I need 2nd hand bike calculator... Anyone please help me?

[Fizeppelin]

Hi,

 

This morning I went to downpay a FS kawa kr $1k. Then I told him I want 2 years. Then he told me $143 for 24 months. Machine price is $2k

 

So when I count back my total value.

 

$143 X 24 moths = $3'432

$1'000 + $ 3'432 = $4'432

 

Total $4'432 bike value.

 

I want to know what are the fees involved in this transaction because the uncle turn around when did the calculation. So can anyone please calculate for me what fees are involved? Like transfer fee, tax and so on. I feel cheated man...but not sure if I am cheated lah.

[Reese]

do u know how much insurance u r paying?

& interest rate for 2nd hand bikes r pretty much higher too

[vTech]

yep...shud be 2k(machine price) + 1.2k(insurance) + interest = what u are charged....

[DaN zI]

u kanna chop carrot head liao la.even u 18 p plate for a FS krr also not so x de.unless u buy 1st party insurance lol

[vTech]

u kanna chop carrot head liao la.even u 18 p plate for a FS krr also not so x de.unless u buy 1st party insurance lol

 

obviously u not aware of insurance price hike?

hehehe,,,,

[Fizeppelin]

Hi,

 

This morning I went to downpay a FS kawa kr $1k. Then I told him I want 2 years. Then he told me $143 for 24 months. Machine price is $2k

 

So when I count back my total value.

 

$143 X 24 moths = $3'432

$1'000 + $ 3'432 = $4'432

 

Total $4'432 bike value.

 

I want to know what are the fees involved in this transaction because the uncle turn around when did the calculation. So can anyone please calculate for me what fees are involved? Like transfer fee, tax and so on. I feel cheated man...but not sure if I am cheated lah.

 

Well I dont really quite asked him because I sort of thrusted him thou. He did his calculation silently and I just kept looking at him. I bought 3rd party NTUC and thats all I know. Should be around 1k or below for insurance only. Then interest, transfer fee and all those stuff I dont really quite sure. I am quite a noob actually.

[panclanrider]

Actually the best person to ask and clarify is still that bike shop uncle...

 

You should have ask him in details before paying the down payment of $1K.

 

:sorry:

[Fizeppelin]

Actually the best person to ask and clarify is still that bike shop uncle...

 

You should have ask him in details before paying the down payment of $1K.

 

:sorry:

 

Yeah, I actually asked 3 of my friends who are riding to come over so that they can discuss for me and ask things which I dont know. But in the end, it was as good as me being down there alone. **** them siah...

[moreira88]

hmmm.. different shops got diff ways of charging interest.. some charge by block.. which means per year.

 

Example:

 

you loan 2 years.. they charge you 1 year $350

then 2 years = $700

 

or let's say this shop charge by percentage then highly possible that the interest is quite high. let's say at 13%

 

Example:

1 year 13% = 260

2 year 13% = 520

 

(somebody correct me on this percentage thing here.)

 

 

so there you have it.. roughly the way the calculate interest.

then there is the paperwork, the agreement fee, all that sort of things also come into play.

[Fizeppelin]

hmmm.. different shops got diff ways of charging interest.. some charge by block.. which means per year.

 

Example:

 

you loan 2 years.. they charge you 1 year $350

then 2 years = $700

 

or let's say this shop charge by percentage then highly possible that the interest is quite high. let's say at 13%

 

Example:

1 year 13% = 260

2 year 13% = 520

 

(somebody correct me on this percentage thing here.)

 

 

so there you have it.. roughly the way the calculate interest.

then there is the paperwork, the agreement fee, all that sort of things also come into play.

 

 

So that means when I get the bike, they will issue me a receipt or paper to inform me of what I have to pay for is it?

[Reese]

if the interest rate is 10%, let's say u take a 3 yr loan then u r paying an additional 30% on the principle amount

so if u loan $1000... u will be paying $1300 at the end of 3 yrs

den ur mthly instalment will be $1300 divided by 36 mths which is approximately $36.10

[prego08220]

Bro.. Seriously speaking, Since u have sign all the paper and pay the DP liao, Dun think so much already.. U confirm kena carrot liao.. If u really keen to find out the breakdown of the cash, I suggest u head back to the shop, ask the "uncle" to write down everything step by step..

[zack88]

wah... i Full pay only 4K for a FW plate.... insurence for me is $900+... 3rd party.... just pass only.....

[sikonesis]

things you might want to ask about:

 

- insurance

- transfer fees

- interest rate

- road tax (if renewal is done)

- IU (if a new one is installed)

- if the 'freebies' promised are actually being charged for

 

go through with the bike shop again to see if everything tallies. sit with the

fella, stare him in the eye and say you want the full breakdown of what you're

paying for. get it in black and white, don't back down until you get it from him.

 

but as the others said, it's only to ease your worries (or make them worse)

since your signature is on the agreement and your thousand dollars is in the

uncle's pocket.

 

if you really got chopped, then i'm sorry for you.

just take it as a lesson learnt and be more informed and thorough the next

time you buy a bike or anything where the price tag isn't as obvious.

[Fizeppelin]

wah... i Full pay only 4K for a FW plate.... insurence for me is $900+... 3rd party.... just pass only.....

 

 

Serious bo? How much you did you pay? $4k Straight or downpayment?

[YEN96]

wah... i Full pay only 4K for a FW plate.... insurence for me is $900+... 3rd party.... just pass only.....

 

Insurance is killer ..tat time i p-plate in 2003 ride kr only $400+

[Fizeppelin]

I think after all I wasnt being cheated. I did some calculations and juz then i realize then I havnt add up the 7% GST. So end up all almost the same and now I just need to know how much interest the IMotoring charging me.

[spaiduhz]

Well I dont really quite asked him because I sort of thrusted him thou. He did his calculation silently and I just kept looking at him. I bought 3rd party NTUC and thats all I know. Should be around 1k or below for insurance only. Then interest, transfer fee and all those stuff I dont really quite sure. I am quite a noob actually.

 

BWAHAHAHAHAHAHAHAHAHAHA!!!!!!

[Guest NPNT]

I think after all I wasnt being cheated. I did some calculations and juz then i realize then I havnt add up the 7% GST. So end up all almost the same and now I just need to know how much interest the IMotoring charging me.

good dat u r consoling urself.

[nightmar3]

insurance lets say u are NTUC 3rd party. lets say its 1k.

2nd year lets say its 800

so insurance for 2 years is 1.8k

 

road tax is 80 per year. so its $160 for 2 years

 

2k for the bike.

Lets say interest rate =10%

so total interest = 20% = extra $400

If u want to count GST 7% = $140

total paying for bike = $2,540 with GST

 

Machine price + insurance + road tax +misc fees = roughly $4500

 

of cuz looking at this, i assume there is something wrong.

So possible errors = shop not going to pay for your 2nd year insurance

or shop not going pay for road tax.

 

All this is just hypothetical. Its always better to think that you did not become carrot =)

[zack88]

Serious bo? How much you did you pay? $4k Straight or downpayment?

 

straight pay all lo... i can't installment de... sure no $ pay... cause i still student half working half study... since got $ faster pay... so next time only got stress on fuel and tax those thing... no need think of bike being take back...

[Guest limpeiwah]

why should the uncle turn around during the transaction?

[zart]

so that he can chop all the way..... jialat this uncle..

[Fizeppelin]

straight pay all lo... i can't installment de... sure no $ pay... cause i still student half working half study... since got $ faster pay... so next time only got stress on fuel and tax those thing... no need think of bike being take back...

 

Aiyo brother, of course la cheap. You buy cash how uncle want charge u interest:sian:

 

If I pay cash then my bike would be around $3.6k