What price for a 1 year old 2nd hand car?

wsoon SG

Anyone can help me here.

I am interested to buy a Toyota Wish (1 year old)

COE: $32k
OMV: $22k (parf based on 65%- $14.3k)
Initial price seller paid: $90k (what he claims)
Asking price for car: $75k (which I feel is way too high compare with $81k for brand new car)
plus need to pay LTA tranfer fee abt $1k

Compare with a new car that I can buy through a PI
COE: $20k (est. current)
OMV: $24k (parf based on 55%- $13.2k)
Selling price by Parallel importer: $81k

Anyone has a recommended formula to find the reasonable value of this 2nd hand car cos I am a real novice at this.

Wink

wbucket SG

Take 0.9 multiple by the price of the new car. The result should be a guide. Or you can visit “mycarmart” to study the trend.

simplecheapcar SG

the new price for toyota wish is not 81k. that price is for bidding but most likely u will not get the car unless coe fall to 15k. the selling price of wish is now 86k with confirmed coe ,car delivered within 5 days....

so if a 2nd hand wish is 75 k.... thats a saving of 11 k already... but interest rate for second hand car is higher 2.7-2.8%.... new car 2.45% for 10 yrs...... u can email me at [email protected] and i can bring u around to look for a good buy... cheers

wsoon SG

wbucket and simplecheapcar,

thanks for the advice, really appreciate. I have some further questions

wbucket,
a. Is the fomula 0.9 X new car price on the high side as we expect the first yr depreciation to be more.
b. where is this mycartmart place, are you refering to www.sgcartmart.com

simplecheapcar,
a. the $81k price I got is got is quoted from Hup Long and it is based on 20k COE. There are some other PI offering $77k for $16k COE.

wbucket SG

Hi,

a. That formula somehow accords for the high COE value 1 year ago. So usually it is about there, but of course, the seller will push it down further to make it more appealing to buyers now. But my thinking is that you should get the new one. Since the differences is only 6k and you got waranty and stuff. Also the lower interest rate compare to new ones' rate.

b. Sorry, wrong name. It should be sgcarmart. There you can see the general price of 2nd-hand cars.

huoye SG

a 1yr old car shld be abt 80% of the current new car price….dats how dealers count…and why would u quote a guaranteed COE…shld quote those that is for bidding…..its like cheaper by 2-3k leh

ecac SG

Previous owner got it for 78k
The price of the car after COE drop is 73k.
I bought over the car for 63k.
Transfer fee previous owner pay.
When bought over, car is 11mths old.

Just a guide.

wsoon SG

ecac,

That is very helpful info. Razz

heluim SG

So is deduct the drop in coe price 1st.. then minus 10k?
how u derive the figure?

http://www.sgcarmart.com/main/info-SDX7335P-1031.html
Cos base on the selling price of this car.. is still vv ex..

thanks alot in advance..