Kifo Neutral Newbie November 20, 2003 Share November 20, 2003 Hi, I am new although I have been reading here quite regularly. My friend is offering to sell me her 5/1995 Mitsubishi Lancer 1.6 auto for 45k. Is this a good deal? Let's say I borrow 25k from the bank, how much would I have to pay? I am 30 but this is my first car, so the insurance will be quite high? So should I buy it? ↡ Advertisement Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 Welcome to MCF You should work out the yearly depreciation, so you need to know its parf value. For a car left with 1.5 years it seems on the high side to me, not unless its parf value is pretty high. Anyway do join us for our weekly meetups on fridays Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 Ooops!! I made a mistake it should be May 1999!!!! OMV: $17,756 COE: $35,765 How???? Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 works out to be 5.6k a year.... seems alright but not sure whats the market now though perhaps other bros can help. Your insurance should set u around 2k region or higher since your first Another thing is if you gonna borrow only 25k from the bank that means you need to come up with 20k cash Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 Would you recommend it or you think a first-timer like me should get a starlet or march? Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 its very subjective bro...... u just pass your license? reason for getting a car? need to ferry family? etc. So you have to know your requirements before deciding what you need lor. Hope I dun give u more headache Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 Haha, I passed my license back in the SAF in 98 for free!!! No family yet, actually no necessity to get a car since I am used to taking cabs everyday. And it is cheaper. For the convenience lor! Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 Yup think taking cab will be cheaper lor but depends on the distance also lah Anyway buyers market so you can shop and check around lor Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 Yah, was intending to take my own sweet time here. I even thought of getting a semi-vintage car... but my friend is desperate to sell, so I thought I need to made a quick decision. If the car is scrapped, my friend will get back 42k, hence the price. Link to post Share on other sites More sharing options...
Jman888 Moderator November 20, 2003 Share November 20, 2003 Hi Kifo, $45k seem ok to drive for another 5.5yrs, $5.6k yearly depreciation. Unless you know how yr friend drive and take care of the car, should be fine. It is better to start with a 2nd car if you are 1st timer Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 female drivers?? it is dark green in colour.... not my fav colour leh Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 Well if your friend is desperate then should sell u at 42k Not unless shes buying a brand new car, she wun be able to take back the full value of $42k. There will be commission fees of 3-5% (not sure whats market now) for handling etc. Just my 2 cents Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 yes, she is buying a new Colt. Though we are advising her to buy the Jazz instead. Link to post Share on other sites More sharing options...
Mondeost220 Neutral Newbie November 20, 2003 Share November 20, 2003 [nod]agree wif u..jazz's a better deal Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 Maybe she find it too common leow But jazz FC damn good Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 (edited) she told me the SE said that the Colt is 3 times more popular than Jazz!!! Edited November 20, 2003 by Kifo Link to post Share on other sites More sharing options...
E36UDM Neutral Newbie November 20, 2003 Share November 20, 2003 Har? where did SE get the figures from? if 3 times more popular then i rather take Jazz less common Link to post Share on other sites More sharing options...
Kifo Neutral Newbie November 20, 2003 Author Share November 20, 2003 Well, the SE offering 71k for the Colt. And she get 1.3k rebate for being a "member". Jazz is at 74k hence not so attractive. ↡ Advertisement Link to post Share on other sites More sharing options...
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