Best option after winning a car.

[SimonTan]

Lets say I won the Subaru Forester 2.0 car in the SPH GSS contest.

It comes without COE and other smaller fees.

Average OMV is S$18671 from one motoring.

MI selling price from sg-carmaart is S$129800

Cat.B now is S$72501

 

what is the possible option? Which one is better? I already have a one year old car currrently, honda jazz then serves it's purpose well.

1) Sell my current car, loan remaining $40,000. Maybe can sell at $70,000, so have cash on hand $30,000. Self bid for the COE to register the Forester, and drive.

 

Or

 

2) Sell the car away for $41,000, at 2.2 of OMV value, if possible at all, and keep the prize money.

 

Or

 

3) Self bid Coe and use it as second car for my wife to drive to work and the kids to night/weekends classes.

 

Or

 

4) keep it as a race car for the changi race track. Anyone knows how can I not register it. I guess the contest rules could state that the car must register by certain date, etc.

 

Or

 

5) register it and then scrap it immediately and sell it for parts....can get $41,000 for the parts?

 

Anyone in such situation before?

What is a better situation.

With the high COE now......seems like a lousy position to be in to win a car in a contest.

 

[Dice]

sorry i am not in your situation but i would consider action #1 or #2... really no point keeping 2 cars in SG.

 

Pros for #1 - bigger car so more comfy, new car, better visibility

Cons for #1 - bigger CC so higher road tax, more fuel thirsty

 

Pros for #2 - money is king

Cons for #2 - well except not having a new car, nothing much, some more your Jazz is really new too.

 

Honda Jazz 2009 onwards NCAP rating = 5*

Edited July 26, 2011 by Dice

[Mockngbrd]

Lets say I won the Subaru Forester 2.0 car in the SPH GSS contest.

It comes without COE and other smaller fees.

Average OMV is S$18671 from one motoring.

MI selling price from sg-carmaart is S$129800

Cat.B now is S$72501

 

what is the possible option? Which one is better? I already have a one year old car currrently, honda jazz then serves it's purpose well.

1) Sell my current car, loan remaining $40,000. Maybe can sell at $70,000, so have cash on hand $30,000. Self bid for the COE to register the Forester, and drive.

 

Or

 

2) Sell the car away for $41,000, at 2.2 of OMV value, if possible at all, and keep the prize money.

 

Or

 

3) Self bid Coe and use it as second car for my wife to drive to work and the kids to night/weekends classes.

 

Or

 

4) keep it as a race car for the changi race track. Anyone knows how can I not register it. I guess the contest rules could state that the car must register by certain date, etc.

 

Or

 

5) register it and then scrap it immediately and sell it for parts....can get $41,000 for the parts?

 

Anyone in such situation before?

What is a better situation.

With the high COE now......seems like a lousy position to be in to win a car in a contest.

maybe can work out deal to sell back to dealership

[Satria_neo]

IMHO, sell is the best. Get rid of the vehicle and get cash instead.

 

Then invest in better things. Cause COE prices really high right now and its not worth.

[Moredhel]

maybe can work out deal to sell back to dealership

 

I would be happy to take this problem off his hands.

[SimonTan]

Just want to hear any real life story from forumers.

Maybe friends of friends won a car before....and what did they do with it.

 

[Maroon5]

unless u like the car, otherwise sell the machine but bearing in mind, its usu no loans for coe, its gonna b diff to get indiv buyers.

 

[SimonTan]

Yes....it will be hard to get individual car buyer.

And car dealers will offer lower price.

Sell back to AD....not sure will the price be better than car dealers or not.

Seems like winning car in high Coe times can be a happy headache right now.

 

[Abachee]

Just want to hear any real life story from forumers.

Maybe friends of friends won a car before....and what did they do with it.

 

Got... Heard from my wife that her male colleague who is driving a Mazda 3 won a Jap Saloon car (if I not mistaken, shld be Mitsubitshi) in the Seafood restaurant lucky draw and what he do next is to sell it to a dealer and keep the cash to enjoy. This is what I heard. He is One damn lucky bagster... Haha

Edited July 26, 2011 by Abachee

[Mockngbrd]

yea, heard the subaru challenge thingy, winners sold back to AD but price was not great

[Dice]

Yes....it will be hard to get individual car buyer.

And car dealers will offer lower price.

Sell back to AD....not sure will the price be better than car dealers or not.

Seems like winning car in high Coe times can be a happy headache right now.

 

bro even if sell at 30K back to AD or dealer, it is also good ma, it is just like tio group 2 toto or 4D, money drop from sky smiling on you and family.

[SimonTan]

I agree liquid cash in the pocket is best, so selling away is a better idea. Unless of course the prize is the exact dream car one aimed to own all the while.

 

How about running another raffles draw myself.

Each ticket cost $500.

And I will sell only 100 tickets. One in hundred chance to win the car? Enticing enough?

Or perhaps $50 per ticket....And I need to sell 1000 tickets....maybe more palatable as the ticket is cheaper?

A public draw will determine the winner. And then winner has to bid for his own Coe to carry on my headache?

 

[Satria_neo]

I agree liquid cash in the pocket is best, so selling away is a better idea. Unless of course the prize is the exact dream car one aimed to own all the while.

 

How about running another raffles draw myself.

Each ticket cost $500.

And I will sell only 100 tickets. One in hundred chance to win the car? Enticing enough?

Or perhaps $50 per ticket....And I need to sell 1000 tickets....maybe more palatable as the ticket is cheaper?

A public draw will determine the winner. And then winner has to bid for his own Coe to carry on my headache?

 

Hmm.... possible but I am not sure what you need to do in order to have a draw.

 

If they include COE, winning a car will be a great thing but thats not the case... it sucks.

[SimonTan]

Please come to Orchard Central to see me challenging for the Subaru Car, this Saturday 30july!

 

Anyone have seen the event held at Orchard Central for the draw of the first Subaru car? Which was held on the 2nd July at orchard central?

 

Wonders how to ace the event. I believe there will be 20 contestant competiting to win the Subaru car.

Anyone with good advice? I appreciate it.

If can win this Subaru....I will be happy to treat my supporters in return.

 

 

 

[Maroon5]

I agree liquid cash in the pocket is best, so selling away is a better idea. Unless of course the prize is the exact dream car one aimed to own all the while.

 

How about running another raffles draw myself.

Each ticket cost $500.

And I will sell only 100 tickets. One in hundred chance to win the car? Enticing enough?

Or perhaps $50 per ticket....And I need to sell 1000 tickets....maybe more palatable as the ticket is cheaper?

A public draw will determine the winner. And then winner has to bid for his own Coe to carry on my headache?

 

need to apply police permit i think.

[Tedlhw]

Just want to hear any real life story from forumers.

Maybe friends of friends won a car before....and what did they do with it.

 

I actually did win a car before.

A Fiat Panda, about 5-6 years ago.

It was from a car show, in Changi.

Paid $10 for the ticket.

Can't remember the name now.

 

Same thing, to put the car on the road, need to pay omv + COE etc etc.

I was v happy with my Honda Civic 2.0 which was just 1 month old.

I wasn't married yet, so no point keeping the car.

The car was nett worth about 16K.

Just nice, someone i knew was keen to buy a FIAT(yes, i 'm one lucky b------d. On top of winning the car, I am able to find someone looking to buy A FIAT!!)

Sold it to him for 8K cash, and he eventually bought a Punto i think, with the equity.