Buy Used Car, Need Help


hanqiang1011

Senior Member
Jan 22, 2005
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#1
Dear fellow CSers & car owners,

Need some help in car issues cos I am very noob when it comes to car issues :)

It has come to me that I realised I need a car for most photo asssignments, fetch ppl, go 2 ppl world with wife...etc. Sharing a current family vehicle with parents now created more problems, as in my father likes to kpkb if I wanna use the vehicle.

Saw this ad at a local car forum:

Option 1:


Option 2:


Mthly installments, admin fees, ownership transfer fees, car insurance, road tax, petrol cost we put aside first, my question is:

1a) The COE of the Mazda and Toyota is 1 year left and 8 years left respectively. The price for Mazada is S$18k and Toyota is S$17k. Does that mean if I choose the Toyota, suppose if I have S$17k, I pay the dealer the whole sum then the car is mine to drive for another 8 years?

1b) Then if I choose Mazda, meaning after payment, I can only drive for 1 year???

2) If I choose bank instalment (which the car dealer do for me), then I need to repay S$17k plus interest to the bank or dealer monthly over the remaining 8 years for the Toyota?

3) Suppose if I buy from an used car dealer (the Toyota), besides the loan for the machine and admin fees and first month installment, what else I need to pay?

Not in a hurry to buy, just ask around first. No flaming please...

Thanks a million in advance :)

Cheers,
Jack :D
 

Last edited:
Aug 24, 2007
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#2
Q1a) The COE of the Mazda and Toyota is 1 year left and 8 years left respectively. The price for Mazada is S$18k and Toyota is S$17k. Does that mean if I choose the Toyota, suppose if I have S$17k, I pay the dealer the whole sum then the car is mine to drive for another 8 years?

Ans1a)If you choose the Toyota and you pay 17K, you can drive it for another 8 years before COE expires. When that day comes, you have to scrap the car or renew the COE.

1b) Then if I choose Mazda, meaning after payment, I can only drive for 1 year???

Ans1b) Yes, the mazda can only be driven for 1 year before COE expires. Then same thing as above, you have to decide if you want to scrap it (which you can get a portion of the OMV back unlike the Toyota) or renew COE.

2) If I choose bank instalment (which the car dealer do for me), then I need to repay S$17k plus interest to the bank or dealer monthly over the remaining 8 years for the Toyota?

Ans2) If you are successful in getting a bank loan for the car, then the bank will pay the car dealer for the car, and then you pay back the bank in instalments (interest + principal). The number of years to repay the bank loan is something that you have to arrange with the bank. The longer you take to repay the loan, the more interest you pay to the bank.

3) Suppose if I buy from an used car dealer (the Toyota), besides the loan for the machine and admin fees and first month installment, what else I need to pay?
Ans3) I am not sure what admin fees the car dealer will charge you but LTA will charge you a transfer fee. You should also be prepared to spend some money to get the car checked and serviced at a workshop you can trust. When buying an old car, its better to spend a little more to get a mechanic to check and change the essential things that can get worn out such as brake pads, brake hoses, engine oil, brake fluid.....etc.... You don't want to drive halfway and find the brakes fail or engine die in the middle of expressway.
 

Big Kahuna

Senior Member
Dec 15, 2004
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#3
You also need to pay for insurance and ownership transfer fees...which will cost at least a few hundred dollars each.....so additional budget of another 2k to be safe. :sweat:
 

Jul 22, 2003
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#4
you probably want to take note that the toyota was registered in 1993. which means that this is probably the car is around 17 years old already.
 

crocs

New Member
Apr 30, 2007
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#5
For COE cars, u need to know that the interest is higher. Normally banks dont do the loan. U have to loan from the finance company, which the 2nd hand car dealer will arrange.

So things u need to take note:
Admin Fee (varies from $500 onwards)
Transfer fee
Insurance cost (not all insurance will insure COE cars)
Potential repair fee for the car (engine problem, air con problem etc)
Car Loan Interest.

:)
 

jeanie

Senior Member
May 19, 2005
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#6
now is really NOT a good time to buy cars.

i suggest you wait.
and you may have to wait for 6 months.
not a bad thing, you can look at it as saving for a 'better' car.
 

hanqiang1011

Senior Member
Jan 22, 2005
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#7
Q1a) The COE of the Mazda and Toyota is 1 year left and 8 years left respectively. The price for Mazada is S$18k and Toyota is S$17k. Does that mean if I choose the Toyota, suppose if I have S$17k, I pay the dealer the whole sum then the car is mine to drive for another 8 years?

Ans1a)If you choose the Toyota and you pay 17K, you can drive it for another 8 years before COE expires. When that day comes, you have to scrap the car or renew the COE.

1b) Then if I choose Mazda, meaning after payment, I can only drive for 1 year???

Ans1b) Yes, the mazda can only be driven for 1 year before COE expires. Then same thing as above, you have to decide if you want to scrap it (which you can get a portion of the OMV back unlike the Toyota) or renew COE.

2) If I choose bank instalment (which the car dealer do for me), then I need to repay S$17k plus interest to the bank or dealer monthly over the remaining 8 years for the Toyota?

Ans2) If you are successful in getting a bank loan for the car, then the bank will pay the car dealer for the car, and then you pay back the bank in instalments (interest + principal). The number of years to repay the bank loan is something that you have to arrange with the bank. The longer you take to repay the loan, the more interest you pay to the bank.

3) Suppose if I buy from an used car dealer (the Toyota), besides the loan for the machine and admin fees and first month installment, what else I need to pay?
Ans3) I am not sure what admin fees the car dealer will charge you but LTA will charge you a transfer fee. You should also be prepared to spend some money to get the car checked and serviced at a workshop you can trust. When buying an old car, its better to spend a little more to get a mechanic to check and change the essential things that can get worn out such as brake pads, brake hoses, engine oil, brake fluid.....etc.... You don't want to drive halfway and find the brakes fail or engine die in the middle of expressway.
Hiya,

Thanks for the explanation. Now I sightly got the idea behind PARF & COE cars.

Now, supposing if I go for a PARF car, in this case the Mazda, after the COE is due in 2011, I decide not to scrap and want to continue using it (maybe performance really good and need to use), I have to go and renew COE (for how much $$$) for this Mazda? Isnt it?

Thanks again :)
 

Last edited:

Big Kahuna

Senior Member
Dec 15, 2004
2,126
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38
Singapore, Singapore, Singapor
#8
you probably want to take note that the toyota was registered in 1993. which means that this is probably the car is around 17 years old already.
Sorry for OOP but can't help to think of Takumi's AE86...that beats any car that comes along his path including FC, FD, Evo and R32 :sweatsm:
 

hanqiang1011

Senior Member
Jan 22, 2005
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#9
now is really NOT a good time to buy cars.

i suggest you wait.
and you may have to wait for 6 months.
not a bad thing, you can look at it as saving for a 'better' car.
Hi,

I am just doing a research only :) If I got high spending power I would not mind buy new cars, and yes I will wait :)

Cheers
 

May 11, 2009
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#10
lol someone actually selling the AE86 mod / appearance etc just the real initial D. Rumors saying the owner was an SP student hmm that was maybe 3 years back la.

Hanqiang both cars you posted its not worth buying anyway its gonna be more than 10yr old car. Will have tonnes of unsolved problems.

I rather you choose a recent secondhand car like used for 1-2 yr etc. You can source for cars that are under consignment issue.

Just an suggestion cheers anyway owning a Car its not an Asset but its a Liability hmmm damn and i owned it
 

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hanqiang1011

Senior Member
Jan 22, 2005
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#11
lol someone actually selling the AE86 mod / appearance etc just the real initial D. Rumors saying the owner was an SP student hmm that was maybe 3 years back la.

Hanqiang both cars you posted its not worth buying anyway its gonna be more than 10yr old car. Will have tonnes of unsolved problems.

I rather you choose a recent secondhand car like used for 1-2 yr etc. You can source for cars that are under consignment issue.

Just an suggestion cheers anyway owning a Car its not an Asset but its a Liability hmmm damn and i owned it
Noted... If got money of course I would even consider a new one... But I am on a pay check as well :)
 

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hanqiang1011

Senior Member
Jan 22, 2005
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#12
Both cars are worthy of it purchase if you pen down actual depreciation costs respectively and its scrape value in time to come. for the near 20year old toyota, there is near zero scrape btw.

If you have a mechanic friend or know of a decent mechanic workshop to help you evaluate its drivability state and its near future repair costs, then it may make a better sum.

Looking at the car from the computer wont say much anyway. You dont even know how many accidents it had had and if the airbag is still in tact for the mazda.

For comfort and styling and availability of parts, mazda makes a much better purchase. But remember its fuel consumption may not be all that great in comparison to a similar category vios or altis/corolla. Its a little under powered, but it does not really matter since the main issue is about value.

Buying used cars is a good option, but not everyone's favorite given the unforseen nightmares of timing belt snapping, radiator overheating, a/c failure, etc etc.

Also, check if tires are ok too since a new set cost about $500. There is no better time to buy a car until you need one. So, once you buy do not look back and live with it.

Good luck.
Sure manz... :)
 

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