Will you downgrade ?

[Ah_tee]

Hi all

 

Seek some opinions here.

 

Currently driving a 2008 car of overpriced brand.

 

based on the selling price now, if i let go of the car now i should be able to make profit.

 

However if COE continue to slide further of cos i wont be making as much.

 

Was just thinking should i just use the profit and cash out a 2006-7 lower brand car without instalments.

 

Come 2016-17 and just go for brand new.

 

Instalments now is ard 1.5k but its still in my comfortable range, depreciation is around 15k per year.

 

Based on some preliminary sums it seems like a logical thing to do since the depreciation is high, provided COE drops to saner level like 40-50k in 2016-7.

 

 

[Sdexxxxd]

Hi all

 

Seek some opinions here.

 

Currently driving a 2008 car of overpriced brand.

 

based on the selling price now, if i let go of the car now i should be able to make profit.

 

However if COE continue to slide further of cos i wont be making as much.

 

Was just thinking should i just use the profit and cash out a 2006-7 lower brand car without instalments.

 

Come 2016-17 and just go for brand new.

 

Instalments now is ard 1.5k but its still in my comfortable range, depreciation is around 15k per year.

 

Based on some preliminary sums it seems like a logical thing to do since the depreciation is high, provided COE drops to saner level like 40-50k in 2016-7.

 

 

 

COE will drop <$40k by 2015. Provided they dont manipulate and relax the finance rules (50%dP and 5 yr repayment).

[Astrid]

Even if you switch to a 2006/7 used car, the blardy used car bengs would have priced them at about $12-15K/year depreciation!

Those ah bengs are also riding on the recent high-COE wave, don't you know?

 

So if depreciation is nearly the same, you should keep your current car (which I assume has a much higher OMV). You need to factor in your higher PARF payback on its 10th year, vs the downgrading.

 

But if your current is also a big cc (e.g. >3L) then you will also need to tahan the higher road tax till it's 10th year.

Edited May 12, 2014 by Astrid

[mdgg]

If you are still comfortable with your current installment, my suggestion to you is to hold on to your existing car. You know the condition of you car well. Buying a used car from a stranger or dealer have a lot of uncertainties. The car may appear good at first glance. But after a few weeks of driving, faults will start to show up. You may land up spending thousands in repair cost which you do not anticipate. The disadvantages outweighs the benefits.

Just enjoy your drive for the next 4 years. 2007 and 2008 may be the best year to enter the market again.

[Soya]

No need to over analyse.

 

Sell high, buy high.

 

Buy low, sell low.

 

Nuff said.

[EXO]

What car are you currently driving and how much of a downgrade are you willing to go?

 

If you intend to go for a 06,07 car and drive it till scrap, you can consider changing to a car with lesser resale value (subaru, fiat etc...)

 

Only this way you can sort of sell high and buy slightly lower to maximise your profit.

[Astrid]

Subaru, FIAT, or VW, Citroen, Peugeot, etc. will need to visit workshop very regularly hor!!

Why want to inherit another person's worries ... nightmares, even?

 

Just for the record, up to 80%+ of the unsold used cars in the market are either accident cars, problematic cars with no, or costly repair solutions!

[Aventador]

Hi all

 

Seek some opinions here.

 

Currently driving a 2008 car of overpriced brand.

 

based on the selling price now, if i let go of the car now i should be able to make profit.

 

However if COE continue to slide further of cos i wont be making as much.

 

Was just thinking should i just use the profit and cash out a 2006-7 lower brand car without instalments.

 

Come 2016-17 and just go for brand new.

 

Instalments now is ard 1.5k but its still in my comfortable range, depreciation is around 15k per year.

 

Based on some preliminary sums it seems like a logical thing to do since the depreciation is high, provided COE drops to saner level like 40-50k in 2016-7.

 

 

Your depreciation now is 15k, change to a older car perhaps depreciation is 9-10k

 

By 2016 you save about 10k?

 

Is this 10k important enough for you to switch to a older car with unknown history? The answer to this question will guide your decision

[Tohto]

If you don't mind Korean car, this look like a very good buy.

Of course you need to paid a higher road tax.

 

http://www.sgcarmart.com/used_cars/info.php?ID=403333&DL=1258

[Throttle2]

Hi all

 

Seek some opinions here.

 

Currently driving a 2008 car of overpriced brand.

 

based on the selling price now, if i let go of the car now i should be able to make profit.

 

However if COE continue to slide further of cos i wont be making as much.

 

Was just thinking should i just use the profit and cash out a 2006-7 lower brand car without instalments.

 

Come 2016-17 and just go for brand new.

 

Instalments now is ard 1.5k but its still in my comfortable range, depreciation is around 15k per year.

 

Based on some preliminary sums it seems like a logical thing to do since the depreciation is high, provided COE drops to saner level like 40-50k in 2016-7.

 

 

Just let go and go public.

[Tohto]

Just let go and go public.

And wait for the 4 or 5th bus to arrive before can board.

Try calling a taxi also not cab near by during peak hour.

That is what I facing when try to take public.

[Throttle2]

And wait for the 4 or 5th bus to arrive before can board.

Try calling a taxi also not cab near by during peak hour.

That is what I facing when try to take public.

Well its cheaper for him and does not require too intense decision making .

Take MRT, walk a bit lor.

[Baal]

For an 08 car, u definitely have the luxury of playing the weighting game.

Unless ur current ride is posing chronic problems resulting in constant repairs & time loss, I would suggest stick to it & get a brand new car for the purpose of downgrading.

 

As for 2nd hand, its a jungle out there. Lemon law notwithstanding, u will still need to invest time & initial monies to enforce it & the desired outcome is not gauranteed.

[Tarenn]

Hi all

 

Seek some opinions here.

 

Currently driving a 2008 car of overpriced brand.

 

based on the selling price now, if i let go of the car now i should be able to make profit.

 

However if COE continue to slide further of cos i wont be making as much.

 

Was just thinking should i just use the profit and cash out a 2006-7 lower brand car without instalments.

 

Come 2016-17 and just go for brand new.

 

Instalments now is ard 1.5k but its still in my comfortable range, depreciation is around 15k per year.

 

Based on some preliminary sums it seems like a logical thing to do since the depreciation is high, provided COE drops to saner level like 40-50k in 2016-7.

 

 

 

I'm missing something here, which everyone seems to understand

 

If depreciation is 15k/year, not including tax, insurance, loan interest ... how can there be a profit?

[Ah_tee]

thanks all for your reply.

 

To put things into perspective, my current car is a CAT B car, relatively problem free at 15k per year depreciation

 

lookin at the current CAT As are depreciating at 7-8k plus its instalments free.

 

something of consideration is tat i been owning this car for sometime and getting abit tired of it, its not abt finances per se but its more abt the sense knowing that peak scrapping season is coming.

 

As someone mentioned earlier, its all abt buy high sell high.... vice versa.

 

for now, i am buy low sell high,,, and we know we are going into the season of buy low sell low.

 

 

[Guan87]

your current car may be buy low sell high. but the next one will be buying high also. you didnt think of this?

 

btw why so secretive bout your 15k depreciation car. i very curious what car is that

[Ah_tee]

your current car may be buy low sell high. but the next one will be buying high also. you didnt think of this?

 

btw why so secretive bout your 15k depreciation car. i very curious what car is that

 

Tats why if i downgrade the next car would have to be a CAT A car in order to cash out and live a installment free man for the next 1.5 to 2 years.

 

nothing secretive abt my current car, its just a normal CAT B car la..

[Throttle2]

 

Tats why if i downgrade the next car would have to be a CAT A car in order to cash out and live a installment free man for the next 1.5 to 2 years.

 

nothing secretive abt my current car, its just a normal CAT B car la..

Waiting for what, man!

 

Instalment free is best