Newbie buying cars!!!

SPguy SG

halow old birds there,Juz got my licence not long and considering a OPC car,as i read,low budget cars r picanto n getz,other den FC,any1 noes their resale value and monthly expenses on the car only?Coz i nd to do a financial planning b4 getting a car,i hav a bike and car is only for family/friends purpose,so dun use car much,hope the info given wil be usefull for all Smile
Ya most probably getting auto transmission car Very Happy

lao jiao pls share ur experience Razz

kentheman SG

since u highlighted tt u onli need the car for family n friends n bike is ur primary transport, let me ask u this qn, how often u drive ur friends n family out? daily, mthly, weekly or once in a bluemoon? if not tt often, renting might be cheaper...

also take into consideration tt u r a new license holder, insurance premium will be sky high, unless u reg under ur family members, eg dad's, mum's name...

wbucket SG

You should get your family to chip in if this is to be a family car. I read about the cost of OPC somewhere. It would be about 8k per year, with well-spread-out 10 years loan for a small car. That includes everything including estimated ERP usage and mis carpark expenses.

A guide for normal small/budget car would be about 11k-12k per year, depending on usage.

SPguy SG

Ya insurance thingy will be under parents name,11k-12k/year = 1k/mth...

thanx alot for the info Smile

jasjas SG

muz it be our parents? wat if they don have a licence also can?

kentheman SG

cannot..if no license, get ur close relative..n make sure his driving record is relatively clean

wbucket SG

Use your own lo! Since you are the owner of the car. Time to grow up and assume responsibility. Very Happy

LH83 SG

It's not about that... it's about saving money on the insurance... new drivers insurance is quite high compared to older people... the price a 21 yr old new driver pays is quite high compared to how much a 35 yr old driver will pay for insurance...

wbucket SG

However if things complicates that the parents don't have driving licenses, my stand is to minimise the trouble you might cause others. So I would rather own the insurance too. Just an adult ego.

LH83 SG

I also understand that... but if you get into an accident and the insurance is in your name, it will shoot up... and you'll have to pay more... you're a new driver and already paying so much, if the insurance shoots up, then you'll have trouble paying it too... I'm not saying you should ask anyone's license to use for insurance, just keep it within the family... and maybe close relatives at most..

wbucket SG

You got into the accident, you pay the price if you are at fault. The adult way. Or else should re-consider getting a car. Anyway, you choose do what you like, the others are just my thoughts.

LH83 SG

My adult way is to just drive responsibly so I won't get into accidents in the first palce, saving money to pay lesser insurance is just a precaution... I probably won't get one till I have enough money anyway... around 3k per month...

slacky SG

may i know wads the price difference in insurance of a 1st time buyer and a person who has own a few cars but both got their license together?

wbucket SG

If the age of both are the same. The different will be quite significant if the latter doesn't claim any insurance on his pervious rides and still got back to his original insurance agent/company when getting his new car. Reason is because of the NCD, no claim discount. Should be any differences otherwise.

luisse SG

hi. does that mean even if a 30year old who has not driven since he got his license at 18, his first-time registration for insurance will be very low?

wbucket SG

That depends on how low is your low. I got my license and never drove for 4 years. My first car insurance (NTUC) is 1.2k at the age of 27. Low?