Metalslug2 3rd Gear March 4, 2021 Share March 4, 2021 (Hi guys, like to ask regarding Car Loan, am planning to buy a PARF car value around $55k. The paper value is around $35k, I plan to sell within 1 yr... If I downpay $20k, and take a car loan, I should be on breakeven (i think) but how to settle the car loan without penalties if sell within 1 yr? Suggestions welcome 🙂 ↡ Advertisement Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator March 4, 2021 Share March 4, 2021 Oh. If you ask here, most will tell you full cash leh. hahahahaha. How long is your loan? and why you intend to sell the car event before you buy? If that's the case, buying may not be ideal for your case. You can also consider leasing. All the expenses is been controlled. 9 2 Link to post Share on other sites More sharing options...
Ct3833 Supersonic March 4, 2021 Share March 4, 2021 (edited) 24 minutes ago, Metalslug2 said: (Hi guys, like to ask regarding Car Loan, am planning to buy a PARF car value around $55k. The paper value is around $35k, I plan to sell within 1 yr... If I downpay $20k, and take a car loan, I should be on breakeven (i think) but how to settle the car loan without penalties if sell within 1 yr? Suggestions welcome 🙂 if you buy a car and planned to sell it within a year, why buy that car ? If you have to take a loan and sell within a year, why take a loan? If your answers to 1 and 2 are ustifiable, then just be prepared to pay early redemption penalty. If you are not willing to pay penalty, then pay cash. But the depre within a year will be more than the additinal interest you will have to pay , so think about the depre as well. If all the answers are no, then dont buy car for now. Not the answers you want but more questions for you to think harder before making decision Edited March 4, 2021 by Ct3833 16 Link to post Share on other sites More sharing options...
1fast1 Supersonic March 4, 2021 Share March 4, 2021 (edited) Why do you want/"need" a car for such a short term? It may not be my business, but you're asking strangers on the Internet so I think the question is fair. As others have said (if you absolutely "need" a car), leasing is likely more sensible in your case, but even that is pretty steep expenditure. Edited March 4, 2021 by Turboflat4 2 Link to post Share on other sites More sharing options...
Kopites Supersonic March 4, 2021 Share March 4, 2021 (edited) 48 minutes ago, Metalslug2 said: (Hi guys, like to ask regarding Car Loan, am planning to buy a PARF car value around $55k. The paper value is around $35k, I plan to sell within 1 yr... If I downpay $20k, and take a car loan, I should be on breakeven (i think) but how to settle the car loan without penalties if sell within 1 yr? Suggestions welcome 🙂 Presume you genuinely need a car for one year only. You do need to factor in penalty (early redemption), interest and take in price of your car in one year time. Your depreciation likely to be 20k per year. Breakeven? I very much doubt so you can do that. Edited March 4, 2021 by Kopites Link to post Share on other sites More sharing options...
Hamburger Hypersonic March 4, 2021 Share March 4, 2021 Regardless, rule 7/8 will make you pay a hefty interest plus high Loan. With 20k to buy car is not a lot for a start. Link to post Share on other sites More sharing options...
badlammy 6th Gear March 4, 2021 Share March 4, 2021 If you think you can breakeven, maybe you have not considered all costs. If I'm wrong, you might as well try to profit from this, why stop at BE 😄 1 Link to post Share on other sites More sharing options...
Blueray Hypersonic March 4, 2021 Share March 4, 2021 Might as well just rent for 1 year... 3 Link to post Share on other sites More sharing options...
Davidklt 6th Gear March 4, 2021 Share March 4, 2021 If it is a specific car model you are after and you really want to just drive for one year, get a second hand one of them same model. Car depreciation is the heaviest in the first year. Unless you are willing to take a heavy loss, it would be difficult to sell to either dealers or direct buyers as they can just a new car if the price is too close. Link to post Share on other sites More sharing options...
yishunite Turbocharged March 4, 2021 Share March 4, 2021 PARF car very risky. Standard wear and tear items to replace may not be cheap, and if u delay cos u think "only need to last one year" ur car may break down on u at the worst time. And what happens if within that year u got gearbox or suspension issue? Better to just rent. No need any DP, consider the extra cost the same like interest. Repairs/servicing all handle by rental co 3 Link to post Share on other sites More sharing options...
Philipkee Twincharged March 4, 2021 Share March 4, 2021 7 hours ago, Metalslug2 said: (Hi guys, like to ask regarding Car Loan, am planning to buy a PARF car value around $55k. The paper value is around $35k, I plan to sell within 1 yr... If I downpay $20k, and take a car loan, I should be on breakeven (i think) but how to settle the car loan without penalties if sell within 1 yr? Suggestions welcome 🙂 Take a one year car loan. 2 Link to post Share on other sites More sharing options...
Philipkee Twincharged March 4, 2021 Share March 4, 2021 6 hours ago, badlammy said: If you think you can breakeven, maybe you have not considered all costs. If I'm wrong, you might as well try to profit from this, why stop at BE 😄 Actually he can profit from it. If COE jumps to 100+k within a year. Got chance of profit. 4 Link to post Share on other sites More sharing options...
mersaylee Supersonic March 4, 2021 Share March 4, 2021 Just loan 1 year swee swee and absorb whatever laosai resale a year later Has anyone said it yet? Yolo 😁 2 Link to post Share on other sites More sharing options...
Soya Supersonic March 4, 2021 Share March 4, 2021 I don't get this breakeven thingy Not as if the loan is paid off 4 Link to post Share on other sites More sharing options...
Wildfaye29 Turbocharged March 4, 2021 Share March 4, 2021 Grab No stress Link to post Share on other sites More sharing options...
Soya Supersonic March 4, 2021 Share March 4, 2021 27 minutes ago, Wildfaye29 said: Grab No stress Actually hor....I more stress when I take Grab After confirming pickup, see driver sotong dunno turn left turn right get lost n take a long time to reach Then driver sometimes look damn sleepy cannot seem to keep in lane dunno whether doze off or what Anxious but still gotta endure noisy, bumpy, uncomfortable ride from Vezel Some cars smell sibei musky from dunno what smlj mix of 'air freshener' n BO Dunno if car was used to fetch a covid infectious person to see doctor or not..... 6 Link to post Share on other sites More sharing options...
1fast1 Supersonic March 4, 2021 Share March 4, 2021 Ryan Reynolds said it best. Buy and sell a car in Singapore within a year? 1 Link to post Share on other sites More sharing options...
mersaylee Supersonic March 4, 2021 Share March 4, 2021 (edited) 4 minutes ago, Turboflat4 said: Ryan Reynolds said it best. Buy and sell a car in Singapore within a year? Bucket lust must lick...i mean list and tick 😁 Edited March 4, 2021 by mersaylee ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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