Breakeven for Car Loan (buy and sell within 1 year)

[Metalslug2]

thanks for the replies...

i guess no escape from the early redemption penalty - but 1 yr car loan do they offer it?

rental is pricey

yes maybe i can rent the car for the times i need it adhoc basis

[Davidklt]

1 hour ago, Metalslug2 said:

thanks for the replies...

i guess no escape from the early redemption penalty - but 1 yr car loan do they offer it?

rental is pricey

yes maybe i can rent the car for the times i need it adhoc basis

What are do you want to get? Whether you can re-sell at the pricing you want is another matter. Or if anyone wants to buy it at all.

[t0y0ta]

7 hours ago, Metalslug2 said:

thanks for the replies...

i guess no escape from the early redemption penalty - but 1 yr car loan do they offer it?

rental is pricey

yes maybe i can rent the car for the times i need it adhoc basis

Just to give you an idea of the ownership car costs that you need to factor in:

Depreciation : this has been what you are focusing on. This is buy price - sell price (unknown) add loan interest paid

RoadTax: depends on your car model, usually at least 600 per year

Insurance: If you were not a previous car owner, then likely you will be charged 1+ to 2k at least for a year

Season Parking: 1.3k for HDB annual

Fuel: Depends on how much you drive, at least 2-5k a year

Misc Parking: Depends on how much you park outside, at least 1-3k a year

 Repairs and Servicing: Maybe you want to skip servicing for that 1 year, but repairs may come in without warning.

 

So even not considering depreciation costs, it may be up to 10k a year for other costs.

You may want to look at Taxi/GRAB + B.M.W as an alternative 

[Macrosszero]

There’s BlueSG, GetGo or worst case scenario if you’re desperate for a car lease a PHV for a year and drive as much as needed to make your ownership costs work.This assumes you have a vocational license.

The last option is highly not recommended though.

[Sunset73]

Just buy a 9 year old PARF car. Once COE is up, scrap it and take back the balance money. If you think you still need a car for another 1 year, rinse and repeat. You get the cheap thrill of changing cars every year, yet minimal commitment. 20K is adequate to get you a 9 year old car if you are not picky. You don't even need to take a loan and pay all the nonsense interest/penalties. Most of the time road tax is paid up to COE expiry.

I used to do just that. Buy a 9 year old manual vios and scrap once coe is up. Take back balance money put into another vios. I did this for quite a few years when my job was not too stable and i needed a car to do my work (job requirement).

Edited March 5, 2021 by Sunset73

[Philipkee]

3 hours ago, Sunset73 said:

Just buy a 9 year old PARF car. Once COE is up, scrap it and take back the balance money. If you think you still need a car for another 1 year, rinse and repeat. You get the cheap thrill of changing cars every year, yet minimal commitment. 20K is adequate to get you a 9 year old car if you are not picky. You don't even need to take a loan and pay all the nonsense interest/penalties. Most of the time road tax is paid up to COE expiry.

I don't believe in this but I got a friend who does.  Another benefit is that any scratches will not be painful at all.  So you save more money on detailing and car wash.

[mersaylee]

4 hours ago, Sunset73 said:

Just buy a 9 year old PARF car. Once COE is up, scrap it and take back the balance money. If you think you still need a car for another 1 year, rinse and repeat. You get the cheap thrill of changing cars every year, yet minimal commitment. 20K is adequate to get you a 9 year old car if you are not picky. You don't even need to take a loan and pay all the nonsense interest/penalties. Most of the time road tax is paid up to COE expiry.

I used to do just that. Buy a 9 year old manual vios and scrap once coe is up. Take back balance money put into another vios. I did this for quite a few years when my job was not too stable and i needed a car to do my work (job requirement).

Done that, doing it still so I can haolian I full cash change "new" car everi ear😁

[mersaylee]

32 minutes ago, Philipkee said:

I don't believe in this but I got a friend who does.  Another benefit is that any scratches will not be painful at all.  So you save more money on detailing and car wash.

The contis I ever owned probably the most chui examples one can find here 😁

[Sunset73]

31 minutes ago, Philipkee said:

I don't believe in this but I got a friend who does.  Another benefit is that any scratches will not be painful at all.  So you save more money on detailing and car wash.

If you work at the construction site or shipyard, lagi best. Dont need to worry about car wash or paint damage. If your job needs a car yet you cant cough out much money, this seem to be a viable solution.

[Mkl22]

8 minutes ago, Sunset73 said:

If you work at the construction site or shipyard, lagi best. Dont need to worry about car wash or paint damage. If your job needs a car yet you cant cough out much money, this seem to be a viable solution.

with toyotas still relatively safe. sometimes these 9year old have too much to fix. in the end $$ spent for that 1-2years of driving will cost $$.

[Sunset73]

1 minute ago, Mkl22 said:

with toyotas still relatively safe. sometimes these 9year old have too much to fix. in the end $$ spent for that 1-2years of driving will cost $$.

Yeah that's why I specified vios. Honda is ok too. Relatively safe.

[Jamesc]

Buy a car and sell within one year?

If COE goes down $20k then add 20k additional depreciation to the cost of your 1 year motoring experience.

[Jamesc]

However if COE does up $20k

then maybe get free use of a car for one year.

Do you feel lucky?

 

Then come and buy a car from me

and make my day.

Edited March 5, 2021 by Jamesc

[Philipkee]

On 3/4/2021 at 9:12 PM, Wildfaye29 said:

Grab

No stress

I remember uber pool.  I was post night.  At that time I did not drive to work cos I had my off peak car.

I was the first passenger. I told the driver to take his time picking up the other passengers and drop them off first.  Cos I am post night and sleepy.

Next thing I knew he woke me up.  I was back home.  I was about to ask him why he rushed when I saw the dash board clock.  An hour had gone by.  I was sleeping soundly for one hour in his car....

[Ct3833]

6 minutes ago, Philipkee said:

I remember uber pool.  I was post night.  At that time I did not drive to work cos I had my off peak car.

I was the first passenger. I told the driver to take his time picking up the other passengers and drop them off first.  Cos I am post night and sleepy.

Next thing I knew he woke me up.  I was back home.  I was about to ask him why he rushed when I saw the dash board clock.  An hour had gone by.  I was sleeping soundly for one hour in his car....

You going around showrooms drinikng free coffe, even uber you also want to max out your trip, now you have a new girlfreind, better dont do the same  in front of her hor !😅😅

[Wildfaye29]

11 minutes ago, Ct3833 said:

You going around showrooms drinikng free coffe, even uber you also want to max out your trip, now you have a new girlfreind, better dont do the same  in front of her hor !😅😅

U left out the part on the biscuits

[RadX]

40 minutes ago, Philipkee said:

I remember uber pool.  I was post night.  At that time I did not drive to work cos I had my off peak car.

I was the first passenger. I told the driver to take his time picking up the other passengers and drop them off first.  Cos I am post night and sleepy.

Next thing I knew he woke me up.  I was back home.  I was about to ask him why he rushed when I saw the dash board clock.  An hour had gone by.  I was sleeping soundly for one hour in his car....

Better go to police station get anal swab and check for dna sample le… kaoz 

[RadX]

34 minutes ago, Ct3833 said:

You going around showrooms drinikng free coffe, even uber you also want to max out your trip, now you have a new girlfreind, better dont do the same  in front of her hor !😅😅

Think their faces will be like this on the front of every showroom