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Jezzmatezz

Need advice on purchasing a new car

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Hey bros
Im having a little dilemma if it’s cheaper buy a new car now or to wait for another 2 years instead.

I’m currently driving a Nissan slyphy 1.6 signature series 2015 model.

My loan finishing in June This year.

Current rebate amount from one motoring is approximately 47K.

i know that by waiting for another 2 more years I’ll need to factor in the depreciation too

Hope to seek savvy bros on this for the best option(s) for me.

 

 Thanks in advance!

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If break even can consider to change now as coe is hovering low

Edited by Cephas
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28 minutes ago, Jezzmatezz said:

Hey bros
Im having a little dilemma if it’s cheaper buy a new car now or to wait for another 2 years instead.

I’m currently driving a Nissan slyphy 1.6 signature series 2015 model.

My loan finishing in June This year.

Current rebate amount from one motoring is approximately 47K.

i know that by waiting for another 2 more years I’ll need to factor in the depreciation too

Hope to seek savvy bros on this for the best option(s) for me.

 

 Thanks in advance!

I think car prices might go up in 2 years time as COE quota amount will drop. Will be better if you buy this or next year.

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32 minutes ago, Jezzmatezz said:

Hey bros
Im having a little dilemma if it’s cheaper buy a new car now or to wait for another 2 years instead.

I’m currently driving a Nissan slyphy 1.6 signature series 2015 model.

My loan finishing in June This year.

Current rebate amount from one motoring is approximately 47K.

i know that by waiting for another 2 more years I’ll need to factor in the depreciation too

Hope to seek savvy bros on this for the best option(s) for me.

 

 Thanks in advance!

I'm the owner of a 2015 car as well. I think your paper value is quite high for a compact b&b sedan. I would trade in and change now. Your 4-5th year depreciation in paper is the lowest, but increases to a steady depreciation over the last 5 years. This is a good few months to consider to change. 

My paper is currently about 60k. But my first 5 year depreciation is very high. Yours I think is quite reasonable. 

Edited by Lala81
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Thanks everyone 

really appreciate your speedy guidance!

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Money matters is one thing but you should seriously take a look at what is going on around the world. If you are considering to buy car now, you should watch this...

https://www.channelnewsasia.com/news/business/the-impact-of-the-covid-19-outbreak-on-the-global-auto-parts-12444290

You might face delays for god knows how long. Delays that could cost you in some ways you wont know until it hits you. You know. Things like that.

 

Edited by Watwheels

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@Jezzmatezz

Your paper value is $45K and can fetch easily $50K if you sell now.

If you continue to keep the Sylphy, you need to take into consideration the annual depreciation of $7.8K. And you are depreciating $5.6K annually just on the paper alone (COE).

Example: https://www.sgcarmart.com/used_cars/info.php?ID=879627&DL=1047

A brand new Sylphy sets you back by a mere $7.4K a year. The actual selling price could be lower than the published rate.

image.png.ca7285af83f4fca59a8a149afc89f2af.png

Or if you are willing to compromise with a "downgrade"; to a brand new  Korean Hyundai Avante or Kia Cerato, your annual dep gets even lower at just about $6.5K.

Of course if you buy a new car, your loan cycle starts again and you must drive till scrap as there is practically no resale value with the low COE . If you choose to continue to drive your current Sylphy, you can go loan free for the next 5 yrs till scrap.

On the extreme, if you are not fussy and need just 4 wheels, and get humbled right down to a brand new Mitsubishi Attrage or Perodua Bezza ($5.5K annual dep) , you just need to top up $8K cash (assuming you sell your Sylphy for $50K) and go loan free for the next 10 yrs

Your current Sylphy's mechanical condition, future family needs are other factors to consider.

You are the best person to decide your personal comfort zone.

 

Edited by Vinceng
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55 minutes ago, Watwheels said:

Money matters is one thing but you should seriously take a look at what is going on around the world. If you are considering to buy car now, you should watch this...

https://www.channelnewsasia.com/news/business/the-impact-of-the-covid-19-outbreak-on-the-global-auto-parts-12444290

You might face delays for god knows how long. Delays that could cost you in some ways you wont know until it hits you. You know. Things like that.

 

I still feel its crazy to buy a car in such times.  Job losses can happen suddenly. How to pay the loan if company decide to retrench?

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2 hours ago, Jezzmatezz said:

Hey bros
Im having a little dilemma if it’s cheaper buy a new car now or to wait for another 2 years instead.

I’m currently driving a Nissan slyphy 1.6 signature series 2015 model.

My loan finishing in June This year.

Current rebate amount from one motoring is approximately 47K.

i know that by waiting for another 2 more years I’ll need to factor in the depreciation too

Hope to seek savvy bros on this for the best option(s) for me.

 

 Thanks in advance!

Which month in two year time. 

Jan and Dec 2022 is very different. 

You must say which month so I can check my crystal ball and don't give you the wrong amount. 

:D

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3 hours ago, Jezzmatezz said:

Hey bros
Im having a little dilemma if it’s cheaper buy a new car now or to wait for another 2 years instead.

You should monitor COE closely and take immediate action once it hit a low and prices go down accordingly. Good luck!

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1 hour ago, RogerNg_185295 said:

I still feel its crazy to buy a car in such times.  Job losses can happen suddenly. How to pay the loan if company decide to retrench?

His might be an iron rice bowl.......

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25 minutes ago, Sunset73 said:

His might be an iron rice bowl.......

Nowadays still got such bowl? Do you know that company can choose not to retrench? They can do reshuffle such that you be assigned to do your subordinate job. Not happy cannot take it? The worker will then auto resign. Company save on retrenchment benefits. 

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2 hours ago, andrewyewkc said:

You should monitor COE closely and take immediate action once it hit a low and prices go down accordingly. Good luck!

This only favours first time buyers or those who do not have an existing car to sell/trade-in.

Low COE translates to poor resale value for your existing car.

Edited by Vinceng
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1 minute ago, Vinceng said:

This only favours first time buyers or those who do not have an existing car to sell/trade-in.

Low COE translates to poor resale value for your existing car.

Agree, but his paper value is more or less fixed.

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If you buy a new car and lucky enough to get a $2 COE and COE goes to $100,000.

If you were to sell your car will you sell your car for a very low price telling the seller since its just a $2 COE I will sell you at rock bottom price

Or will you sell for a much higher price but slightly lesser than a car with the high COE?

:grin:

If anyone is selling a $2 COE car at rock bottom price I will buy from you and throw in a bit more.

Please don't sell to those used car dealers. I will gladly take it off your hands.

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Economy bad going into recession

I would rather drive a loan free car to be stress free

If really lucky kena laid off

No scared

No worries

No panic

No problem

My 2ml worth of Ron 92

Take care and stay healthy

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1 hour ago, Inlinefour said:

Economy bad going into recession

I would rather drive a loan free car to be stress free

If really lucky kena laid off

No scared

No worries

No panic

No problem

My 2ml worth of Ron 92

Take care and stay healthy

Too bad most do not think this way. Only when they lose their jobs will they understand your wise words. 

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On 2/18/2020 at 7:40 AM, Jezzmatezz said:

Hey bros
Im having a little dilemma if it’s cheaper buy a new car now or to wait for another 2 years instead.

I’m currently driving a Nissan slyphy 1.6 signature series 2015 model.

My loan finishing in June This year.

Current rebate amount from one motoring is approximately 47K.

i know that by waiting for another 2 more years I’ll need to factor in the depreciation too

Hope to seek savvy bros on this for the best option(s) for me.

 

 Thanks in advance!

from finance pov , it make no sense to change car esp when u work so hard to finish paying the loan.

u got to use the car loan free for another few years.

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