Hello again,
Thought I saw my name, heh.....oppps joking. Okie, ermmm me not
quite sure what you wanted to know abt parf, care to elaborate? How
parf value figure comes abt? If this is what you want to know,
heh.....don't think I can help in anyway. I don't know the formula
of working out the parf though I know there is one. Just that car
before the yr 2003 May (not too sure of the month) had parf which
is 80% of the OMV and after that is only 65%. That's one reason why
the cars are able to sell cheaper.
CarDreamer, actually what are you looking at? Errrrmmm the
depreciation of the Dec 98 Sunny? Or the monthly installment with
Zero Downpayment? By the way, the Sunny is a EX Saloon or Super
Saloon? Judging from the value as shwon, i'll expect it to be an EX
Saloon. Super saloon is 1.6 while Ex is 1.5l.
If depreciation, then normally we don't add in the interest. So the
calculation goes like this (Dec 98 car left 47 mnths and lets say
its 35k flat):-
(35000-parf)/47 x 12
Let's pretend parf is 13000k, so
(35000-13000)/47 x 12
22000/47 x 12
468 x 12 = S$5616 per yr depreciation
Frankly speaking, I'll expect the depreciation of a SUPER SALOON to
be ard 5.5k-5.7k per yr and an EX saloon to be ard 5k-5.2k per yr,
depending on condition etc. So if that car as stated in the paper
is a EX Saloon, it might be a bit expensive, unless the parf is 15k
at least, which i don't think so.
In fact, one friend of mine just bough a July 2001 Sunny Super
Saloon at 54k, with a annual depreciation of 5.5k.
For monthly installment with zero downpayment. You can loan up to
47 mnths loan, and lets take for example the interest is 2.4% (not
too sure abt interest but its ard 2.3-2.7%), so you will be
paying:-
35000 x 0.024 = 840 interest per yr, and
840/12 * 47 = $70 (interest per month) x 47 = $3290 interest in
all.
So all in all, you pay 35000 + 3290 = 38290 for the car.
So monthly will be = 38290/47 = S$814 monthly
Of cos, if you finish driving the car after 47 mnths, you will get
back a piece of paper with your PARF value only. And pls bear in
mine you did not get back cash. If you intend NOT to drive a car
any more after your 10 yrs is up, you have to sell away the paper
to some car dealers, which normally they will earn some, such as
buying your paper at a 5-10% discount. That's how the things
work.
If you find S$814 a month is a bit high, there are other way to
make the loan lower, by eating into your parf. Just as for Example
instead of paying 814 a month, you pay 700. So everymnth, for the
whole of 47 mnths, you save abt $114. But at the end of your 10 yrs
for the car, you will own the fiance company $114x47mnths = $5358.
So, if the parf of your car is $13000, you will only get back
$13000 - $5358 = $7642 ONLY instead. That's how the trick
works.
Errmmm of cos you got to take note that if by chance you use this
trick, you die die have to drive till your car is scraped. If not,
you might lose more money than u expected. Do take note.
One last thing, if you buy a 2nd hand car direct from owner, you
can look for a loan yrself, which is actually very simple, so don't
worry abt that. Did I miss out anything? If i did feel free to ask.
Will share if I can help in anyway.
Cheers~! Good luck in yr search for a car but don't rush!
