Beside COE
- Thread starter Tanzy
- Start date
Costs and considerations involved in buying/driving a car:
(1) OMV of car
(2) Taxes on Registration, ARF, Customs Duty, GST
(3) Road Tax, ERP charges
(4) Insurance
(5) Vehicular Radio Licence $27/year
(6) Cost of Financing - Interest Rate
http://www.onemotoring.com.sg/publi...rmation/left/buy_a_new_vehicle0/car_cost.html
Not to mention the costs involved in modding thereafter......
(1) OMV of car
(2) Taxes on Registration, ARF, Customs Duty, GST
(3) Road Tax, ERP charges
(4) Insurance
(5) Vehicular Radio Licence $27/year
(6) Cost of Financing - Interest Rate
http://www.onemotoring.com.sg/publi...rmation/left/buy_a_new_vehicle0/car_cost.html
Not to mention the costs involved in modding thereafter......
piggysnail
Member
wow..so many things ah..aiyo..u like that scare mi with the final cost le..hahahaha..
piggysnail
Member
where can i find the rates of cost of ownership?
Lower how much?
Lower how much?
piggysnail
Member
i am 20..
[OT]She's Aida Yua[/OT]Tanzy said:Who is that girl? Nice smile.
piggysnail
Another minute factor to consider is perhaps the length of ownership, i.e. how long you intend to keep the car before selling.
A rough indication of the price reduction due to, 1) drop in COE prices & 2) drop in parf-rebate calculations would be in the region of 10-15% for more popular japanese car models (e.g. civic, lancer, sunny, corolla) - excluding temporary inflations due to new model launches.
A brand lancer/corolla/sunny which was going for around $75K a year before could be selling for $10K less today (also brand new) - solely due to the rebate structure and lower COE. (this is a rough example).
my 2 cents.
[OT]She's not that famous.. It's just that... hmmm.. (did I just blow my cover?kenntona said:
)[/OT]piggysnail
Despite the information available, it's sometimes hard to visualise the calculations on paper alone. Keep your options open, and try visiting some new and second-hand car dealerships.
They will let you know the costs involved and the upfront deposit, monthly repayment required. Also, for used cars, transfer fees are mandatory and usually pegged on top of the quoted prices.
piggysnail
Member
THANKS GUY!!!heehee..
wow..wat is that gal famous of? she is reali so sweet
wow..wat is that gal famous of? she is reali so sweet
One last thing....
Regardless of where you go to, the sales executive (SE) will most probably be holding a calculator and pumping out the numbers, giving you the sum you need to pay monthly.
In order not to be thoroughly confused, what you need to know is,
Principle + Interest = Full Amount
Interest calculations are based on flat rates.
This means, (No. of Years X Interest Rate X Loan Amt.) = Total interest.
If you take a $100,000 loan over 7 years @ 2%,
You're incurring 14.0% x 100,000 = $114,000 to fully pay up the loan in 7 years over equal monthly payments.
Downpayment
In addition to the monthly repayment, a downpayment is needed and to sum it all up, it usually includes the following:
1) Lump/Deposit (whatever excess amount not loaned)
2) First installment (note: all repayments are paid upfront)
3) Insurance
4) Transfer fee (only for 2nd hand cars)
Cheers.
Regardless of where you go to, the sales executive (SE) will most probably be holding a calculator and pumping out the numbers, giving you the sum you need to pay monthly.
In order not to be thoroughly confused, what you need to know is,
Principle + Interest = Full Amount
Interest calculations are based on flat rates.
This means, (No. of Years X Interest Rate X Loan Amt.) = Total interest.
If you take a $100,000 loan over 7 years @ 2%,
You're incurring 14.0% x 100,000 = $114,000 to fully pay up the loan in 7 years over equal monthly payments.
Downpayment
In addition to the monthly repayment, a downpayment is needed and to sum it all up, it usually includes the following:
1) Lump/Deposit (whatever excess amount not loaned)
2) First installment (note: all repayments are paid upfront)
3) Insurance
4) Transfer fee (only for 2nd hand cars)
Cheers.
baracudax
Well-Known Member
Puny said:
Alvin,
For flat rate, 2% x loan amount 100K = 2K.
So over 7 years, total interest payable = 2 x 7 = 14K
Interest + principal will then be = 14K + 100K = 114K (or $1,357 / month)
Did I miss something here?
Piggysnail,
One more thing to consider, for goods valued (in case of car, excluding COE) more than SGD$55K, loan applicant has to sign a loan agreement under Common Law (not Act). This means additional prepayment penalty (typically 20% of interest rebate) in additional to regular ruling of Rule 78.
Cheers!
Edwin
