the best of both world if you make effort to do some homework.Cheers

 

i thought used car price should be quite low now??

 

other than the paper value, how much can the car body be worth?

Edited April 15, 2009 by Shull

[Iziz]

At the current economic climate, it definitely makes more sense to keep 1 car only..

 

If the car has got like 3-4yrs before the loan is cleared..i will go for trade in..

but now, it's so close to being fully paid up and the thought of having 2 cars without the need of servicing 2 loans is simply too tempting..haha..

 

Bad economic climate, dun spend. Good economic climate, car too exp. Den when will u buy?

 

Like I said, most impt is think for urself ur own financial health/stability of job, etc.

 

Yes, but dun forget e "hidden" maint costs tat comes wif older cars. A lot of ppl tell u so much abt e pros of things, they conveniently forget e cons, esp if it will cause them to lose face So u have to look at e condition of ur existing car (if heavily over-used, den prepare for something big to go...). Its too long for me to type here, if u wan my opinion, u can always give me a call. I will not pressure u to buy Nissan. hahaha

[Shull]

current car is definitely heavily used.. mileage clocked is about 140,000km now..for a 6yr+ car..

 

just pray that nothing will go wrong..

 

btw, mind PM-ing me the contact for any gearbox specialist?

[Latioboy]

current car is definitely heavily used.. mileage clocked is about 140,000km now..for a 6yr+ car..

 

just pray that nothing will go wrong..

 

btw, mind PM-ing me the contact for any gearbox specialist?

 

 

6 yr plus and 140k? that's alright lar. haha

have a friend who has already clocked 81000km on his 1 yr 10 month car. heh heh. dun ask me how he does it.

[Iziz]

current car is definitely heavily used.. mileage clocked is about 140,000km now..for a 6yr+ car..

 

just pray that nothing will go wrong..

 

btw, mind PM-ing me the contact for any gearbox specialist?

 

Ur mileage isnt high for a 6yr old but becoz its at 6yr mark, dun think u shld expect much for body value bah. I've seen 50-60k/yr mileage cars

 

There's one called "Klang" at Sin Ming area, not sure of e contact though.

[Shull]

Ur mileage isnt high for a 6yr old but becoz its at 6yr mark, dun think u shld expect much for body value bah. I've seen 50-60k/yr mileage cars

 

There's one called "Klang" at Sin Ming area, not sure of e contact though.

 

so if i traded in it..how much should i expect? min should be paper value rite?

[Malie]

hey Shull, hows life in engine?

 

Always see ur car parked at raffles area..white shiny ES5..can't miss it haha

 

Anyway, auto gearboxes (recon) ones are pretty affordable for Honda

 

For my advise, tahan the "itch". Pay finish the loan. Save up meanwhile and when you see a good offer later, plunge in. get ur 2nd car...

 

Trust me, having 2 vehicles is more convenient.

 

Always changing car is a never ending changing cycle. Since you already tahan for 6 years..whats a few years more?

 

Cheers

my 2 cents

 

Bad economic climate, dun spend. Good economic climate, car too exp. Den when will u buy?

 

Like I said, most impt is think for urself ur own financial health/stability of job, etc.

 

Yes, but dun forget e "hidden" maint costs tat comes wif older cars. A lot of ppl tell u so much abt e pros of things, they conveniently forget e cons, esp if it will cause them to lose face So u have to look at e condition of ur existing car (if heavily over-used, den prepare for something big to go...). Its too long for me to type here, if u wan my opinion, u can always give me a call. I will not pressure u to buy Nissan. hahaha

Edited April 15, 2009 by Malie

[Shull]

hey Shull, hows life in engine?

 

Always see ur car parked at raffles area..white shiny ES5..can't miss it haha

 

Anyway, auto gearboxes (recon) ones are pretty affordable for Honda

 

For my advise, tahan the "itch". Pay finish the loan. Save up meanwhile and when you see a good offer later, plunge in.

 

Always changing car is a never ending changing cycle. Since you already tahan for 6 years..whats a few years more?

 

Cheers

my 2 cents

 

stressful leh...exams coming up..and put as 'Raffles hall' lah..later pple mistook me as working at Raffles area..hahaa...

 

what car you driving?

 

There are a few circumstances which are influencing my decision now:

 

1) The current COE price for new cars is relatively low..and we don't know how much the price will rise once LTA decided to cut the COE supply.

2) My ride trade in value will keep on dropping. The depreciation is about 7k per yr

3) Ride makes the trip up north very often. Scared that it may not be able to tahan such frequent long trips soon. And breaking down in msia is no joke..

[Galantspeedz]

Bros, currently facing a dilemma and would like to ask for advise. Especially from financial(depreciation, trade in value) point-of-view.

 

The current civic i am driving will be fully paid up by Dec this year. But it is showing signs of wear and tear liao..Shock absorber already chui..what i am most worried is the gearbox..although jap cars very easy to get recon part, i hate the thought of sending the car for repairs etc etc..So now i'm kinda stuck.

 

Option 1:

Trade in this for a new car. The paper value as of 1st July is about 28k. Minus outstanding loan of 4k, can get back about 24k for the trade in. Plus point is, there no need to fork out another sum of money for downpayment. Downside is, every driver in my family(currently 3) will be sharing 1 car to use.

 

Option 2:

Wait til the current car is fully paid up(COE left about 3 yrs) and get a 2nd car. Downside is, need to fork out another sum of money for downpayment. But family has 2 car to drive instead of everyone sharing 1 car. Capacity is also doubled. Good for family trips with relatives. Esp going up north.

 

 

based on your info given, i estimate your PARF value at EOL is about 12-14k? therefore your depreciation for the remaining 3yrs+ should be about $4.5-5k. And not the 7k that you mentioned.

 

2nd thing i also driving a honda if you do not know already, and my car now at 6yrs+ my mileage is 164k and still working fine, and i have to travel MY quite often too as my OC is from kuantan.

 

My gearbox is still smooth, engine very smooth. the key is maintainence. shock absorbers, etc are wear and tear items, if necessary, get reconditioned or 2nd hand ones since you intent to keep another 3yrs

 

talking about finances, i would advise you not to change and get a 2nd car instead if necessary since you have few people sharing the car. This depends on how often you all find 1 car is not enough. Money can earn back but time cannot. and if you sell your car now to buy another car then i think is LPPL might as well keep current car.

 

 

 

 

 

[Shull]

based on your info given, i estimate your PARF value at EOL is about 12-14k? therefore your depreciation for the remaining 3yrs+ should be about $4.5-5k. And not the 7k that you mentioned.

 

2nd thing i also driving a honda if you do not know already, and my car now at 6yrs+ my mileage is 164k and still working fine, and i have to travel MY quite often too as my OC is from kuantan.

 

My gearbox is still smooth, engine very smooth. the key is maintainence. shock absorbers, etc are wear and tear items, if necessary, get reconditioned or 2nd hand ones since you intent to keep another 3yrs

 

talking about finances, i would advise you not to change and get a 2nd car instead if necessary since you have few people sharing the car. This depends on how often you all find 1 car is not enough. Money can earn back but time cannot. and if you sell your car now to buy another car then i think is LPPL might as well keep current car.

 

yup..min PARF value is 12k..

but i tot depreciation is calculated by (initial cost - final PARF value)/10yrs?