World Car of the Year Deals
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Re: World Car of the Year Deals
as long as yr monthly repayment does not reach like 20% of yr monthly take home salary, then its ok.......I think, if car is yr only joy and hobby
as long as yr monthly repayment does not reach like 20% of yr monthly take home salary, then its ok.......I think, if car is yr only joy and hobby
check13
Well-Known Member
Re: World Car of the Year Deals
sometimes i wonder, who 'lose' more.
One who takes a 10yr loan and drives the car for 10yrs (forced discipline), or someone who takes a 70% or even 50% loan for 7 yrs but drives it for only 3 yrs (cos thinking break even already so can change car).
sometimes i wonder, who 'lose' more.
One who takes a 10yr loan and drives the car for 10yrs (forced discipline), or someone who takes a 70% or even 50% loan for 7 yrs but drives it for only 3 yrs (cos thinking break even already so can change car).
hitmee
Well-Known Member
Re: World Car of the Year Deals
take me for example, if i change my car now, i will lose 40k.
if i drive for 10 years, by 7 years, all my loan are paid for. which means that i can save 1.5k per month for the last three years. 1.5k *36 = $54000. scrap my car after 10 years, can get back 25k.
in other words, at the end of 10 years, i have cash of 79k for my new car deposit. wondeful right?
take me for example, if i change my car now, i will lose 40k.
if i drive for 10 years, by 7 years, all my loan are paid for. which means that i can save 1.5k per month for the last three years. 1.5k *36 = $54000. scrap my car after 10 years, can get back 25k.
in other words, at the end of 10 years, i have cash of 79k for my new car deposit. wondeful right?
Re: World Car of the Year Deals
pardon me. can someone teach me more about what is the breakeven in loan? in particular in bro hitmee case, how can one save $1.5k pm since this amount after 7 yrs is not initially price into the loan. why is it considered as amount saved per month?
TIA.
pardon me. can someone teach me more about what is the breakeven in loan? in particular in bro hitmee case, how can one save $1.5k pm since this amount after 7 yrs is not initially price into the loan. why is it considered as amount saved per month?
TIA.
check13
Well-Known Member
Re: World Car of the Year Deals
i think and think and i still don't get it about the $988/mth deal.
price is $129888. take 10yr loan: pay $988/mth for 1st yr and $1314/mth for 9yrs. Total pay $153888. So interest would be $153888-$129888=$24k. This $24k over principle of $129888 over 10yrs works out to be only 1.85% per year?!?!??
Not to mention you still got a rebate of 10%+10% or 5.25% of principle????
i think and think and i still don't get it about the $988/mth deal.
price is $129888. take 10yr loan: pay $988/mth for 1st yr and $1314/mth for 9yrs. Total pay $153888. So interest would be $153888-$129888=$24k. This $24k over principle of $129888 over 10yrs works out to be only 1.85% per year?!?!??
Not to mention you still got a rebate of 10%+10% or 5.25% of principle????
hitmee
Well-Known Member
Re: World Car of the Year Deals
break even means if i sell off my car i no need to pay bank any money.
my monthly installment is 1.5k per month. so after 7 years, officially i no need to pay instalment anymore. so if i save this amount of money every month, i can saved up to $54k after 3 years.
pingman said:
break even means if i sell off my car i no need to pay bank any money.
my monthly installment is 1.5k per month. so after 7 years, officially i no need to pay instalment anymore. so if i save this amount of money every month, i can saved up to $54k after 3 years.
Re: World Car of the Year Deals
Yeah beats me. Last time I also roughly calculate n sure I must be missing something too :screwedu: Initially I thot my HP calculator spoilt, but then I had more or less the same conclusion as you :juggle:
check13 said:
Yeah beats me. Last time I also roughly calculate n sure I must be missing something too :screwedu: Initially I thot my HP calculator spoilt, but then I had more or less the same conclusion as you :juggle:
Re: World Car of the Year Deals
errr....can you enlighten BENG how come u stand to lose 40k if u change yr car now? How oldis yr car.
Also, if u have a 7 year loan, how does it work that u could potentially break even at year-4
hitmee said:
errr....can you enlighten BENG how come u stand to lose 40k if u change yr car now? How oldis yr car.
Also, if u have a 7 year loan, how does it work that u could potentially break even at year-4
check13
Well-Known Member
Re: World Car of the Year Deals
i was thinking, even if need to down 10%, it would bring principle down to $116899 and interest rate up to 2.05%. Which is still very low! Lower then taking lesser loan and shorter period?? What the fish....
assuming no need to down 10%, resale mkt for 320i can say bye bye: brand new total pay $153888 ($998/mth 1st yr + $1314/mth 9yrs). A 1yo in mkt going for $110k + 4.25% for 9 yrs = $152k. spend $154k for 10yrs vs $152k for 9yrs. ...must be siao to go for resale?!?! And haven't factor in rebates for new car yet!!!
Ahbengdriver said:
i was thinking, even if need to down 10%, it would bring principle down to $116899 and interest rate up to 2.05%. Which is still very low! Lower then taking lesser loan and shorter period?? What the fish....
assuming no need to down 10%, resale mkt for 320i can say bye bye: brand new total pay $153888 ($998/mth 1st yr + $1314/mth 9yrs). A 1yo in mkt going for $110k + 4.25% for 9 yrs = $152k. spend $154k for 10yrs vs $152k for 9yrs. ...must be siao to go for resale?!?! And haven't factor in rebates for new car yet!!!
Re: World Car of the Year Deals
Maybe PML's calculator koyak. Buy lah...quick. Buy before they discover their error
check13 said:
Maybe PML's calculator koyak. Buy lah...quick. Buy before they discover their error
Kenzo
Well-Known Member
Re: World Car of the Year Deals
the 998 deal is based on 10% downpayment = $12,980..
90% loan 116820 at 3.5% = 1314 for 120 months..
pml subsidise 316 per month for 1st year = 998..
full loan 129800 10 years at 3.5% = 1460 for 120 months = $175,200 in total payments.
hope this helps..
the 998 deal is based on 10% downpayment = $12,980..
90% loan 116820 at 3.5% = 1314 for 120 months..
pml subsidise 316 per month for 1st year = 998..
full loan 129800 10 years at 3.5% = 1460 for 120 months = $175,200 in total payments.
hope this helps..
check13 said:
check13
Well-Known Member
Re: World Car of the Year Deals
ahhh...much clearer now
1) down $12980, loan $116820. end of 10yrs would have paid total of $153888 (instalment + int) + $12980 - rebates of say $5k = $162k
2) no down, full loan 10 yrs, end of 10 yrs pay $175k
3) buy a 1yo at $110k + 4.25% (i guess). end of 9 yrs pay $152k
ahhh...much clearer now
1) down $12980, loan $116820. end of 10yrs would have paid total of $153888 (instalment + int) + $12980 - rebates of say $5k = $162k
2) no down, full loan 10 yrs, end of 10 yrs pay $175k
3) buy a 1yo at $110k + 4.25% (i guess). end of 9 yrs pay $152k
Kenzo
Well-Known Member
Re: World Car of the Year Deals
2) no down, full loan 10 yrs, end of 10 yrs pay $175k --> if 3.5% got rebates for new cars, 7-8 year loan tenures are still ok, but not 10 years..
3) buy a 1yo at $110k + 4.25% (i guess). end of 9 yrs pay $152k -> drive 1 year less, no rebate, transfer fees $2k+, if retain number 1.3k, minus 5% paper value, no free road tax, got to find buyer for body..
many factors to consider nei..
2) no down, full loan 10 yrs, end of 10 yrs pay $175k --> if 3.5% got rebates for new cars, 7-8 year loan tenures are still ok, but not 10 years..
3) buy a 1yo at $110k + 4.25% (i guess). end of 9 yrs pay $152k -> drive 1 year less, no rebate, transfer fees $2k+, if retain number 1.3k, minus 5% paper value, no free road tax, got to find buyer for body..
many factors to consider nei..
hitmee
Well-Known Member
Re: World Car of the Year Deals
recently PML quoted someone 90k for a 1.5 year old 318. which is around the same as my car. i bought it at 131k. so lost 40k lor.
as for the 4 years break even pt, not said by me. just an estimation lah
Ahbengdriver said:errr....can you enlighten BENG how come u stand to lose 40k if u change yr car now? How oldis yr car.
Also, if u have a 7 year loan, how does it work that u could potentially break even at year-4
recently PML quoted someone 90k for a 1.5 year old 318. which is around the same as my car. i bought it at 131k. so lost 40k lor.
as for the 4 years break even pt, not said by me. just an estimation lah
check13
Well-Known Member
Re: World Car of the Year Deals
looking at 3)...what for buy a 1yo at $110k hor? higher int! tfr fees! no rebates! end of the day, save less then $10k...
Kenzo said:2) no down, full loan 10 yrs, end of 10 yrs pay $175k --> if 3.5% got rebates for new cars, 7-8 year loan tenures are still ok, but not 10 years..
3) buy a 1yo at $110k + 4.25% (i guess). end of 9 yrs pay $152k -> drive 1 year less, no rebate, transfer fees $2k+, if retain number 1.3k, minus 5% paper value, no free road tax, got to find buyer for body..
many factors to consider nei..
looking at 3)...what for buy a 1yo at $110k hor? higher int! tfr fees! no rebates! end of the day, save less then $10k...
