Ok... from the website you provide, the car is about 8
months old. By right, to own a car, you need to provide an
income statement to prove that you have the
financial means to pay for the instalments. If you are not working,
you cannot buy under your name.....then it would be better to ask
your parents to buy for you. However, some 2nd-hand dealers do not
need that income proof, so check with the dealer for more info.
Points to consider
assuming you are buying it:
Instalments: Assuming you take full loan of 9 years,
since the car is almost 1 year old, at a market interest rate of
2.68%, your monthly instalments will work out to be around $340.
Interest rate varies so check out with the dealer.
Road Tax: $50 per year. (stated)
Parking: At least $65 a month.
Petrol: Average $150 a month
Insurance: Younger teens will have a higher premium
than middle-aged adults. But because the car is off-peak, you
wouldn't drive much on the road so the premium is lesser. Should
average around $2000 a year for your age group.
COE: $13,500 (stated) At any time you wish to sell off
your car, part of the COE can be used as COE rebate to offset the
price of your second car.
OMV: Open-market value: $10,500 (stated). At any time
you wish to sell off your car, part of the OMV can be used as
PARF rebate to offset the price of your second car.
Miscellaneous: ERP charges, whatever Fines,
Maintenance/Repair etc.
Restrictions: Only 7pm-7am on weekdays, 3pm onwards on
Sat, whole day on Sun/P.Hols. Other than that, add $20 per day for
coupon.
Therefore, add everything in and your monthly expenses just for
the car should be at least $700 depending on how much you use
it.
Hope this helps! :)
Thanks for your time!!
But there is still a few more questions. What is each of their
meaning and how it works??Sorry.. Really newbie here..
Wat's COE?
Wat's OMV?
Wat's PARF?
Oh ya.. I heard there's this dealer charges when they help
you do the processing the car??