Changing Car [Need Advise]

[Jamesc]

Unlike some people here I only ever drive a used car.

 

After the first time I pick up the car from the dealer.

 

Every time I drive the car its a used car.

 

Used by me what. 

 

[RogerNg_185295]

Maybe a motorbike for him

Yes so I have chosen not to harp on his lack of savings, but offering my suggestion to make the best out of it. New car is really a stretch given the circumstances. Priority is to secure the job with a car under his name so he can get transport allowances, and a 20k used car is his best bet.

 

[Privacy]

Not everyone like me drive used car.

 

Some die die wants brand new.

 

 

To each his own choice. I drive old car but debt free and contented.

my new car depreciation lower than old car..

 

n i paid cash no loan... so no brainer to buy new...

 

bt seriously.. dont even have 30k n drive new car? lol sinkies

[Hamburger]

my new car depreciation lower than old car..

 

n i paid cash no loan... so no brainer to buy new...

 

bt seriously.. dont even have 30k n drive new car? lol sinkies

 well its all about choices we made.

 

while i could afford a down payment for a brand new car of 170k and to pay instalments for a couple of years, i feel in my opinion i am better off buying a used one with no money borrowed. This for me is a more prudent choice i would take.

[Sadan]

Apologies on my naive thinking.. has been reading this thread and suddenly a question to ask.

If TS trade-in his car valued @ ~$65k for a new ride @ ~$78k, but without a job will the bank loan be approve?

 

Like all mentioned.. can really consider trading in current ride to a dealer, and get a 2nd hand car without forking out any cash (excludeing insurance etc). This way the dealer will also settle the current car loan, and you get can another ride under your name. Only cons is the car will not be new.

[Privacy]

well its all about choices we made.

 

while i could afford a down payment for a brand new car of 170k and to pay instalments for a couple of years, i feel in my opinion i am better off buying a used one with no money borrowed. This for me is a more prudent choice i would take.

wise choice

[Pocy]

Current ride still got outstanding loan and without clearing that ....... can trade in or sell meh? Even can ....... maybe get nothing back? Buy new car need deposit, $$$? Car loan need something right? How man?

well its all about choices we made.

 

while i could afford a down payment for a brand new car of 170k and to pay instalments for a couple of years, i feel in my opinion i am better off buying a used one with no money borrowed. This for me is a more prudent choice i would take.

Boss, down payment $170K

[Piyopico]

No point harping on what is available in the bank before you should buy a new car.

 

Itz just like saying if you earn less than a certain amount you shouldn’t have kids.

[Tedlhw]

I am not gonna comment on your financial position cos thatâs the job of a financial planner.

 

However I am of the view that you should just sell the current ride and buy another second hand car with the net proceeds of at least 35k.

 

New car is nice but I would use $5000 of the $35000 to downpay a second hand car and take a loan for the remaining amount and still have $30000 in the bank.

 

Then you will have $30000 in cash and dun have to ask this question the next time.

 

Joke aside, dun get the new car. How confident are you that you will last more than a few months in your new job? The last thing you want is to be unemployed and holding onto a new car.........,, which you consider as a downgrade.

I think this is the best solution so far. No job better keep some liquidity. At least daily expense wont become problem.

Many years ago, i just started working, stretched to buy car. Suddenly mum came down with cancer. No money. Thats exactly what i wanted to do.

[Tedlhw]

No point harping on what is available in the bank before you should buy a new car.

 

Itz just like saying if you earn less than a certain amount you shouldnât have kids.

Can't praise u again. i think u make the most sense here. People need 30k to clear loan. people here throw full cash here full cash there, XXXk no loan in people face. Most people here just want to feel a false sense of superiority. When there is completely no need to. Not as if TS is hao lian or what

[Galantspeedz]

Here become haolian thread lol

[Privacy]

No point harping on what is available in the bank before you should buy a new car.

 

Itz just like saying if you earn less than a certain amount you shouldnât have kids.

dont compapare cars to kids.

as a parents, it's not even remotely close...

a car is just a thing

Here become haolian thread lol

of cos must take the chance to haolian la..

 

 

especially if TS ish jinz poor one

[DACH]

dont compapare cars to kids.

as a parents, it's not even remotely close...

a car is just a thing

of cos must take the chance to haolian la..

 

 

especially if TS ish jinz poor one

It's about the choice you make and so ultimately they are the same.

Eventually it's you yourself going to suffer if you ask for what you can afford.

[Ivan_06]

If so easy, don't need to ask here already.

$30k is not alot.... Last time my car $90k full cash and I am middle lower income lor.

1. already explained.

2. Ya, that have to suck it up.

3. already check. Cant do. bank does not allow loan redemption.

 

yaya. right. you are very rich so u deserve to own a car. I'm poor chap, so I can't own a car. Happy liao?

 

that is absolutely right. sad to such, my company does not offer such car loan.

Save more lah. I am sure you have stocks and etc.. Convert them into liquid cash. Since u in sales. Sure have money one.

Edited January 27, 2018 by Ivan_06

[Ivan_06]

Not working. Sole bread winner here. In very tough financial situation. Currently retrench from a very high perspective job.

 

Talk to Maybank already. Even went down personally to discuss with finance officer. They wouldn't bulged.

Retrenched from very high perspective job, the retrenchment benefits would be alot.

 

For sure, before you were retrenched, you were earning alot too.

Looking at ur situation, i think best is sell current car and get a used car that is left 2 years.

This is the best option.

I am not gonna comment on your financial position cos thatâs the job of a financial planner.

 

However I am of the view that you should just sell the current ride and buy another second hand car with the net proceeds of at least 35k.

 

New car is nice but I would use $5000 of the $35000 to downpay a second hand car and take a loan for the remaining amount and still have $30000 in the bank.

 

Then you will have $30000 in cash and dun have to ask this question the next time.

 

Joke aside, dun get the new car. How confident are you that you will last more than a few months in your new job? The last thing you want is to be unemployed and holding onto a new car.........,, which you consider as a downgrade.

Dun be so mean lei. People haven't start work, already curse him kena get sacked.

I admire TS way of life.

 

I buy spectacles also must think think think.. And its owndays, not any branded specs. Long sleeve shirt only buy at expo $15 niah..

Actually buying the new car is the problem, due to TS unfortunate circumstances where he don't have 30k in the bank for early redemption of his loan, yet he think of switching to new car.

 

The best approach would be to sell off his Vezel now for approx 65k, then pay off the loan of 30k, leaving him with 35k cash. Instead of buying a new car, he should buy a temporary used car.

 

Here is a decent Kia cerato forte for 18k, can drive for another 16 months.

http://www.sgcarmart.com/used_cars/info.php?ID=701643&DL=1149

 

If want to save a bit more, a decent Suzuki swift for 16k with 16 months left.

http://www.sgcarmart.com/used_cars/info.php?ID=709846&DL=1288

 

Pay up full cash for the car in his name, now he can take up the job and get his car allowances and transport claim. Once job is confirmed and stable, can choose to sell his temporary car and upgrade to new car.

 

Meanwhile he can have 15k savings in his bank so he don't need to lead the yolo life.

Maybe driving second hand car is lose face for him. After all he is in sales... I dun know lah.

[supersen]

Retrenched from very high perspective job, the retrenchment benefits would be alot.

 

For sure, before you were retrenched, you were earning alot too.

This is the best option.

Dun be so mean lei. People haven't start work, already curse him kena get sacked.

I buy spectacles also must think think think.. And its owndays, not any branded specs. Long sleeve shirt only buy at expo $15 niah..

Maybe driving second hand car is lose face for him. After all he is in sales... I dun know lah.

 

i dont think retrenchment benefits will be alot if you are in SME, for MNC i do agreed

 

also 2 cents advice for ts , change to a 2nd hand car doesnt mean anything, whats is pride when you need to place food on the table??

if you had been through tough times, you will know how to be humble and look at the priority of family instead of a new or luxury car 

 

5 cents opinion 

[Susacarimakan]

Not sure what truth you need to access my situation. I already explained before.

 

1. Reason to change car. Taking up new sales job role, company needs employees to own a car. Company will provide car allowance such as transport allowance, petrol card, and etc. Company policy stated clearly, you need the car to be under your name to enjoy the benefits.

 

2. Situation. Currently driving a less than 3 year old car under wife's name. Now I have to change ownership of car on paper to be my name. Called the bank if this is possible. Bank do not allow refinancing.. meaning I have to clear current outstanding loan of 30k before ownership could be transferred.

 

3. Recently lost a job. Do not have 30k. New job offer is attractive, but it require me to own a car under my name.

 

4. Need advise on how to resolve my situation.

 

5. Thanks to some helpful bros here. I have an option to look for a reliable car deal to to the middle person of the transaction for me. 

 

6. Somebody mentioned that if you are poor, (aka do not have 30k cash) don't own a car. I have been driving for past 15 years without having 30k in my bank. I am in sales line. My car is an asset, not a liability. So think before you criticize others.

Hi,

About 16 years ago, I went ahead and placed deposit on a brand new Nissan Sunny Ex at the AD. Unfortunately, just after a few days later, a sudden and abrupt change in employment status developed. Had to meet and urgently explain situation with Sales person, who was nice enough to speak to his Manager, who requested documentary evidence before finally approving the refund of the deposit placed and cancelled the sales. 

If not for the AD's help and understanding, the "asset" for my job would have turned into a pain in the neck 'liability'. (I appreciated them so much that I bought a Nissan Latio years later.)

The gist of my message is simply for you to be also ready for sudden unanticipated events that may change some time down the road in case you proceed with the new K3. 

From my perspective, it looked best to sell your current car, use the proceeds to buy a second hand car as many fellow forummers here suggested.

 

Cheers,

uncle susa.

[RogerNg_185295]

What's TS decision Now?