Help!!

[Venuswxy]

Really? Sigh...I don't know to go for the Colt or Jazz. Anyone cn calculate which is more worth it? I tried to calculate for the Colt but I can't seem to get it right. Stupid me!

[Venuswxy]

Everyone told me how noisy and impratical a Colt is, they even said the FC is bad. Isit that bad? I hope to get more reviews. Can anyone help?

[Seaweed]

July 2003 I assume ARF is still 130% of OMV...think it's only late 2003 that ARF become 110% of OMV...ok...so we assume ARF 130% of OMV...

 

July 2003 car mean approx 2 yr car...

 

Parf now = 75% of ARF = 75%*(130%*13853)= $13506....

Prorated COE left = 31095/10*8= 24876

 

paper value of the car now is 24876+13506= $38382

 

if drive 10 yr depre per year will be 48000-(50% *(130%*13853)) /8 = (48000- 9000)/8 = $4875

 

so this car is selling 9k above paper...I think fair value should be about 45k...don't let the 2nd dealer earn so much...from this deal think the dealer can make around also 4k-5k....base on 10yrs...this car depre less then the previous 1 lor...

[Venuswxy]

Wow! Thank you! I don't know how to calculate, stupid me huh? But thanks alot, think I will slash prices again.

[Emkay]

hi,

 

I have created a spreadsheet to help present the facts and figures for buying a new & 2nd hand car based on the following assumptions (my interpretation from LTA/One-motoring website).

 

 

1. ARF is 130% of OMV if car registered before 01/03/2004. It is 110% of OMV if registered after that.

2. PARF rebate if car registered before 01/05/2002 is 130% of OMV if car age is 5 year or less. It decreases by 10% a year until 80% of OMV on the 9th year.

3. PARF rebate if car registered after 01/05/2002 is 75% of ARF (see 1). It decreases by 5% a year until 50% of ARF on the 9th year.

 

See if it helps.

car cost.xls

Edited June 30, 2005 by Emkay

[Seaweed]

slash the price...cause they making too much liao..now is buyer market...tell them don't sell cheap...then ask them keep the car themself lor...at the most nowadays I will only pay something like 5k above paper value for those car...tell them earn 1k-2k good liao..don't earn too much...anyway saw your loan thing...you should not have any problem loaning till the paper value of your car cause if you default..they can just sell it off...they don't lose... take care when buying car...sometime friend friend better to cheat...

[Seaweed]

this is the spreadsheet they use to calculate loan right ??? saw this before when doing refinacing...

[Emkay]

no lar, this one does not do the mortgage breakdown (i.e. how much of your monthly payment go to interest, how much go to principle etc.)

 

This one shows the depreciation/year based on how much & when u acquired the car & how much and when u let go of the car (either scrap or sell).

 

It takes into consideration interest amount & loan period as well as estimated body values at the time of disposal of car.

 

I created this worksheet myself to help myself finding a good-value car (or to keep my existing ride..)

 

Emkay

[Venuswxy]

Hahaha, I wanna slash to $45k. Just told him, waiting for his reply. But if he not ok, what is the max I shld go? I find it so hard to buy a car now. Haix. Maybe they see me gal easy to cheat.

[Venuswxy]

Is this calculation the same as Seaweed's?

[Seaweed]

his is somehow better....because the computer is doing the calculation and he got more component in it..

[Emkay]

This is the xls I have keyed in the selling price, OMV, COE, reg date from your first post.

 

Yes you can see, the calculation is same as Seaweed's (i.e. if drive 10th year, depre at $51xx a year.

 

However, it also breakdown if you drive till Nov 2007 (i.e. 2.3 years from now?) and scrap (at 5th year), your depreciation will be $7700 (without interest) per year of ownership OR

 

$11914 depreciation per year of ownership if you took full loan of $48,500 @ 3%.

[inline HondaFit.jpg]

Edited June 30, 2005 by Emkay

[Venuswxy]

Wow!

[Emkay]

OOps, made a mistake in the interest calculation.

 

Did not factor in the interest rebate & panalty for early settlement.

 

Have added the formula in based on the panalty rate in the "data" tab (you may adjust to suit your need). Typically, the car agent I visited told me for 7 year loan the panalty period is 3 years and that for 10 year-loan is 5.

 

This mean that if you settle ur 7 year loan within 3 year, they will charge 3 year of interest irregardless.

[inline HondaFit.jpg]

Now u see, if you buy the car in July 2005 at 48.5K, and sell it before Dec 2005, you will incure a net lost of $6939.00 including the loan panalty (36 months-> 3x$1455=$4,365) and your Dec 2005 paper value of $35709. This is with the assumption that your car body value can fetch $10,217 (based a 30% depreciation till the 5th year of $7862).

 

So u see, if you buy this car, the depreciation with interest will start to pick up again from Nov 2008 ..thus it is good to get rid of it by then (assuming the body value is estimated correctly & interest panalty is at 3 years).

 

I have updated the spreadsheet including the loan panalty & rebate component. If anyone found any mistake or suggestion, please PM me.

 

Emkay

car cost.xls

[Vilocity]

Sorry Venus to jump in the topic,

 

Hi Seaweed ,I saw this Vios in Sgcarmart selling at

http://www.sgcarmart.com/main/info-SFG4608M-1066.html

Price: $53,800

Engine Capacity: 1497 cc

Gear: Auto

Mileage: 28,000 km

Vehicle Features: Very low fuel consumption... Affordable mthly installment

Accessories: Immobolizer card, Sport spring coil, Hi-tech alarm, Spoiler, Two tone leather seat, full body kit

Description: Easy loan available. Accident free. Comes with full body kit.

Registration Date: 12-Mar-2004

Depreciation: $5,229 per year

COE: $24,489

OMV: $12,382

No. of owners: 1

 

 

Base on your calcuation method:

ARF is 130% of OMV which if 130% of $12382 which is $16094

 

75% of ARF is the Parf if your car scarp less then 5 year which is 75% of $16094 which is $12070.5

 

 

Assume I buy the car Aug 2005 mean the car is approx 1.5 yrs old so coe prorated will be $24489/10*8.5 which is $20816

 

 

So paper value of your car at Aug 2005 when you buy it is approx $12071+$20816 = $32887

 

And he is selling $53,800 - $32,887= $20,913

 

Thats how much dealer earning????????????

Or I calculate wrong,

 

Any kind one to advise? Thanks!

[Emkay]

The calculation sounds alright to me except that you are assuming a 15 month old car body has 0 value. Or the agent treat the body value at $20913.

 

for a car with OMV of $12.4k, this is obviously asking too much.

 

Emkay

[Turbonetics]

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

 

 

new cars depreciate alot...

and u can't sell it for the next 4 years(minimum)...

unless u down alot of cash or u pay the remaining outstanding loan...

normally is $10k n above...

 

new cars do depreciate a lot..

but then the COE now is 17K compared to her 29K.

you already save on the interest and the 1K per month.

 

If I would to buy a second hand car now, i would only buy one within the COE range of 16 to 19k.

 

PS: I myself prefer 2nd hand cars, but calculating back, i think new cars are more worth it. No worries on the ex ownership.

 

 

yah...u r rite...

but imagine if she buy a new Jazz n wanted to sell earlier will not be that possible...

cos after 1 year,the price of the current Jazz will be much lower liao...

so paper value somehow is also impt...

[Hitman]

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.

Good call to consider buying preowned