Newbie question: Should I get a new or used car?

[Ceecookie]

8 hours ago, TayWeeBeng said:

Hi,

I need a simple car for 6mths to 1 yr. Should I get a new or old one?

Was searching sgcarmart and the available used cars between 8 to 9+ years cars have depreciation values of around $7000+ to $8000.

But newer used cars 5-6yrs are only $6000+.

And new cars like Perodua or Attrage also not much difference.

Seems like not worth to get a 8 to 9+ years cars, may have other problems too. Good thing is use and scrap.

So should I just get new car? And sell after half to one year? Wonder if the loan penalty will be high, or price will depreciate alot ...

Thanks!

From first hand experience, u want 8-9 years old car, be prepared to fork out another 2-3k for minor to major parts that fail for the remaining years.

 

[zipping]

10 hours ago, TayWeeBeng said:

Hi,

I need a simple car for 6mths to 1 yr. Should I get a new or old one?

Was searching sgcarmart and the available used cars between 8 to 9+ years cars have depreciation values of around $7000+ to $8000.

But newer used cars 5-6yrs are only $6000+.

And new cars like Perodua or Attrage also not much difference.

Seems like not worth to get a 8 to 9+ years cars, may have other problems too. Good thing is use and scrap.

So should I just get new car? And sell after half to one year? Wonder if the loan penalty will be high, or price will depreciate alot ...

Thanks!

Imho, car ownership in sg makes more economical sense in e long run, for short term like ur case (6-12mths), it makes more economical sense just rent one or join one of those car sharing scheme (eg: tribal car, bluesg, etc), just pay rental + carpark (depends on whether u rent or share) n no more worries (make sure buy/upgrade insurance to cover accident excess). Or buy one w just 6-12 mths coe left (make sure running ok and drive till scrap with minimum maintance/repair, can drive can alr), need to buy road tax, insurance, carpark, etc.

 

 

[Vinceng]

Rent a Honda Fit at $980/mth for a 12 mths lease

https://www.mycarforum.com/marketplace/info-126509/

[Brass]

17 minutes ago, Vinceng said:

Rent a Honda Fit at $980/mth for a 12 mths lease

https://www.mycarforum.com/marketplace/info-126509/

But actually, it has an overall depre of nearly 12k.

Assuming if TS is 40 years old, insurance should be about 700 or 800 for such a COE car for TPFT and a road tax of about 800 / 1100 for 1.3/1.6 for a 14 year old car.

If he snags one for 6k depre, and assuming he gets a reliable car (which means no Fiats or the like), and pay another 2.5k for misc.costs inclusive of parts, he is better off with that than the lease.

Unless the slight chance of needing a replacement car is worth 3k...

https://m.sgcarmart.com/used_cars/info.php?ID=917047

W.r.t the Honda Stream, it has a 6.5k depre. If you use it for a year and sell it, you may get exactly 6.5k or more back, unlikely less unless Honda closes down, which its possibility is as high as spotting an unicorn in the Singapore Zoo.

Many cash strapped buyers will want to buy the MPV given that most MPV have a high entry cost in realtive to hatchbacks or sedans.

Edited August 9, 2020 by Brass

[Vinceng]

The $6K depreciation is usually based on straight line dep and use till scrap.

If sell midway before scrap, actual dep will be much higher.

[13177]

If only need a car for 6 months to 1 year, best is to rent.

[TayWeeBeng]

Hi, thanks for all the info everyone. Ya, I think buying new car is not worthwhile. So either rent one, or buy a 8-9 yr car and drive till scrap or use one of those car sharing platform. In fact, I've rented a car for a month but the rental price increases by quite a bit after that, so looking at other options. Now I'm starting to use tribecar which I think is quite good. Of cos, having a car by myself is still the best but there are other things to worry about. .. headache..

 

[Ct3833]

50 minutes ago, TayWeeBeng said:

Hi, thanks for all the info everyone. Ya, I think buying new car is not worthwhile. So either rent one, or buy a 8-9 yr car and drive till scrap or use one of those car sharing platform. In fact, I've rented a car for a month but the rental price increases by quite a bit after that, so looking at other options. Now I'm starting to use tribecar which I think is quite good. Of cos, having a car by myself is still the best but there are other things to worry about. .. headache..

 

Buying a 8-9year old car may incure substantial repair cost if a car is not properly maintained by the previous owner, be prepared for additional  repair expense in additional to depreciation. Remember to factor in insurance  which can be high for new driver as well. 

[joshnicc]

I will go for used car, or maybe lease is much better

[Fitvip]

On 8/9/2020 at 6:16 PM, Jamesc said:

That's my latest automotive venture.

I saw a big gap in the high end once in a lifetime luxury sector.

I was hoping to get a family member as my first free trial customer.

A very close family member.

My tagline with all the emphasis on saving the planet these days.

"If you have to go, Go Green" - I call it the GG tagline.

 

I thought you've decided on this?No?

This is all-in-one! No need to do a second time!

Edited August 12, 2020 by Fitvip

[13177]

On 8/10/2020 at 11:54 PM, Ct3833 said:

Buying a 8-9year old car may incure substantial repair cost if a car is not properly maintained by the previous owner, be prepared for additional  repair expense in additional to depreciation. Remember to factor in insurance  which can be high for new driver as well. 

True, a high risk to buy those 8-9 year old used car, cause high chance the car might not be in good condition. And you need to repair the car or the car might breakdown often. 

I have a colleague years ago bought a 8 year old used car, only drove the car for less than 6 months, and the car broke down along a busy road one day, and turned out the radiator gone case liao. From then my colleague only buy brand new car. Lol.

[Josephthm]

getting the car checked by a trusted mechanic may prevent such incidents from happening.. not all used cars are crapped though... 

just need to do due diligence and calculations 

[13177]

1 hour ago, Josephthm said:

getting the car checked by a trusted mechanic may prevent such incidents from happening.. not all used cars are crapped though... 

just need to do due diligence and calculations 

But you must have a trusted mechanic first. Lol. 

[Ginyu]

Buy new or used but most importantly ownself must feel song about it🤣

Edited August 12, 2020 by Ginyu