Should I sell my car?

[mummy1234]

Bought an Estima when COE was high at 89k in 2012 and mthly car expenses is $2500. Have not been able to save much since I bought this car and reason for buying no longer valid as used to need it for having weekly dinners with in laws but FIL passed away last year so can do with a smaller car. Should I sell it? Bur have to top up $20k I think and to buy a new one need 50% downpayment so in a dilemma...any advice?

 

[highsulphur]

Bought an Estima when COE was high at 89k in 2012 and mthly car expenses is $2500. Have not been able to save much since I bought this car and reason for buying no longer valid as used to need it for having weekly dinners with in laws but FIL passed away last year so can do with a smaller car. Should I sell it? Bur have to top up $20k I think and to buy a new one need 50% downpayment so in a dilemma...any advice?

If you need a car, don't sell. (In others words, don't sell to buy another)

If not, sell. Simple.

 

[mummy1234]

If you need a car, don't sell. (In others words, don't sell to buy another)

If not, sell. Simple.

Just that mthly expenses for the car is quite high, wondering if I should sell so that I dun end up paying $300k over 10 years for a car...can explore other options like car rental or taking public transport or taxis...my workplaces are all quite near my house and will have a shopping mall built near my place soon too so dun really need to travel far...

 

[dork32]

usually sell car to dealer will incur large losses.

if you drive to the end, you realize it cost you 2.5k a month for the next 7 years.

if you sell now, you realize it has cost you 3.5k a month for driving the car in the first 3 years. based on your coe price, it is likely that your car has depreciated 100k since the time that you have bought it.

 

[mummy1234]

usually sell car to dealer will incur large losses.

if you drive to the end, you realize it cost you 2.5k a month for the next 7 years.

if you sell now, you realize it has cost you 3.5k a month for driving the car in the first 3 years. based on your coe price, it is likely that your car has depreciated 100k since the time that you have bought it.

Thanks for yr analysis...maybe I should keep then, will try to use it to go for more outings with parents and in-laws...

 

[doody_]

Did you get an estimate of how much you can sell it for, and how much loan left? 2.5k installment is really no joke...

 

[mummy1234]

Did you get an estimate of how much you can sell it for, and how much loan left? 2.5k installment is really no joke...

I think have to top up S20k if I sell. Instalment is $1714, but total plus road tax, fuel etc is about 2.5k...

 

[OngHuatHuat]

300 k can buy my horizon hills landed Liao.

Wow..... Mummy very rich.

 

[mummy1234]

300 k can buy my horizon hills landed Liao.

Wow..... Mummy very rich.

Like you, I also have a lot of debt...wondering if I should sell some properties and buy an EC to be debt free...

 

[OngHuatHuat]

Pre own private, I thought need to wait 1.5 years to get ec? Am I correct?

I less worried about my housing loan in Malaysia Liao. Now more worried about my balance transfer debt. But so far still okay. Assets still able to cover.

Your car is Jin expensive, do you really need such an elite car?

Like you, I also have a lot of debt...wondering if I should sell some properties and buy an EC to be debt free...

 

[mummy1234]

Pre own private, I thought need to wait 1.5 years to get ec? Am I correct?

I less worried about my housing loan in Malaysia Liao. Now more worried about my balance transfer debt. But so far still okay. Assets still able to cover.

Your car is Jin expensive, do you really need such an elite car?

I needed it when I bought it as we were having weekly dinners with my in laws and FIL was in wheelchair then and both in laws are quite big sized..but now that FIL has passed away, no need for it anymore...unless maybe if we go JB often with maid and mum or MIL in tow...but then JB house is rented out for 2 years so also no need to go in till 2 years later...

 

[OngHuatHuat]

I personally not fancy of cars. So cannot really give you unbiased opinion. For me, I rather take taxi if there is a need.

120 unlimited concession is sufficient for me
To get around sg.

I needed it when I bought it as we were having weekly dinners with my in laws and FIL was in wheelchair then and both in laws are quite big sized..but now that FIL has passed away, no need for it anymore...unless maybe if we go JB often with maid and mum or MIL in tow...but then JB house is rented out for 2 years so also no need to go in till 2 years later...

 

[doody_]

I think have to top up S20k if I sell. Instalment is $1714, but total plus road tax, fuel etc is about 2.5k...

Top up 20k...Better keep it and hope for the best.

 

[highsulphur]

I personally not fancy of cars. So cannot really give you unbiased opinion. For me, I rather take taxi if there is a need.

120 unlimited concession is sufficient for me
To get around sg.

Do you have kids? If not then car is a luxury.

 

[highsulphur]

I have a smaller car and was thinking if I can swap with top up haha

 

[mummy1234]

I have a smaller car and was thinking if I can swap with top up haha[/QUOTE

Yes I have 2 kids...what car do u drive now and how old?

 

[OngHuatHuat]

No, now don have kid yet

Do you have kids? If not then car is a luxury.

 

[highsulphur]

I have a smaller car and was thinking if I can swap with top up haha[/QUOTE

Yes I have 2 kids...what car do u drive now and how old?

I have a Citroën grand Picasso 7 seater. Bought in sep 2012

 

[mummy1234]

I have a Citroën grand Picasso 7 seater. Bought in sep 2012

How much is the mthly instalment? Hubby says difficult to execute...

 

[19degC]

Breakeven already then sell