hi all/ help

[sesmic]

Hi all forum members...
My name is Daniel I need your expert opinion on some queries
I actualyy posted this in another section but perhaps i put it up in the wrong section. Will deeply appreciate ur two cents worth

I like to seek advice from you people. I got this E39 which was bought in dec 1999(COE was 44K) and that there is no more outstanding balance for the car. Would I be better off selling off the car now or keeping it for the rest of 10 years COE tenure? I like the car alot, but I'm just weighing up my economical options. Will it be more WORTHWHILE(key word!!) haha to keep the car or get the new one. Note, the deciding factor is $$$. I've met many people telling me to sell the car since the COE was gotten at such a high price. Correct me if i'm wrong, am i right to say that if I'm still paying monthly instalments for the car then I will be better off getting the new car since i will still be paying a similar monthly instalment for the new car?
I have all these queries that I hope to get an unbiased advice from this forum.
I guess you guys think that I sound very inexperienced about pricing of cars in singapore in general. You are absolutely right to make that assumption. Here's why.... The truth is that i'm just starting out the the working world. Previously, i was well sheltered from all these aspects of life while stuck in uni getting a education. And the car actually belongs to my dad. I'm just trying to see what I can do to do up the car or check if it is economically viable to keep it.
Hope to hear from you guys soon. I trust none of you will be trying to do a sale pitch to me.

 

[T6]

Hi bro,

The following is my personal opinion. If your ride is the 520i with the 2000cc engine and not the 2200cc engine, the car may be under-powered so from the driver's perspective, it may not be so satisfying to drive. If u enjoy a 2000cc BMW but do not need the physical mass of the 5 series, u can consider a used 2002-2003 registered 318i which is now very reasonably priced (which is 2000cc) though I would recommend u pay a bit more to get the 320i 2200cc.

Another factor is its high scrap value. Given the high OMV and high COE of your ride, many wld scrap the car just before it reaches the 5th year mark to get max return on scrap value (u can get back 130% of OMV and 50% of COE) + a decent export price for the car body (assuming mileage, car cond etc all ok). That wld also explain why we do not see so many 520i with the 2000cc engine on the road anymore. Most have probably been exported.

If your car is Dec 1999, the 5th year mark would be Dec 2004. U have already missed the boat to scrap on the 5th year mark. U can consider driving till Dec 2005 and try scrapping then. U will then get back 120% of your OMV + 40% of your COE + whatever price a car exporter can offer u for the car body. The demand for car body varies from time to time depending on overseas demand. As of now, I estimate the car body value of your ride to be around $12k. Come Dec 2005, the price may vary again.

Even if u have to continue paying for the car loan on this existing ride, no one can advise u whether u are better off buying a new car. We dun know what is your loan outstanding, wat new car u getting at wat price, how much loan u taking over how many years etc... too many variables and an impossible qn to answer.