Help!!

[Venuswxy]

Hey guys, i will somehow or rather settle for a 2nd Honda Jazz. Now I am having a headache after paying the deposit. I bought it at $48.5k. It is a Dec 2002 car. OMV is $15723, COE is $29113. How much should the yearly depreciation be to be consider worth it? I am getting a headache thinking.

Edited June 28, 2005 by Venuswxy

[Tploh]

In your case, the Jazz has 7.5 years to go. And your PARF by then would 55% of OMV, or $8,648.

 

Thus the depreciation is ( $48,500 - $8,648 ) / 7.5 = $5,313

 

The usual depreciation used in buying cars does not including your running expenses, interest, etc. to make things comparable.

[Venuswxy]

Thank you for the reply. My parf is 65%, as what explained by that guy. My parf written on the log card is $10k. That is the minimum right?

[Venuswxy]

I just calculated, my dept is $5104. Isit alot for a Jazz?? I totaly don't have a clue at all. :(

[Turbonetics]

bro,uve gotta check ur PARF value rebate...

i think its 65% in 2002...

if its 65%,then ur depreciation wil be ard $4900...

[Gantan88]

$4900 ???

[Plinius]

you can always compare it against getting a brand new Jazz:

Assuming u getting the Auto, KM is selling 64.5K now

OMV is about 16.5k, PARF (55%) = 9075

 

so the yearly dep for new Jazz is = (64500-9075)/10 = $5543

 

note that all the above fig are without interest, when interest are taken into consideration, the yearly dep of new car will be more due to higher loan amt.......

 

but why think so much since you already had paid the downpayment for the car..........

[Venuswxy]

I am a gal! Hahhaha, but thank you bro. My parf is 655, as I only left with 7.5 years, I just calculated it is $5104. Isit ok?

[Ddt121]

why not get a new car? COE only 17K. Straight away, you can save a lot on the interest per year.

[Venuswxy]

Ya, actually thought it over, but I don't want to take out cash upfront. I don't want to touch my savings. So gotta buy 2nd hand as I am taking full loan, another thing about new car is that I gotta drive for few years before I can break even. I don't think I want that, i know myself, after 2 or 3 years, I will get bored.

[Seaweed]

what the paper value of the car when you buy it ?? cause nowadays talking about ARF and no more OMV liao...

[Venuswxy]

What is ARF?? My paper value $37200.

[Ddt121]

i think maybe u shld think thro it. i always think buying second hand car is value for money, (provided choosing is done properly, engine is still mint). i myself bought a 2nd hand car even though set off point was always to get new one. my reason was a great deal on top of 130% ARF b4 5 years. PARF at 80%.

 

even for 2nd hand car purchase, there is also a breakeven point. on top of that, u will be paying for interest for the higher COE. when selling/scraping the 2nd hand car, (when u get bored), u will most likely come up with the cash to complete the transaction.

Edited June 29, 2005 by Ddt121

[Venuswxy]

Seriously, I know nuts about car value and such. I know abit but it

is obviously not enough. I actually test drive the car and it's in

good condition, power wise and pick up is good. I know there is a breakeven

point for 2nd hand car, but I suppose it not that long? Anyway, I gues

I am settling for that Jazz...haix.

[Ddt121]

would be great if you could get one or two frens who know about cars and more imptly, the engine end. just in case.

 

break even point is when your loan amount (this is calculated with interest. i loaned 58k with 2.75% interest, total amount=71k. ) matches your paper value.

 

car is a long term thing, just hope u r careful and did your sums.

Edited June 29, 2005 by Ddt121

[Apollo]

forget it lah, buy car wun make u rich, neither will bankrupt u for life.

 

cross the bridge when u come to it.

[Venuswxy]

Ya, it's because of my job that why I am required to have a car. Headache. A Jazz is better or Colt?

[Venuswxy]

How to calculate? I test drive that car, engine performance wise is good.