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Old 08-01-2018, 09:19 AM   #1996
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taking over a 2009 civic from relative
Counted the expenses as such:
Dep at paper value $5k now until Feb 2019
Road tax $760
Insurance $1500
Barebones service x 2 $200
Miscellaneous stuff $300

Monthly expenses
Carpark free both work and home
No erp
Petrol $150

Anything else I missed out?
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Old 08-01-2018, 04:30 PM   #1997
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Missed out cash card and parking coupons haha. But these are small money dont need worry

taking over a 2009 civic from relative
Counted the expenses as such:
Dep at paper value $5k now until Feb 2019
Road tax $760
Insurance $1500
Barebones service x 2 $200
Miscellaneous stuff $300

Monthly expenses
Carpark free both work and home
No erp
Petrol $150

Anything else I missed out?
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Old 05-03-2018, 07:34 AM   #1998
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Hi guys

Recently just got married and got a good news from mom in law that shes willing to fork out on downpayment. But on disadvantage side is that Im bringing home around 2.8k monthly exclude OT. OT will usually be on / off type. So i was wondering will i able to sustain in financial wise when I start owning a car? Im looking at honda shuttle from PI. Monthly to be around $750.

My expenses will be like +- $500 for parents.

The rest will be on loans/credit card bill/ etc.

Hope you can advice me.

Thanks.
how old are u?

will u be repaying the downpayment your mil help to pay? $750 for installment means she shld be paying quite abit of $$ for the downpayment.

for your salary and the downpayment sum, i will go for it.

YOLO. but if kids come along then u confirm struggle, unless wife helps.
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Old 10-04-2018, 11:30 AM   #1999
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Seeking enlightenment

Hi guys,

Happen to come across this thread and it's been an interesting read. Myself am dreaming of getting my 1st car soon, prob next year when current family car coe is up.

My knowledge is almost zero, so hopefully experienced bros and sis here can teach me. Ok assume I can cover the running costs and have enough savings for a reasonable downpayment.

Can I just look at depreciation first? I just wanna know the range of my options. Been surfing around sgcarmart recently, and looking at <10k depreciation cars. Is this a reasonable criteria to start looking for cars?

TIA!
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Old 14-04-2018, 06:06 AM   #2000
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What i intend to do is, slowly save up till i hit like $50k/$60k, then downpayment with it for the car. I kinda only prefer manual cars tho.

Now i have car to drive but COE left 4 years+ after my daddy renew for me to take over. Been saving for 3 years liao. My target is 5 years of savings for the car.

Hi guys

Recently just got married and got a good news from mom in law that shes willing to fork out on downpayment. But on disadvantage side is that Im bringing home around 2.8k monthly exclude OT. OT will usually be on / off type. So i was wondering will i able to sustain in financial wise when I start owning a car? Im looking at honda shuttle from PI. Monthly to be around $750.

My expenses will be like +- $500 for parents.

The rest will be on loans/credit card bill/ etc.

Hope you can advice me.

Thanks.
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Old 14-04-2018, 11:53 AM   #2001
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Hi guys,

Happen to come across this thread and it's been an interesting read. Myself am dreaming of getting my 1st car soon, prob next year when current family car coe is up.

My knowledge is almost zero, so hopefully experienced bros and sis here can teach me. Ok assume I can cover the running costs and have enough savings for a reasonable downpayment.

Can I just look at depreciation first? I just wanna know the range of my options. Been surfing around sgcarmart recently, and looking at <10k depreciation cars. Is this a reasonable criteria to start looking for cars?

TIA!
Now new car depreciation for japanese and korean cars are less than 9k. (Sienta, city, jazz , vezel , elantra , i30 , k3 etc)
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Old 14-04-2018, 02:46 PM   #2002
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Hi guys,

Happen to come across this thread and it's been an interesting read. Myself am dreaming of getting my 1st car soon, prob next year when current family car coe is up.

My knowledge is almost zero, so hopefully experienced bros and sis here can teach me. Ok assume I can cover the running costs and have enough savings for a reasonable downpayment.

Can I just look at depreciation first? I just wanna know the range of my options. Been surfing around sgcarmart recently, and looking at <10k depreciation cars. Is this a reasonable criteria to start looking for cars?

TIA!
If you are almost everyday driving the car around one day about 100km+- I firstly prefers you go for Honda Toyota is the best. Depre for a car is very important can get less than 10k per year is good. If you just drive to office than home only I suggest you can go for more higher depre like Mercedes or BMW if affordable in maintenence.
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Old 15-04-2018, 12:16 PM   #2003
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If you are almost everyday driving the car around one day about 100km+- I firstly prefers you go for Honda Toyota is the best. Depre for a car is very important can get less than 10k per year is good. If you just drive to office than home only I suggest you can go for more higher depre like Mercedes or BMW if affordable in maintenence.
Now new car depreciation for japanese and korean cars are less than 9k. (Sienta, city, jazz , vezel , elantra , i30 , k3 etc)
thank u for advice allow me to fantasise a bit... i hoping to get an entry level sports car. dream car would be 86/BRZ but even the secondhand ones depre at least 12k for depre <10k looks like vw scirocco. what chiu guys/gals think? what about >10 years old rx8 or mx5, good idea?
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Old 18-04-2018, 12:48 AM   #2004
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just gotten a new job

basic salary is 4.6k excluding 900 travel allowance

bought a second hand avante - left 14 mths for 14k

should i consider repair and renew my coe for 5 years or look into getting a new car?

im 29 yo this year and planning to get married in 3 years
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Old 18-04-2018, 10:09 AM   #2005
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just gotten a new job

basic salary is 4.6k excluding 900 travel allowance

bought a second hand avante - left 14 mths for 14k

should i consider repair and renew my coe for 5 years or look into getting a new car?

im 29 yo this year and planning to get married in 3 years
Nah, korean well-known for not lasting. Drive it till end of COE and consider again...
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Old 18-04-2018, 01:49 PM   #2006
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thank u for advice allow me to fantasise a bit... i hoping to get an entry level sports car. dream car would be 86/BRZ but even the secondhand ones depre at least 12k for depre <10k looks like vw scirocco. what chiu guys/gals think? what about >10 years old rx8 or mx5, good idea?
have to take note of your insurance too. new driver you pay full price for insurance (0% NCD) and sports cars tend to attract a high premium. For your reference Male/32/30% NCD and insurance premium is almost $3,000 per year for the BRZ.
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Old 18-04-2018, 04:17 PM   #2007
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Last time my cousin had to fork out 8k+ for insurance of his WRX after an accident. No choice had to loan from my uncle. Uncle KPKB to us abt his son... lolz...
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Old 18-04-2018, 08:20 PM   #2008
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Nah, korean well-known for not lasting. Drive it till end of COE and consider again...
Hmmm this car sounds quite reliable and parts are pretty cheap from what I have sourced
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Old 03-05-2018, 03:23 PM   #2009
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Renewing COE or buying a new car?

just gotten a new job

basic salary is 4.6k excluding 900 travel allowance

bought a second hand avante - left 14 mths for 14k

should i consider repair and renew my coe for 5 years or look into getting a new car?

im 29 yo this year and planning to get married in 3 years

Hi Scherzinger!

Before you make that significant decision on whether to buy a new car or to renew you COE, it's important for you to consider these factors:

1. Cash Rebates
There are 2 cash rebates you are eligible for when you sell your car. The Prevailing Additional Registration Fee (PARF) and Certificate of Entitlement (COE). These cash rebates are returned to the car owner, when the car is de-registered. If you are buying another car, the good news is that you can use these rebates to offset it's cost.

If you choose to renew your car's COE, your cash rebates will be forfeited, you have to remember to add these forfeited rebates, on top of the PQP you will be paying to renew COE, in order to get the "actual" cost.

2. Upfront Cost
Unlike buying a new car, when you renew COE, you are required to pay for the Prevailing Quota Premium (PQP), which is the moving average of the COE prices for the past 3 months. One key advantages of renewing COE, is that you have a choice between renewing for 5 years, or 10 years.

When you buy another car that is new or less than 10 year old, you can only bid for a new 10-year COE or to pay for the existing value of the car.

3. Maintenance
Renewing the COE might seem to be relatively cheaper than buying a car, but bear in mind the regular servicing and a costlier maintenance that you will need to go through for the car to be in good shape in the next 5 to 10 years.

Maintenance cost is less of a concern if you purchase another car, especially if it comes with warranty, or is protected under the lemon law.


4. Depreciation
Depreciation means how much the value of your car decreases each year - the lower the depreciation for your car, the more value for money your car is.

When you buy a car, the depreciation is usually higher. as there are more costs involved: COE, PARF, body value of the car, and even the profit margins of the dealer where you purchase from.

Renewing your car's COE for 10 years usually results in a lower depreciation, compared to renewing for 5 years, as you are able to depreciate the cost for twice the amount of time.

5. Loan Interest
When you buy a car, you can get bank loans for up 60% to 70% of the car price which is payable monthly for up to 7 years. But the disadvantage will be that you need to pay an interest to the bank.

When you renew COE, however, you can get a 100% loan. Due to the full loan, you only need to pay as low as $1,000 upfront, to renew your COE for 10 years, to be repaid in 7 years as well.

If you'd like to learn more, check out our article - Renew COE vs Buying A Car - Which Is Really Better For You?
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Old 04-05-2018, 12:39 AM   #2010
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Help on calculation

Hi , need some help here to see if my calculation is correct or wrong. Assuming i have $100,000 in my bank, and car is mazda 6 2.0 cost $114,800. I am trying to see if it is advisable to pay a lump sum or not...

Scenario 1 : If I whole 1 lump pay
Initial Bank Balance = $100,000
After Bank Balance = $0 (pay off the car)
Car loan amount left = 114,800 - 100,000 = 14,800 @ 2.78% interest.

After 7 years....
Total Sum paid including interest for car = $17,680 (From sgcarmart installment calc.)
Lump Sum paid = $100,000
Opportunity cost of interest earn in the bank for $100,000@2% * 7 years = $14,000
Total Amount lost = 14,000 + 100,000 + 17,680 = $131,680
Current Bank Balance = $0
Car cost after deduct Bank Balance = $131,680 - $0 = $131,680

Scenario 2 : If i pay the 40% car amount only
Initial Bank Balance = $100,000
After Bank Balance = $100,000 - $45920 = $54,080 (pay 40% car amt)
Car loan amount left = $114,800 - $45,920 = $68,880

After 7 years....
Total Sum paid including interest for car = -$82,284 (From sgcarmart installment calc.)
Lump Sum paid = $45,920
Opportunity cost of interest earn in the bank for $45,920@2% * 7 years = $6428
Total Amount lost for car = $82,284 + $45,920 + $6428 = $134,632
Current Bank Balance + interest earn for $54,080 = $ 54,080 + 2%54080 * 7 yrs = $61,651
Car cost after deduct Bank Balance = $134,632 - $61,651 = $72,981

If i pay the 40% car amount only, at the end of 7 years, i will have $61,651 in my bank account but if i pay the whole lump sum, although i pay less interest but my bank account balance is $0. Please help me check am i right in my calculation...

Last edited by Cutecuteforever; 05-05-2018 at 12:58 PM..
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