Questions about owning a car....

[cbkooky]

Some questions about owning a car.Have different views from different people. Please drop a view or two...

 

Q1) Insurance

Insurance prices have been going up ridiculously expensive. I have seen from other threads stating it depends on age,gender, how old is your license, driving experience etc...

My question is do the insurance co gauge the insurance based on the time you had your license or the time you own your first car(driving experience)..Example, I have 11 years driving/riding experience.. So what does this means?

 

Q2) Instalment Interest

Some car website has this online calculator... Used car Interest is at 2.68% and new car 2.60%. Is this similar to inhouse financing? If you are getting a used car lets say of 1 year old, does this means the full remaining years /mths will be the reloan period?

 

Q3) Selling Back the car

Seen many cars on sale just after a year old and low milleage. Would getting the car and letting it go after a few years will have any effect as in the value and depreciation as it has been driven by two owners now compare to just a single owner?

 

Q4) 2nd hand market

It seems that 2nd hand market for cars is quite open now. Are there any catch to this or hidden interest that buyers should be aware off besides the condition of the car??

[GuiNNeSS]

1)Insurance u can refer to the other thread, range from 800+ ~ 4k

 

2) Current market: Used car loan 2.68%, same as inhouse. Because when loan approved, most bank will transfer the money to the dealer account. Of coz, you must always add in the other cost of owning the car like: transfer fee, first installment, insurance, road tax, admin fee etc in order to get a better view of what your monthly installment gonna be like.

 

3) In sg, the things that will affect re-sale value is: No. of ownership, mileage, signs of repairs, change of vehicle colour. Of course when u drive out a new car from the showroom u already immediate lost few k.

 

4) Pre-owned vehicles, interest rate like as above but you must be very good at spotting any signs of damage, repairs, mods (legal or illegal), engine response, road tax expiry, interior damage, IU condition, dents and scratches, tires condition, brake pad life, rim's condition, electrical stuffs, and many more. Because minor stuffs like this might add up to a few k if going for repairs. E.g. if u plan to get a EG, cost of vehicle might be 3k ~ 8k, but standby a 5k to switch engine anytime. LOL

[ArWeN]

insurance: depends on your age. Above 30 will be lower than below 30. if its your first car under your name, then no ncd yet.

 

Resale: take note that depreciation is highest for new cars.

[cbkooky]

thanks...upss...

[cbkooky]

1)Insurance u can refer to the other thread, range from 800+ ~ 4k

 

2) Current market: Used car loan 2.68%, same as inhouse. Because when loan approved, most bank will transfer the money to the dealer account. Of coz, you must always add in the other cost of owning the car like: transfer fee, first installment, insurance, road tax, admin fee etc in order to get a better view of what your monthly installment gonna be like.

 

3) In sg, the things that will affect re-sale value is: No. of ownership, mileage, signs of repairs, change of vehicle colour. Of course when u drive out a new car from the showroom u already immediate lost few k.

 

4) Pre-owned vehicles, interest rate like as above but you must be very good at spotting any signs of damage, repairs, mods (legal or illegal), engine response, road tax expiry, interior damage, IU condition, dents and scratches, tires condition, brake pad life, rim's condition, electrical stuffs, and many more. Because minor stuffs like this might add up to a few k if going for repairs. E.g. if u plan to get a EG, cost of vehicle might be 3k ~ 8k, but standby a 5k to switch engine anytime. LOL

 

Thanks..seems to be pros and cons for getting new/used cars.

[GuiNNeSS]

Thanks..seems to be pros and cons for getting new/used cars.

 

 

Both way also lose money, just that u wan to lose or lesser nia bro

 

cheers

[bernardk]

1 sentence... If you wanna own a car prepare to lose $. Every single day even if its park there...

 

New cars are very cheap now. All your question i think MOA have stated very well liaoz. Choice is yours bro hahaha... I rather take MRT see girls and no need drive and no jams. So consider weekend??? hahahaha

[Raven7]

Hi TS, sorry to hijack your thread as I dun wish to open another thread just to ask this qns out of curiosity. Is off peak car insurance cheaper than normal plate car even though the driver has NCD?

[bernardk]

I dun own a car i dunno but i dun think so.. Its only the COE and the road tax cheaper nia.... isurance is individual...

[Throttle]

better ask yourself the following two questions first:-

 

1. Do i need a big loan to buy this car?

2. Is my job secured for at least the length of the loan period?

[cbkooky]

better ask yourself the following two questions first:-

 

1. Do i need a big loan to buy this car?

2. Is my job secured for at least the length of the loan period?

 

Thanks for your advise. See my first post. Those are the questions I am interested as of now. As for your two questions, its not a concern to me.

[GuiNNeSS]

Hi TS, sorry to hijack your thread as I dun wish to open another thread just to ask this qns out of curiosity. Is off peak car insurance cheaper than normal plate car even though the driver has NCD?

 

 

yes and no, if u scroll down abit in 4 wheelers. there's a discussion regarding insurance. i think that can help u

[Throttle]

Cbkooky, that's good to hear.

Next question to ask is:

Can I bear to part with / afford to spend $15k per yr on owning and using the car.

If the answer is yes, then all your other questions would be secondary.

All the best in your car search and have fun

[nhyone]

My question is do the insurance co gauge the insurance based on the time you had your license or the time you own your first car(driving experience)..Example, I have 11 years driving/riding experience.. So what does this means?

 

The best is to try to get some quotes. You can do so online. You'll then know what the companies are looking for.

 

Usually these are sufficient: sex, age, car make/model, car age, your driving license date, NCD and claims history.

 

 

If you are getting a used car lets say of 1 year old, does this means the full remaining years /mths will be the reloan period?

 

That would be the maximum length. You can always take a shorter loan.

 

 

Seen many cars on sale just after a year old and low milleage. Would getting the car and letting it go after a few years will have any effect as in the value and depreciation as it has been driven by two owners now compare to just a single owner?

 

IMO, 2 owners should be fine. Too many owners will raise an eyebrow.

[paithorn]

Hi TS, sorry to hijack your thread as I dun wish to open another thread just to ask this qns out of curiosity. Is off peak car insurance cheaper than normal plate car even though the driver has NCD?

 

I own a Normal plater and an OPC. OPC insuarnce is cheaper than Normal plate. The discount given varys with different insurance company. In fact it can be 50% discount, like in my case.....

 

BTW, I am trying to sell off my 1 year old, super low mileage(