Advice needed on finace

[Mitlan]

Hi..i need u bro's help cos i'm not beri gd at all those calculation..i would intend to scrap my car n get a new 1 if it's worth it cos the depreciation is too high..my budget is betweeen 70k to 80k looking at Lancer, Corolla or if possible a Civic..norm hw much would a new car depreciate cos i've calculated if i'll scrap my car nw i'll lose 20+k if i scrap aft COE finish should be ard 30+ so juz asking if it worth the change or remains i've gt my base value of the car from th AAS webbie as below:

 

Vehicle to be Exported: No

Intended Date of De-registration: 01/11/2003

Make: MITSUBISHI

Model: LANC 1.3GLXI

Open Market Value (OMV) as at New Registration: $12,210.00

Original Registration Date (ORD): 08/08/1998

First Registration Date (FRD): 08/08/1998

 

PARF Status: Yes

PARF Status Expiry Date: 07/08/2008

PARF Rebate Amount: $14,652.00

 

COE Entitlement Number: 1998060102000975G

COE Expiry Date: 07/08/2008

COE Category: A

COE Period (Years): 10

Quota Premium (QP): $41,008.00

COE Rebate Amount: $19,544.00

 

i bought this car 2nd hand on 05/11/02 for 49.5k

Downpay 15k and monthly $758 for 5yrs

 

if getting a new car i can afford a downpay at most 10K and hopefully installment of ard $750/mth juz like nw

 

any recommendations on to change or not to change and to which car more economical?

 

Sorry to trouble u all

Thank you

[Zolidlim]

Hi Mitlan, first of all, ask yrself y do u want to scrap yr car in the first place. And how much is yr depreciation now? New car depreciate easily reach $6k+ to $7k+ as the parf is only 65%, unlike 80% in the past.

 

As for yr $10k of down, monthly will be somewhere there of $700+, depending which car u taking and no. of years loan.

 

If u thinkning of getting one, take Jazz! Its worth the money! And u are driving 1.3 Lancer now too...

Edited October 3, 2003 by Mitlover

[Mitlan]

i rem last time 1 of my frn calculated for me the depreciation was 7.4 / 7.6k which was considered quite high..i thinking of scrapping the car cos i dun think ppl would want it 3rd hand due to its high COE..last time made a wrong calculation when buying tis car..at first thought was a gd deal but...

[Accenture]

whoa...you scrap now sure lose alot of money..

[Zolidlim]

Used car depreciation is around that value. New car is much lower as the parf is much much lower. Think it thru and see whats suitable for you. Dun act in impulse.

 

My previous Lancer dep is about 6.4k, but sell that time is about 5.6k!! Imagine the value that I am selling... Sure lose money.

 

Now if u sell, the most oso about 1-2k more than paper value....

[Mitlan]

i was thinking if the dep of new car is lower dan i can juz top up $ to drv a new car and lower the dep..more like think far at least the new car will be more worth the $$..correct me if im wrong..juz my thinking..provided the diff i hv to top up is not too great